Auditor Report of Kkalpana Plastick Ltd.

Mar 31, 2025

We have audited the standalone financial statements of KKALPANA PLASTICK LIMITED ("the Company"),
which comprise the Balance Sheet as at 31st March 2025 and the Statement of Profit and Loss, Statement
of Changes in Equity and Statement of Cash Flows for the year 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 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 31st March, 2025, profit and loss, 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 Companies Act, 2013. Our responsibilities under those Standards are further described
in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We 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.

Key Audit Matters

In our opinion and according to the information and explanations given to us, we have determined that
there are no key audit matters to communicate in our report.

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, changes in equity 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. 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 implementation and maintenance of accounting policies; making judgments and estimates
that are reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the 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.

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process
Auditor''s Responsibility for the Standalone 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 judgement 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 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 with
reference to financial statements in place and the operating effectiveness of such controls.

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

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

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

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 Ind AS financial statements for the financial year
ended March 31, 2025 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.

Reports on Other Legal and Regulatory Requirements

As required by ''the Companies (Auditor''s Report) Order, 2020'', issued by the Central Government of India
in terms of sub-section (11) of section 143 of the Companies Act, 2013 Act (hereinafter referred to as
the "Order") and on the basis of such checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to us, we give in the "Annexure A" a
statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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

i. 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.

ii. 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.

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

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

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

vi. 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".

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

a. The Company has no pending litigations as on 31.03.2025, which has any impact of on its
financial position.

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

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

d. i) The management has represented that, to the best of its knowledge and belief, other than
as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by the
company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;

ii) The management has represented, that, to the best of its knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been received by the company from any
person(s) or entity (ies), including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and

iii) Based on such audit procedures we have 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 (i) and (ii) contain any material mis-statement.

viii. Since the Company has not declared or paid any dividend during the year, the question of
commenting on whether dividend declared or paid is in accordance with Section 123 of the
Companies Act, 2013 does not arise.

For B. Mukherjee & Co.

Chartered Accountants
(Firm Reg. No.302096E)

S. K. MUKHERJEE

(Partner)

Place: Kolkata Membership Number 006601

Date: The 20^th day of May, 2025 UDIN: 25006601BMIBQS5917

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Mar 31, 2024

We have audited the standalone financial statements of KKALPANA PLASTICK LIMITED ("the Company"), which comprise the
Balance Sheet as at 31st March 2024, and the Statement of Profit and Loss, Statement of Changes in Equity and Statement of
Cash Flows for the year 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 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 31st March,
2024, and loss, 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 Companies
Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the
Financial Statements section of our report. We 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.

Key Audit Matters

In our opinion and according to the information and explanations given to us, we have determined that there are no key audit
matters to communicate in our report.

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, changes in equity 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. 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
implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the
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.

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

Auditor''s Responsibility for the Standalone 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 judgement 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 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 with reference to financial statements in place and the operating
effectiveness of such controls.

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

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

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

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 Ind AS financial statements for the financial year ended March 31, 2024 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.

Reports on Other Legal and Regulatory Requirements

As required by ''the Companies (Auditor''s Report) Order, 2020'', issued by the Central Government of India in terms of sub¬
section (11) of section 143 of the Companies Act, 2013 Act (hereinafter referred to as the "Order"), and on the basis of such
checks of the books and records of the Company as we considered appropriate and according to the information and
explanations given to us, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order
to the extent applicable.

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

i. 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.

ii. 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.

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

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

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

vi. 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".

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

a. The Company has no pending litigations as on 31.03.2024, which has any impact of on its financial position.

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

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

e. i) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes
to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

ii) The management has represented, that, to the best of it''s knowledge and belief, other than as disclosed in the notes to

the accounts, no funds have been received by the company from any person(s) or entity (ies), including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall,
whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries; and

iii) Based on such audit procedures we have 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 (i) and (ii) contain any
material mis-statement.

viii. Since the Company has not declared or paid any dividend during the year, the question of commenting on whether
dividend declared or paid is in accordance with Section 123 of the Companies Act, 2013 does not arise.

For B. Mukherjee & Co.

Chartered Accountants

(Firm Regn No. 302096E)

S.K. MUKHERJEE

(Partner)

Place: Kolkata Membership Number 006601

Date: The 27^th day of May, 2024 UDIN: 24006601BJZXOA9605

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Mar 31, 2014

We have audited the accompanying financial statements of M/S. KALPENA PLASTIKS LIMITED which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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.

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.

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

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

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

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

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

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

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

c) the Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

f) 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 Companies Act, 1956 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 paragraph 3 of our report of even date on the accounts for the year ended 31st March, 2014 of M/S. KALPENA PLASTIKS LIMITED.

(1 ) According to the information and explanations given to us :

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As explained to us, all Fixed Assets have been physically verified by management during the year and there is regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of those assets. No material discrepancies were noticed on such verification.

(c) None of the Fixed Assets of the company has been revalued during the year.

(2) In respect of Inventories :

(a) As explained to us, the inventories have been physically verified during the year by the management at regular intervals. In our opinion, the frequency of verification is reasonable.

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

(c) The company has maintained proper records of inventory. The discrepancies noticed on physical verification between the physical stocks and the book records were not material having regard to the size of operation of the company and have been dealt with in the Books of Accounts.

(3) (a) The Company has granted unsecured loans to one of the party listed in the register maintained under section 301 of the Companies Act, 1956. Maximum amount involved in the transaction is Rs.4,51,60,336/- and the year end balance is Rs. 4,51,60,336/-.

(b) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions of unsecured loans given by the company are not, prima facie prejudicial to the interest of the Company. Except loans and advances given to Tara Holdings Private Limited on which interest has not been provided.

(c) According to the information and explanation given to us, receipt of Principal amount and interest are also regular during the year.

(d) In respect of loans given by the Company, these are repayable on demand and therefore the question of over-due amount does not arise.

(e) The Company has taken unsecured loans from none of the party listed in the register maintained under section 301 of the Companies Act, 1956.

(f) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions of unsecured loans taken by the company are not, prima facie prejudicial to the interest of the company.

(g) According to the information and explanation given to us, payment of Principal amount and interest are also regular during the year.

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

(5) (a) In our opinion and 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 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, transaction made in pursuance of contract or arrangement has been entered in the register maintained under section 301 of the Companies Act, 1956 and transactions exceeding the value of ^ 5,00,000.00 in respect of any party during the year have been made at prices which is reasonable having regard to prevailing market prices at the relevant time.

(6) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits within the meaning of the provisions of Section 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) According to the information and explanations given to us, the Central Government has prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

(9) In respect of Statutory Dues :

(a) The company is regular in depositing with the appropriate authorities undisputed statutory dues including Income tax and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no undisputed amount payable in respect of Income-tax, Wealth Tax, Sales Tax, Excise Duty, Custom Duty, Cess and other statutory dues were in arrears, as at 31st March, 2014 for a period of more than six months from the date they become payable.

(c) As explained to us Provident Fund and Employees State Insurance is not applicable during the year under review.

(d) According to the information and explanations given to us, there are dues of Income-tax, which has not been deposited on account of any dispute are as under :

Name of the Nature of Dues Demand amount Period to which statute (RS) Amount relates

Income Tax Act, Assessed tax 2534020/- A.Y. 2008-09 1961 U/S143 (1)

Name of the Forum Where dispute is pending statue Income Tax Act, Rectification U/s.154 filled with A.O. 1961

(10) The Company does not have accumulated losses at the end of financial year. The Company has incurred cash losses during the financial year covered by our audit but no cash loss was incurred in the immediately preceding financial year.

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

(12) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund /society. Therefore, the provisions of clause 4 (xiii) of CARO, 2003 (As amended) are not applicable to the company.

(14) The company is not in the business of dealing or trading in shares and securities. In our opinion, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The investment in shares & securities have been 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 institution.

(16) In our opinion, the company has not taken any term loan.

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

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

(19) According to the information and explanations given to us, the company has not issued any secured debentures during the period covered by our audit report.

(20) According to the information and explanations given to us, the company has not raised any money through public issue.

(21) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For MALOO & CO. Chartered Accountants

3A, Surendra Mohan Ghosh Sarani 2nd floor J. L. MALOO ) Kolkata - 700001 Partner Dated: The 29th Day of May 2014 Membership No.300/17649 Firm Registration No. - 310062E

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Mar 31, 2013

We have audited the accompanying financial statements of M/S. KALPENA PLASTIKS LIMITED which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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.

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.

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

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

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

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

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

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

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

c) the Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

f) 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 Companies Act, 1956 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.

Referred to paragraph 3 of our report of even date on the accounts for the year ended 31st March, 2013 of

M/S. KALPENA PLASTIKS LIMITED.

(1) According to the information and explanations given to us :

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As explained to us, all Fixed Assets have been physically verified by management during the year and there is regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of those assets. No material discrepancies were noticed on such verification.

(c) None of the Fixed Assets of the company has been revalued during the year.

(2) In respect of Inventories :

(a) As explained to us, the inventories have been physically verified during the year by the management at regular intervals. In our opinion, the frequency of verification is reasonable.

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

(c) The company has maintained proper records of inventory. The discrepancies noticed on physical verification between the physical stocks and the book records were not material having regard to the size of operation of the company and have been dealt with in the Books of Accounts.

(3) (a) The Company has granted unsecured loans to two of the parties listed in the register maintained under section 301 of the Companies Act, 1956. Maximum amount involved in the transaction is Rs. 9.50 Crores and the yearend balance is Rs. Nil.

(b) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions of unsecured loans given by the company are not, prima facie prejudicial to the interest of the Company. Except loans and advances given to Tara Holdings Private Limited on which interest has not been provided.

(c) According to the information and explanation given to us, receipt of Principal amount and interest are also regular during the year.

(d) In respect of loans given by the Company, these are repayable on demand and therefore the question of over-due amount does not arise.

(e) The Company has taken unsecured loans from one of the party listed in the register maintained under section 301 of the Companies Act, 1956. Maximum amount involved in the transaction is Rs. 0.75 Crores and the yearend balance is Nil.

(f) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions of unsecured loans taken by the company are not, prima facie prejudicial to the interest of the company.

(g) According to the information and explanation given to us, payment of Principal amount and interest are also regular during the year.

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

(5) (a) In our opinion and 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 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, transaction made in pursuance of contract or arrangement has been entered in the register maintained under section 301 of the Companies Act, 1956 and transactions exceeding the value of 5,00,000.00 in respect of any party during the year have been made at prices which is reasonable having regard to prevailing market prices at the relevant time.

(6) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits within the meaning of the provisions of Section 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) According to the information and explanations given to us, the Central Government has prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

(9) In respect of Statutory Dues :

(a) The company is regular in depositing with the appropriate authorities undisputed statutory dues including Income tax and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no undisputed amount payable in respect of Income-tax, Wealth Tax, Sales Tax, Excise Duty, Custom Duty, Cess and other statutory dues were in arrears, as at 31st March, 2013 for a period of more than six months from the date they become payable.

(c) As explained to us Provident Fund and Employees State Insurance is not applicable during the year under review.

(10) The Company does not have accumulated losses at the end of financial year. The Company has incurred cash losses during the financial year covered by our audit but no cash loss was incurred in the immediately preceding financial year.

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

(12) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund /society. Therefore, the provisions of clause 4 (xiii) of CARO, 2003 (As amended) are not applicable to the company.

(14) The company is not in the business of dealing or trading in shares and securities. In our opinion, proper records have been maintained of the transactions and contracts and timely entries have

been made therein. The investment in shares & securities have been 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 institution.

(16) In our opinion, the company has not taken any term loan.

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

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

(19) According to the information and explanations given to us, the company has not issued any secured debentures during the period covered by our audit report.

(20) According to the information and explanations given to us, the company has not raised any money through public issue.

(21) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

3A, Surendra Mohan Ghosh Sarani, 2nd Floor, For MALOO & CO.

Kolkata - 700001 Chartered Accountants.

(J.L.MALOO)

Dated : The 30th Day of May, 2013 PARTNER

Membership No. 17649

---

Mar 31, 2012

We have audited the attached Balance Sheet of M/S. KALPENA PLASTIKS LIMITED. as at 31st March, 2012 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

We report as follows :

1. As required by the Companies (Auditor's Report) Order, 2003, 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 paragraph 4 and 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph 1 above :

(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 and proper returns adequate for the purpose of our audit have been received from the branches not visited by us.

(c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

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

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

(f) In our opinion. and to the best of our information and according to the explanations given to us, the said accounts, received together with The Company's Accounting Policies and the notes thereto, give the information required by Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and

ii) In the case of Profit and Loss Account, of the Profit of The Company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Referred to paragraph 3 of our report of even date on the accounts for the year ended 31st March, 2012 of M/S. KALPENA PLASTIKS LIMITED.

(1) According to the information and explanations given to us :

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As explained to us, all Fixed Assets have been physically verified by management during the year and there is regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of those assets. No material discrepancies were noticed on such verification.

(c) None of the Fixed Assets of the company has been revalued during the year.

(2) In respect of Inventories :

(a) As explained to us, the inventories have been physically verified during the year by the management at regular intervals. In our opinion, the frequency of verification is reasonable.

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

(c) The company has maintained proper records of inventory. The discrepancies noticed on physical verification between the physical stocks and the book records were not material having regard to the size of operation of the company and have been dealt with in the Books of Accounts.

(3) (a) The Company has granted unsecured loans to none of the parties listed in the register maintained under section 301 of the Companies Act, 1956. Maximum amount involved in the transaction is Rs. Nil and the year end balance is Rs. Nil.

(b) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions of unsecured loans given by the company are not, prima facie prejudicial to the interest of the Company.

(c) According to the information and explanation given to us, receipt of Principal amount and interest are also regular during the year.

(d) In respect of loans given by the Company, these are repayable on demand and therefore the question of over-due amount does not arise.

(e) The Company has taken unsecured loans from none of the party listed in the register maintained under section 301 of the Companies Act, 1956. Maximum amount involved in the transaction is Rs. Nil and the year end balance is Nil.

(f) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions of unsecured loans taken by the company are not, prima facie prejudicial to the interest of the company.

(g) According to the information and explanation given to us, payment of Principal amount and interest are also regular during the year.

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

(5) (a) In our opinion and 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 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, transaction made in pursuance of contract or arrangement has been entered in the register maintained under section 301 of the Companies Act, 1956 and transactions exceeding the value of Rs. 5,00,000.00 in respect of any party during the year have been made at prices which is reasonable having regard to prevailing market prices at the relevant time.

(6) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits within the meaning of the provisions of Section 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) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

9. In respect of Statutory Dues :

(a) The company is regular in depositing with the appropriate authorities undisputed statutory dues including Income tax and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no undisputed amount payable in respect of Income-tax, Wealth Tax, Sales Tax, Excise Duty, Custom Duty, Cess and other statutory dues were in arrears, as at 31st March, 2012 for a period of more than six months from the date they become payable.

(c) As explained to us Provident Fund and Employees State Insurance is not applicable during the year under review.

(10) The Company does not have accumulated losses at the end of financial year. The Company has incurred cash losses during the financial year covered by our audit but no cash loss was incurred in the immediately preceding financial year.

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

(12) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund /society. Therefore, the provisions of clause 4 (xiii) of CARO, 2003 (As amended) are not applicable to the company.

(14) The company is not in the business of dealing or trading in shares and securities. In our opinion, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The investment in shares & securities have been 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 institution.

(16) In our opinion, the company has not taken any term loan.

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

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

(19) According to the information and explanations given to us, the company has not issued any secured debentures during the period covered by our audit report.

(20) According to the information and explanations given to us, the company has not raised any money through public issue.

(21) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

3, Mangoe Lane, For MALOO & CO.

Kolkata - 700001 Chartered Accountants.

(J.L.MALOO)

Dated : 31st August, 2012 PROPRIETOR

Membership No. 17649

---

Mar 31, 2010

We have audited the attached balance sheet of KALPENA PLASTIKS LTD.(Formerly SARLA GEMS LTD.) . as at 31st March , 2010 and also the profit & loss account for the period 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 have conducted our audit in accordance with auditing standard 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 misstatements. 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.

As required by the Companies (Auditors Report) Order, 2003 (as amended) 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 matter specified in paragraph 4 & 5 of the said order.

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

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) In our opinion, proper books of accounts as required by law have been kept by the company so far as appears from our examinations of the books and proper returns adequate for the purpose of our audit have been received from the branch.

3) The balance sheet & profit & loss accounts and Cash Flow Statement dealt with by this report, are in agreement with the books of account.

4) In our opinion, the Balance sheet & Profit & 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.

5) On the basis of the written representations received from the Directors, we report that none of the Directors of the company is disqualified as on 31st march 2010, from being appointed as Director in terms of clause (g) sub section (1) of section 274 of Companies Act, 1956.

6) In our opinion & to the best of our information and according to the explanations given to us, the said accounts, read together with the Notes of Accounts appearing in “Schedule – 12” give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in the 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 on 31st March, 2010 and

b) In the case of the profit & loss account of the PROFIT for the year ended on that date ; and

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

ANNEXURE TO THE AUDITORS REPORT

Annexure referred to in paragraph 3 of the Auditors Report of even date to the Members of KALPENA PLASTIKS LIMITED. on the Accounts of for the year ended 31.03.2010

i) In respect of Fixed Assets :

a) The Company has maintained proper records showing full particulars including Quantitative details and situation of Fixed Assets.

b) As explained to us , all the fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which , in our opinion , is reasonable having regard to the size of the Company and the nature of those assets. No material discrepancies were noticed on such verification.

c) None of the Fixed Assets of the Company has been revalued during the year. ii) In respect of Inventories :

a) As explained to us, inventories have been physically verified during the year by the management at regular intervals. In our opinion , the frequency of verification is reasonable.

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

c) The Company is maintaining proper records of inventory , the discrepancies noticed on verification between the physical stocks and the book records were not material having regard to the size of operation of the Company and have been dealt with in the Books of Accounts.

iii) a) The Company has not granted any loans, Secured or Unsecured Loan to Companies. Firms or Other Parties listed in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause 4(iii)(b) to (d) of the order are not applicable.

b) The Company has not taken any Loans, Secured or Unsecured Loans from Companies, Firms or Other Parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, clause 4(iii)(f) to (g) of the order are not applicable.

c) As informed to us, the company has not granted any loan to anybody.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory, Fixed assets and with regard to the sale of goods.

During the course of our audit, we have not observe any continuing failure to correct major weaknesses in internal controls.

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

b) In our opinion and according to the information and explanations given to us , no transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of The Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which is reasonable having regard to prevailing market prices at the relevant time. vi) The Company has not accepted any deposits within provisions of sections 58A of The Companies Act, 1956, or any rule framed there under, except loan from body corporate which is exempted. vii) In our opinion, the Company has an Internal Audit System commensurate with the size and nature of its business.

viii) In respect of Statutory dues:

a) As explained to us, Provident Fund and Employees State Insurance not applicable during the year under review.

b) To the information and according to the explanations given to us, no undisputed amount payable in respect of Income Tax , Wealth tax. Sales Tax, Excise Duty, Custom Duty and Cess remaining outstanding as at the last date of the year ended as at 31st march 2010 for a period more than six months from the date they become payable.

ix) The Company has not incurred Cash Loss during the Current Financial Year and in the immediately preceeding Financial Year.

x) In our opinion and according to the information and explanation given to us , no loans and advances have been granted by the Company on the basis of Security by way of pledge of Shares Debentures and Other Securities.

xi) 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 Companies ( Auditors Report) Order, 2003 (As Amended) are not applicable to the Company.

xii) The Company is not in the business of dealing or trading in Shares, Securities.The company has maintained proper records of transactions and contracts in respect of Shares, Securities, Debentures and other investments and timely entries have been made therein. The shares, securities, debentures and other investment have been held by the company, in its own name except to the extend of exemption, granted under section 49 of The Companies Act,1956.

xiii) The Company has not raised any new Term Loan during the year.

xiv) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that the no funds raised on short term basis have been used for long term investment.

xv) According to the information and explanations given to us, the Company has made preferential allotment of 3260035 Equity Shares of Rs. 10/- each to Parties and Companies covered in the register maintained under Section 301 of the Act.

xvi) According to the information and explanations given to us during the period by our audit report. The Company had not issued debentures and therefore question of creating securities in respect thereof does not arise.

xvii) The Company has not made any public issue during the year and therefore the question of disclosing the end use of money does not arise.

xviii) According to the information and explanations given to us and representations made by management and based upon the audit procedures performed , we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

xix) During the course of our examination of the books and according to the explanation given to us, no personal expenses other than covered by the service contracts / terms of appointments of the employee and those borne by the Company in accordance with the accepted business practice have been charged to the Profit & Loss Accounts.



3,MANGOE LANE, 2ND FLOOR For MALOO & CO.

KOLKATA-700001 CHARTERED ACCOUNTANTS

( J. L. MALOO )

DATED : 4th day of September, 2010 PROPRIETOR

PLACE : KOLKATA MEMBERSHIP NO. 17649