Auditor Report of Sinnar Bidi Udyog Ltd.

Mar 31, 2024

We have audited the standalone financial statements of SINNAR BIDI UDYOG LIMITED
("the Company"), which comprise the balance sheet as at 31st March 2024, and the
standalone statement of profit and loss (including other comprehensive income),
standalone statement of changes in equity, and standalone statement of cash flows for
the year then ended, and notes to the standalone financial statements, including a summary
of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given
to us, the aforesaid standalone financial statements give the information required by the
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 and other comprehensive income, and
its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions of the Companies Act, 2013 and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion on the standalone
financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. We have
determined that there are no key audit matters to communicate in our report.

Other Information

The Company''s Management and Board of Directors are responsible for the other
information. The other information comprises the information included in the
Company''s annual report, but does not include the financial statements and auditor''s
report(s) thereon.

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

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

Management''s and Board of Directors'' Responsibilities for the Standalone Financial
Statements

The Company''s Management and Board of Directors are responsible for the matters
stated in Section 134(5) of the Act with respect to the preparation of these standalone
financial statements that give a true and fair view of the state of affairs, profit/ loss and
other comprehensive income, changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) 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 standalone financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Management and Board of
Directors are 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.

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

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

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

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

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

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

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

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

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

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

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

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements of
the current period and are therefore the key audit matters. We describe these matters in our
auditor''s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the
Central Government of India in terms of 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.

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

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

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

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (Including
Other Comprehensive Income) and the Standalone Cash Flow Statement dealt with by this
Report are in agreement with the books of account

(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind-
AS specified under Section 133 of the Act.

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

(f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate report
in "Annexure B".

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 :

(a) The Company has disclosed the impact of pending litigations as at 31 March 2024 on
its financial position in its standalone financial statements - Refer Note 29 to the
standalone financial statements.

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

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

(d) (i) The management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) during the year 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 directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

(ii) The management has represented that, to the best of its knowledge and belief, no
funds have been received during the year 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 directly or
indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Parties ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

(e) The Company has neither declared nor paid any dividend during the year.

(f) Based on our examination, which included test checks, the company has used
accounting software for maintaining its books of accounts for the financial year ended
March 31,2024 which has a feature of recording audit trail (change log) facility and the
same has operated throughout the year for all relevant transactions recorded in the
software. Further, during the course of my audit, I 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 statutory requirement for record retention is not
applicable for the financial year ended March 31,2024

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

In our opinion and according to the information and explanations given to us, 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.

For M/s Daga & Chaturmutha
Chartered Accountants
FRN: 101987W

Place : Nashik Anand S. Daga - Partner

Date : 25^thMay 2024 Membership No.: 048684

UDIN: 24048684BKFMBN2870

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Mar 31, 2015

I have audited the accompanying financial statements of SINNAR BIDI UDYOG LIMITED (''the Company'') which comprise of the balance sheet as at 31st March 2015, the statement of profit and loss and the cash flow statement for the year ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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 to give a ture 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 detection frauds and other irregularities; selection and application of appropriate accounting policies; making judgements 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

My responsibility is to express an opinion on these financial statements based on my audit. I have taken into account the provisions of the Act and the Rules made thereunder including the accounting standards and matters which are required to be included in the report. I have conducted audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2015 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, I give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

b. In my opinion proper books of account as required by law have been kept by the Company so far as appears from my examination of those books and proper returns adequate for the purpose of my audit have been received from branches not visited by me

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 my opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies Rules, 2014.

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, none of the directors is disqualified as on 31 March 2015, from being appointed as a director in terms of Section 164(2) of the Companies Act, 2013.

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 the best of my knowledge and belief and accounting to the information and explanations given to us;

1 The Company has disclosed the impact, if any, of pending litigation as at 31st March 2015 on its financial position in its financial statements (Refer Note 27)

2 The Company did not have any long-term contracts including dericative contracts.

3 There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March 2015.

ANNEXURE

Annexure referred to in paragraph 1 of my report of even date Re: Sinnar Bidi Udyog Limited (''the Company'')

I (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

II (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

(b) In my opinion and according to the information and explanations given to me, the procedures of physical verification of inventory 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 is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

III The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3(iii),(iii)(a) and (iii)(b) of the said Order are not applicable to the Company.

IV In my opinion and according to the information and explanations given to me, 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 asset and for the sale of goods and services. Further, on the basis of my examination and according to information and explanations given to me, I have neither come across nor have I been informed of any instance of major weaknesses in the aforesaid internal control procedures.

V In my opinion and according to the information and explanations given to me, the Company has complied with the provisions of Sections 73,74,75 and 76 or any other relevant provisions of the Act and the Rules framed thereunder to the extent notified, with regard to the deposits accepted from public. No new deposits were accepted by the Company in the said year. The outstanding deposits were repaid during the year in compliance with the provisions of the Companies Act 2013. According to the information and explanations given to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any Tribunal on the Company in respect of the aforesaid deposits.

VI The Central Government has not specified the maintenance of cost records under subsection 1 of Section 148 of the Companies Act for the activity of the Company.

VII (a) The company is generally regular in depositing undisputed statutory dues including

Provident Fund, Investor Education and Protection Fund, ESIC, Income Tax, Sales Tax / VAT, TDS, Service Tax, Cess and other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of financial year for a period of more than six months from the date those became payable.

(b) According to information and explanations given to me there are no disputed amounts outstanding in respect of Income Tax, Sales Tax / VAT .Service Tax and Cess as at the last day of financial year.

(c) According to information and explanations given to me there are no amount payable or required to be transferred to investor eduction and protection fund in accordence of Companies Act, 1956.

VIII There are no accumulated losses. The company has not incurred cash loss in the current financial year and in the immediately preceding financial year.

IX The company has not defaulted in repayment of dues to any financial institution or bank.

X According to information and explanations given to me the company has not given any guarantee for loan taken by others from bank or financial institutions.

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

XII During the course of my examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to me, I have neither come across any instance of material fraud on or by the company, noticed or reported during the year nor have I been informed of such case by the management.

S. D. Bedmutha Chartered Accountant Membership No.033679.

Place: Nashik Date :29th May2015.

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Mar 31, 2014

I have audited the accompanying financial statements of SINNAR BIDI UDYOG LIMITED (''the Company'') which comprise of the balance sheet as at 31 March 2014, 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

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

Auditor''s Responsibility

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

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

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

Opinion

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

(i) In the case of the balance sheet, of the state of affairs of the Company as at 31 March 2014; (ii) In the case of the statement of profit and loss, of the profit for the year ended on that date; and (iii) In the case of the cash flow statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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

b. In my opinion proper books of account as required by law have been kept by the Company so far as appears from my examination of those books and proper returns adequate for the purpose of my audit have been received from branches not visited by me

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 my opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement subject to notes thereon comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 except for Accounting Standard -15 (Revised) as referred to in Note No. 27(2) ; and

e. On the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 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

Annexure referred to in paragraph 1 of my report of even date Re: Sinnar Bidi Udyog Limited (''the Company'')

I (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

(c) No substantial fixed assets have been disposed off during the year,hence it has not affected the going concern status of the Company.

II (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

(b) In my opinion and according to the information and explanations given to me, the procedures of physical verification of inventory 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 is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

III The company has not granted/ not taken any secured or unsecured loans to/from companies, firms or other parties covered in the register maintained under section 301 of the Act.

IV In my opinion and according to the information and explanations given to me, 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 asset and for the sale of goods and services. Further, on the basis of my examination and according to information and explanations given to me, I have neither come across nor have I been informed of any instance of major weaknesses in the aforesaid internal control procedures.

V According to information and explanation given to me, there were no any transactions, contract or arrangements referred to section 301 of the Act, which were required to be entered in the register maintained under that section.

VI In my opinion and according to the information and explanations given to me, the company has complied with the directives issued by the Reserve Bank of India and the provisions of Section of 58A and 58AA of the Companies Act,1956 and the Companies (Acceptance of Deposits) Rules,1975,with regard to the deposits accepted from the public. No order has been passed on the company by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this regard.

VII The company has an internal audit system, which, in my opinion, is commensurate with the size and nature of its business.

VIII The company has maintained cost records as precribed by the Central Government under clause (d) of subsection (1) of section 209 of the Act. I have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

IX (a) The company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, ESIC, Income Tax, Sales Tax / VAT,Service Tax, Cess and other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of financial year for a period of more than six months from the date those became payable.

(b) According to information and explanations given to me there are no dues or disputed amounts outstanding in respect of Income Tax, Sales Tax / VAT ,Service Tax and Cess as at the last day of financial year.

X There are no accumulated losses. The company has not incurred cash loss in the current financial year and in the immediately preceding financial year.

XI The company has not defaulted in repayment of dues to any financial institution or bank.

XII The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

XIII In our opinion, the Company is not a Chit fund or a Nidhi / Mutual benefit fund / Society. Therefore the provision of clause 4 (xii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

XIV In my opinion and according to information and explanations given to me , the company is not a dealer or trader in shares,securities,debentures and other investments.

XV According to information and explanations given to me the company has not given any guarantee for loan taken by others from bank or financial institutions.

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

XVII On the basis of an overall examination of the Balance-Sheet of the company, in my opinion and according to the information and explanations given to me, there are no funds raised on short-term basis, which have been used for long term investments.

XVIII 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.

XIX The company has not issued any debentures and accordingly, no securities or charges have been created in respect of debentures.

XX The company has not raised any money by public issue during the year.

XXI During the course of my examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to me, I have neither come across any instance of material fraud on or by the company, noticed or reported during the year nor have I been informed of such case by the management.

S. D. Bedmutha Chartered Accountant Membership No.033679.

Place : Nashik Date : 30th May 2014.

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Mar 31, 2012

1. I have audited the attached Balance Sheet of SINNAR BIDI UDYOG LIMITED as at 31st March, 2012, the related Statement of Profit and Loss and the Cash Flow Statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. My responsibility is to express an opinion on these financial statements based on my audit.

2. I conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I 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. I believe that my audit provides a reasonable basis for my opinion.

3. I have obtained all the information and explanations which to the best of my knowledge and belief, were necessary for the purpose of my audit.

4. In my opinion, proper books of account as required by law have been kept by the company so far as appears from my examination of those books and proper returns adequate for the purpose of my audit have been received from branches not visited by me.

5. In my opinion, the Statement of Profit and Loss, the Balance Sheet & the Cash Flow Statement dealt with by this report subject to notes thereon comply with the Accounting Standards referred to in sub-section (3C) of the Section 211 of the Companies Act, 1956 except for Accounting Standard -15 (Revised) as referred to in Note No.26(2).

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

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

8. In my opinion and to the best of my information and according to the explanations given to me, the said accounts, read together with the notes 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 Balance-Sheet, of the State of Affairs of the company as at 31st March,2012 and

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

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

9. As required by the Companies (Auditors' Report) Order,2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of checks of books and records considered appropriate and the information and explanations given to me during the course of the audit, I further report that:

I) (a) The company has rfiaintained proper records showing full particulars,including

quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

(c) Fixed assets disposed-off during the year were not substantial, and therefore it has not affected the going concern status.

II) (a) Physical verification of inventory has been conducted at reasonable intervals by the . management.

(b) In my opinion and according to the information and explanations given to me, the procedures of physical verification of inventory 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 is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

III) The company has not granted/ not taken any secured or unsecured loans to/from companies, firms or other parties covered in the register maintained under section 301 of the Act.

IV) In my opinion and according to the information and explanations given to me, 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 asset and for the sale of goods and services. Further, on the basis of my examination and according to information and explanations given to me, I have neither come across nor have I been informed of any instance of major weaknesses in the aforesaid internal control procedures.

V) According to information and explanation given to me, there were no any transactions, contract or arrangements referred to section 301 of the Act, which were required to be entered in the register maintained underthat section.

VI) In my opinion and according to the information and explanations given to me, the company has complied with the directives issued by the Reserve Bank of India and the provisions of Section of 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975,with regard to the deposits accepted from the public. No order has been passed on the company by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this regard.

VII) The company has an internal audit system, which, in my opinion, is commensurate with the size and nature of its business.

VIII) The company has maintained cost records as prescribed by the Central Government under clause (d) of subsection (1) of section 209 of the Act. We have not, however, made a detailed examination of the records with a view determine whether they are accurate or complete.

IX) (a) The company is generally regular in depositing undisputed statutory dues including

Provident Fund, Investor Education and Protection Fund, ESIC, Income Tax, Sales Tax I VAT, Cess and other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of financial year for a period of more than six months from the date those became payable.

(b) According to information and explanations given to me there are no disputed amounts outstanding in respect of Income Tax, Sales Tax / VAT and Cess as at the last day of financial year.

I) (a) The company has rhaintained proper records showing full particulars,including

quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

(c) Fixed assets disposed-off during the year were not substantial, and therefore it has not affected the going concern status.

II) (a) Physical verification of inventory has been conducted at reasonable intervals by the . management.

(b) In my opinion and according to the information and explanations given to me, the procedures of physical verification of inventory 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 is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

III) The company has not granted/ not taken any secured or unsecured loans to/from companies, firms or other parties covered in the register maintained under section 301 of the Act.

IV) In my opinion and according to the information and explanations given to me, 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 asset and for the sale of goods and services. Further, on the basis of my examination and according to information and explanations given to me, I have neither come across nor have I been informed of any instance of major weaknesses in the aforesaid internal control procedures.

V) According to information and explanation given to me, there were no any transactions, contract or arrangements referred to section 301 of the Act, which were required to be entered in the register maintained under that section.

VI) In my opinion and according to the information and explanations given to me, the company has complied with the directives issued by the Reserve Bank of India and the provisions of Section of 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,1975,with regard to the deposits accepted from the public. No order has been passed on the company by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this regard. '

VII) The company has an internal audit system, which, in my opinion, is commensurate with the size and nature of its business.

VIII) The company has maintained cost records as prescribed by the Central Government under clause (d) of subsection (1) of section 209 of the Act. We have not, however, made a detailed examination of the records with a view determine whether they are accurate or complete.

IX) (a) The company is generally regular in depositing undisputed statutory dues including

Provident Fund, Investor Education and Protection Fund, ESIC, Income Tax, Sales Tax / VAT, Cess and other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of financial year for a period of more than six months from the date those became payable.

(b) According to information and explanations given to me there are no disputed amounts outstanding in respect of Income Tax, Sales Tax / VAT and Cess as at the last day of financial year.

c) According to information and explanations given to me Wealth Tax, Service Tax, Customs Duty and Excise Duty are not applicable to the company.

X) There are no accumulated losses. The company has not incurred cash loss in the current ' financial year and in the immediately preceding financial year.

XI) The company has not defaulted in repayment of dues to any financial institution or bank. The company has not issued any debentures.

XII) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. '

XIII) The provisions of any special statute applicable to chit fund / nidhi/ mutual benefit fund / societies are not applicable to the company.

XIV) In my opinion and according to information and explanations given to me, the company is not a dealer or trader in shares, securities, debentures and other investments.

XV) According to information and explanations given to me the company has not given any guarantee for loan taken by others from bank or financial institutions.

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

XVII) On the basis of an overall examination of the Balance-Sheet of the company, in my opinion and according to the information and explanations given to me, there are no funds raised on short-term basis, which have been used for long term investments.

XVIII)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.

XIX) The company has not issued any debentures.

XX) The company has not raised any money by public issue during the year.

XXI) During the course of my examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to me, I have neither come across any instance of material fraud on or by the company, noticed or reported during the year nor have I been informed of such case by the management.

Place : Nashik ANAND S. DAGA.

Date : 30th May 2012. Chartered Accountant

Membership No.: 048684

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Mar 31, 2011

1. I have audited the attached Balance Sheet of SINNAR BIDI UDYOG LIMITED as at 31st March, 2011, the related Profit and Loss Account and the Cash Flow Statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. My responsibility is to express an opinion on these financial statements based on my audit.

2. I conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I 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. I believe that my audit provides a reasonable basis for my opinion.

3. I have obtained all the information and explanations which to the best of my knowledge and belief, were necessary for the purpose of my audit.

4. In my opinion, proper books of account as required by law have been kept by the company so far as appears from my examination of those books and proper returns adequate for the purpose of my audit have been received from branches notvisitedbyme.

5. In my opinion, the Profit and Loss Account, the Balance Sheet & the Cash Flow Statement dealt with by this report subject to notes thereon comply with the Accounting Standards referred to in sub- section (3C) of the Section 211 of the Companies Act, 1956 except for Accounting Standard - 15 (Revised) as referred to in Note No.2 in Schedule 6.

6. The Balance Sheet, Profit and Loss Account & the Cash Flow Statement dealt with by this report are in agreement with the books of account.

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

8. In my opinion and to the best of my information and according to the explanations given to me, the said accounts, read together with the notes 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 Balance-Sheet, of the State of Affairs of the company as at 31 st March,201 land

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

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

9. As required by the Companies (Auditors' Report) Order,2003 issued by the Central Government of India in terms of Section 227 (4A)ofthe Companies Act, 1956, and on the basis of checks of books and records considered appropriate and the information and explanations given to me during the course of the audit, I further report that:

I) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

(c) Fixed assets disposed-off during the year were not substantial, and therefore it has not affected the going concern status.

II) (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

(b) In my opinion and according to the information and explanations given to me, the procedures of physical verification of inventory 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 is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

III) The company has not granted/taken any secured or unsecured loans to/from companies, firms or other parties covered in the register maintained under section 301 oftheAct.

IV) In my opinion and according to the information and explanations given to me, 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 asset and for the sale of goods and services. Further, on the basis of my examination and according to information and explanations given to me, I have neither come across nor have I been informed of any instance of major weaknesses in the aforesaid internal control procedures.

V) According to information and explanation given to me, there were no any transactions, contract or arrangements referred to section 301 of the Act, which were required to be entered in the register maintained under that section.

VI) In my opinion and according to the information and explanations given to me, the company has complied with the directives issued by the Reserve Bank of India and the provisions of Section of 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,1975,with regard to the deposits accepted from the public. No order has been passed on the company by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this regard.

VII)The company has an internal audit system, which, in my opinion, is commensurate with the size and nature of its business.

Vlll)lt is informed that maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub section (1) of section 209 of the Companies Act, 1956.

IX) (a) The company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, ESIC, Income Tax, Sales Tax / VAT, Cess and other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of financial year for a period of more than six months from the date those became payable.

(b) According to information and explanations given to me there are no disputed amounts outstanding in respect of Sales Tax/VAT and Cess as at the last day of financial year. As regards the dispute of Income Tax the details are given in Schedule 6, Note 4. ( Tax liability / demand involved Rs. Nil).

c) According to information and explanations given to me Wealth Tax, Service Tax, Customs Duty and Excise Duty are not applicable to the company.

X) There are no accumulated losses. The company has not incurred cash loss in the current financial year and in the immediately preceding financial year.

XI) The company has not defaulted in repayment of dues to any financial institution or bank. The company has not issued any debentures.

XII) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

XIII) The provisions of any special statute applicable to chit fund / nidhi/ mutual benefit fund / societies are not applicable to the company.

XIV) In my opinion and according to information and explanations given to me, the company is not a dealer or trader in shares,securities,debentures and other investments.

XV) According to information and explanations given to me the company has not given any guarantee for loan taken by others from bank or financial institutions.

XVI) No any fresh term loan has been obtained by the company during the year

XVII) On the basis of an overall examination of the Balance-Sheet of the company, in my opinion and according to the information and explanations given to me, there are no funds raised on short- term basis, which have been used for long term investments.

XVIII) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the CompaniesAct, 1956 during the year.

XIX) The company has not issued any debentures.

XX) The company has not raised any money by public issue during the year.

XXI) During the course of my examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to me, I have neither come across any instance of material fraud on or by the company, noticed or reported during the year nor have I been informed of such case by the management.

Place : Nashik ANAND S. DAGA.

Date : 27th May 2011. Chartered Accountant

---

Mar 31, 2010

1) I have auditedthe attached Balance Sheet of SINNAR BIDI UDYOG LIMITED as at 31st March, 2010,the related Profit and Loss Account andthe Cash Flow Statement of the company for the year ended on -at date annexed thereto. these financial statements are the responsibility of the companys Management. My responsibility is to express an opinion on these financial statements based on my audit.

2) I conducted my audit in accordance with auditing standards generally accepted in India. Those standards require -at I plan and performthe 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 assessingthe accounting principles used and significant estimates made by management, as well as evaluatingthe overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

3) I have obtained all the information and explanations which to the best of my knowledge and belief, were necessary for the purpose of my audit.

4) In my opinion, proper books of account as required by law have been kept by the company so far as appears from my examination of those books and proper returns adequate for the purpose of my audit have been received from branches not visited by me.

5) In my opinion,the Profit and Loss Account, the Balance Sheet &the Cash Flow Statement dealt with by is report subject to notesthereon comply with theAccounting Standards referred to in sub section (3C) of the Section 211 of the Companies Act, 1956 except for Accounting Standard -15 (Revised) as referred to in Note No.2 in Schedule 7.

6) theBalance Sheet, Profit and Loss Account &the Cash Flow Statement dealt with by this report are in agreement withe books of account.

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

8) In my opinion and to the best of my information and according to the explanations given to me, the said accounts, read together withe notesthereon, givethe information required by the Companies Act, 1956 inthe manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India :

i) In the case of Balance Sheet, of the state of affairs of the company as at 31st March,2010and

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

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

9) As required by the Companies (Auditors Report) Order,2003 issued by the Central Government of India in terms of Section 227 (4A) of the CompaniesAct,1956,and on the basis of checks of books and records considered appropriate and the information and explanations given to me duringthe course of the audit, I further report that:

I) (a)the company has maintained proper records showing full particular , including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

(c) Fixed assets disposed-off duringthe year were not substantial, andtherefore it has not affectedthe going concern status.

II) (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

(b) In my opinion and according to the information and explanations given to me,the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation tothe 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 inventory as compared to the book records were not material and have been properly dealt with in the books of account.

III) The company has not granted/taken any secured or unsecured loans to/from companies, firms or other parties covered in the register maintained under section 301 of the Act.

IV) In my opinion and according to the information and explanations given to me, having regard to the explanation that certain items purchased , sold and processed are of a special nature and their prices cannot be compared with suitable alternative quotations,there are adequate internal control procedures commensurate with thesize of the company andthe nature of its business, forthe purchase of inventory and fixed asset and for the sale of goods and services. Further, on the basis of my examination and according to information and explanations given to me, I have neither come across nor have I been informed of any instance of major weaknesses in the aforesaid internal control procedures.

V) (a) In my opinion and according to information and explanations given to me, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered inthe register required to be maintained under at section.

(b) in my opinion and according to the information and explanations given to me, having regard to the comments in IV above, the transactions made in pursuance of contracts or arrangements and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices, which are reasonable having regard to the prevailing market prices atthe relevant time.

VI) In my opinion and according to the information and explanations given to me, the company has complied with the directives issued by the Reserve Bank of India and the provisions of section of 58A and 58AA of the Companies Act, 1956 andthe Companies (Acceptance of Deposits) Rules,1975,with regard to the deposits accepted from the public. No order has been passed on the company by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this regard.

VII) The company has an internal audit system, which, in my opinion, is commensurate with in size and nature of its business.

VIII) It is informed that maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub section (1) of section 209 of the Companies Act,1956.

IX) (a)the company is generally regular in

depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax / VAT, Cess and other statutory dues with the appropriate auth orities. There are no arrears of outstanding statutory dues as atthe last day of financial year for a period of more an six months from the date thoose became payable.

(b) According to information and explanations given to me there are no disputed amounts outstanding in respect of Sales Tax / VAT and Cess as atthe last day of financial year.As regardsthe dispute of Income Tax the details are given in Schedule 7, Note 4.( Tax liability / demand involved Rs.Nil).

(c) According to information and explanations given to me Employees State Insurance, Weal-Tax, Service Tax, Customs Duty and Excise Duty are not applicable to the company.

X) The accumulated losses of the company are not in excess of fifty percent of its net worth the company has not incurred cash loss in the current financial year and in the immediately preceding financial year.

XI) The company has not defaulted in repayment of dues to any financial institution or bank.the company has not issued any debentures.

XII) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and otherr securities.

XIII) The provisions of any special statute applicable to the chit fund / nidhi/ mutual benefit fund / societies are not applicable to the company.

XIV) In my opinion and according to information and explanations given to me ,the company is not a dealer or trader in shares, securities, debentures and other investments.

XV) According to information and explanations given to me the company has not given any guarantee for loan taken by others from bank or financial institutions.

XVI) No any fresh term loan has been obtained by the company duringthe year.

XVII) On the basis of an overall examination of the Balance-Sheet of the company, in my opinion and according to the information and explanations given to me, there are no funds raised on short-term basis, which have been used for long term investments.

XVIII) 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 duringthe year.

XIX) The company has not issued any debentures.

XX) The company has not raised any money by public issue duringthe year.

XXI) Duringthe course of my examination of the books and records of the company, carried out in accordance with thegenerally accepted auditing practices in India, and according to the information and explanations given to me,

I have neither come across any instance of material fraud on or by the company, noticed or reported duringthe year nor have I been informed of such case by the management.



Place : Nashik ANAND S. DAGA

Date : 29-May 2010. Chartered Accountant