Auditor Report of Southern Latex Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial
statements of SOUTHERN LATEX LIMITED (the
“Company”), which comprise the Balance Sheet as at
March 31,2025, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes
in Equity and the Statement of Cash Rows for the year
ended on that date and notes to the financial statements,
including a summary of material accounting policies and
other explanatory information (hereinafter referred to as the
“Standalone Financial Statements”).

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid Standalone
Rnancial 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, find AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at
March 31,2025 and its profit, total comprehensive income,
changes in equity and its cash flows for the year ended on
that date.

Basis of Opinion

We conducted our audit of the Standalone Financial
Statements in accordance with the Standards on
Auditing (“SA"s) specified under section 143(10) of
the Act. Our responsibilities under those Standards are
further described in the Auditor’s Responsibilities for
the Audit of the Standalone Financial Statements section
of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (“ICAI”)
together with the ethical requirements that are relevant to
our audit of the Standalone Financial Statements under
the provisions of the 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 obtained by
us is sufficient and appropriate to provide a basis for our
audit opinion on the Standalone Financial Statements.

Key Audit Matters

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

Information Other than the Financial Statements and
Auditor’s Report Thereon

The Company’s Board of Directors is responsible for 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 and Sustainability
Report, Corporate Governance and Shareholder’s
Information, but does not include the consolidated
financial statements, Standalone Financial Statements
and our auditor’s report thereon.

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

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materially inconsistent with the Standalone
Financial Statements or our knowledge obtained during
the course of our audit or otherwise appears to be
materially misstated.

If, based on the work we have performed, we conclude
that there is a material misstatement of this other
information, we are required to report that fact. We have
nothing to report in this regard.

Responsibilities of management and Board of Directors
For Standalone Financial Statement

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 Standalone Financial Statements
that give a true and fair view of the financial position,
financial performance, including other comprehensive
income, changes in equity and cash flows of the
Company in accordance with the accounting principles
generally accepted in India, including 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 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,
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 Company’s Board of Directors are also responsible
for overseeing the Company’s financial reporting
process.

Auditor’s Responsibilities for the Audit of the
Standalone Ind AS 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
scepticism throughout the audit. We also:

• Identify and assess the risks of material
misstatement of the Standalone Financial Statements,
whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a

basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.

• Obtain an understanding of internal financial 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 Standalone 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.

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

Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or
in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
Standalone Financial Statements may be influenced. We
consider quantitative materiality and qualitative factors in
(i) planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the Standalone Financial
Statements.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal financial controls

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.

Other Matter

(i) Certain debit/credit balances including trade
receivables, other current and non-current assets,
trade payables, other financial liabilities and other
current and non-current liabilities in the Company are
pending independent confirmation and consequential
reconciliation thereof.

(ii) The determination of the transactions with MSME
vendors and balances thereof, have been done based
on the certificate received from the respective parties
as available from the system. In absence of complete
reconciliation in this respect, completeness of the
disclosures in respect of MSME vendors, interest liability
thereon as per MSME Act, Income tax computations as
such need to be ascertained.

Report on Other Legal and Regulatory Requirements

1. 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.

c) The Balance Sheet, the Statement of Profit and Loss

including Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flows 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 March 31,2025 taken on record by the
Board of Directors, none of the directors is disqualified as
on March 31,2025 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 with reference to Standalone Financial Statements
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 with reference to Standalone Financial
Statements.

g) With respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements of
section 197(16) of the Act, as amended, in our opinion
and to the best of our information and according to the
explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance
with the provisions of section 197 of the Act.

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:

i. The Company has disclosed the impact of pending
litigations on its financial position in its Standalone
Financial Statements. Refer Note 2.23 to the Standalone
Financial Statements.

ii. The Company has made provision as required under
applicable law or accounting standards for material
foreseeable losses. Refer Note 2.16 to the Standalone
Financial Statements. The Company did not have any
long-term derivative contracts.

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 ot
its knowledge and beliet, no funds (which are material
either individually or in the aggregate) have been advanced
or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the
Company to or in any other person or entity, including
foreign entity (“Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or
invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its
knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by
the Company from any person or entity, including foreign
entity (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party (“Ultimate Beneficiaries")
or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

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

v. As stated in Note 2.12.3 to the Standalone Financial
Statements

(a) No final dividend declared by the Company during year,
and hence our opinion on compliance of Section 123 of
the Act is not applicable.

(b) No interim dividend declared and paid by the Company
during the year and until the date of this report and hence
our opinion on compliance with Section 123 of the Act is
not applicable.

(c) The Board of Directors of the Company have not proposed
any final dividend tor the year which is subject to the
approval of the members at the ensuing Annual General
Meeting and hence our opinion on compliance of section
123 of the Act, is not applicable.

vi. Based on our examination, the Company has not used any
accounting software for maintaining its books of account
for the financial year ended March 31,2024. The accounts
are being maintained manually and hence, the requirement
of commenting on feature of recording audit trail (edit log)
facility and the operation of the same throughout the year
for all relevant transactions recorded in the software does
not arise.

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 BALAJI AND THULASIRAMAN

Chartered Accountants

CA.S.Balaji FCA DISA

Partner

Membership No. 202992
Place: Chennai FRN NO.007262S

Date : 22.05.2025 UDIN N0.25202992BMLWTV219B

---

Mar 31, 2024

We have audited the accompanying standalone Ind AS
financial statements of SOUTHERN LATEX LIMITED, 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
standalone Ind AS financial statements”).

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone
Ind AS financial statements give the information required
by the Companies Act, 2013 (“the Act”) in the manner so
required and give a true and fair view in conformity with
the Indian Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, (“Ind AS”) and other
accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2024 and
total comprehensive income (comprising of profit and other
comprehensive income), changes in equity and its cash
flows for the year ended.

Basis of 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 Ind
ASFinancial 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 Ind ASfinancial
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
opinionon the standalone Ind AS financial statements.

Key Audit Matters

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

Information Other than the Financial Statements and
Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the
other information. The other information comprises the
information included in the Director''s report, but does
not include theStandalone Ind AS financial statements
and our auditors’ report thereon. Our opinion on the
Standalone Ind AS 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 theStandalone Ind ASfinancial statements,
our responsibility is to read the other information and,
in doing so, consider whether the other information
is materially inconsistent with theStandalone Ind
ASfinancial 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

Responsibilities of management and those charged
with governance for the Standalone Ind AS Financial
Statements

The Company’s Board of Directors is responsible for
the matters stated in section 134(5) of the Companies
Act, 2013 (“the Act”) with respect to the preparation of
these standalone Ind ASfinancial statements that give
a true and fair view of the financial position, financial
performance, (changes in equity) and cash flows of the
Company in accordance with the accounting principles
generally accepted in India, including the accounting
Standards specified under section 133 of the Act. This
responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of
the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other

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

In preparing the Standalone Ind AS financial statements,
management is responsible for assessing the Company''s
ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and
using the going concern basis of accounting unless
management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to
do so. Those Board of Directors are also responsible for
overseeing the Company''s financial reporting process.

Auditor’s Responsibilities for the Audit of the
Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about
whether the Standalone Ind ASfinancial 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 Ind ASfinancial
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 mis statement
of the Standalone Ind AS 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 ofnot 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 thecircumstances. Under Section 143(3)
(i) of the Act, we are also responsible for expressing
ouropinion on whether the Company has adequate
internal financial controls with reference to Standalone
Ind AS financial statements in place and the operating
effectiveness of such controls.

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

• Conclude on the appropriateness of management’s
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s ability
to continue as a going concern. If we conclude that
a material uncertainty exists, we are required to draw
attention in our auditors’ report to the related disclosures
in the Standalone Ind AS 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 auditors’ 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 Ind AS 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.

Materiality is the magnitude of misstatements in the
standalone Ind AS financial statements that, individually
or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of
the standalone Ind AS financial statements may be
influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the
standalone Ind AS financial statements.

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

We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and to
communicate with them all relationships and other

matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged
with governance, we determine those matters that were
of most significance in the audit of the Standalone Ind
AS financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditors'' 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.

Other Matter

(i) Certain debit/credit balances including trade
receivables, other current and non-current assets,
trade payables, other financial liabilities and other
current and non-current liabilities in the Company are
pending independent confirmation and consequential
reconciliation thereof.

(ii) The determination of the transactions with MSME
vendors and balances thereof, have been done based
on the certificate received from the respective parties
as available from the system. In absence of complete
reconciliation in this respect, completeness of the
disclosures in respect of MSME vendors, interest liability
thereon as per MSME Act, Income tax computations as
such need to be ascertained.

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. 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 and

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

c) The Balance Sheet, the Statement of Profit and Loss
(including comprehensive income), Statement of
changes in equity and the Cash Flow Statement dealt
with by this Report are in agreement with the books
of account.

d) In our opinion, the aforesaid standalone Ind AS
financial statements comply with the Accounting
Standards specified under Section 133 of the Act,
read with Companies (Indian Accounting Standards)
Rules, 2015, as amended.

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”.

g) With respect to the other matters to be included in the
Auditor''s Report in accordance with the requirements
of section 197(16) of the Act, as amended:

In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors during
the year is in accordance with the provisions of section
197 of the Act.

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, in
our opinion and to the best of our information and
according to the explanations given to us:

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

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

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company or there were

no amounts which were 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 (which
are material either individually or in the aggregate)
have been advanced or loaned or invested (either
from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in
any other person or entity, including foreign entity
(“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best
of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have
been received by the Company from any person or
entity, including foreign entity (“Funding Parties"),
with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly
or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf
of the Funding Party (“Ultimate Beneficiaries”) or

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

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

(d) Based on our examination, the Company has not used
any accounting software for maintaining its books of
account for the financial yearended March 31, 2024.
The accounts are being maintained manually and
hence, the requirement of commenting on feature of
recording audit trail (edit log)facility and the operation
of the same throughout the year for all relevant
transactions recorded in the software does not arise.

For Balaji and Thulasiraman

Chartered Accountants
Firm Registration No.: 007262S

Place: Chennai CA.S.Balaji FCA DISA

Date-22.05.2024 Partner

Membership No. 202992
UDIN -24202992BKENHD5993

---

Mar 31, 2015

We have audited the accompanying financial statements of SOUTHERN LATEX LIMITED ("the Company"), which comprise the Balance Sheet as at 31/03/2015, the Statement of Profit and Loss, the cash flow statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

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

Auditor's Responsibility

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.

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

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31/03/2015, and its Profit and it's cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors' Report) Order,2015("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 statements on the matters specified in paragraphs 3 and 4 of the order, to the extent applicable.

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

(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 Balance Sheet, the Statement of Profit and Loss and the cash flow statement dealt with by this Report are in agreement with the books of account.

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

(e) On the basis of the written representations received from the directors as on 31/03/2015 taken on record by the Board of Directors, none of the directors is disqualified as 31/03/2015 from being appointed as a director in terms of Section 164 (2) of the Act.

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

1. The Company has disclosed the impact of pending litigations on its financial position in its financial statements.

2. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

3. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure to the Independent Auditors' Report

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

(1) In Respect of Fixed Assets

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

(b) Fixed assets have been physically verified by the management at reasonable intervals; No material discrepancies were noticed on such verification. Though company have sold the substantial part of fixed assets, its does not affect the normal course of business operation.

(2) In Respect of Inventory

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

(b) 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. No material discrepancies were noticed on physical verification.

(3) Loans and advances to parties covered under section 189

The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the registered maintained under Section 189 of the Companies Act 2013.

(4) Internal Control in reference to Purchase of Inventory and Fixed Assets and whether there is continue failure of Internal control

In our opinion and according to the information and explanations given to us there are adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit We have not observed continuing failure to correct major weaknesses in internal control system.

(5) Rules followed while accepting Deposits

No deposits within the meaning of Sections 73 to 76 or any other relevant provision of the Act and rules framed there under have been accepted by the Company.

(6) Maintenance of cost records

The Company is not required to maintain cost records pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (l) of section 148 of the Companies Act.

(7) According to the information and explanations given to us in respect of statutory dues

(a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident fund, Investor education protection fund, Employees' state insurance, Sales tax, Wealth tax, Service tax, Custom duty, Excise duty, Cess and other material statutory dues applicable to it and to regularise the payment of TDS.

According to the records of the Company, there were interest free sales tax loans outstanding as on 31st March 2015 for the period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, no undisputed amounts payable Income tax, as at 31st March, 2015 for a period of more than six months from the date they became payable except in the case of Sale Tax dispute for Rs.113 Lacs

(c) The company is not required to be transferred to Investor education and protection fund during the year. Since, there is no unclaimed and unpaid dividends, deposits and debentures etc.,

(8) Company which has been registered for a period less than five years and accumulated losses are more than 50% of Net worth, Reporting of cash Losses

The company's accumulated losses at the end of the financial year are less than fifty percent of its net worth and it has not incurred cash losses in the current and immediately preceding financial year.

(9) Default in Repayment of Loans taken from Bank or Financial Institutions

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

(10) Terms for Loans and Advances from Banks or Financial Institutions prejudicial to the interest of the company

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

(11) Application versus purpose for which Loan Granted

The company did not have any term loans outstanding during the year.

(12) Reporting of Fraud During the Year- Nature and Amount

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

FOR KANNAN AND ALAMELU

(Chartered Accountants)

Place : CHENNAI Reg No. :009087S

Date : 30/05/2015 A.K.ALAMELU

(Partner)

Membership No : 206906

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Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of SOUTHERN LATEX LIMITED,("the company") which comprise the Balance Sheet as at 31/03/2014, and the Statement of Profit and Loss cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of financial position, financial performance and cash flow 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") read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedure to obtain audit evidence about the amounts and disclosure in the financial statements. The procedure selected depend upon auditor''s judgement, including the assessment of the risk of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessment, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedure that are appropriate in the circumstances ,but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of financial statements.

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

Opinion

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

(a) in case of the Balance Sheet, of the state of affairs of the Company as at 31/03/2014;

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

(c) in case of the Cash Flow Statements, 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") issued by Central Government of India in terms of sub-section (4 A) of section 227 of the Act, We give in the Annexure a statements on the matters specified in paragraphs 4 and 5 of the order.

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

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

b. In our opinion proper books of account as required by Law have been kept by the Company so far as appears from our examinations of those books;

c. the Balance Sheet, Statement of Profit and Loss, and cash flow statements 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 statements comply with the Accounting Standards referred to in sub-section(3C) of section 211 of the Companies Act, 1956 , read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;

e. On the basis of written representations received from the directors as on 31/03/2014 and taken on record by the Board of Directors, none of the director is disqualified as on 31/03/2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies

ANNEXURE TO THE AUDITORS'' REPORT

1. In respect of its fixed assets:

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

(b) Fixed assets have been physically verified by the management at reasonable intervals; No material discrepancies were noticed on such verification.

(c) Though substantial part of fixed assets have been disposed off during the year, it has not affected the going concern.

2. In respect of its inventories:

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

(b) 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) Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification.

3. In respect of loans granted and taken to / from parties covered in the register maintained u/s 301 of the Companies Act, 1956.

(a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained u/s 301 of the companies Act-1956.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained u/s 301 of the companies Act-1956.

4. In respect of internal control

In our opinion and according to the information and explanations given to us there are adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit, We have not observed continuing failure to correct major weaknesses in internal control system.

5. In respect of contracts or arrangements need to be entered into a register maintained u/s 301 of the Companies Act, 1956

According to the information and explanations given to us, there are no contracts or arrangements with parties referred to in Section 301 of the Act Accordingly, clause (b) of paragraph 5 of the Order are not applicable to the company for the current year

6. In respect of deposits from public

No deposits within the meaning of Sections 58A and 58AA or any other relevant provision of the Act and rules farmed thereunder have been accepted by the Company.

7. In respect of internal audit system

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

8. In respect of maintenance of cost records

The Company is not required to maintain cost records pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1 )(d) of the Act.

9. In respect of statutory dues

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

(b) According to the information and explanations given to us, no undisputed amounts payable income tax, as at 31st March, 2014 for a period of more than six months from the date they became payable except in the case of Sale Tax dispute for Rs 113 lacs.

10. In respect of accumulated losses and cash losses

The company''s accumulated losses at the end of the financial year are less than its net worth and it has not incurred cash losses in the current and immediately preceding financial year.

11. In respect of dues to financial institution / banks / debentures

In our opinion and according to information and explanation given to us, the company has not taken any loan from Bank or Financial Institutions

12. In respect of loans and advances granted on the basis of security

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

13. In respect of provisions applicable to Chit fund

The Company is not a chit fund or a nidhi or mutual benefit fund/society. Therefore the provisions of clause 4(xiii) of the Order are not applicable to the company.

14. In respect of dealing or trading in shares, securities, debentures and other investment

In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the company.

15. In respect of guarantee given for loans taken by others

On the basis of records examined by us and information provided by the management, we are of the opinion that the company has not given guarantees for loans taken by other from banks or financial institutions.

16. In respect of application of term loans

Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year

17. In respect of fund used

According to the information and explanation given to us and on an overall examination of the balance sheet of the company as at 31st March 2014, we report that no funds raised on short term basis which have been used for long term investments and vice versa

18. In respect of preferential allotment of shares

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

19. In respect of securities created for debentures No Debentures Issued during the Year

20. In respect of end use of money raised by public issues

The company has not raised any money from the public during the year under audit.

21. In respect of fraud

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

Place: CHENNAI FOR KANNAN AND ALAMELU (Chartered Accountants) Date : 16/05/2014 Reg No. :009087S Sd- A.K.ALAMELU (Partner) Membership No : 206906

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Mar 31, 2013

We have audited the accompanying financial statements of SOUTHERN LATEX LIMITED ("the Company") which comprise the Balance Sheet as at March 31, 2013, and the. Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsiblefor 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 principles generally accepted in india including Accounting Standards referred to in section 211(3C) 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 viewand are free from material misstatements, whether due to fraud or error.

Auditor''s Responsibility

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

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

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

Opinion

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

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

b) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

.

dj In our opinion; Balance Sheet, the Profit & Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the Directors, as on 31" March 2013, and taken on record by the Board of Directors, we report that none of,the. Directors is disqualified as on 31s'' March 2013 from being appointed as a Director in terms of clause (g) of subsection (1) of section 274 of the Companies Act, 1956;

Apexure to Independent Auditor''s report CfcrrpH to in paragraph 1 under the heading Report on other Legaland Regulatory requirements of our report of even date.

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

(b) As explained to us, the fixed assets of the company have been physically verified by the management at reasonable interval and no material discrepancies were noticed on such verification.

(c) In-our opinion the company has not disposed off any substantial part of its fixed assets so as to affect its going concern status.

II. (a) The management has conducted physical verification of inventory at reasonable intervals during the year.

(b) The Procedures of physical verification of stock followed by the management are reasonable. and adequate in relation to the size of the company and the nature of its business.

(c) The discrepancies noticed on Physical verification of stocks as compared to the books records were not material and have been properly dealt with in the books of accounts.

III. (a) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.Consequently,''the provisions of clause iii(b),iii(c) and iii(d) of the order are not applicable to the company.

(e) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the of the Companies Act, 1956.Thus sub clauses (f) & (g) are not applicable to the company.

IV. In our opinion and according to the information and explanation given to us there is generally an adequate internal control procedures commensurate with the size of the company and nature of its business, for the purchase of Inventories and Fixed Assets and for the Sale of Goods. We have neither come across nor have we been informed of any major weaknesses m internal control procedures.

V, ''On the basis of representation received from the management, the company has not entered into any contract and arrangement with the parties that need to be entered in the register maintained under section 301 of the companies Act, 1956.

VI. The company has not accepted any deposits from the public covered under section 58A and 58 AA of the Companies Act, 1956.

VII. In our opinion, the company has an internal audit system commensurate with the size and nature of it''s business.

VIII. (a) In our opinion, the company is maintaining reasonable records for the sale and disposable of the scraps .We are informed that the company has* no by-product.

(b) The Central Government has not .prescribed the maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956.

Di. (a) According to the information and explanations given to us, the company is making efforts tp enroll with the P.F. authorities.

(b) According the records of the company,there was interest free sales tax loan outstanding as on 31st of March, 2013 for a period of more than six months from the date they became payable.

(c) There were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Custom Duty and Excise Duty outstanding for a period of more than six months from the date they became payable as at the date of this report.

X, The Company has accumulated loss of Rs.3,42,59,916.40 as at the end of financial year, ended 31.03.2013 as compared to previous year accumulated loss of Rs..3,59,73,724.

XL In our opinion and according to the information and explanations given to us, the company has not taken any loan from Bank or Financial Institutions.

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

Xffl. In our opinion, the Company is not a chit fund or a Nidhi / Mutual benefit fund / Society. Therefore, the provisions of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

XIV. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

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

XVI. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

XVIL According to the information and explanations given to us and on an overall examination of the balance sheet of the company as at 3 T March, 2013, We report that no funds raised on short term basis which have been used for long term investments and vice versa.

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.

XDC. The company has no outstanding debentures during the period under audit.

XX. The company has not raised any money by way of public issues during the year.

XXI. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For and Behalf of the Board For SOUTHERN LATEX LIMITED

Govindan Manivannan N Pillai Neelakanda

Director Director

Gummidipoondi, the 16th day of August, 2013

Registered Office

B-11/W SiPCOT Industrial Complex,

Gummidipoondi - 601201

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Mar 31, 2012

1. We have audited the attached Balance Sheet of SOUTHERN LATEX LIMITED as at 31st March 2012 and also the Profit &Loss Account for the year ended on that date annexed thereto. These Financial Statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these Financial Statements based on our audit.

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 (Auditor''s Report) Order, 2003 (as amended) issued by the Central Government of India in terms of subsection (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matter specified in paragraphs 4 & 5 of the said Order.

4. Further to our Comments in the Annexure referred to 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 purpose of our audit;

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

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

d) In our opinion, Balance Sheet, the Profit & Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the Directors, as on 31st March 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2012 from being appointed as a Director in terms of clause (g) of subsection (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 accounts give the information required by the companies Act, 1956 in the manner so required and give a true & 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 Profit & 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 for the year ended on that date.

Annexure referred to in paragraph 3 of the report of even date of the auditors to the members of Southern Latex Limited on the accounts for the year ended 31st March. 2012

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

(b) As explained to us, the fixed assets of the company have been physically verified by the management at reasonable interval and no material discrepancies were noticed on such verification.

(c) None of the fixed assets have been revalued during the year. During the period the company has not disposed off any substantial part of its fixed assets so as to affect its going concern status.

II. (a) The management has conducted physical verification of inventory at reasonable intervals , during the year in respect of raw materials,(except firewood) spares, stores and finished goods.

(b) The Procedures of physical verification of stock followed by the management are reasonable in relation to the size of the company and the nature of its business.

(c) The discrepancies noticed on Physical verification of stocks as compared to the books records were not material and have been properly dealt with in the books of accounts.

(d) On the basis of our examination, we are satisfied that the valuation of stock is Fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year.

III. (a) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act.

(b) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act.

IV. In our opinion and according to the information and explanation given to us there are adequate internal control procedures commensurate with the size of the company and nature of its business, for the purchase of Inventories and Fixed Assets and for the Sale of Goods. We have neither come across nor have we been informed of any major weaknesses in internal control procedures.

V. On the basis of representation received from the management, the transactions for purchase of goods and materials and sale of goods, materials and rendering services aggregating Rs.50,000 in respect of each party in pursuance of contract and arrangement entered in the register maintained under section 301 of the companies Act,1956 have been made with other parties and nature of services rendered.

VI. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public and hence compliance of the provisions of section 58A and 58 AA of the Companies Act, 1956 and the Rules framed there under are not applicable..

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

VIII. (a) In our opinion, the company is maintain reasonable records for the sale and disposable of the scraps .We are informed that the company gas no by-product.

(b) The Central Government has not prescribed the maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956. and therefore paragraph 4 (viii) of the Order is not applicable.

IX. (a) According to the information and explanations given to us, the company is making efforts to enroll with the P.F. authorities.

(b) There were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Custom Duty and Excise Duty outstanding for a period of more than six months from the date they became payable as at the date of this report.

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

XI. In our opinion, the Company is not a chit fund or a Nidhi / Mutual benefit fund / Society. Therefore, the provisions of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

XII. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

XIII. According to the information and explanations given to us, during the year the company has not given any guarantee for loans taken by others from banks or financial institutions and therefore the provisions of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

XIV. The company has not taken any term loan, So, comment on theses pares not required.

XV. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on short term basis which have been used for long term investments and vice versa.

XVI The company has not made any preferential allotment of shares during the year and therefore the provisions of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company..

XVII. The company has not issued any debentures during the year and the provisions of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

XVIII The company has not raised any money by way of public issues during the year and therefore '' the provisions of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

XIX. Based upon the audit procedures performed and as per the information and explanations given to us by the management, we report that no fraud on or by the company has been noticed during the year.

XX. In respect of trade items, there were no damaged goods.

For O.S.HARIHARAN & CO

Chartered Accountants

Sd/-

O.S.HARIHARAN

Proprietor

Place: Chennai

Date :01.09.2012

---

Mar 31, 2010

We have examined the attached Balance Sheet of M/s.Southern Latex Limited as at 31st March 2010 and the annexed Profit and Loss Account for the year ended on that and report that.

1. As required by the Manufacturing and other Companies (Auditors Report) Order 1988 issued by the Company Law Board in terms of Section 227 (4A) of Companies Act, 1956, we enclosed in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to the comments in the annexure referred to in paragraph 1 above

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

b) In our opinion, proper books of accounts as required by law have been kept by the company.

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

3. In our opinion and to the best of our information and according to the explanations furnished to us, the accounts read 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.

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

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

4. Based on information furnished and explanations made available to us none of the directors are disqualified as on 31.03.2010, from being appointed as Director in terms of clause (g) of Sub section (I) of section 274 of the Companies Act 1956.

*ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH OF OUR REPORT OF EVEN DATE.

1. The Company has maintained proper records showing full particulars including quantitative details and the situation of its fixed assets. The Fixed Assets were physically verified and is reasonable.

2. None of the fixed assets have been revalued during the year.

3. Physical verification has been conducted by the management at reasonable periods during the year in respect of raw materials, (except firewood) spares, stores and finished goods.

4. The Procedures of physical verification of stock followed by the management are reasonable in relation to the size of the company and the nature of its business.

5. The discrepancies noticed on Physical verification of stocks as compared to the books records were not material and have been properly dealt with in the books of accounts.

6. On the basis of our examination, we are satisfied that the valuation of stock is, fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year.

7. The company has not granted secured and unsecured loans to Companies listed in the register maintained under section 301 of the Companies Act, 1956. There are no companies under the same management as defined under Sub-Section (IB) of Section 370 of the Companies Act, 1956.

8. The company has given advances in the nature of loans to the employees which are interest free and are being recovered as stipulated except in the case of employees who have left the service of the company for which adequate provision has been made in the books

9. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for purchase of raw materials, including components, stores, plant and machinery, equipment and other assets and for the sale of goods.

10. The transactions for purchase of goods and materials and sale of goods, materials and rendering services aggregating Rs.50,000 in respect of each party in pursuance of contact and arrangement entered in the register maintained Under Section 301 of the Companies Act, 1956 have been made with other parties and the nature of service rendered.

11. Unserviceable and damaged stores, raw-materials and finished goods have been determined and provision for the loss has been made in the books.

12. The Company has no deposits and hence the provision of Section 58A of the Companies Act, 1956 and the rules framed there under are not applicable.

13. In our opinion, the Company is maintaining reasonable records for the sale and disposable of the scraps. We are informed that the Company has no by-product.

14. The Company has an internal Audit System commensurate with the size and the nature of its business.

15. The Central Government has not prescribed the maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956.

16. According to the information and explanations given to us, the company is making efforts to enroll with the P.F. authorities.

17. There were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Custom Duty and Excise Duty outstanding for a period of more than six months from the date they became payable as at the date of this report.

18. According to the information and explanations given to us, no personal expenses of employees or Directors have been changed to revenue accounts, other than those payable under contractual obligations or in accordance with generally accepted business practice.

19. The Company is a Sick Industrial Company within the meaning of Clause (0) of Sub-Section(l) of the Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985.

20. In respect of trade items, there were no damaged goods.

For O.S.Hariharan & Company

Chartered Accountants

O.S.Hariharan

Proprietor

Place : Gummidipoondi Date : 30.09.2010

---

Mar 31, 2009

We have examined the attached Balance Sheet of M/s.Southern Latex Limited as at 31st March 2009 and the annexed Profit and Loss Account for the year ended on that and report that.

1. As required by the Manufacturing and other Companies (Auditors Report) Order 1988 issued by the Company Law Board in terms of Section 227 (4A) of Companies Act, 1956, we enclosed in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to the comments in the annexure referred to in paragraph 1 above

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

b) In our opinion, proper books of accounts as required by law have been kept by the company.

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

3. In our opinion and to the best of our information and according to the explanations furnished to us, the accounts read 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.

i) In the case of Balance Sheet of the state of affairs of the company as at 31st March 2009 and

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

4. Based on information furnished and explanations made available to us none of the directors are disqualified as on 31.03.2009, from being appointed as Director in terms of clause (g) of Sub section (I) of section 274 of the Companies Act 1956.

ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE.

1. The Company has maintained proper records showing full particulars including quantitative details and the situation of its fixed assets. The Fixed Assets were physically verified and is reasonable.

2. None of the fixed assets have been revalued during the year.

3. Physical verification has been conducted by the management at reasonable periods during the year in respect of raw materials, (except firewood) spares, stores and finished goods.

4. The Procedures of physical verification of stock followed by the management are reasonable in relation to the size of the company and the nature of its business.

5. The discrepancies noticed on Physical verification of stocks as compared to the books records were not material and have been properly dealt with in the books of accounts.

6. On the basis of our examination, we are satisfied that the valuation of stock is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year.

7. The company has not granted secured and unsecured loans to Companies listed in the register maintained under section 301 of the Companies Act, 1956. There are no companies under the same management as defined under Sub-Section (IB) of Section 370 of the Companies Act, 1956.

8. The company has given advances in the nature of loans to the employees which are interest free and are being recovered as stipulated except in the case of employees who have left the service of the company for which adequate provision has been made in the books

9. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for purchase of raw materials, including components, stores, plant and machinery, equipment and other assets and for the sale of goods.

10. The transactions for purchase of goods and materials and sale of goods, materials and rendering services aggregating Rs.50,000 in respect of each party in pursuance of contact and arrangement entered in the register maintained Under Section 301 of the Companies Act, 1956 have been made with other parties and the nature of service rendered.

11. Unserviceable and damaged stores, raw-materials and finished goods have been determined and provision for the loss has been made in the books.

12. The Company has no deposits and hence the provision of Section 58A of the Companies Act, 1956 and the rules framed there under are not applicable.

13. In our opinion, the Company is maintaining reasonable records for the sale and disposable of the scraps. We are informed that the Company has no by-product.

14. The Company has an internal Audit System commensurate with the size and the nature of its business.

15. The Central Government has not prescribed the maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956.

16. According to the information and explanations given to us, the company is making efforts to enroll with the P.F. authorities.

17. There were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Custom Duty and Excise Duty outstanding for a period of more than six months from the date they became payable as at the date of this report.

18. According to the information and explanations given to us, no personal expenses of employees or Directors have been changed to revenue accounts, other than those payable under contractual obligations or in accordance with generally accepted business practice.

19. The Company is a Sick Industrial Company within the meaning of Clause (0) of Sub-Section(l) of the Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985.

20. In respect of trade items, there were no damaged goods.

For O.S.Hariharan & Company Chartered Accountants

O.S.Hariharan

Proprietor

Place : Gummidipoondi Date : 30.09.2009