Auditor Report of Rajasthan Petro Synthetics Ltd.

Mar 31, 2024

A. We have audited the accompanying Financial Statements of Rajasthan petro Synthetic Limited
("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 ended on that date, and a summary of the significant
accounting policies and other explanatory information (hereinafter referred to as "the Financial
Statements"),

B. 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 ("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, the profit and
total comprehensive income, changes in equity and its cash flows for the year ended on that date.

2. Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs), 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(ICAI) together with the independent requirements that
are relevant to our audit of the financial statements under the provisions of the Act and the Rules
made 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 audit opinion on the Financial Statements.

3. Key Audit Matters

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

We have determined that there are no matter which is required to be described as key audit matter to

be communicated in our report

4. Information Other than the Financial Statements and Auditor''s Report Thereon

A. The Company''s Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Management Discussion and Analysis,
Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate
Governance and Shareholder''s Information, 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

B. 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 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 no material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.

5. Management''s Responsibility for the Financial Statements

A. The Company''s Board of Directors is responsible for the matters stated in section 134(5} of
the Act with respect to the preparation of these Financial Statements that give a true and fair
view of the financial position, financial performance, total comprehensive income, changes in
equity and cash flows of the Company in accordance with the Ind AS and other accounting
principles generally accepted in India. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding 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.

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

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

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

A. 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.

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

i) 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.

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

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

ivj 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.

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

C. 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 scopeofour audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified misstatements in the Financial
Statements.

D. 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.

E. 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.

F. 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.

II. Report on Other Legal and Regulatory Requirements

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

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

B. In our opinion, proper books of account as required by law have been kept by the Company so
far as it appears from our examination of those books. However, the Company has not
commenced audit trail facility in its accounting software.

C. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income,
Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are
in agreement with the relevant books of account.

D. In our opinion, the aforesaid financial statements comply with the Ind AS specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2015, as
amended.E.On the basis of the 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. 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 A". Our report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company''s internal financial controls over financial reporting.G.With
respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of section 197(16) oftheAct,as amended:

In our opinion and to the best of our information and according to the explanations given to us, no
remuneration paid by the Company to its directors during the year.

H.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:

With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the

Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our
information and according to the explanations given to us:

i) The Company does not have pending litigations which would impact on 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 has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company.

iv) a) The management has represented that, to the best of its knowledge and belief, 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 persons or entities,
including foreign entities ("Intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall:

directly or indirectly lend or invest in other persons or entities identified in any manner

whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or

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

b) The management has represented, that, to the best of its knowledge and belief, no funds have
been received by the Company from any persons or entities, including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that
the Company shall:

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

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

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

d) The company has not declared or paid any dividend during the year.

e) Based on our examination, which included test checks, the Company has used accounting
software 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 for
most part of 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. The same has been confirmed by the management of the company.

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.

2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order”) issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the
matters specified in paragraphs 3 and 4 of the Order.

FOR SALUJA AND ASSOCIATES
CHARTERED ACCOUNTANTS

(V.K VERMA)

PARTNER

PLACE ‘ NEW DELHI M.NO. 017742

DATE :22^nd MAY, 2024 ^UDIN: 24017742BKBFMW6873

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Mar 31, 2015

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

Management's responsibility for the Financial Statements

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 provision of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error

Auditors' 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. 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.

4 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 the audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6 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 31st March, 2015;

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

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

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

8 As required by Section143 (3) of the Act, we report that:

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

b. in our opinion proper books of accounts as required by the law have been kept by the Company, so far as it 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, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in section 133 of the Companies Act, 2013;

e. on the basis of written representations received from the directors as on 31 March 2015, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 March 2015 from being appointed as director in terms of section 164(2) of the Companies Act, 2013 and

f. With respect to the other matters to be included in the Auditor's Report in accordance with Rule11 of the Companies (Audit and Auditors)Rules,2014,in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigation on its financial position in its financial statements refer Note 19 to the financial statements.

ii. The Company did not have any foreseeable losses on long term contracts and had no derivative contracts outstanding as at 31st March, 2015; and

iii. The Company did not have any dues on account of Investor Education and Protection Fund.

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 7 of our report of even date to the members of Rajasthan Petro Synthetics Limited on the financial statements for the year ended 31st March, 2015)

i) (a) The Company has now Office equipments as fixed assets at the close of year, the fixed Asset Register of which is being prepared.

(b) The Company has physically verified the Office equipments during the year which in our opinion is reasonable having regard to size of the company and the nature of the assets.

ii) The Company does not have any Inventory therefore this clause is not applicable.

iii) According to the information and explanations given to us, the Company has, during the year, not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the companies Act, 2013. Accordingly, paragraph 3(iii) of the Order is not applicable.

iv) In our opinion and according to the information and explanations given to us, there are internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and with regard to sale of service.

v) The Company has not accepted public deposits during the year.

vi) The Central Government has not prescribed maintenance of cost accounts for the type of activities of the Company pursuant to the rules made by the Central Government of India for the maintenance of cost records under clause (d) of Sub Section (1) of Section 148 of the Companies Act, 2013.

vii) (a) According to the records examined by us , during the year, no deductions were made towards Provident Fund and Employee's State Insurance. The Company was regular in depositing with appropriate authorities Income Tax, and other statutory dues deducted by it during the year.

However, Undisputed Statutory dues amounting to Rs. 21.39 Lacs in respect of ESI, Rs. 8.59 Lacs in respect of Sales Tax, Rs. 0.10 Lacs in respect of excise duty, Rs. 4.87 Lacs in respect of Textile Committee cess and Rs. 0.13 Lacs in respect of TDS were outstanding as at 31st March, 2015 for the period of more than 6 month from the date they became payable.

(b) According to the records of the Company, the dues of income tax, service tax, duty of excise, cess and value added tax, which have not been deposited on account of dispute and the forum where the dispute are pending, are as under:

S. No. Status Nature of Taxes Amount involved Forum where dispute is pending (Rs. In Lacs)

1. Central Excise Act, 1944 Excise Duty 169.23 Supreme Court

2. Central Excise Act, 1944 Excise Duty 4.67 C.E.S.T.A.T. Delhi

3. Central Excise Act, 1944 Excise Duty 3.23 Dy. Commissioner of Excise (Appeals) Jaipur

4. Sales Tax Department Sales Tax 82.77 SLSC

5. Central Excise Act, 1944 Excise Duty 2.33 Central Excise & Gold Appellate Tribunal

6. Central Excise Act, 1944 Service Tax 1.11 Asst. Commissioner of Central Excise & Customs.

(c) The Company did not have any dues on account of Investor Education and Protection Fund.

viii) There are accumulated losses of Rs.3092.43 lacs as on 31st March 2015 which is more than 50% of its net worth. The company has incurred cash losses in the current year but not in the immediately preceding year of the Company.

ix) There are no loans from any Financial Institute or banks. Hence, this clause of the Order is not applicable.

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

xi) In our opinion and according to the information and explanations given to us, the Company has not raised any term loans during the year.

xii) Based upon the audit procedures performed and to the best of our knowledge and according to the information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

PLACE: NEW DELHI FOR M B R & COMPANY

DATE : 27TH May 2015 CHARTERED ACCOUNTANTS

FRN 021360N

(MUKESH SHARMA)

PARTNER

M. NO. 0511275

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Mar 31, 2014

1. We have audited the accompanying financial statements of RAJASTHAN PETRO SYNTHETICS LTD. ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's responsibility for the Financial Statements

2. 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 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.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conduct 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 and free from material misstatement.

4. An audit involves performing procedure to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure 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 the audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6. 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 wit 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, 2014;

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

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

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditors' Report) Order, 2003, ("the Order") issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order, to the extent applicable to the Company.

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

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

b. in our opinion books of accounts as required by the 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 sub-section (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the Directors as on 31st 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 TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in paragraph 7 under the heading "Report on other Legal and Regulatory Requirements" of the Independent Auditor's report of even date to the matters of RAJASTHAN PETRO SYNTHETICS LIMITED ("the Company") on the financial statements for th^. year ended 31" March, 2014)

1. (a) The Company has now Office equipments as fixed assets at the close of year, the fixed Asset Register of which is being prepared.

(b) The Company has physically verified the Office equipments during the year which in our opinion is reasonable having regard to size of the company and the nature of the assets.

2. The Company has not disposed off major fixed assets during the year.

3. The Company does not have any Inventory therefore this clause is not applicable.

4. The Company has neither granted nor taken any loans, secured or unsecured to/from Companies firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

5. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of fixed assets and with regard to income from Billing Agency for C & F operations.

6. The Company has not entered in to any transactions with any Company covered in the register maintained under section 301 of the Companies Act, 1956, and accordingly clause (v) of Para-4 of the Order is not applicable to it.

7. The company has not accepted deposits from the public within the meaning of Section 58A and 58AA of the Act and the rules framed there under.

8. A firm of Chartered Accountants has conducted the internal audit of the Company for the year under audit. On the basis of the reports submitted by the internal auditors to the management, in our opinion the internal audit is system commensurate with the size of the Company and nature of its business.

9. The Central Government has not prescribed maintenance of cost records for the type of services in which the Company is engaged.

10. According to the information and explanation given to us in respect of statutory and other dues.

(a) During the year no deduction were made towards Provident Fund and Employee's State Insurance. The Company was regular in depositing with appropriate authorities Income Tax and other statutory dues deducted by it during the year.

Undisputed Statutory dues amounting to Rs. 21.39 Lacs in respect of ESI, Rs. 8.59 Lacs in respect of Sales Tax, Rs. 0.10 Lacs in respect of Cenvat Payable, Rs. 4.87 Lacs in respect of Textile Committee cess and Rs. 0.13 Lacs in respect of TDs were outstanding as at 31st March, 2014 for the period of more than 6 month from the date they became payable.

(b) According to the records of the Company, the dues of customs, service tax, excise duty, income tax, which have not been deposited on account of disputes and the forum where the dispute are pending, are as under:

SI. Status Nature of Taxes Amount Involved No (Rs. In Lacs)

1. Central Excise Act, 1944 Excise Duty 169.23

2. Central Excise Act, 1944 Excise Duty 4.67

3 Central Excise Act, 1944 Excise Duty 3.23

4 Sales Tax Department Sales Tax 63.46

5 Central Excise Act, 1944 Excise Duty 2.33

6 Central Excise Act, 1944 Service Tax 1.11

7 Income Tax Act, 1961 Income Tax (For AY 08-09) 1584.66

SI. Status Forum where dispute is Pending No

1. Central Excise Act, 1944 Supreme Court

2. Central Excise Act, 1944 C.E.S.T. Delhi

3 Central Excise Act, 1944 Dy. Commissioner of Excise (Appeals) Jaipur

4 Sales Tax Department SLSC

5 Central Excise Act, 1944 Central Excise & Gold Appellate Tribunal

6 Central Excise Act, 1944 Asst. Commissioner of Central Excise & Customs.

7 Income Tax Act, 1961 ITAT Delhi

11. There are accumulated losses of Rs.3091.80 lacs as on 31st March 2014 which is more than 50% of its networth.

The company has not Incurred cash losses in the current year and in the immediately preceding year.

12. There are no loans from my Financial Institute or banks. Hence, clause (xi) of paragraph 4 of the order is not applicable.

13. According to the information and explanation given to us, the company has not granted loans and advances on the basis of the security by way of pledge of shares, debenture and other securities, hence, clause (xii) of order is not applicable.

14. Clause (xiii) of the Order is not applicable to the Company as the company is not a Chit Fund Company or Nidhi/ mutual benefit fund/ society.

15. In our opinion, the Company is not dealing in or trading in shares, securities, debenture, and other investments, Accordingly, the provisions of clauses 4(xiv) of the Companies (Auditor Report) Order, 2003 are not applicable to the Company. However, all investments have been held by it in its own name.

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

17. According to the information and explanation given to us, no term loans were raised during the year.

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

19. 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 during the year.

20. During the year covered by our audit report the Company has not issued secured debentures.

21. The Company has not raised any money by public issue during the year covered by our report.

FOR MBR & CO. CHARTERED ACCOUNTANTS FRN 021360N

PLACE: NEW DELHI (CA- MUKESH SHARMA) DATE: 30th May. 2014 PARTNER M. NO. 511275

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Mar 31, 2012

1. We have audited the attached Balance Sheet of RAJASTHAN PETRO SYNTHETICS LTD, as at 31st March 2012, the related Statement of Profit and Loss for the year ended on that date annexed thereto, and the Cash Flow Statement of the company for the year ended on that date, which we have signed under reference to this report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act. 1956, and on the basis of such checks as considered appropriate and according to the information and explanation given to us during the course of our audit, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our statement mentioned in the Para 3 above, 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 purposes of out 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 the books of the Company,

c) The Balance Sheet and Statement of Profit and Loss and Cash Flow dealt with by the report are in agreement with the Books of Account of the Company;

d) In our opinion, the Statement of Profit & Loss and Balance Sheet and Cash Flow Statement comply with the mandatory Accounting Standards referred to in Sub-Section 3 (c) of Section 211 of the Companies Act, 1956,

e) According to the information and explanation given to us and on the basis of written representations received from the Directors as on 31st March 2012 of the Company and taken on record by the Board of Directors we report that none of the Directors is disqualified as on 31st March 2012, from being appointed as a Director in terms of clause (g) of Sub Section (1) of Section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the financial statements read with the notes thereon and Significant Accounting Policies thereon, 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

(ii) In the case of the Statement of Profit and Loss of the Profit of the Company for the year ended on that date;

And

(iii) in case ot the cash flow statement, of the cash flows for the year ended on that date.

1. (a) The Company has now office equipments as fixed assets at the close of year, the fixed Assets Register of which is being prepared.

(b) The Company has physically verified the Office equipments during the year which in our opinion is reasonable having regard to the size of the Company and the nature of the assets.

(c) The Company has not disposed off major fixed assets during the year.

2.(a) There are no Inventories of stores and spares and

(b) There is no purchase of store and spares during the year.

3. The Company has neither granted nor taken any loans, secured or unsecured to / from Companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of fixes assets and with regard to income from transportation and contract clearing & forwarding services.

5. The Company has neither given nor taken any loan to / from any Company covered in the register maintained under section 301 of the Companies Act, 1956, and accordingly clause (v) of para-4 of the Order is not applicable to it.

6. The company has not accepted and deposits from the public with in the meaning of section 58A and 58AA of the Act and the rules framed thereunder.

7. A firm of Chartered Accountants has conducted the internal audit of the Company for the year under audit. On the basis of the reports submitted by the internal auditors to the management, in our opinion the internal audit is system commensurate with the size of the Company and nature of its business.

8. The Company has not maintained cost records during the year under audit, as there was no manufacturing activity.

9. According to the information and explanation given to us in respect of statutory and other dues.

(a) During the year no deduction were made towards provident Fund and Employee's state Insurance. The Company was regular in depositing with appropriate authorities Income Tax, and other statutory dues deducted by it during the year.

Undisputed Statutory dues amounting to Rs. 1.64 Lacs in respect of Provident Fund, Rs. 21.39 Lacs in respect of ESI, Rs. 8.59 Lacs in respect of Sales Tax, Rs. 0.10 Lacs in respect of Cenvat payable, Rs.4.87 Lacs in respect of Textile Committee cess and Rs.0.13 Lacs in respect of TDS were outstanding as at 31st March, 2012 for the period of more than 6 month from the date they became payable.

(b) Details of Sales Tax, Income Tax, Custom Duty not deposited on account of disputes are as under:

Sl Status Nature of Taxes Amount Involved Forum where dispute is pending No (Rs. In Lacs)

1. Central Excise Act, 1944 Excise Duty 169.23 Supreme Court

2. Central Excise Act, 1944 Excise Duty 4.67 C.E.S.T. Delhi

3. Central Excise Act, 1944 Excise Duty 3.23 Dy.Commissioner of Excise (Appeals) Jaipur

4. Sales Tax Department Sales 63.46 Rajasthan Tax Board

5. Central Excise Act, 1944 Exise Duty 2.33 Central Excise & Gold Appellate Tribunal

6. Central Excise Act, 1944 Service Tax 1.11 Asst. Commissioner of Central Excise & Customs

7. Income Tax Act, 1961 Income Tax (For AY 08-09) 1584.66 CIT(A)

10. There are accumulated losses of Rs, 3.140.61 lacs as on 31st March 2012 which is more than 50% its networth. The company has not Incurred cash losses in the current year and in the immediately preceding year

11. There are no loans from any Financial Institution or banks. Hence, clause (xi) of paragraph 4 of the order is not applicable.

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

13. Clause (xiii) of the Order is not applicable to the Company as the company is not a Chit Fund Company or Nidhi/ mutual benefit fund/ society.

14. In ouf opinion, the Company is not dealing in or trading in shares, securities, debenture, and other investments. Accordingly, the provisions of clauses 4 (xiv) of the Companies (Auditors Report) Order 2003 are not applicable to the Company. However, all investments have been held by it in its own name or nominees.

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

16. According to the information and explanations given to us. no term loans were raised during the years.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have beer* 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 during the year.

19. During the year covered By our audit report the Company has not issued secured debentures

20. The Company has not raised any money by public issue during the year covered by our report.

21. Based upon the audit procedures performed and as per the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year.

For M B R & Co.

Chartered Accountants

Place : New Delhi

Date: 30.05.2012 (CA. MUKESH SHARMA)

Partner

M No. 511275

ICAI'S FRN 021360N

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of RAJASTHAN PETRO Synthetics LTD. as at 31st March 2010, the related Profit and Loss Account for the year ended on that date annexed thereto, and the Cash Flow Statement of the company for the year ended on that date, which we have signed under reference to this report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as considered appropriate and according to the information and explanation given to us during the course of our audit, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our statement mentioned in the Para 3 above, 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 purposes of our audit;

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

c) The Balance Sheet and Profit and Loss Account and Cash Flow dealt with by the report are in agreement with the Books of Account of the Company;

d) in our opinion, the Profit & Loss Account and Balance Sheet and Cash Flow Statement comply with the mandatory Accounting Standards referred to in Sub-Section 3 (c) of Section 211 of the Companies Act, 1958;

e) According to the information and explanation given to us and on the basis of written representations received from the Directors as on 31st March 2010 of the Company and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31a 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;

f) in our opinion and to the best of our information and according to the explanations given to us, the said Accounts subject to note C(1) of part II of Schedule "N" in respect of awaiting no dues certificate from some of the secured creditors, non deposit of share application money of Rs.1.05 lacs in investor Education & Protection Fund as required u/s 205C of the Companies Act, 1956, read with the notes thereon and Significant Accounting Policies thereon, 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.

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

(iii) In case of the cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH f 1) OF EVEN DATE

1.
(b) The Company has physically verified the Computers and office equipments during the year which in our opinion is reasonable having regard to the size of the Company and the nature of the assets -

(c) The Company has not disposed off major fixed assts during the year. 2 (a) There are no inventories of stores and spares and

(b) There is no purchase of store and spares during the year.

3. The Company has neither granted nor taken any loans, secured or unsecured to/from Companies, firms or other parties ft covered in the register maintained under section 301 of the Companies Act,1956,

4. in our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of fixed assets and with regard to incomes from transportation and billing agent work.

5 According to the information and explanations given to us there are no contracts or arrangements referred to in section 301 of the Companies Act, 1956 during the year, to be entered in the register maintained under that section. Accordingly clause (v) of paragraph 4 of the order is not applicable.

6 The company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Act and the rules framed there under.

7 A firm of Chartered Accountants has conducted the internal audit of the Company for the year under audit. On the basis of the reports submitted by the internal auditors to the management, in our opinion the internal audit system commensurate with the sfee of the Company and nature of its business.

8 The Company has not maintained cost records during the year under audit, as there was no manufacturing activity.

9 According to the information and explanation given to us in respect of statutory and other dues;

(a) During the year no deduction were made towards Provident Fund and Employee's State insurance. The Company was regular in depositing with appropriate authorities Income Tax, Sales Tax and other statutory duos deducted by it during the year. Undisputed Statutory dues pertaining to period prior to 3181 Sept,2008 Rs. 1.05 Lacs in respect of Investors Education and Protection Fund Rs. 3,80 Lacs in respect of Provident Fund, Rs. 21.39 Lacs in respect of F.Si, Rs. 8,59 Lacs in respect of Sales Tax, Rs, 0.10 Lacs in respect of Convert payable, Rs. 4.87 Lacs in respect of Textile Committee cess and Rs. 0,13 Lacs in respect of TDS were outstanding as at 31st March, 2010 for the period of more than 6 month from the date they became payable.

(b) Details of Sales Tax Income Tax, Custom Duty not deposited on account of disputes are as under:

SI. Status Nature of Taxes Amount involved Forum where dispute is No Pending Rs. In Lacs)

1 Central Excise Act. 1944 Excise Duty 189.23 Supreme Court

2 Central Excise Act, 1944 Excise Duty 4.67 C.E.S.T. Delhi

3 Central Excise Act, 1944 Excise Duty 3.23 Dy. Commissioner of Excite,(Appeals),

4 Sales Tax Dept Sales Tax 63.46 Rajasthan Tax Board

5 Central Excise Act. 1944 Excise Duty 2.33 Central Excise & Gold Appellate Tribunal

6 Central Excise Act 1944 Service Tax 1.11 Asst. Commissioner of Central Excise &Customs



10 There are accumulated losses of the Company as on 31st March 2010. The company has not incurred cash losses in the current year and immediately in preceding year.

11. There are no loans from any Financial institution or banks. Hence, clause (xi) of paragraph 4 of the order is not applicable.

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

1.3. Clause (xiii) of the Order is not applicable to the Company as the company is not a Chit Fund Company or Nidhi/ mutual benefit fund/ society.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debenture, and other investments. Accordingly, the provisions of clauses 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. However, ail investments have been held by it in its own name or nominees.

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

16. According to the information and explanations given to us, no term loans were raised during the years,

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been 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 during the year.

19. During the year covered by our audit report the Company has not issued secured debentures,

20. The Company has not raised any money by public issue during the year covered by our report.

21. Based upon the audit procedures performed and as per the information and explanation given to us, no fraud oh or by the Company has been noticed or reported during the year;

For MBR & Co.

Chartered Accountants

Place : New Delhi

Date: 28.08.2010 (CA. MUKESH SHARMA)

Partner

M. No. 511275

ICAI'SFRN021360N