Tirth Plastic Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

Tirth Plastic Limited

Report on the Financial Statements

Opinion

We have audited the accompanying financial statements of Tirth Plastic Limited (“the company”], which comprise the Balance Sheet as at 31 March 2025, 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 notes to the financial statements, including a summary of material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, (“Ind AS”] and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of Financial Statement in accordance with the Standards on Auditing (SAs) 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 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 financial statements under the provisions of the Act and the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.

Emphasis of Matter

We would like to draw your attention that there is a legal proceeding initiated by the company for recovery of Loans and Advances of Rs. 5,00,000/- from M B Parikh & Co. and Rs. 25,01,500/- from M B Parikh Fin Stocks Ltd for which, legal proceedings are pending before Honorable Court. As informed to us by management that they are sure about its recovery. Our opinion is not modified in respect of this matter.

However, the company has already created provision in the books of Account for the said outstanding amount.

Further, we would like to draw your attention that there is amount recoverable from “Shrimm Construction Private Limited” for cancellation of agreement for purchase of property. As informed to us by the management that the said agreement is cancelled and the seller is in process of refunding the amount. The total amount recoverable as on 31-032025 is Rs. 1,19,61,088.18/-. Our conclusion is not modified in respect of this matter.

We would further like to draw your attention to Note No-5 of the financial statements, in which an amount of Rs. 128.58 Lakhs is shown as Inventory which is non-movable in nature. As informed to us by the management, the inventory is having the realizable value more than its cost price. Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements an Auditor''s Report Thereon

The Company’s Board of Directors is responsible for the preparation of 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 standalone financial statements and our auditor’s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained 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 Those Charged with Governance for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5] of the Act with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, statement of changes in equity and cash flows of the company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

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

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

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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

• Obtain an understanding of internal 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 the 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 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 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 financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

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

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

Report on other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit, we report, to the extent applicable, 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 of the aforesaid financial statements.

b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid financial statements have been kept 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, the statement of changes in equity and the statement of cash flows dealt with by this report are in agreement with the relevant books of account maintained for the purpose of preparation of the financial statements.

d) In our opinion, the aforesaid 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 of the Company, as on 31March 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2024 from being appointed as a director in terms of Section 164(2] of the Act.

f) With respect to adequacy of the internal financial controls over the financial reporting of the company with reference to these Financial Statements and the operating effectiveness of such controls, refer to our separate Report in “Annexure-B" to this report. 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 company has not paid any remuneration to the directors of the company during the year, and hence, the company has complied with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 ofthe Companies (Audit and Auditor’s] Rules, 2014, as amended, in our opinion and to the best of our information andaccording 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 derivatives contracts for which there were any material foreseeable losses.

iii. There has been no amount 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.

v. The company has not declared nor paid any dividend for the financial year 2024-25.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2025 which has a feature of recording audit trail (edit log] facility and the same has operated throughout the year for all relevant transactions recorded in the softwares.

Further, where audit trail (edit log] facility was enabled and operated, we did not come across any instance of audit trail feature being tampered with during the course of our audit. Additionally, where the audit trail (edit log] facility was enabled and operated in the previous year, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

2. As required by the Companies (Auditors’ Report] Order, 2020 (“the Order”] issued by

the Central Government of India in terms of Section 143(11] of the Act, we give in "Annexure-A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

For Shambhu Gupta & Co.

Chartered Accountants

FRN: 007234C

Sd/-_

CA Gorang Baheti

Partner

M.No: 426813

UDIN: 25426813BMIASM5294

Place: Mumbai

Date: 23/05/2025

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Mar 31, 2024

We have audited the accompanying financial statements of Tirth Plastic Limited (“the
company”], which comprise the Balance Sheet as at 31 March 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 notes to the financial
statements, including a summary of material accounting policies and other explanatory
information.

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid 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, (“Ind AS”] and
other accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2024 and its profit, total comprehensive income, changes in equity
and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of Financial Statement in accordance with the Standards on
Auditing (SAs) 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
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 financial
statements under the provisions of the Act and the Rules made there under, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the
ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for ouraudit opinion on the financial statements.

Emphasis of Matter

We would like to draw your attention to Note No-1 of the financial statements, showing
loans and advances of Rs. 30.02 Lakhs out of which Rs.5 lakhs were given to M B Parikh & Co.
and Rs.25.02 lakhs were given to M B Parikh Fin Stocks Ltd. Against these, legal proceedings
are pending before Honorable Court. As informed to us, the management is confident in
recovering the said amounts from the parties mentioned above. Our opinion is not modified
in respect of this matter. However, we have already created provision in the books of
Account for the said receivable amount.

We would also like to draw your attention to Note No-3 of the financial statements, in which
an amount is recoverable from Shrimm Construction Private Limited for cancellation of
agreement for purchase of property. As informed to us by the management, the said
agreement stands cancelled and the seller is in the process of refunding the full amount.
The total amount recoverable as on 31-03-2024 amounts to Rs.143.34 Lakhs. Our opinion
is not modified in respect of this matter.

We would further like to draw your attention to Note No-4 of the financial statements, in
which an amount of Rs. 128.58 Lakhs is shown as Inventory which is non-movable in nature.
As informed to us by the management, the inventory is having the realizable value more than
its cost price. Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements an Auditor''s Report Thereon

The Company’s Board of Directors is responsible for the preparation of 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 standalone financial statements and our auditor’s
report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained 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 Those Charged with Governance for the
Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5] of
the Act with respect to the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial performance including other
comprehensive income, statement of changes in equity and cash flows of the company in
accordance with the Ind AS and other accounting principles generally accepted in India.
This responsibility also includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 internal financial control, that
were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financialstatements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

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

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

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

• Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion.

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

• Obtain an understanding of internal 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 the 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 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 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 financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

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

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

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

Report on other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit, we report, to the extent
applicable, 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 of the
aforesaid financial statements.

b) In our opinion, proper books of account as required by law relating to preparation of
the aforesaid financial statements have been kept 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, the statement of changes in equity and the statement of cash flows dealt with
by this report are in agreement with the relevant books of account maintained for the
purpose of preparation of the financial statements.

d) In our opinion, the aforesaid 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 of the
Company, as on 31March 2024 taken on record by the Board of Directors, none of the
directors is disqualified as on 31 March 2024 from being appointed as a director in
terms of Section 164(2] of the Act.

f) With respect to adequacy of the internal financial controls over the financial reporting
of the company with reference to these Financial Statements and the operating
effectiveness of such controls, refer to our separate Report in “Annexure-B" to this
report. 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 company has not paid any remuneration to the directors of the
company during the year, and hence, the company has complied with the provisions
of section 197 of the Act.

h) With respect to the other matters to be included in the Auditors’ Report in accordance
with Rule 11 ofthe Companies (Audit and Auditor’s] Rules, 2014, as amended, in our
opinion and to the best of our information andaccording 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 derivatives contracts
for which there were any material foreseeable losses.

iii. There has been no amount 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.

v. The company has not declared any dividend for the financial year 2022-23.

vi. Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year ended
March 31, 2024 which has a feature of recording audit trail (edit log] facility and the
same has operated throughout the year for all relevant transactions recorded in the
softwares. Further, during the course of our audit we did not come across any instance
of the audit trail feature being tampered with.

As proviso to Rule 3(1] of the Companies (Accounts] Rules, 2014 is applicable from
April 1, 2023, reporting under Rule 11(g] of the Companies (Audit and Auditors]
Rules, 2014 on preservation of audit trail as per the statutory requirements for record
retention is not applicable for the financial year ended March 31, 2024.

2. As required by the Companies (Auditors’ Report] Order, 2020 (“the Order”] issued by

the Central Government of India in terms of Section 143(11] of the Act, we give in
"Annexure-A" a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

For Shambhu Gupta & Co.

Chartered Accountants

FRN: 007234C

sd/-

CA Gorang Baheti

Partner

M.No: 426813

UDIN: 24426813BKASJI8289

Place: Mumbai

Date: 08/05/2024

---

Mar 31, 2014

We have audited the accompanying financial statements of Tirth Plastic Limited which comprise the balance sheet as at 31 March 2014, the statement of profit and loss for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards notified under 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 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

* Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India Time Standards required 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies Used and 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 true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the balance sheet, of the state of affairs of the Company as at 31 March 2014;

(ii) (ii) In the case of the statement of profit and loss, of the profit for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, 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 those books;

c. The Balance Sheet and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards notified under 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; and

e. On the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure to the Auditors'' Report

Referred to in our Report of even date:

1. (a) The Records pertaining to the full particulars including quantitative details and situation of Fixed Assets is produced before us for verification.

(b) All the assets have been physically verified by the management during the year, there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) No fixed assets or Substantial part thereof have been disposed off during the year.

2. (a) As explained to us, the Inventories has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedure of physical verification of Inventories followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its Business.

(c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its Inventories. The discrepancies noticed on verification between the physical stocks and the book recur were not material.

3. The company has not granted or taken any loan to parties covered in the register maintained under section 301 of the Companies Act, 1956, thus this clause of the report is not applicable.

4. The Company has adequate internal control procedure commensurate with the size of the Company and nature of its business with regards to purchase of scrap items, and there is no such purchase of raw materials including components, plant and machinery, equipment and other assets, and for sale of goods. We have not come across any material weakness in internal control.

5. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contract or arrangements entered in the register maintained under section 301 of the Companies Act, 19S6 diet exceeding rupees five lakhs each have been made at prices, which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted / invited any deposits falling within the preview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion and according to the information and explanations given to us, the company has adequate internal audit system exist commensurate with the size and nature of its business.

8. As informed to us the Central Govt. has not prescribed the maintenance of cost records by the Company under Section 209 (1) (d) of the Companies Act, 1956.

9.

(a) On the basis of overall examinations of the balance sheet and on the basis of books of accounts produced before us and to the best of our judgments we are of the opinion that for this financial year there is no dues as regards undisputed amount payable to Provident Fund, Investor Education Protection Fund, Employees State insurance, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it, except Income Tax of Rs. 146373 for the finance year 2012-13 along with its interest is payable.

(b) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth tax, Excise duty, service tax, cess and Sales Tax on Account of any dispute.

10. In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has incurred cash loss during the financial year covered by our audit report and in the immediate previous year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial Institutions, Banks or debenture holders during the year.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

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

14. The company is not dealing or trading in shares, securities, debentures and other investments during the year hence no need to maintain records for the details given in the clause (xiv).

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

16. The Company has not taken any term loan during the year therefore the question of its application for the purpose for which they were raised does not arise.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that the no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working Capital.

18. The Company has not made any preferential allotment of shares during the year to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year and therefore the question of creating security in respect thereof does not arise.

20. The Company has not made any Public Issue during the year and therefore the question of disclosing the end use of money does not arise.

21. According to the information and explanations given to us, based upon the audit procedures performed and representations made by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our Audit.

FOR PRADIP B. GANDHI & CO CHARTERED ACCOUNTANTS

PRADIP B. GANDHI PARTNER M.No.102070 FRN: 118674W

Place: Ahmedabad

Date: 29-05-2014

---

Mar 31, 2013

* We have audited the accompanying financial statements of Tirth Plastic Limited {'the Company') which' comprise the balance sheet as at 31 March 2013, the statement of profit and loss for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

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

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

* An audit involves performing procedures to obtain audit evidence about the amounts disclosures in the financial statements. The procedures selected depend on the auditor's judgement including the assessment of the risks of material misstatement of the financial statements, whe due to fraud or error. In making those risk.assessments, the auditor considers internal co relevant to the Company's preparation and fair presentation of the financial statements in order design audit procedures that are appropriate in the circumstances. An audit also includes evaluation the appropriateness of accounting policies used and the reasonableness of the accounting estimate 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 for our audit opinion.

Opinion

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

(i) in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2013;

(ii) in the case of the statement of profit and loss, of the profit for the year ended on that date.

Report on Other Legal and Regulatory Requirements

* As required by the -Companies (Auditor's Report) Order, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, is attached herewith.

* 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 those books;

C. The Balance Sheet and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; and

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, none of the directors is disqualified as on 31 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.

Annexure to the Auditors Report

Referred to in our Report of even date:

1.

(a) The Records pertaining to the full particulars including quantitative details and situation of Assets is produced before us for verification.

(b) All the assets have been physically verified by the management during the year, there is a program of verification which, in our opinion, is reasonable having regard to the size of the Con and the nature of its assets. No material discrepancies were noticed on such verification,

(c) No fixed assets or Substantial part thereof have been disposed off during the year.

2.

(a) As explained to us, the Inventories has been physically verified during the year management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedure physical verification of Inventories followed by the management is reasonable and adequa relation to the size of the Company and the nature of its Business.

(c) In our opinion and according to the information and explanation given to us, the Company maintained proper records of its Inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. The company has not granted or taken any loan to parties covered in the register maintained under section 301 of the Companies Act, 1956, thus this clause of the report is not applicable

4. The Company has adequate internal control procedure commensurate with the size of Company and nature of its Business with regards to purchase of scrap items, and there i such purchase of raw materials including components, plant and machinery, equipment other assets, and for sale of goods. We have not come across any material weakness in int< control.

5.(a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956, have been so entered.

(b) In our opinion and according to the information and explanations given us, the transactions made in pursuance of contract or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding rupees five lakhs each have been made at prices, which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted / invited any deposits falling within the preview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion and according to the information and explanations given to us, the company has adequate internal audit system exist commensurate with the size and nature of its business.

8. As informed to us the Central Govt, has not prescribed the maintenance of cost record by the company under Section 209 (1) (d) of the Companies Act, 1956.

9.

(a) On the basis of overall examinations of the balance sheet and on the basis of books of accounts produced before us and to the best of our judgments we are of the opinion that for this financial year there is no dues as regards undisputed amount payable to Provident Fund, Investor Education Protection Fund, Employees State Insurance, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty, service tax, cess and Sales Tax on Account of any dispute.

10. In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash loss during the financial year covered by our audit report.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial Institutions, Banks or debenture holders during the year.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advance on the basis of security byway of pledge of shares, debentures and other securities.

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

14. The company is not dealing or trading in shares, securities debentures and other investments during the year hence no need to maintain records for the details given in the clause (xiv).

15. According to the information and explanations given to us, the Company has not given guarantee loans taken by others from Bank or financial institutions.

16. The Company has not taken any term loan during the year therefore the question of its appliccable the purpose for which they were raised does not arise.

17. According to the information and explanations given to us and on an overall examination of the Sheet of the Company, we report that the no funds raised on short-term basis have been used term investment. No long-term funds have been used to finance short-term assets except per working Capital.

18. The Company has not made any preferential allotment of shares during the year to part Companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year and therefore the question of t security in respect thereof does not arise.

20. The Company has not made any Public Issue during the year and therefore the question of disclosure end use of money does not arise.

21. According to the information and explanations given to us, based upon the audit procedures per and representations made by the management, we report that no fraud on or by the Company, noticed or reported during the course of our Audit.

For ,Pradip B. Gandf Chartered Accountant

CA Pradlp Bi M.No. FRN:11

Place : Ahmed a bad Date: 29/05/2013

---

Mar 31, 2011

1. We have audited she attached Balance Sheet of TIRTH PLASTIC LIMITED, as at 31st March, 2011 and the Profit and loss Account and the also Cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management, Or responsibility is to express son 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 enquire that we plan and perform the audit to obtain reasonable assurance about whether the financial statements am 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 uses" 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,

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

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

(c) The Balance Sheet dealt with by this report are In agreement with the hooks of accounts; In our opinion, the Balance Sheet of the company comply with the Accounting Standards as referred in Sub-Section (3C) of Section 211 of the Companies Act, 1955, to the extent applicable.

(e) Based on the representations made by the electors as on 31st March, 2011. and taken on record by the Board of Directors of the Company and the information and explanation give to us, none of the Directors is as at 31st March 2011. prima-fascia disqualified from being appointed as a director in terms if clause (g! of sub-section (1) of section 274 of the companies Aet,1956.

(f) In our opinion and to the best our information and according to explanations given to us. the said accounts, read together with Significant Accounting Policies and Notes forming pan of Accounts, give the information required by the Companies Act, 1956 In the manner so required, and give a true and fair view in. conformity with the accounting principles generally accepted in India,

(i) In case of Balance Sheet, of the stale of the affairs of the company 35 at 31st March 2011,

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

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

ANNEXURES TO THE AUDITORS' REPORT Referred to In our Report of even date;

1.(a) The Records pertaining to the full particulars including quantitative details and situation of fixed assets is not produced before m for verification, thus we cannot comment upon the maintenance of records,

(ii) As per information and explanations given to us ail the assess have been physically verified by the management during the year, there is a regular programme of verification which, In our opinion, is reasonable having, regard to since of the Company and the nature of its assets. No material discrepancies were noticed on such verification,

(c) No disposal of fixed assets of the company has taken place during the year,

2.(a) As explained to us, the Inventories has been physically verified during the year by She management. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanation giver) to us, tire procedure of physical verification of Inventories followed Fay the management Is reasonable and adequate in relation to the since of the Company and the nature of its Business,

c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its Inventories. The discrepancies noticed on verification between to physical stocks and they took records were not material!.

3, a) The company had taken Ian from two other parties covered in the register maintained under section 301 of tile Companies Act, 1956, The maximum amount involved during the year i. Rs,12500C0 and the year end balance was Rs.13,20,000/-, The company has not granted any loans to the parties covered m the register maintained under section 301 of the Companies Act 1SS6

b) The said loans are interest fee,

c) The company is regular in repayment of loans.

d) There is no overdue amount of such loan taken

A, The Company has adequate internal control procedure commensurate with the Company and nature of its Business with regard to purchase of stores, and there no such purchase of raw materials including components, plant and machinery, equipment and other assets, and for sale of goods, We have not come across any major weakness in internal control.

5.(a) In our opinion and according in the information and explanations given to us, the transactions that need a be entered into a register in pursuance of section 301 of the Companies Act, 1956,, have been se entered.

(b) in our opinion and according to the information and explanations given to us, the transactions made in pursuance of contract or arrangements entered in the register maintained under section 3G1 of the Companies Act, 19S5 and exceeding rupees five lakhs each have beer, made at prices, which are reasonable having regard to prevailing market prices at the relevant time.

6, to our opinion and according to the information and explanations given to us, the Company has not accepted / invited any deposits failing within the preview of Section 58A / 58M of the Companies Act, 1356 during the financial year,

7, In our opinion, the company has no internal audit system exist commensurate with the size and nature of its business,

8, As informed to us the Central Govt, has not prescribed the maintenance of cost records by the Company under Section 209 {1) (d) of the Companies Act, 1956, 9,

(a) On the basis of overall examinations of the balance sheet and on the basis of books of accounts produced before us and to the best of oar Judgment we are of the opinion that for this financial year there is no dues as regards to Provident Fund, Investor Education Protection fund, Employees State Insurance, Sales Tax, Wealth Tax, Custom Duty, Cess and other material! statutory dues applicable to it. Except the cases mentioned below,:

NO PARTICULAR A.Y. AMOUNTS

1. INCOME TAX 2010-11 143256

b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty write in arrears, as of 31st Match, 2011 for a period of more than six months from the date they became payable, except as mentioned above.

(c}According to the information time explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and sales of any dispute.

10. in our opinion, the accumulated losses of the company are not more than fifty per cent of its net worth. The company has not incurred cash less during the financial year covered by our audit report.

11. The Company is in the default in repayment of dues to General Co. Op. Sank, ft's account with the said bank was NPA. However it is noteworthy that the company has settled its dues in April 2011.

12. In an opinion and according to the informs on and given to us,, the Company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company Is not chit fund or a alpha Mutual benefit fund Society, Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor's Report Order, 2003 are not applicable to the Company,

14. As there was not investment made during the period covered by the report Clause 24{xiv) of the Companies (Auditor's Report) Order, 2003 not applicable to company.

15. According to the information and emanations given to us, the Company has not given guarantees for loans taken by others from flank or financial Institutions.

16. The Company has not taken any term loan during the year therefore the question of its application for the purpose for which they were raised does not arise,

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that the no funds raised on short - term basis have been used for long- term investment, No long-term funds have been used to finance short-term assets except permanent working Capital.

18. The Company has not made any preferential allotment of shays during the year to parties and to covered in the register maintained under Section 301 of the Companies Act, 1956,

19. The Company has not issued any debentures during the year six therefore the question of creating security in respect thereof deeps no arise.

20, The Company has not made any Public issue during the year and therefore the question of disclosing the end use of money does not arise.

21, According to the information and explanations given to us, based upon the audit procedures performed and representations made by the management we report that no fraud on or by the Company has been noticed or reported during the of our Audit,

For Pradip B. Gandhi & Co,

Chartered Accounts Partner

Pradtp B. Gandhi

M.No.102070

FRN:118674W

Place: Ahemedabad

Date: 01/09/2011

---

Mar 31, 2010

1. We have audited the attached Balance TIRTH PLASTIC LIMITED, as at 31st March 2010 and the Profit and Loss Account and the also Cash flow statement 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 examine, on a test basis, evidence supporting the amounts and discloser in the financial statements. An audit also included 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 provided a reasonable basis for our opinion.

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

b, In our opinion, proper books of accounts as required by law have been kept by the company so far as appears from our examination of the books of accounts,

c The Balance Sheet dealt with by this report are in agreement with the books of accounts;

d in our opinion, the Balance Sheet of the company comply with the Accounting Standards* referred in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable except Accounting Standard 28.

e.As per information and explanations given to us. two directors (Varis Doshi and Gunjan Doshi) of the company are disqualified from being appointment as a director as on 31/03/2010 under clause (G) of Sub Section 274 of the companies Act, 1956:

f) In our opinions and to the of our information and according to explanations given to us, the said accounts, read together with Significant Accounting Policies and Notes forming part of accounts. Give the information required, and give a true and fair view in conformity with the accounting principles generally accepted in India,

(i) in case of Balance Sheet, of the state of the affairs of the company as at 31st March 2010.

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

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

ANNEXURE TO THE AUDITORS' REPORT

Referred to in our Report of even date:

1 (a)The Records pertaining to the full particulars including quantitative details and situation of fixed assets is not produced before us for verification, thus we can not comment upon the maintenance of records.

(b)As per information and explanations given to us all the assets have been physically verified by the management during the year, there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) No disposal of fixed assets of the Company has taken place during the year.

2 (a) As explained to us, the Inventories has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us the procedure of physical verification of Inventories followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its Business.

(c) In our opinion and according to the information and explanation given to us the Company has maintained proper records of its Inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material.

The company has not produced before us the register to be maintained under section 301 of the Companies Act, 1956. Thus the reporting pertaining to this clause cannot be given. However on the overall examinations of the Balance sheet and on the basis of the information and explanations given to us there is outstanding of 87589/- of loan taken accounts and no outstanding balance of loan given account to which this clause apply. However there is no transaction during the year in these accounts.

On the examination of the books of accounts it is found that there is no interest charged or given on the above said accounts. Other terms as to these transactions cannot be verified due to non availability of information.

2.The Company has adequate internal control procedure commensurate with the size of the Company and nature of its Business with regard to purchase of stores, and there is no such purchase of raw materials including components, plant and machinery, equipment and other assets, and for sale of goods. We have not come across any major weakness in internal control.

5 (a) The company has not produced before us the register to be maintained ~ * under section 301 of the Companies Act, 1956.

(b) However on the overall examinations of the Balance sheet and on the basis of the information and explanations given to us the transactions made in pursuance of contract or arrangements there is no transaction made during the year by the company for which this clause apply.

5 In our opinion and according to the information and explanations given to us, the Company has not accepted / invited any deposits falling within the preview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

- In our opinion. the company has no internal! audit system exist commensurate with the size and nature of its business. 5 As informed to us the Central Govt, has not prescribed the maintenance of cost records by the Company under Section 209 (1) (d) of the Companies Act, 1956.

5 (a) On the basis of overall examinations of the balance sheet and on the basis of books of accounts produced before us and to the best of our judgment we are of the opinion that for this financial year there is no dues as regards to Provident Fund, Investor Education Protection Fund Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it. However please note that company has not produced before us relevant records for the same for verification.

(b) As the company has not produced before us relevant records for verifications of the its past dues for Income Tax, Customs duty, Wealth Tax, Excise duty and Cess Sales Tax which have not deposited on Account of any dispute we cannot comment on this clause of the report.

10. in our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash loss during the financial year covered by our audit report. During the last financial year the cash loss was for Rs. 3721.55/-

11.The Company is in the default in repayment of dues to General Co. Op. Bank. It's account with the said bank is NPA and the company has not repaid anything during the year

11. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

12.In our opinion the Company is not chit fund or a nidhi I Mutual benefit fund / Society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company

14 On the analysis of the Balance Sheet it is found that that company had invested in Shares and securities however no records for the said been produced before us thus . we cannot comments on the details as required by clause clause 4(xiv) of the Companies (Auditor's Report) Order, 2003

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

16. The Company has not taken any term loan during the year therefore the question of its application for the purpose for which they were raised does not arise.

17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that the no funds raised on short - term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working Capital.

18 The Company has not made any preferential allotment of shares during the year to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year and therefore the question of creating security in respect thereof does not arise.

20. The Company has not made any Public Issue during the year and therefore the question of disclosing the end use of money does not arise.

21 According to the information and explanations given to us, based upon the audit procedures performed and representations made by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our Audit.



for ,Pradip B. Gandhi & Co.

Chartered Accountants

Place : Ahmedabad partner

Date : 05/09/2010 Pradin B Gandhi M.No.102070

FRN-.118674W