Auditor Report of Pithampur Poly Products Ltd.

Mar 31, 2024

We have audited the Financial Statements of PITHAMPUR POLY
PRODUCTS LIMITED ("the Company"), which comprise the balance
sheet as at 31" March 2024, and the statement of profit and loss,
(statement of changes in equity) and statement of cash flows for the
year then ended, and notes to the Financial Statements, including a
summary of significant accounting policies and other explanatory
information (hereinafter referred to as "the Financial Statements"]

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

Basis for Opinion

We conducted our audit of the Financial Statements 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

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

Description of Key Audit Matters
S.No.	Key Audit Matters	How was the matter addressed in our audit
1	Uncertain tax positions - Direct and Indirect Taxes
	The Company has uncertain tax matters pending litigations under various indirect tax laws. The litigation involves significant judgement to determine the possible outcome based on which accounting treatment is given to the disputed amount. Given the magnitude of potential outflow of economic resources and uncertainty of potential outcome, uncertain tax positions are considered to be key audit matters. [Refer Note 28 to the standalone financial statements.]	Our audit procedures included, among others, the following: • Obtained details of uncertain tax position and gained understanding thereof; • Obtained details of tax assessments and also demands raised; • Along with our internal tax experts, read and analysed relevant communication with the authorities; • Evaluated advice obtained by the management from legal consultants on possible outcome of the litigation; • Discussed with senior management and evaluated management''s assumptions regarding provisions made or reflected as contingent liabilities; • Assessed whether the disclosures for uncertain tax positions are in accordance with the requirements of Ind AS 37 on "Provisions, Contingent Liabilities and Contingent Assets".

Information Other than the Financial Statements and Auditors''
Report Thereon

The Company''s Board of Directors are responsible for the other
information, The other information comprises the [information
included in the report, but does not include the Financial Statements
and our auditor''s report thereon.]

Our opinion on the Financial Statements does not cover the other
information and we do not express any form of assurance conclusion

thereon in connection with our audit of the Financial Statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the Financial Statements or our knowledge obtained in the audit
of 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 Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the
matters stated in section 134(5) of the Companies Act, 2013
("the Act") with respect to the preparation of these 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 Indian (Ind
AS) 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 accounting policies,
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the Financial Statements that give a true and
fair view and are free from material misstatement, whether
due to fraud or error.

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

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

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

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

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism

throughout the audit. We also:

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

Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Companies
Act, 2013, we are also responsible for expressing our opinion
on whether the company has adequate internal financial
controls system in place and the operating effectiveness of
such controls

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

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

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

Materiality is the magnitude of misstatements in the Financial
Statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably
knowledgeable user of the Financial Statements may be
influenced. We consider quantitative materiality and
qualitative factors in

(i) Planning the scope of our audit work and in evaluating the
results of our work; and

(ii) to evaluate the effect of any identified misstatements in
the Financial Statements.

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

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

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the 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

As required by the Companies (Auditor''s Report) Order, 2020
("the Order"), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Companies Act,
2013, we give in the Annexure "A" 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:

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.

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

The Balance Sheet, the Statement of Profit and Loss, (the
Statement of Changes in Equity) and the Cash Flow Statement
dealt with by this Report are in agreement with the books of
accounts and with the returns received from the branches not
visited by us).

In our opinion, the aforesaid Financial Statements comply with
the Ind AS specified under Section 133 of the Act.

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

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".

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.

The Company does not have any pending litigations which
would impact its financial position.

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

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

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 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.

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;

Based on such audit procedures which 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.

The company has not declared or paid any dividend during the
year is in accordance with section 123 of the Companies Act
2013", Hence clause not applicable.

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, the
remuneration paid by the Company to its directors during the
current year is in accordance with the provisions of Section 197
of the Act. The remuneration paid to any director is not in
excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details
under Section 197(16) of the Act which are required to be
commented upon by us.

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. Further, during the
course of our audit we did not come across any instance of the
audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014 is applicable from April 1, 2023, reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 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.

For M/s Arora A & Co.

Chartered Accountants

Firm Registration No. 025530C

Place: Indore Proprietor

Dated: May 30, 2024

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Mar 31, 2015

1. We have audited the accompanying financial statements of PITHAMPUR POLY PRODUCTS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31s1, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

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

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

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

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

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

Opinion

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

Report on Other Legal and Regulatory Requirements

8. As required by the Companies (Auditor's Report) Order, 2015 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and beliefwere 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, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

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

(e) On the basis of the written representations received from the directors as on March 31s1,2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164 (2) of the Act;

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

(i) The Company does not have any pending litigations which would impact its financial position.

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

(iii) There is no amount required to be transferred to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our IndependentAuditors' Report to the members of the company on the financial Statements for the year ended 31st March 2015, we report that:

(i) In respect of its FixedAssets:

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

(b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and the nature of its assets. As explained to us, no material discrepancies were noticed on such physical verification.

(ii) In respect of its Inventories:

(a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) ln our opinion and according to the information and explanations 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 company has maintained proper records of inventories. As per the information and explanation given to us, no material discrepancies were noticed on physical verification.

(iii) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013, Therefore, the provisions of clause (iii)(a) and (iii)(b) of paragraph 3 of the Order are not applicable to the Company.

(iv) ln our opinion and according to the information and explanations given to us, the Company has an adequate internal control system commensurate with its size and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system.

(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the provision of clause (v) of paragraph 3 of the Order is not applicable to the Company.

(i) As per information and explanations given to us, the Central Government of India has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Act, for the business of the Company.

(vii) In respect of Statutory Dues:

(a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues including provident fund, employees' state insurance, income tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were in arrears as at 31s1 March, 2015 for a period exceeding six months from the date they became payable.

(b) According to the information and explanations given to us, there are no material dues of wealth tax, service tax, duty of customs, duty of excise, value added tax and cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us the following dues of income tax and entry tax have not been deposited as on 31st March, 2015 by the Company on account of disputes:

Sr. Name of Nature of Dues Amount No. the Statute (Rs. in Lakhs)

1 Income Tax Act, Penalty u/s. 271(1) (c) 55.56 1961.

2 MP Comm.Tax Demand 0.35

3 MP Comm.Tax Demand 0.18

4 MP Comm.Tax Demand 8.25 Act 1994 Penalty 6.36

5 MP Comm.Tax Demand 6.79 Act 1994 Penalty 5.10

6 MP Comm.Tax Demand 5.78 Act 1994 Penalty 4.16

7 MP Comm.Tax Demand 10.68 Act 1994

Sr. Name of Period for which Forum where dispute is No. the Statute the Amount pending Relates

1 Income Tax Act, AY 2007-08 CIT(A)-I, Indore 1961.

2 MP Comm.Tax 1996-1997 Dy.Comm. Appellate MP Commercial Tax Dept. Indore

3 MP Comm.Tax 1999-2000 Dy.Comm.Appellate MP Commercial Tax Dept. Indore

4 MP Comm.Tax 2000-2001 Dy.Comm.Appellate Act 1994 MP Commercial Tax Dept. Indore

5 MP Comm.Tax 2001-2002 Dy.Comm.Appellate Act 1994 MP Commercial Tax Dept. Indore

6 MP Comm.Tax 2002-2003 Dy.Comm.Appellate Act 1994 MP Commercial Tax Dept. Indore

7 MP Comm.Tax 2003-2004 Dy.Comm.Appellate Act 1994 MP Commercial Tax Dept. Indore

(c) According to the information and explanations given to us, no amount was required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

(viii) The Company has accumulated losses of Rs.665.49 Lakhs as at 31st March, 2015. The Company has also incurred cash loss of Rs.8.76 Lakhs in the financial year ended on that date.

(ix) According to the records of the Company examined by us' and the information and explanation given to us, the Company has not made repayment of dues to bank due to dispute and litigation pending before Debt Recovery Tribunal.

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

(xi) In our opinion, the Term Loans have been applied for the purpose for which they were raised.

(xii) According to information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

FOR : ARIF JAIN & ASSOCIATES CHARTERED ACCOUNTANTS

PLACE: INDORE DATED: MAY 15th, 2015

(AMMAR ARIF) PARTNER M. NO. : 421064

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Mar 31, 2014

We have audited the accompanying financial statements of M/s PITHAMPUR POLY PRODUCTS LTD, which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the accounting principles generally accepted in India. 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 misstatements. 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 foresaid 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.

* In the case of the Balance Sheet of the state of affairs of the Company as at March 31, 2014,

* In the case of the Statement of Profit and Loss, of the loss 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") of the Act issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

* As required by Section 227(3) of the Act, we report that;

* 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;

* 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.

* The Balance sheet, the Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

* In our opinion, the Balance sheet, the Statement of Profit and Loss comply with the Accounting Standards referred to in section 211(3C) of the Act,

* On the basis of the written representations received from the directors as on March 31, 2014, 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 Section 274(1) (g) of the Act.

ANNEXURE REFERRED TO IN THE AUDITORS'' REPORT ON THE ACCOUNTS OF M/s PITHAMPUR POLY PRODUCT LTD.

1. [a] According to the information and explanation given to us, the Company is in the process of compiling its fixed assets register.

[b] We are informed that all fixed assets have been physically verified by the management at reasonable intervals.

[c] The none of the fixed assets have been disposed during the year.

2. [a] The inventory has been physically verified during the year by the management at reasonable intervals.

[b] In our opinion, the procedures of physical verification of inventory followed by the management were adequate in relation to the size of the company and the nature of its business.

[c] The company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records were not material and have been properly dealt with in the books of accounts.

3 [a] The Company has not granted inter-corporate deposits to parties listed in the register maintained under Section 301 of the Companies Act,1956.

[b] The company has not taken any loan from any party covered in Register maintained u/s 301 of the Companies Act, 1956

The maximum amount involved during the period was Rs. NIL and balance outstanding at the year end Rs. NIL.

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. Further, in our opinion, there is no continuing failure to correct major weaknesses in internal control.

5. [a] To the best of our Knowledge and belief and according the information and explanations given to us, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of companies act, 1956 have been so entered.

[b] In the opinion and having regard to our comments in paragraph (IV) above and accounting to the information and explanations given to us, the transaction made in purchase of contracts or arrangements entered in the register maintained under Section 301 of Companies Act 1956 and exceeding the value of Rs. Five Lakhs in respect of any party during the year have been made at Prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposit from the public during the year.

7. The company has an internal audit system commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records by the company under section 209[1][d] of the Companies Act,1956.

9. [a] The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income Tax, Sales - Tax, Custom Duty, Excise Duty, cess and any other statutory dues with appropriate authorities and there are no undisputed liabilities as on 31st March''14 outstanding for a period of more than six months from the date they became payable.

[b] As per the information and explanations given to us there is no case where sales tax / income tax/ wealth tax / custom duty/ excise duty/cess have not been deposited on account of dispute, except the following:-

Sr. Name Of the Nature Of Period To No Act Dues Amount Which Amount (In Rs.) related

MP 1) Comm.Tax Demand 34733/- 1996-1997 Act, 1994

MP 2) Comm.Tax Demand 18028/- 1999-2000 Act, 1994

MP 3) Comm.Tax Demand 825036/- 2000-2001 Act, 1994 Penalty 636400/- 2000-2001

MP 4) Comm.Tax Demand 679287/- 2001-2002 Act, 1994 Penalty 510400/- 2001-2002

MP 5) Comm.Tax Demand 578337/- 2002-2003 Act, 1994 Penalty 416500/- 2002-2003

MP 6) Comm.Tax Demand 1068417/- 2003-2004 Act, 1994

Sr. Name Of the No Act For on where dispute are pending

MP DY. Commissioner 1) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

MP DY. Commissioner 2) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

MP DY. Commissioner 3) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

MP DY. Commissioner 4) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

MP DY. Commissioner 5) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

MP DY. Commissioner 6) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

10. The company have accumulated losses at Rs.5,91,58,274/-, The Company has incurred Loss during the year at Rs.3,99,948/- Covered by our audit.

11. In our opinion and according to the information and explanation given to us and overall examination of the Balance Sheet, we have found that the company has defaulted in repayment of dues to Banks.

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

13. The company is not a Chit fund, nidhi or mutual benefit fund/society.

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investment. Accordingly, the provision of clause 4[XIV] of the companies [Auditor''s Report] order 2003 are not applicable to the company.

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

16. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company we report that company has not raised term loans from Bank and Financial Institution.

17. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company the funds raised by the company on the short term basis have not used for long term investment.

18. 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 made any public issue during the year.

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

Place: INDORE For: C.P. Rawka & Co., Date:28-05-2014 Chartered Accountants

SD/-

C.P. Rawka [Proprietor] M.NO.70060 FRN000518C

---

Mar 31, 2013

We have audited the attached Balance Sheet of M/s PITHAMPUR POLY PRODUCT LTD. as at 31st March''2013 and also the profit & Loss Account for the period ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, material 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.

1. As required by the Companies [Auditor''s Report]Order, 2003 issued by the Central Government, in terms of sub-section [4A] of section 227 of the Companies Act,1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

I. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 those books.

III The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

A] 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.

B] On the basis of written representations received from the directors, as on 31st March''2013, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause [g] of sub-section [1] of section 274 of the Companies Act, 1956.

3. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act,1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :- I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March''2013, and

II. In the case of the Profit and Loss Account, of the Loss for the period ended on that date.

III. In the case o the Cash Flow Statement, of the Cash Flows of the company for the year on that date.

ANNEXURE REFERRED TO IN THE AUDITORS'' REPORT ON THE ACCOUNTS OF M/s PITHAMPUR POLY PRODUCT LTD.

1. [a] According to the information and explanation given to us, the Company is in the process of compiling its fixed assets register.

[b] We are informed that all fixed assets have been physically verified by the management at reasonable intervals.

[c] The none of the fixed assets have been disposed during the year.

2. [a] The inventory has been physically verified during the year by the management at reasonable intervals.

[b]In our opinion, the procedures of physical verification of inventory followed by the management were adequate in relation to the size of the company and the nature of its business.

[c]The company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records were not material and have been properly dealt with in the books of accounts.

3 [a] The Company has not granted inter-corporate deposits to parties listed in the register maintained under Section 301 of the Companies Act,1956.

[b] The company has not taken any loan from any party covered in Register maintained u/s 301 of the Companies Act, 1956

The maximum amount involved during the period was Rs. NIL and balance outstanding at the year end Rs. NIL.

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. Further, in our opinion, there is no continuing failure to correct major weaknesses in internal control.

5. [a] To the best of our Knowledge and belief and according the information and explanations given to us, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of companies act, 1956 have been so entered.

b] In the opinion and having regard to our comments in paragraph (IV) above and accounting to the information and explanations given to us, the transaction made in purchase of contracts or arrangements entered in the register maintained under Section 301 of Companies Act 1956 and exceeding the value of Rs. Five Lakhs in respect of any party during the year have been made at Prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposit from the public during the year.

7. The company has an internal audit system commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records by the company under section 209[1][d] of the Companies Act,1956.

9. [a] The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income Tax, Sales – Tax, Custom Duty, Excise Duty, cess and any other statutory dues with appropriate authorities and there are no undisputed liabilities as on 31st March''2013 outstanding for a period of more than six months from the date they became payable.

[b] As per the information and explanations given to us there is no case where sales tax / income tax/ wealth tax / custom duty/ excise duty/cess have not been deposited on account of dispute, except the following:-

Sr. Name Of the Nature Of Period To Act Dues Amount Which For on where dispute Amount No (In Rs.) related are pending

MP DY. Commissioner 1) Comm.Tax Demand 34733/- 1996-1997 Appellate MP Comm. Tax Dept. Act, 1994 Indore

MP DY. Commissioner 2) Comm.Tax Demand 18028/- 1999-2000 Appellate MP Comm. Tax Dept. Act, 1994 Indore

MP DY. Commissioner 3) Comm.Tax Demand 825036/- 2000-2001 Appellate MP Comm. Tax Dept. Act, 1994 Penalty 636400/- 2000-2001 Indore

MP DY. Commissioner 4) Comm.Tax Demand 679287/- 2001-02 Appellate MP Comm. Tax Dept. Act, 1994 Penalty 510400/- 2001-02 Indore MP DY. Commissioner 5) Comm.Tax Demand 578337/- 2002-03 Appellate MP Comm. Tax Dept. Act, 1994 Penalty 416500/- 2002-03 Indore

MP 1068417/- DY. Commissioner 6) Comm.Tax Demand 2003-04 Appellate MP Comm. Tax Dept. Act, 1994 Indore

10. The company have accumulated losses at Rs. 55255820/-, The Company has incurred Loss during the year at Rs. 3502506/- Covered by our audit.

11. In our opinion and according to the information and explanation given to us and overall examination of the Balance Sheet, we have found that the company has defaulted in repayment of dues to Banks.

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

13. The company is not a Chit fund, nidhi or mutual benefit fund/society.

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investment. Accordingly, the provision of clause 4[XIV] of the companies [Auditor''s Report] order 2003 are not applicable to the company.

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

16. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company we report that company has not raised term loans from Bank and Financial Institution.

17. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company the funds raised by the company on the short term basis have not used for long term investment.

18. 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 made any public issue during the year.

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

Place: INDORE For: C. P. RAWKA & CO.

Date: 02.09.2013 Chartered Accountants

Sd/-

C.P.RAWKA

[Proprietor]

FRM : 000518C

M. NO. : 070060

---

Mar 31, 2012

We have audited the attached Balance Sheet M/s PITHAMPUR POLY PRODUCT LTD. as at 31st March'2012 and also the profit & Loss Account for the period ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, material 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 belie.e that our audit provides a reasonable basis for our opinion.

1. As required by the Companies [Auditor's Report]Order, 2003 issued by the Central Government, in terms of sub-section [4A] of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

I. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 those books.

Ill The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

A] 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.

B] On the basis of written representations received from the directors, as on 31st March'2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31sL 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.

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

I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March'2012, and

II. In the case of the Profit and Loss Account, of the loss for the period ended on that date.

III. In the case o the Cash Flow Statement, of the Cash Flows of the company for the year on that date.

ANNEXURE REFERRED TO IN THE AUDITORS' REPORT ON THE ACCOUNTS OF M/s PITHAMPUR POLY PRODUCT LTD.

1. [a] According to the information and explanation given to us, the Company is in the process of compiling its fixed assets register.

[b] We are informed that all fixed assets have been physically verified by the management at reasonable intervals.

[c] The none of the fixed assets have been disposed during the year.

2. [a] The inventory has been physically verified during the year by the management at reasonable intervals.

[b] In our opinion, the procedures of physical verification of inventory followed by the management were adequate in relation to the size of the company and the nature of its business.

[c] The company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records were not material and have been properly dealt with in the books of accounts.

3 [a] The Company has not granted inter-corporate deposits to parties listed in the register maintained under Section 301 of the Companies Act, 1956.

[b] The company has not taken any loan from any party covered in Register maintained u/s 301 of the Companies Act, 1956

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. Further, in our opinion, there is no continuing failure to correct major weaknesses in internal control.

5. [a] To the best of our Knowledge and belief and according the information and explanations given to us, we arc of the opinion that the transaction that need to be entered into the register maintained under section 301 of companies act, 19 56 have been so entered.

[b] In the opinion and having regard to our comments in paragraph (IV) above and accounting to the information and explanations given to us, the transaction made in purchase of contracts or arrangements entered in the register maintained under Section 301 of Companies Act 1956 and exceeding the value of Rs. Five Lakhs in respect of any party during the year have been made at Prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposit from the public during the year.

7.The company has an internal audit system commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records by the company under section 209[l][d] of the Companies Act, 1956.

9. [a] The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income Tax, Sales - Tax, Custom Duty, Excise Duty, cess and any other statutory dues with appropriate authorities and there are no undisputed liabilities as on 31st March'2012 outstanding for a period of more than six months from the date they became payable.

[b] As per the information and explanations given to us there is no case where sales tax / income fax/ wealth tax / custom duty/ excise duty/cess have not been deposited on accounts of dispute, except the following: -

Sr. Name Of the Nature Of Period To Act Dues Amount Which For on where dispute Amount No (In Rs.) related are pending

MP DY. Commissioner 1) Comm. Tax Demand 34733/- 1996-1997 Appelate MP Ccmm. Tax Dept. Act, 1994 Indore

MP DY. Commissioner 2) Comm. Tax Demand 18028/- 1999-2000 Appellate MP Ccmm. Tax Dept. Act, 1994 Indore

3) MP Demand 825036/- 2000-2001 DY. Commissioner Comm. Tax Appellate MP Comm. Tax Dept. Act, 1994 Penalty 636400/- 2000-2001 Indore

MP DY. Commissioner 4) Comm. Tax Demand 679287/- 2001-02 Appellate MP Comm. Tax Dept. Act, 1994 Penalty 510400/- 2001-02 Indore

MP DY. Commissioner 5) Comm.Tax Demand 578337/- 2002-03 Appellate MP Comm. Tax Dept. Act, 1994 Penalty 416500/- 2002-03 Indore

MP 1068417/- DY. Commissioner

6) Comm.Tax Demand - 2003-04 Appellate MP Comm. Tax Dept. Act, 1994 Indore

10. The company have accumulated losses at Rs. 55255821/-, The Company has incurred Loss during the year at Rs. 10363320/- Covered by our audit.

11. In our opinion and according to the information and explanation given to us and overall examination of the Balance Sheet, we have found that the company has defaulted in repayment of dues to Banks.

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

13. The company is not a Chit fund, nidhi or mutual benefit fund/society.

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investment. Accordingly, the provision of clause 4[XIV] of the companies [Auditor',0 Report] order 2003 are not applicable to the company.

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

16. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company we report that company has not raised term loans from Bank and Financial Institution.

17. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company the funds raised by the company on the short term basis have not used for long term investment.

18. 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 made any public issue during the year.

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

Place: INDORE For: C. P. RAWKA 8b CO.

Date : 03.09.2012 Chartered Accountants

SD/- C.P.J; AVKA [Proprietor] FRM : 000518C M. NO. : 070060

---

Mar 31, 2010

We have audited the attached Balance Sheet of M/s PITHAMPUR POLY PRODUCT 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 Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, material 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.

1. As required by the Companies [Auditor's Report]Order, 2003 issued by the Central Government, in terms of sub-section [4A] of section 227 of the Companies Act,1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

I. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 those books.

III The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

A] 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.

B] On the basis of written representations received from the directors, as on 31st March'2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause [g] of sub-section [1] of section 274 of the Companies Act, 1956.

3. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act,1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :- I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March'2010, and

II. In the case of the Profit and Loss Account, of the profit for the period ended on that date.

III. In the case o the Cash Flow Statement, of the Cash Flows of the company for the year on that date.

ANNEXURE REFERRED TO IN THE AUDITORS' REPORT ON THE ACCOUNTS OF M/s PITHAMPUR POLY PRODUCT LTD.

1. [a] According to the information and explanation given to us, the

Company is in the process of compiling its fixed assets register.

[b] We are informed that all fixed assets have been physically verified by the management at reasonable intervals.

[c] The none of the material portion of fixed assets have been disposed during the year.

2. [a] The inventory has been physically verified during the year By the management at reasonable intervals.

[b]In our opinion, the procedures of physical verification of inventory followed by the management were adequate in relation to the size of the company and the nature of its business.

[c]The company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records were not material and have been properly dealt with in the books of accounts.

3 [a] The Company has not granted inter-corporate deposits to

parties listed in the register maintained under Section 301 of the Companies Act,1956.

[b] The company has taken loan from party covered in Register maintained u/s 301 of the Companies Act, 1956

The maximum amount involved during the period was Rs.2243132/- and balance outstanding at the year end Rs. 2243132.

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. Further, in our opinion, there is no continuing failure to correct major weaknesses in internal control.

5. [a] To the best of our Knowledge and belief and according the information and explanations given to us, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of companies act, 1956 have been so entered.

[b] In the opinion and having regard to our comments in paragraph (IV) above and accounting to the information and explanations given to us, the transaction made in purchase of contracts or arrangements entered in the register maintained under Section 301 of Companies Act 1956 and exceeding the value of Rs. Five Lakhs in respect of any party during the year have been made at Prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposit from the public during the year.

7. The company has an internal audit system commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records by the company under section 209[1][d] of the Companies Act,1956.

9. [a] The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income Tax, Sales – Tax, Custom Duty, Excise Duty, cess and any other statutory dues with appropriate authorities and there are no undisputed liabilities as on 31st March'2010 outstanding for a period of more than six months from the date they became payable.

[b] As per the information and explanations given to us there is no case where sales tax / income tax/ wealth tax / custom duty/ excise duty/cess have not been deposited on account of dispute, except the following :-

10. The company have accumulated losses at Rs. 29158660/-, The Company has incurred Loss during the year at Rs.6464597/- Covered by our audit.

11. In our opinion and according to the information and explanation given to us and overall examination of the Balance Sheet, we have found that the company has defaulted in repayment of dues to Banks.

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

13. The company is not a Chit fund, nidhi or mutual benefit fund/society.

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investment. Accordingly, the provision of clause 4[XIV] of the companies [Auditor's Report] order 2003 are not applicable to the company.

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

16. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company we report that company has not raised term loans from Bank and Financial Institution.

17. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company the funds raised by the company on the short term basis have not used for long term investment.

18. 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 made any public issue during the year.

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

Place: INDORE For: C. P. RAWKA & CO.

Date: 04.09.2010 Chartered Accountants

Sd/-

C.P.RAWKA

[Proprietor]

Membership No. 70060 Firm Regn. No. 000518C

---

Mar 31, 2009

Not Available