Auditor Report of Pet Plastics Ltd.

Mar 31, 2024

We have audited the accompanying standalone financial statements of PET PLASTICS LIMITED (CIN:
L25200MH1985PLC037217) (“the Company”), which comprise the balance sheet as at March 31, 2024, the
statement of profit and loss (including Other Comprehensive Income), the statement of changes in equity and the
statement of cash flows for the year then ended and notes to the standalone financial statements, including material
accounting policies and other explanatory information (hereinafter referred to as the “standalone financial
statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the
manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,2015, as amended,
(“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2024 and its profit, other comprehensive income, 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 standalone 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(“ICAI”) together with the ethical requirements that are relevant to our audit of the standalone 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 ICAI’s 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
standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the standalone financial statements of the current period. These matters were addressed in the context of our audit
of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. Based on the circumstances and facts of the audit and entity, there aren’t key
audit matters to be communicated in our report.

We draw attention to Note 31(i) to the accompanying standalone financial statement, which describe that Balance
in the account of Cash & Cash Equivalent, Trade Receivable, Loan, Trade Payable and Other Financial Liabilities
are subject to confirmation/reconciliation. If any, The management does not expect any material adjustments in
respect of the same effecting the Financial Statement on such reconciliation/adjustment.

We draw attention to Note 31(ii) to the accompanying standalone financial statement, which describe that
Statutory Compliance with respect to GST and TDS is subject to reconciliation

We draw attention to Note 31(iii) to the accompanying standalone financial statement, which describe that Sales
amounting to 747.45 lakhs and Purchase amounting to Rs. 669.12 lakhs is related to merchant trading.

Our opinion is not modified in respect of this matter.

Other Information

The Company’s Management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company’s Annual Report, but does not include the
standalone financial statements and auditor’s report thereon.

Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the standalone
financial statements, or our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement
of this other information; we are required to report that fact. We have nothing to report in this regard.

Management’s and Board of Directors’ Responsibilities for the Standalone financial statements

The Company’s Management and Board of Directors are responsible for the matters stated in section 134(5) of
the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that
give a true and fair view of the financial position, financial performance, and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the accounting standards
specified under section 133 of the Act. 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 standalone 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 Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the standalone financial statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these standalone
financial statements.

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

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

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

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

• Conclude on the appropriateness of Management’s and Board of Directors use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the 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 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central

Government of India in terms of Section 143(11) of the Act, we give in the “Annexure A” a statement on the

matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2A. As required by Section 143(3) of the Act, based on our audit report we report that:

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

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books except for the matters stated in the paragraph 2(B)(f) below
on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

c) The balance sheet, the statement of profit and loss (including other comprehensive income), the statement
of cash flow and statement of changes in equity dealt with by this Report are in agreement with the books
of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read with relevant rules issued thereunder.

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

f) The reservation relating to the Maintenance of accounts and other matters connected there with are as
stated in the paragraph 2(A) (b) above on reporting under section 143(3)(b) and paragraph 2B(f) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules ,2014.

g) 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”; and

B. 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:

a) The Company does not have any pending litigation which would impact its financial position in its
Standalone standalone financial statements.

b) The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses under the applicable law or accounting standards.

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

d) (i) The Management has represented that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Company to or
in any other person or entity, including foreign entity (“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, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person
or entity, including foreign entity (“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;

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

e) The Company has not paid, proposed or declared any dividend during the year and until the date of
report, Hence, Compliance in accordance with section 123 of the Act is not applicable.

f) Based on our examination, which included test checks, the Company has used accounting software’s
for maintaining its books of account for the financial year ended March 31, 2024 which has a feature

of recording audit trail (edit log) facility and the same has operated throughout the year for all
relevant transactions recorded in the software’s. Further, during the course of our audit we did not
come across any instance of the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2024,
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of
audit trail as per the statutory requirements for record retention is not applicable for the financial year
ended March 31, 2024.

C. With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, no remuneration has been paid
by the Company to its Directors during the current year and the company is in accordance with the provisions
of Section 197 of the Act.

For Maheshwari & Co.

Chartered Accountants
Firm’s Registration No.105834W

Vikas Asawa
Partner

Place: Mumbai Membership No. 172133

Date: May 30, 2024 UDIN: 24172133BKAKZB5552

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Mar 31, 2014

We have audited the accompanying financial statements of Pet Plastics Limited which comprise the balance sheet as at 31 March 2014, the Statement of Profit And Loss and the Cash Flow Statement for the year ended and a summary of Significant Accounting Policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (“the Act”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

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

Opinion

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

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

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

(iii) in the case of the Cash Flow Statement, of ths^sh flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR''S REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2014 OF M/s. PET PLASTICS LIMITED.

1. a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

b) The fixed assets of the Company have been physically verified by the management at reasonable intervals during the year and this revealed no material discrepancies.

c) No fixed assets have been disposed off during the year.

2. In respect of shares held as stock in trade:

a) As explained to us, the shares were physically verified by the management at reasonable intervals during the year.

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

c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its shares and the discrepancies noticed on such physical verification between the physical stock and book records are not material and have been adequately dealt within the books of accounts.

3. In our opinion and according to the information and explanations given to us ,the company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 321 of the Companies Act, 1956.Accordingly paragraphs 4(iii) (c) ,(f) and (g) of the order are not applicable.

4. In our opinion, and according Jo the information and explanation given to us, we are of the. opinion that there is adequate internal control commensurate with the size of the company and nature of its business.

We have not noted any continuing failure to correct major weaknesses in the internal control.

5. a) In our opinion1 and according to the information and explanations given to us, the transactions that need to be entered in the register on pursuance of section 321 of the Act have been so entered.

b) The transactions have been made at prices which are reasonable with regard to the 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 any deposits within the meaning of section 58A and 58AA of the Companies Act, 1956, and rules framed there under are not applicable. No order has been passed by the Company Law Board. The provisions of RBI Act, 1934 regarding registration of non- banking financial Company are stated yet to be complied with.

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

8. According to the information and explanation given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956.

9. a) According to the records of the company examined by us and the information and explanations given to us, no undisputed amounts payable in respect of income tax, and other statutory dues applicable to it were outstanding, as at 31st March. 2014 for a period of more than six months from the date they became payable.

b) According to the records of the company examined by us and the information and explanations given to us, there are no dues of income tax and other statutory liabilities, which have not been deposited on account of any dispute.

10. The Company has accumulated losses at the end of the financial year. The Company has incurred cash losses in the current financial year as well as 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 repayment of dues to a financial institution, bank or debenture holders.

12. 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, proper records have been maintained in respect of transactions and contracts in shares, and timely entries have been made therein. The shares and other investment have been held by the company in its own name.

15. In our opinion, the company has not given any guarantee for loans taken by others from banks of financial institutions

16. The company has not obtained any term loans.

17. According to the information and explanations given to us and on the basis of an overall examination of the balance sheet of the Company, in our opinion, generally, there are no funds raised by the Company on short-term basis, which have been used for long-term investment.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. 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 examination of the books and records of the Company 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, noticed or reported during the year, nor have we been informed of such case by the management.

FOR MULRAJ D. GALA Chartered Accountants

MULRAJ DEVCHAND GALA (Proprietor) Membership No: 041206

Place: Mumbai Date: 14th August, 2014

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Pet Plastics Limited which comprise the balance sheet as at 31 March 2013, the Statement of Profit And Loss and the Cash Flow Statement for the year ended and a summary of Significant Accounting ''Oheies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act''). This responsibility includes the design, implementation* and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order. 2003 ("the Order"), as amended, issued by the Central Government of Indh 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 Test 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 sc fai as appears from our examination of those books;

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

d. in our opinion, the Balance Sheet, Statement ol" 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; and

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

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR .AUDITOR''S REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH,, 2013 OF M/s. PET PLASTICS LIMITED.

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

The fixed assets of the Company have been physically verified by the management at reasonable intervals during the year and this revealed no material discrepancies.

No fixed assets have been disposed off during the year.

hi respect of shares held as stock in trade:

a) As explained to us, the shares were physically verified by the management at reasonable intervals during the year.

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

c) In our opinion and according to the information and explanation given to us, the Comp
In our opinion and according to the inforrr.ation and explanations given tc us .the company has not taken any loans secured or unsecured from companies, firms or other panics covered in the register maintained under section 321 of the Companies Act, 1956.Accordingly paragraphs 4(iii) (c) ,(f) and (g) of the order are not applicable.

4, In our opinion, and according to the information and explanation given to us, we are of the opinion that there is adequate internal control commensurate with the size of the company and nature of its business.

We have not noted any continuing failure to correct major weaknesses in the internal control.

a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the register on pursuance of section 321 of the Act have been so entered.

b) The transactions have been made at prices which are reasonable with regard to the 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 any deposits within the meaning of section 58A and 58AA of the Companies Act, 1956, and rules framed there under are not applicable. No order has been passed by the Company Law Board. The provisions of RBI Act, 1934 regarding registration of non- banking financial Company are stated yet to be complied with.

In our opinion, the company has an internal audit system Commensurate with its size and nature of its business.

According to the information and explanation given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956.

9. a) According to the records of the company examined by us and the information and explanations given to us, no undisputed amounts payable in respect of income tax, and other statutory dues applicable to it were outstanding, as at March, 2013 for a period of more than six months from the date they became payable,

b) According to the records of the company examined by us and the information and explanations given to us, there are no dues of income tax and other statutory liabilities. which have not been deposited on account of any dispute.

10 The Company has accumulated losses at the end of the financial year. The Company has incurred cash losses in the current financial year as well as in the immediately preceding financial year. in our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. 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 nidbi/mritual 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, proper records have been maintained in respect of transactions and contracts in shares, and timely entries have been made therein. The shares and other investment have been held by the comnany in its own name.

15. In our opinion, the company has not given any guarantee for loans taken by others from banks of financial institutions

16. The company has not obtained any term loans.

17. According to the information and explanations given to us and on the basis of an overall examination of the balance sheet of the Company, in our opinion, generally, there are no funds raised by the Company on short-term basis, which have been used for long-term investment.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. 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.

During the course of examination of the books and records of the Company carried o accordance with the generally accepted auditing practices in India, we have neither ( across any instance of fraud on or by the Company, noticed or reported during the year have we been informed o; such case by the management.

FOR MULRAJ D. GA

Chartered Account

DEVCHAND GA

Proprie

Membership No: 041

Place: Mumbai

Date. 14th August, 2013

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Mar 31, 2011

We have audited the attached Balance Sheet of Pet Plastics Limited on 31st March, 2011, and also the profit & Loss Account annexed there to for the year ended on that date. 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.

1. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan & 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 & disclosures in the financial statements. An audit also includes assessing the accounting principle used & 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.

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

3. Further to our Comments in the Annexure referred to in paragraph (2) above, we report that:

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

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

iii) The Balance sheet, Profit and Loss Account & 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 & the Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in sub-section (3-C) of section 211 of the companies Act, 1956;

v) In our opinion, and based on information and explanations given to us, none of the directors are disqualified as on 31st March, 2011 from being appointed as a directors in terms of clause (g) of Sub-section (1) of section 274 of the Companies Act, 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956 in the manner so required, and present a true and fair view, in conformity with the accounting principles generally accepted in India.

a) In so far as it relates to Balance Sheet, of the state of affairs of the company as at 31st March, 2011.

b) In so far as it relates to the Profit and loss Account, of the profit of the Company for the year ended on that date; and

c) In so far as it relates to the Cash Flow Statement, of the Cash flows of the company for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR'S REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2011 OF M/s. PET PLASTICS LIMITED.

1. IN RESPECT OF ITS FIXED ASSETS:

a. The company is compiling records showing full particulars including quantitative details and situation of fixed assets.

b. As explained to us, the fixed assets have been physically verified by the Management during the year, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. IN RESPECT OF INVENTORIES:

a. As explained to us, inventories have been physically verified by the management at regular intervals during the year.

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 are reasonable and adequate in relation to the size of the company and the nature of its business.

c. The discrepancies noticed on physical verification of stock as compared to the book records were not material and have been properly dealt with in the books of accounts.

3. The company has not granted, The Company has taken loan from one party covered. In our opinion, terms and conditions of said Loan are not, prima facie, prejudicial to the interests of the Company in the registered maintain under section 301 of the Act.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchase of Inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. There are no transaction made in pursuance of contracts or arrangements that need to be entered into the registered maintained under section 301 of the Companies Act, 1956. Hence, clause (v) of Para 4 of the said order is not applicable.

6. The company has not accepted any deposit from the public.

7. In our opinion, the arrangement made by the company to have an internal audit done by a firm of Chartered Accountants is commensurate with the size of the Company and the nature of its business.

8. The Central Government under 209 (1) (d) of the companies Act, 1956, has prescribed the maintenance of cost accounts and record in respect of "Plastics" manufactured by the company. As explained to us, the company is in the process of completing necessary records in respect of the same. Pending completion of the same, we are unable to offer any comment.

9. In respect of statutory dues:

a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Sales tax, Customs Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According the information and explanations given to us, no undisputed amount payable in respect of the aforesaid dues were outstanding as a 31st March, 2011 for period of more than six months from the date of becoming payable.

b) According to the information and explanation give to us, there are no disputed statutory dues pending as on 31st March, 2011 except Income Tax. (Applied pending before (I.T.A.T.) Income Tax Appellate Tribunal)

10. The company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. Since there are no borrowings from the Financial Institutions, Banks or by way of debentures, the question of default in repayment of dues does not arise.

12. 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.

13. In our opinion, company is not chit fund or nidhi/mutual benefit fund/society. Therefore, Clause 4 (xiii) of the companies (Auditor Report) Order 2003 is not applicable to the company.

14. Since the company is not dealing or trading in Shares, Securities, debentures and other Investments, the Clause is not applicable.

15. The company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not raised any new term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we are of the opinion that the company has not used funds raised on short-term basis for long-term investment and vice-versa.

18. During the year, company has not made any preferential allotment of shares to parties and companies covered in Registered maintained under Section 301 of the companies Act, 1956.

19. The company has not issued any debenture during the year.

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

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

FOR P. G. RANADE & CO.

CHARTERED ACCOUNTANTS

(Firm Regd No: 108612W)

SUDHIR C. OLTIKAR

(Partner)

Membership No: 38255

Place: Mumbai

Date : 16th August, 2011

---

Mar 31, 2010

We have audited the attached Balance Sheet of Pet Plastics Limited on 31st March, 2010, and also the profit & Loss Account annexed there to for the year ended on that date. 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.

1. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan & 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 & disclosures in the financial statements. An audit also includes assessing the accounting principle used & 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.

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

3. Further to our Comments in the Annexure referred to in paragraph (2) above, we report that:

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

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

iii) The Balance sheet, Profit and Loss Account & 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 & the Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in subsection (3C) of section 211 of the companies Act, 1956;

v) In our opinion, and based on information and explanations given to us, none of the directors are disqualified as on 31st March, 2010, from being appointed as a directors in terms of clause (g) of Subsection (1) of section 274 of the Companies Act, 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956 in the manner so required, and present a true and fair view, in conformity with the accounting principles generally accepted in India.

a) In so far as it relates to Balance Sheet, of the state of affairs of the company as at 31st March, 2010.

b) In so far as it relates to the Profit and loss Account, of the profit of the Company for the year ended on that date; and

c) In so far as it relates to the Cash Flow Statement, of the Cash flows of the company for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2010 OF M/s. PET PLASTICS LIMITED.

1. IN RESPECT OF ITS FIXED ASSETS:

a. The company is compiling records showing full particulars including quantitative details and situation of fixed assets.

b. As explained to us, the fixed assets have been physically verified by the Management during the year, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. IN RESPECT OF INVENTORnCS:

a. As explained to us, inventories have been physically verified by the management at regular intervals during the year.

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 are reasonable and adequate in relation to the size of the company and the nature of its business.

c. The discrepancies noticed on physical verification of stock as compared to the book records were not material and have been properly dealt with in the books of accounts.

3. The company has not granted or taken any loans, secured or unsecured to/from companies, firms or any other parties covered in the register maintain under section 301 of the Act. Hence, clause (Hi) of para 4 of the aforesaid order is not applicable.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchase of Inventory, fixed assests and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. There are no transaction made in pursuance of contracts or arrangements that need to be entered into the registered maintained under section 301 of the Companies Act, 1956. Hence, clause (v) of para 4 of the said order is not applicable.

6. The company has not accepted any deposit from the public.

7. In our opinion, the arrangement made by the company to have an internal audit done by a firm of Chartered Accountants is commensurate with the size of the Company and the nature of its business

8. The Central Government under 209 (1) (d) of the companies Act, 1956, has prescribed the maintenance of cost accounts and record in respect of "Plastics" manufactured by the company. As explained to us, the company is in the process of completing necessary records in respect of the same. Pending completion of the same, we are unable to offer any comment.

9. In respect of statutory dues:

a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Sales tax, Customs Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According the information and explanations given to us, no undisputed amount payable in respect of the aforesaid dues were outstanding as a 31st March, 2010 for period of more than six months from the date of becoming payable.

b) According to the information and explanation give to us, there are no disputed statutory dues pending as on 31st March, 2010 except Income Tax. (Applied pending before (I.T.A.T.) Income Tax Appellate Tribunal)

10. The company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. Since there are no borrowings from the Financial Institutions, Banks or by way of debentures, the question of default in repayment of dues does not arise.

12. 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.

13. In our opinion, company is not chit fund or nidhi/mutual benefit fund/society. Therefore, Clause 4 (xiii) of the companies (Auditor Report) Order 2003 is not applicable to the company.

14. Since the company is not dealing or trading in Shares, Securities, debentures and other Investments, the Clause is not applicable.

15. The company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not raised any new term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we are of the opinion that the company hat not used funds raised on shortterm basis for longterm investment and viceversa.

18. During the year, company has not made any preferential allotment of shares to parties and companies covered in Registered maintained under Section 301 of the companies Act, 1956.

19. The company has not issued any debenture during the year.

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

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

For & on behalf of SUDHIR OLTIKAR & CO

CHARTERED ACCOUNTANTS

(Firm Resd No: 110500W)

Place : Mumbai

Date : 2nd August, 2010

PROPRIETOR

M. No. 38255

---

Mar 31, 2003

1. We have audited the attached Balance Sheet of Pet Plastics Limited on 31st March 2003, and also the profit &. Loss Account annexed there to for the year ended on that date. These financial statements are the responsibility of the companys management. Our responsibility is to express on opinion on these financial statement based on are audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan & 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 & disclosures in the financial statements. An audit also includes assessing the accounting principle used & 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 Manufacturing & other Companies (Auditors Report) Order, 1988 issued by the Central Government of India in terms of Sub-section (4A) of section 227 of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 & 5 of said order.

4. Further to our Comments in the Annexure referred to in paragraph (3) above, we report that:

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

ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of these books.

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

iv) 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 (3-C) of section 211 of the companies Act, 1956 to the extent applicable, and

v) On.the basis of written representations received from Directors, as on 31st March 2003, and taken on record by the Board of Directors we report that none of the directors arc disqualified as on 31st March 2003, from being appointed as a directors in terms of clause (g) of Sub-section (1) of section 274 of the Companies Act, 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit and Loss Account read together with the notes hereon give the information required by the Companies Act, 1956 in the manner so required subject to note no 7 to 13 of the notes to the accounts and give a true and fair view:

a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2003 and

b) In the case of the Profit and loss Account of the profit for the year ended 31st March, 2003.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2003 OF PET PLASTICS LIMITED.

On the basis of such checks as we considered appropriate and in terms of the information explanations given to us, we state that:

i) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. As explained to us all the assets have been physically verified by the management at reasonable intervals. According to the information and explanations given to us no material discrepancies have been noticed on such verification as compared to book records.

ii) None of the fixed assets have been revalued during the year.

iii) As explained to us, the stock of finished goods (including goods for trade) store, spare parts and raw materials have been physically verified during the year at reasonable intervals by the management.

iv) The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

v) No material discrepancies have been noticed on physical verification of stocks as compared to the book records.

vi) On the basis of our examination of the stock records we are of the opinion that the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in preceding year.

vii) According to the information and explanations given to us, the Company has not taken loan from Companies listed in the register maintained under Section 301 of the Companies Act, 1956 as explained to us, there are no companies under the same managements within the meaning of section 370(1B) of the Companies Act, 1956.

viii) According to the information and explanations given to us, the company has not granted loans to Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. As explained to us there are no companies under the same managements within the meaning of section 370 (1B) of the Companies Act, 1956.

ix) As informed to us the company has not given advances in the nature of the loans to the employee of the company.

x) In our opinion and according to the information and explanations given to us there are generally, adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of stores, raw-materials including components plants and machinery equipments and assets.

xi) In our opinion and according to the explanations given to us the transactions of services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act, 1956 and aggregating during the year to Rs.50,000/- or more in respects of each party have been made at prices for such services or the prices at which transactions for similar services have been made with other parties.

xii) The Company does not have any unserviceable or damaged stores and raw materials.

xiii) The Company has not accepted any deposits from the public within the meaning of section 58 A of the Companies Act, 1956 and the rules framed there under and hence the question of compliance with these rule does not arise.

xiv) The company does not have an Internal audit system during the year under review.

xv) As explained to us, there was no sale or disposal of scrap. The company does not have any by-products.

xvi) The Central Government has not prescribed maintainence of cost records under section 209 (I)(d) of the Companies Act, 1956.

xvii) As informed to us the company is not required to deduct Provident Fund and Employee State Insurance dues during the year under review. Hence, the question of its deposit regularly with appropriate authorities does not arise.

xviii) According to the information and explanations given to us there were no undisputed amounts payable in respect of Income Tax, Sales Tax, Custom Duty and Excise Duty which have remained outstanding as at 31st March, 2003 for more than six months.

xix) In our opinion and on the basis of our examination of the books no personal expenses have been charged to revenue accounts other than those payable under contractual obligation or in accordance with generally accepted business practice.

xx) The company is not a Sick Industrial Company within the meaning of section 3 (1) (0) of the Sick Industrial Companies (Special Provisions) Act, 1985.

xxi) With regard to the service activities carried on by the company, the nature of the Companys operation is such that the question of allocation of materials and man-hours consumed on the various jobs is not required.

For DEDHIA TALAK DEVJI Chartered Accountants

(T.D.Dedhia) Proprietor

Place: Mumbai. Date : 30th July, 2003.

---

Mar 31, 2002

1. We have audited the attached Balance Sheet of Pet Plastics Limited on 31st March 2002. and also the profit & Loss Account annexed there to for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express on opinion on these financial statement based on are audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan & 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 & disclosures in the financial statements. An audit also includes assessing the accounting principle used & 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 Manufacturing & other Companies (Auditors Report) Order, 1988 issued by the Central Government of India in terms of Sub-section (4A) of section 227 of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 & 5 of said order.

4. Further to our Comments in the Annexure referred to in paragraph (3) above, we report that:

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

ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of these books.

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

iv) 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 (3-C) of section 211 of the companies Act, 1956 to the extent applicable, and

v) On the basis of written representations received from Directors, as on 31st March 2002. and taken on record by the Board of Directors we report that none of the directors are disqualified as on 31st March 2002. from being appointed as a directors in terms of clause (g) of Sub-section (1) of section 274 of the Companies Act, 3956.

vis In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit and Loss Account read together with the notes thereon give the information required by the Companies Act. 1956 in the manner so required subject to note no 7 to 13 of the notes to the accounts and give a true and fair view:

a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2002 and

b) In the case of the Profit and loss Account of the profit for the year ended 31st March, 2002.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2002 OF PET PLASTICS LIMITED.

On the basis of such checks as we considered appropriate and in terms of the information explanations given to us, we state that:

i) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. As explained to us all the assets have been physically verified by the management at reasonable intervals. According to the information and explanations given to us no material discrepancies have been noticed on such verification as compared to book records.

ii) None of the fixed assets have been revalued during the year.

iii) As explained to us, the stock of finished goods (including goods for trade) store, spare parts and raw materials have been physically verified during the year at reasonable intervals by the management.

iv) The procedures of physical verification of stocks followed fay the management are reasonable and adequate in relation to the size of the company and nature of its business.

v) No material discrepancies have been noticed on physical verification of stocks as compared to the book records.

vi) On the basis of our examination of the stock records we are of the opinion that the vaiuatior of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in preceding year.

vii) According to the information and explanations given to us the Company has not taken loan from Companies listed in the register maintained under Section 301 of the Companies Act, 1956 as explained to us, there are no companies under the same managements within the meaning of section 370(1B) of the Companies Act, 1956.

viii) According to the information and explanations given to us, the company has not granted loans to Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. As explained to us there are no companies under the same managements within the meaning of section 370 (1B) of the Companies Act, 1956.

ix) As informed to us the company has not gives advances in the nature of the loans to the employee of the company.

x) In our opinion and according to the information and explanations given to us there are generally, adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of stores, raw-materials including components plants and machinery equipments and assets.

xi) In our opinion and according to the explanations given to us the transactions of services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act, 1956 and aggregating during the year to Rs. 50, 000/- or more in respects of each party have been made at prices for such services or the prices at which transactions for similar services have been made with other parties.

xii) The Company does not have any unserviceable or damaged stores and raw materials.

xiii) The Company has not accepted any deposits from the public within the meaning of section 58 A of the Companies Act, 1956 and the rules framed there under and hence the question of compliance with these rule does not arise.

xiv) The company does not have an Internal audit system during the year under review.

xv) As explained to us, there was no sale or disposal of scrap. The company does not have any by-products.

xvi) The Central Government has not prescribed maintainence of cost records under section 209 (I)(d) of the Companies Act. 1956.

xvii) As informed to us the company is not required to deduct Provident Fund and Employee State Insurance dues during the year under review. Hence, the question of its deposit regularly with appropriate authorities does not arise.

xviii) According to the information and explanations given to us there were no undisputed amounts payable in respect of Income Tax, Sales Tax, Custom Duty and Excise Duty which have remained outstanding as at 31st March, 2002 for more than six months.

xix) In our opinion and on the basis of our examination of the books no personal expenses have been charged to revenue accounts other than those payable under contractual obligation or in accordance with generally accepted business practice.

xx) The company is not a Sick Industrial Company within the meaning of section 3 (1) (0) of the Sick Industrial Companies (Special Provisions) Act, 1985.

xxi) With regard to the service activities carried on by the company, the nature of the Companys operation is such that the question of allocation of materials and man-hours consumed on the various jobs is not required.

For DEDHIA TALAK DEVJI

Chartered Accountants

(T. D. Dedhia) Proprietor

Place: Mumbai. Date: 31st May, 2002.