Sun Granite Export Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2014

We have audited the attached Balance Sheet of Sun Granite Export Limited, as at 31st March, 2014 and also the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. We report as under:

A 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.

B. 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.

C. As required by the Companies (Auditor''s Report) order, 2003 issued by the Central Government of India in terms of sub-sec (4A) of sec 227 of the Companies Act. 2013, we enclose in the Annexure a statement the matters specified in paragraph 4 & 5 of the said order

D. Further to our comments as said above, we report that:

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

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

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

d) in our opinion, Balance Sheet, the Profit and Loss Account and Cash Flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 2013;

e) on the basis of written information''s received from the Directors, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 2013;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 2013, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of the balance sheet, of the state of affairs of the company as at 31st March 2014, and

i) In the case of the profit and loss account of the loss for the year ended on that date.

ANNEXURE TO THE AUDITOR''S REPORT (REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE)

a) Company has maintained proper records showing full particulars including quantitative details and situations of fixed assets.

b) The Company has a regular program of physical verification of fixed assets, which in our opinion is reasonable having regard to size of the Company and the nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion and according to the information and explanations, the company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2) a) As explained to us all stocks of finished goods, stores, spare parts and raw materials have been physically verified by the management at reasonable intervals during the year.

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

c) The company has maintained proper records of inventories. As explained to us the discrepancies between the physical stock and book stock were not material and dealt with properly in the books of account.

3) The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 2013, except unsecured loan from director''s taken for settlement of IFCI dues which was been repaid regularly with interest. As observed the director''s have taken loan from Axis bank and lent the same to the company for purpose of repayment to IFCI. The repayment along with interest payable to Axis bank/ India Bull Financial Services Limited was being made by the company on behalf of Director.

4) In our opinion and according to the information given to us there is adequate internal control procedure commensurate with the size of the company and the nature of its business, for purchase of stores, raw material components, plant and machinery, equipment and other similar assets and for the sale of goods.

5) The company has not accepted any deposits from the public.

6) The Company is not required to maintain cost records under section 209(1 )(d) of the Companies Act'' 2013.

a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education & Protection Fund, Employees State Insurance, Income Tax and Sales Tax applicable to it have not generally been regularly deposited with the appropriate authorities.

b) According to the information and explanations given to us the undisputed amounts payable as at 31st march'' 2014 for a period of more than six months from the date they became payable are given below.

Name of Status / Period to which Date of Nature of Dues Amount (in Rs.) amount related Payment

Investor Education and Protection Fund 10230.00 2002-03

8534.00 2003-04

Income Tax 241173.00 A.Y. 2004-05

386645.00 A.Y 2005-06

93045.00 A.Y. 2007-08

T D S 47556.00 2004-05

232421.00 2005-06

345357.80 2006-07

Luxury Tax 13916.00 2005-06

c) According to the information and explanations given to us the disputed amounts payable as at 31st march'' 2014 for a period of more than six months from the date they became payable are given below.

Name of the Forum where Period to which Amt.(Rs.) Amount Status Is dispute the pending amount relates paidonprotest

Income Tax Income Tax Tribunal 1995-96 7,44,945.00 201722.00

Entry Tax Commissioner of Sales Tax 2000-01 6,34,307.00 175000.00

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

8) In our opinion and according to the information and explanations given to us, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore clause 4 (xiii) of the Companies (Auditor''s Report) order 2003 is not applicable to the company.

9) The company is not dealing or trading in shares, securities, debentures and other investments.

a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education & Protection Fund, Employees State Insurance, Income Tax and Sales Tax applicable to it have not generally been regularly deposited with the appropriate authorities.

b) According to the information and explanations given to us the undisputed amounts payable as at 31st march'' 2014 for a period of more than six months from the date they became payable are given below.

Name of Status / Period to which Date of Nature of Dues Amount (in Rs.) amount related Payment

Investor Education and Protection Fund 10230.00 2002-03

8534.00 2003-04

Income Tax 241173.00 A.Y. 2004-05

386645.00 A Y 2005-06

93045.00 A.Y. 2007-08

T D S 47556.00 2004-05

232421.00 2005-06

345357.80 2006-07

Luxury Tax 13916.00 2005-06

c) According to the information and explanations given to us the disputed amounts payable as at 31st march'' 2014 for a period of more than six months from the date they became payable are given below.

Name of the Forum where Period to which Amt.(Rs.) Amount

Status Is dispute the pending amount relates paidonprotest

Income Tax Income Tax Tribunal 1995-96 7,44,945.00 201722.00

Entry Tax Commissioner of Sales Tax 2000-01 6,34,307.00 175000.00

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

8) In our opinion and according to the information and explanations given to us, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore clause 4 (xiii) of the Companies (Auditor''s Report) order 2003 is not applicable to the company.

9) The company is not dealing or trading in shares, securities, debentures and other investments.

For Samanatary & Co., Chartered Accountant

CA C.S. Samanatary (FCA) Chartered Accountant Mem. No.-051265

Place: Bhubaneshwar

Date : 14.08.2014

---

Mar 31, 2013

We have audited the attached Balance Sheet of Sun Granite Export Limited, as at 31st March 2013 and also the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. We report as under:

A. 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.

B. 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 flnancial 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.

C. As required by the Companies (Auditor''s Report) order, 2003 issued by the Central Government of India in terms of sub-sec (4A) of sec 227 of the Companies Act. 1956, we enclose in the Annexure a statement the matters specified in paragraph 4 & 5 of the said order

D. Further to our comments as said above, we report that:

a) we have obtained all the informal and explanations, which to the best of knowledge and belief were necessary for the purposes of our audit;

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

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

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

e) on the basis of written information''s received from the Directors, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31sl March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f) in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting orinciples generally accepted in India:

i) In the case of the balance sheet, of the state of affairs of the company as at 31st March 2013, and

i) In the case of the profit and toss account of the loss for the year ended on that date.

ANNEXURE TO THE AUDITOR''S REPORT (REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE)

1)

a) Company has maintained proper records showing full particulars including quantitative details and situations of fixed assets.

b) The Company has a regular program of physical verification of fixed assets, which in our opinion is reasonable having regard to size of the Company and the nature of its assets No material discrepancies were noticed on such physical verification.

c) In our opinion and according to the information and explanations, the company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2)

a) As explained to us all stocks of finished goods, stores, spare parts and raw materials have been physically verified by the management at reasonable in terra Is during the year.

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

c) The company has maintained proper records of inventories. As explained to us the discrepancies between the physical stock and book stock were not material and dealt with properly in the books of account.

3) The Company has not granted or taken any loans, secured or unsecured to i from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, except unsecured loan from director''s taken for settlement of IFCI dues which was been repaid regularly with interest. As observed the director''s have taken loan from Axis bank and lent the same to the company for purpose of repayment to IFCI. The repayment along with interest payable to Axis bank/ India Bull Financial Services Limited was being made by the company on behalf of Director

4) In our opinion and according to the information given to us there is adequate interna! control procedure commensurate with the size of the company and the nature of its business, for purchase of stores, raw material components, plant and machinery, equipment and other similar assets and for the sale of goods.

5) The company has not accepted any deposits from the pub tic.

6) The Company is not required to maintain cost records under section 209(1)(d) of the Companies Act'' 1956,

a) According to the records of the company, undisputed statutory dues Including Provident Fund. Investor Education & Protection Fund, Employees State Insurance, Income Tax and Sales Tax applicable to it have not generally been regularly deposited with the appropriate authorities.

b) According to the information and explanations given to us the undisputed amounts payable as at 31st march'' 2013 for a period of more than six months from the date they became payable are given below.

Name of Status / Period to which Date of Nature of Dues Amount (in Rs.) amount related Payment

Investor Education and Protection Fund 10230.00 2002-03 853400 2003-04

Income Tax 241173.00 A.Y. 2004-05 386645.00 A.Y. 2005-06 93045.00 A.Y. 2007-08

T D S 47556.00 2004-05 232421.00 2005-06 345357.80 2006-07

Luxury Tax 13916.00 2005-06

c) According to the information and explanations given to us the disputed amounts payable as at 31st march'' 2013 for a period of more than six months from the date they became payable are given below.

Name of the Forum where is Period to which Amt. (Rs.) Amount Status disputing the amount relates paidon pending protest

Income Tax Income Tax 1995-96 7,44,945.00 201722.00 Tribunal

Entry Tax Commissioner of 2000-01 6,34,307.00 175000.00 Sales Tax

7) The company has accumulated losses to the tune of Rs.7S0.46 fakhs at the end of the financial year and has incurred cash losses of Rs.302.81 lakhs during the financial year covered by our audit and also incurred cash losses in the immediately preceding financial year.

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

9) In our opinion and according to the information and explanations given to us, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore clause 4 (xiii) of the Companies (Auditor''s Report) order 2003 is not applicable to the company.

10) The company is rot dealing or trading fn shares, securities, debentures and other investments.

11) 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

12) In our opinion, the term loans have been applied for the purpose for which they were raised.

13) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment or vice versa.

14) According to the information and explanations given to us, the company has not made any preferential allotment of shares to companies, firms or other parties covered in the register maintained under section 301 of the companies Act 1956.

15) The company has not issued debentures during the year and hence requirement of reporting regarding creation of securities in respect of debentures issued does not arise.

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

17) It has observed that the company has defaulted in repayment of dues to the banker, The State Bank of India, Commercial Branch, Bhubaneswar as per details given bellow.

Banker- SBI, Commercial 8r Rs 14,00,000.00 Defaulted since 30th Jun'' 2005

The term loan installments due after 30 06 2005 are also under default Besides the working capital facilities provided by said banker are irregular.

18) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Samantaray & Co. Chartered Accountant Place: Bhubaneswar Date: 28.09.2013

CA C.S. Samantaray (FCA) Chartered Accountant Mem.No.-051265

---

Mar 31, 2012

We have audited the attached Balance Sheet of Sun Granite Export Limited, as at 31st March, 2012 and also the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. We report as under:

A. 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.

B. 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.

C. As required by the Companies (Auditor''s Report) order, 2003 issued by the Central Government of India in terms of sub-sec (4A) of sec 227 of the Companies Act. 1956, we enclose in the Annexure a statement the matters specified in paragraph 4 & 5 of the said order

D. Further to our comments as said above, we report that:

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

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

c) the Balance Sheet, the Profit and Loss Account and Cash Flow statement dealt with by this report are in agreement with the books of account.

d) In our Opinion Balance Sheet, the Profit and Account and Cash Flow statement dealt with by this report comply with accounting standards referred to in sub-section (3c) of section 211 of the Companies.

e) On the basis of written information received from the Director, and taken on record by the Board of Director, we report that none of the director is disqualified as on 31st March,2012 from being appointed as a director in terms of clause (g) of sub-section 274 of the Companies Act, 1956.

f) in our Opinion and to the best of our information and according to the explanations given to us, the said account give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with accounting principles general 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 case of the profit and loss account of the Year ended on that day.

ANNEXURE TO THE AUDITOR''S REPORT (REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE)

1.a) Company has maintained proper records showing full particulars including quantitative detail Is and situation s of fixed assets.

b) The Company has a regular program of physical verification of fixed assets, which in our opinion is reasonable having regard to size of the Company and the nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion and according to the information and explanations, the company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2.a) As explained to us all stocks of finished goods, stores, spare parts and raw materials have been physically verified by the management at reasonable intervals during the year.

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

c) The company has maintained proper records of inventories. As explained to us the discrepancies between the physical stock and book stock were not material and dealt with properly in the books of account.

3) The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, except unsecured loan from director''s taken for settlement of IFCI dues which was been repaid regularly with interest As observed the director''s have taken loan from Axis bank and lent the same to the company for purpose of repayment to IFCL The repayment along with interest payable to Axis bank/India Bull Financial Service Limited was being made by the company on behalf of Director.

4) In our opinion and according to the information given to us there is adequate internal control procedure commensurate with the size of the company and the nature of its business, for purchase of stores, raw material components, plant and machinery, equipment and other similar assets and for the sale of goods

5) The company has not accepted any deposits from the public.

6) The Company is not required to maintain cost records under section 209(1)(d) of the Companies Act'' 1956.

a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education & Protection Fund, Employees State Insurance, Income Tax and Sales Tax applicable to it have not generally been regularly deposited with the appropriate authorities.

b) According to the information and explanations given to us the undisputed amounts payable as at 31st march'' 2012 for a period of more than six months from the date they became payable are given below.

Name of Status/ Amount (in Rs.) Period to which Date of Nature of Dues amount related Payment

Investor Education 10230.00 2002-03 and Protection Fund 8534.00 2003-04

Income Tax 241173.00 A.Y. 2004-05 386645.00 A.Y. 2005-06 93045.00 A.Y. 2007-08

TDS 47556.00 2004-05 232421.00 2005-06 345357.80 2006-07

Luxury Tax 13916.00 2005-06

c) According to the information and explanations given to us the disputed amounts payable as at 31st march'' 2012 for a period of more than six months from the date They became payable are given below

Name of the Forum where Period to which Amt.(Rs.) Amount Status is dispute amount relates paid on the pending protest

Income Tax Income Tax 1995-96 7,44,945.00 201722.00 Tribunal

Entry Tax Commissioner of Sales Tax 2000-01 6,34,307.00 175000.00

8) The company has accumulated losses to The tune of Rs.582 17 lakhs at the end of the financial year and has incurred cash losses of Rs.268.44 lakhs during the financial year covered by our audit and also incurred cash losses in the immediately preceding financial year.

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

10) In our opinion and according to the information and explanations given to us, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore clause 4 (xiil) of the Companies (Auditor''s Report) order 2003 is rot applicable to the company.

11) The company is not dealing or trading in shares, securities, debentures and other investments

12) 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

13) In our opinion, the term loans have been applied for the purpose for which they were raised.

14) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment or vice versa,

15) According to the information and explanations given to us, the company has not made any preferential allotment of shares to companies, firms or other parties covered in the register maintained under section 301 of the companies Act. 1956,

16) The company has not issued debentures during the year and hence requirement of reporting regarding creation of securities in respect of debentures issued does not arise,

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

18) It has observed that the company has defaulted in repayment of dues to the banker, The State Bank of India, Commercial Branch, Bhubaneswar as per details given bellow:

Banker-SBI Commercial Br Rs 14,00.000,00 Defaulted since 30th Jun'' 2005

The term loan installments due after 30.06.2005 are also under default. Besides the working capital facilities provided by said banker are irregular

19) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.



For Samantaray & Co. Chartered Accountant

Place: Bhubaneswar Date : 29.09.2012

CA C.S. Samantaray (FCA) Chartered Accountant Mem.No.-051265