ఆడిటర్ నివేదిక Modern Threads (India) Ltd.

Mar 31, 2025

MODERN THREADS INDIA LIMITED Report on the Audit of the Financial Statements Qualified Opinion

We have audited the financial statements of MODERN THREADS INDIA LIMITED ("the Company"), which comprise the Balance Sheet as at 31 st 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 then ended, 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, except for the effect/possible effects of the matter described in the Basis for Qualified Opinion section of our report, 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 ("Ind AS") prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2025, and its profit (including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

(i) The company has not provided for Interest (Dividend) on cumulative redeemable preference shares amounting to Rs. 36.13 Lakhs for the year (Rs. 1047.74 Lakhs upto 31.03.2025) as the company is in process of settlement of remaining redeemable preference share capital. (Note No.16.2b)

(ii) Balances of trade payables and trade receivables are subject to confirmation

and consequential adjustments, if any. (Note No. 15.1 and 8.1)

Our audit opinion for the year ended 31st March, 2024 was also modified in respect of the above matters.

Had the impact of above qualificationin Para (i), without considering Para (ii) for which impact could not be determined, been considered, the total comprehensive income for the year would have been Rs. 321.80 Lakhs as against reported total comprehensive income of Rs. 357.93Lakhs and other equity would have beenRs.8746.81Lakhs as against the reported figure of Rs. 9794.55 Lakhs and Other Current financial liabilities would have been Rs. 3561.78 lakhs as against reported figure of Rs. 2514.04 Lakhs.

We conducted our audit 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 the financial statements under the provisions of the Act and the Rules madethereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Key Audit Matters

Key audit matters (''KAM'') are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	How the Key Audit Matter was addressed in our audit
1. Accounting and Valuation of Derivative	Our audit procedures in respect of this area included but was not limited to the following procedures:
Financial Instruments (Futures & Options)	1. Understanding the internal controls:
The Company actively trades in derivative	-Evaluated the design and implementation of controls over trading, recording, valuation, and disclosure of
financial instruments including equity,	derivative instruments.
currency, and commodity futures and	-Tested key controls related to the approval and recording of trades.
options. These instruments are measured at	2. Testing completeness and accuracy:
fair value through profit or loss (FVTPL) as	-Verified derivative contracts on a sample basis with trade confirmations and broker statements.
per Ind AS 109. The accounting and	-Obtained period-end open position reports and reconciled them with books of accounts.
valuation of these instruments involves:	3. Fair value verification:
• Significant volume and complexity of	-Checked fair value calculations using exchange published settlement prices as on the balance sheet date.
transactions.	-For options, verified the valuation methodology where applicable.
• Use of judgment in determining fair value,	However, no future and option contract were outstanding on balance sheet date.
especially for options and illiquid	4. Margin and settlement testing:
contracts.	-Verified initial margin and mark-to-market margin balances with broker ledger statements.
• Compliance with exchange margining	-Reviewed margin call compliance and daily MTM settlements.
requirements and regulatory provisions.	5. Analytical procedures and reasonableness checks:
• Disclosure of notional values, fair values,	-Performed analytical review of derivative trading profits/losses, comparing with historical data and market
and mark-to-market gains/losses.	trends.
Given the materiality of these instruments	6. Disclosure review:
and complexity involved in valuation and	-Examined disclosures in financial statements to ensure they comply with Ind AS 107, Ind AS 109 and
recognition, this area required significant	Schedule III.
auditor attention and was therefore	Based on the above procedures, we found that the accounting and valuation of derivative financial instruments,
considered a Key Audit Matter.	including disclosures, were appropriate and consistent with the applicable financial reporting framework.

Information Other than the Financial Statements and Auditor’s report thereon ("Other Information")

The Company''s Board of Directors are responsible for theother information. The other information comprises the information included in the Company''s annual report, but does not include the financial statements and our auditors'' report thereon. The annual report is expected to be made available to us after the date of this auditor''s report.

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 informationwhen it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged

with governance, and take necessary actions, as applicable under the relevant laws and regulations.

Responsibilities of Management and Those Charged with Governance for the 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 of these financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that

were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

Auditor’s Responsibilities for the Audit of the Financial Statements

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

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

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

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by 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 financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

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

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of 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.

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

a. We have sought and except for the effects of the matters described in the basis for qualified opinion paragraph, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b. In our opinion, proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books, except for the effects of the matters described in the basis for qualified opinion paragraph above.

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 books of account.

d. Except for the effects of the matters described in the basis for qualified opinion paragraph above, In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

e. On the basis of the written representations received from the directors as on 31st March 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2025from being appointed as a director in terms of Section 164(2) of the Act.

f. The qualification relating to the maintenance of account and other matters connected therewith are as stated in the ''Basis for Qualified Opinion'' paragraph.

g. With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses a modified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls with reference to financial statements.

h. 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 according to the information and explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section 197 of the Act.

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

i. The Company has disclosed the impact of pending litigations as at 31st March 2025 on its financial position in its financial statements -Refer Note 31 to the financial statements;

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

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company during the year ended on 31st March, 2025. (Refer Note 16.1)

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(s) or entity(ies), 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(s) or entity(ies), 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 subclause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The company has not declared or paid any dividend during the FY 2024-25. Hence, the provisions of section 123 of Companies Act, 2013 does not apply.

vi. Based on our examination which included test checks, the company has used an 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

softwareexcept that audit trail feature was not enabled at database level of accounting software to log any direct changes. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with in respect of Accounting Software.

For S.S. Surana & Co.

Chartered Accountants Firm Registration No. 001079C

Prahalad Gupta

(Partner)

Place: Bhilwara Membership No. 074458

Date: 30/05/2025 UDIN : 25074458BMNZJX2753

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Mar 31, 2024

TO THE MEMBERS OF MODERN THREADS INDIA LIMITED Report on the Audit of the Financial Statements Qualified Opinion

We have audited the financial statements of MODERN THREADS (INDIA) LIMITED ("the Company”), which comprise the Balance Sheet as at 31^st March 2024, and the Statement of Profit and Loss (including other comprehensive income), Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as “the financial statements”)

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the aforesaid financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a hue and fair new in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (‘Tnd-AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31^st March 2024, and its profit (including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

(i) The company has not provided for Interest (Dividend) on cumulative redeemable preference shares amounting to Rs. 36.13 Lakhs for the year (Rs. 1011.61 Lakhs upto 31.03.2024) as the company is in process of settlement of remaining redeemable preference share capital. (Note No. 17.2b)

(ii) Balances of hade payables and hade receivables are subject to confirmation and consequential adjustments, if any. (Note No. 16.1 and 9.1)

Our audit opinion for the year ended 31^st March, 2023 was also modified in respect of the above matters.

Had die impact of above qualification in Para (i), without considering Para (ii) for which impact could not be detennined, been considered, the total comprehensive income for the year would have been Rs. 2542.76 Lakhs as against reported total comprehensive income of Rs. 2578.89 Lakhs and other equity would have been Rs. 8425.01 Lakhs as against the reported figure of Rs. 9436.62 Lakhs and Other Cuirent financial liabilities would have been Rs 3478 70 lakhs as against reported figure of Rs 2467 09 Lakhs.

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

Key Audit Matters

Key audit matters (‘KAMj are those matters tiiat, in our professional judgment, were of most significance in our audit of the financial statements

of the cuirent period. These matters were addressed in the context of our audit of the financial statements as a whole, and in fonrnng our opinion thereon, and w''e do not provide a separate opinion on these matters. Except for Hie matters described in the Basis for Qualified Opinion section, we have detennined that there are no key audit matters to be communicated in our report.

Information Other than the Financial Statements and Auditor’s report thereon

The Company’s Management and Board of Directors are responsible for the other information. The other infonnation comprises the infonnation included in the Company’s annual report, but does not include the financial statements and our auditors’ report thereon. The annual report is expected to be made available to us after the date of this auditor’s report.

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

In connection with our audit of the financial statements, our responsibility is to read the other infonnation identified above when it becomes available and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the other infonnation identified above, if we conclude that there is a material misstatement therein, w''e are required to communicate the matter to those charged with governance, and take necessary actions, as applicable under the relevant laws and regulations.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Company’s Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (hid AS) specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a hue 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 are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or eiror, and to issue an auditor’s report tiiat includes our opinion Reasonable assurance is a high level of assurance, but is not a guarantee tiiat 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 matenal 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 eiror, 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, foigery, intentional omissions, misrepresentations, or the override of internal control.

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

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by 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 requiredto draw attention in our auditor’s reportto the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern

• Evaluate the overall presentation, structure and content of the financial statements, including the disc losures, and whetherfile financial statements represent the underlying transactions and events in a maimer 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 Financial Statements.

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

We also provide those chaiged 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government of India in tenns 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.

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

a. We have sought and except for the possible effects of the matters described in the basis for qualified opinion paragraph, obtained all the infoimation and explanations which to the best of our knowledge and belief were necessary for the puiposes of our audit.

b. Except for the possible effects of the matters described in the basis for qualified opinion paragraph above, in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books

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

d. Except for the effects ofthe matters described in the basis for qualified opinion paragraph above, In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

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

f. The qualification relating to the maintenance of account and other matters connected there with are as stated m the ‘Basis for Qualified Opinion’ paragraph.

g. With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operatmg effectiveness of such controls, refer to our separate Report in “Annexure B”. Our report expresses a modified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to financial statements.

h. Withiespect to the otliermatteiv to be included in the Auditors’Report in accordance with the requirements of section 197(16) of the Act, as amended:

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

i. Withiespect to the othermatters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, m our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the unpact of pending litigations as at 31^st March 2024 on its financial position in its financial statements - Refer Note 30 to the financial statements;

ii. The Company did not have any long teim contracts including derivative, contracts for which there were any material foreseeable losses;

ill. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company during the year ended on 31st March, 2024. (Refer Note 17.1)

iv. (a) The Management has represented that, to the best of its knowledge and behef, no fluids (which are matenal 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 land of funds) by the Company to or in any other person or entity, including foreign entity (“Intemiedianes”), with the understanding, whether recorded

ill writing or otherwise, that the Intermediary shall, whether, directly ormdirectly 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 manna'' 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 thecireumstances, 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 or paid any dividend during the FY 2023-24. Hence, the provisions of section 123 of Companies Act, 2013 does not apply.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect fiom April 1, 2023.

Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account for the financial year ended March 31, 2024 whichhas a feature of recording audit trail (edit log) facility and die same has operated tiiroughout the year for all relevant transactions recorded in the software except that audit trail feature was not enabled at database level of accounting software to log any direct changes. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with in respect of Accounting Software.

For S.S. Surana & Co.

CharteredAccountants Firm Registration No 001079C Prahalad Gupta (Partner)

Place: Bhihvara Membership No. 074458

Date: 30.05/2024 UDJN: 240744S8BKHFW1027

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Mar 31, 2023

MODERN THREADS INDIA LIMITED
Report on the Audit of the Financial Statements
Qualified Opinion

We lia ve audited the financial statements of MODERN THREADS INDIA
LIMITED (“the Company”), "inch comprise the Balance Sheet as at
31st March, 2023, and the Statement of Profit and Loss (including other
comprehensive income), Statement of Changes in Equity and the Statement
of Cash Flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as “the financial statements”).

In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter described in
the Basis for Qualified Opinion section of our report, the aforesaid financial
statements give the infonnation required by the Companies Act, 2013 (“the
Act”) in the manner so required and give a hue and fair view in confonnity
with the Indian Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards) Rules, 2015,
as amended, (“Ind-AS”) and other accounting principles generally accepted
in India, of the state of affairs of the Company as at 31st March 2023, and
its profit (including other comprehensive income), changes in equity and
its cash flows for the year ended on that date.

Basis for Qualified Opinion

(i) The company has not provided for Interest (Dividend) on cumulative
redeemable preference shares amounting to Rs. 36.13 Lakhs for the
year (Rs. 975.48 Lakhs upto 31.03.2023) as the company is in process
of settlement of remaining redeemable preference share capitaL (Note
No. 17.2b)

(n) Balances of trade payables and trade receivables are subject to
confirmation and consequential adjustments, if any. (Note No. 16.1
and 9.1)

Had die impact of above qualification in Para (i), without considering Para

(ii) for which impact could not be determined, been considered, the total
comprehensive income for the year would have been Rs. 21392 .07 Lakhs
as against reported total comprehensive income of Rs. 21428.20 Lakhs
and other equity would have been Rs. 5882.25 Lakhs as against the reported
figure of Rs. 6857.73 Lakhs and Other Cuirent financial liabilities would
have been Rs. 3391.97 lakhs as against reported figure of Rs. 2416.49
Lakhs.

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

Key Audit Matters

Key audit matters (''KAM'') are those matters that, in our professional
judgment, were of most significance in our audit of the financial statements
of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in fanning our opinion
thereon, and we do not provide a separate opinion on these matters. Except
for the matters described in the Basis for Qualified Opinion section, we
have determined that there are no key audit matters to be communicated in
our report

Other Matter

The comparative financial statements of the company for the year ended
31st March 2022, were audited by predecessor auditor who expressed an
modified opinion on those financial statements which are continued. The
predecessor auditor reported material uncertainty related to going concern
due to negative net worth of the company, however, opinion was not
modified in respect of this matter. The net worth of the company has become
positive for the year ended on 31st March, 2023, therefore, material
uncertainty related to going concern has not been reported.

Information Other than the Standalone Financial Statements and
Auditor’s report thereon

The Company’s Management and Board of Directors are responsible for
the other information. The other infonnation comprises the infonnation
included in the Company’s annual report, but does not include the financial
statements and our auditors’ report thereon. The annual report is expected
to be made available to us after the date of this auditors’ report.

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

In connection with our audit of the financial statements, our responsibility
is to read the other infonnation and, in doing so, consider whether the other
infonnation is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially
misstated

When we read the annual report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those
charged with governance and take necessary actions, as applicable under
the relevant laws and regulations.

Responsibilities of Management and Those Charged with Governance
for the Financial Statements

The Company’s Management and Board of Directors are responsible for
the matters stated in Section 134(5) of the Act with respect to the
preparation of these financial statements that give a hue and fair view of
the financial position, financial performance (including other
comprehensive income), changes in equity and cash flows of the Company
in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified under
Section 133 of the Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the financial statements 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
are responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

Those 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 from material misstatement, whether due to

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

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 control relevant to the audit in
order to design audit procedures that are appropriate m the
circumstances. Under Section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the company has
adequate internal financial controls system in place and the operating
effectiveness 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 uncertamty exists related to events or
conditions that may cast significant doubt on the Company’s ability"
to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditors’
report. However, future events or conditions may cause the Company
to cease to continue as a going concern

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

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

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

From the matters communicated with those cliaiged with governance, we
deteimine those matteis that were of most significance in the audit of the

financial statements of the cuirent period and are therefore the key audit
matters. We describe these matters in our auditors’ report unless law or
regulation precludes public disclosure aboutthe matter or when, in extremely
rare circumstances, we determine that a matter shouldnot be communicated
in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the
Order”) issuedby 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.

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

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

b. Except for the effects of the matters described in the basis
for qualified opinion paragraph above, in our opinion, proper
books of account as required by law have been kept by the
Company so far as it appears from our examination of those
books.

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

d. Except for the effects of the matters described in the basis
for qualified opmion paragraph above, in our opinion, the
aforesaid financial statements comply with the Ind AS
specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.

e. On the basis of the written representations received from
the directors as on 31st March 2023 taken on record by the
Board of Directors, none of the directors is disqualified as
on 31st March 2023 from being appointed as a director in
teims of Section 164(2) of the Act.

f The qualification relating to the maintenance of account and

other matters connected there with are as stated in the ‘Basis
for Qualified Opinion’ paragraph

g. Withrespectto the adequacy of the internal financial controls

with reference to financial statements of the Company and
the operating effectiveness of such controls, refer to our
separate Report in “Annexure B”. Our report expresses a
modified opinion on the adequacy and operating
effectiveness of the Company’s internal financial controls
with reference to financial statements.
li_ With respect to the matter to be included in the Auditors’
Report in accordance with the requirements of section
197(16) of the Act, as amended

In our opmion and according to the information and
explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance
with the provisions of Section 197 of the Act.
i_ With respect to the other matters to be included in the
Auditors’ Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the
explanations given to us:

i. The Company has disclosed the impact of pending
litigations as at 31stMarch 2023 on its financial

position in its financial statements - Refer Note 32
to the financial statements;

ii. The Company did not have any long teim contracts
including derivative, contracts for which there were
any material foreseeable losses;

iii. There has been no delay m transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the company during the year
ended on 31st March, 2023. (Refer Notel7.1)

iv. (a) The Management has represented that, to the

best of its knowledge and belief, no hinds
(which are material either individually or in
the aggregate) have been advanced or loaned
or invested (either from boirowed fluids or
share premium or any other sources or kind
of hinds) by the Company to or in any other
person or entity, including foreign entity
(“Intennedianes”), with the understanding,
whether recorded in wilting or otherwise, that
the hitennediary 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 hinds
(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”),
Midi die understanding, whether recorded m
writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest
in other persons or entities identified in any
maimer whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or
provide any guarantee, security or die like
on behalf of the Ultimate Beneficiaries;

(c) Based on the auditproceduresthatliave been
consideredreasonable and appropriate in the
circumstances, nothing has come to our
notice tiiat 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 or paid any dividend
during the FY 2022-23. Hence, the provisions of
section 123 of Companies Act, 2013 does not apply.

For S.S. Surana & Co.

Chartered Accountants
(FRN. 001079Q

Prahalad Gupta

(Partner)

Place: Bhilwara Membership No . 074458

Date: 29/05/2023 UDIN: 23074458BGWVNX4606

---

Mar 31, 2015

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

Management's Responsibility for the Financial Statements

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

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

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

(i) Dividend on cumulative redeemable preference shares amounting to f 140.38 lacs for the year (Rs. 2667.13 lacs up to 31.03.2015) has not been provided in view of accumulated losses. (Note No. 1.5)

(ii) Provision of interest on certain unsecured loans/ deposits amounting to X 36.48 lacs for the year (Rs. 801.4 Lacs up to 31.03.2015) has not been made as company expects waiver/relief (Note No. 4.2 & 21.1)

(in) Provision of change in foreign exchange rate on trade payable (under litigation) prevailing at the time of transaction took place and as on the Balance sheet date amounting to Rs. (139.02) lacs for the year and X 236.44 lacs up to 31.03.2015 have not been recoghized as an expense (Note No. 6.3)

(iv) Balances of trade payables pertaining to Thread Division of the company which is lying closed due to seizure of entire plant and office block by Ajmer Vidyut Vitaran Nigam Limited, are subject to confirmation and consequential adjustments; if any. (Note No. 6.2)

(v) Impairment loss on fixed Assets and impact of depletion in inventories of Thread Division if any, not ascertained due to seizure of entire plant and office block by Ajmer Vidyut Vitaran M'gam Limited. (Note No. 8.5 & ll)

(vi) The accounts of the company have been prepared on going concern basis though the Board of Industrial and Financial Reconstruction (BIFR) has declared the company as a SICK Company. (Note No. 27)

We further report that without considering items mentioned at para (iv), (v) & (vi) above, the effect of which could not be determined, had the observations made by us in para (i), (ii) & (iii) above been considered, the profit for the year would have been Rs. 850.34 lacs (as against the reported figures of X 747.80 lacs), reserves & surplus would have been X (25152.61 lacs) (as against the reported figures of Rs. (21447.64 lacs), trade payables would have been X 1852.67 lacs (as against reported figures X 1616.23 lacs) and other current liabilities would have been X 6944.28 lacs (as against reported figures of Rs. 3475;75 lacs).

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India,

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

(b) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

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

(d) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, in our opinion, the aforesaid fmanciat statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014,

(e) The matter described in the Basis for Qualified Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the company.

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

(g) The qualification and other matters connected there with are stated in the Basis for Qualified Opinion paragraph above.

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

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

ii The Company does not have any long term contracts including derivative, contracts for which there were any material foreseeable losses, iii. There is no default in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended on 31st March, 2015 (Refer note no.3.1 and 4.5)

[Referred to in paragraph under the heading of "Report on other Legal & Regulatory Requirements" of our report of even date to the Members of MODERN THREADS (INDIA) LIMITED on financial statements for the year ended March 31, 2015]

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situations of its fixed assets other than furniture and fixtures for which detailed records are not maintained.

(b) According to the information and explanations given to us, the fixed assets were physically verified by the management except of Threads Division being under attachment by AVVNL, at reasonable intervals during the year in accordance with a program of physical verification and no material discrepancies were noticed on such verification as compared to the available records.

(ii) (a) As explained to us, physical verification, except of Threads Division of the Company being under attachment of AVVNL, has been conducted by the management at reasonable intervals in respect of inventories except stocks in transit and lying with third parties which have generally been confirmed.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of the 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 record of its inventories. According to the records produced to us for our verification, there was no material discrepancies noticed on physical verification of stocks as compared to book records.

(iii) The company has not granted any loan, secured or unsecured to the companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, during the year, hence clauses (iii) (a) and (iii) (b) of the order are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business for the purchase of Inventory and Fixed Assets and for sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct the major weakness in internal control system.

(v) As per the information and explanations given to us, the company has not accepted fresh deposits during the year. In respect of deposits accepted in earlier years, the compliance with the provisions of Section 73 to 76 or other relevant provisions of the Companies Act and the rules framed there under are subject to order of Company Law Board Dated 17.04.2002, "that the repayment of fixed deposits shall be made by the Company in accordance with the revival scheme as and when approved by the BIFR under the Provisions of 'SICA'. However the Company is making payment on compassionate grounds as per decisions of committee formed by the Company Law Board.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to sub-section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

(vii) In respect of statutory dues:

(a) The company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth tax, Service tax, Customs Duty, Excise Duty, Value Added Tax, cess and any other statutory dues with the appropriate authorities except the dues pertains to Thread Division of the company which are outstanding for more than 6 months from the date of becoming payable :

* Central Sales Tax Rs. 13.05 Lacs

* Rajasthan Sales Tax Rs. 79.44 Lacs

* Textiles Committee Cess Rs. 7.32 Lacs

* Excise Duty Rs. 12.17 Lacs

(b) The disputed statutory dues, which have not been deposited on account of matters pending before appropriate authorities are as underRs. in lacs)

Name of statute Nature of Amount net dues of advance

Central Sales Tax Act Sales tax 154.72

Sales tax 2.23

State Sales Tax Act Sales tax (RST) 79.95

Sales tax (RST) 3.12

Sales tax (UPST) 6.82

Sales tax (BST) 0.07

Central Excise Act Excise duty 59.09

Excise duty 16.05

Textile Committee Cess TCCess 19.08

Raj. Land & Building tax Act Land & Building Tax 4.11

The Raj. Land Revenue Act Land Tax 1.83

Land Tax 14.50

Employee State Insurance Act ESI 28.09

ESI 7.07

Provident Fund Act PF 4.67

The Rajasthan Agriculture Mandi Tax 455.20 Product Markets Act

The Rajasthan Tax on Entry Entry Tax 15.03 For goods in to Local area Act.

Name of statute Forum where dispute is pending

Central Sales Tax Act DC (A), Jaipur

CTO, Jaipur

State Sales Tax Act DC(A), Jaipur

CTO, Jaipur

HC, Allahabad

DC(A), Mumbai

Central Excise Act Commissioner

Appeals, Jaipur

CESTAT, Delhi

Textile Committee Cess Textile Commissioner Delhi

Raj. Land & Building tax Act High Court, Jaipur

The Raj. Land Revenue Act DJ, Bhilwara

High Court, Jaipur

Employee State Insurance Act High Court, Jodhpur Labour Tribunal, Delhi

Provident Fund Act Commissioner, Jaipur

The Rajasthan Agriculture The Rajasthan High Product Markets Act Court Jaipur

The Rajasthan Tax on Entry The Rajasthan High For goods in to Local area Act. Court, Jaipur

(c) As per information and explanations given to us, there was no amount required to be transferred to the Investor Education and Protection Fund in accordance with relevant provisions of Companies Act, 1956( 1 of 1956) and rules made thereunder. (Refer note no.3.1 and 4.5)

(viii) The accumulated losses of the company at the end of financial year are more than its net worth and it has not incurred cash losses during the financial year covered by audit and in the immediately preceding financial year.

(ix) The company is now regular in repayment of its isettled dues.

(x) As informed and explained to us, the Company has not given any guarantee for loans taken by others from Bank or Financial Institutions.

(xi) The company has not raised fresh term loans during the year.

(xii) As informed and explained to us, no fraud on or by the company has been noticed or reported during the year.

For S. S. Surana & Co. Chartered Accountants (FRN : 001079C)

(Prahalad Gupta) Place : Mumbai (Partner) Date : 18th June, 2015 M. No. 074458

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Mar 31, 2014

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

Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"), read with the circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. 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. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of 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 qualified audit opinion.

Basis for Qualified Opinion

(i) Dividend on cumulative redeemable preference shares amounting to Rs.140.38 lacs for the year (Rs. 2526.75 lacs cumulative up to 31.03.2014) has not been provided in view of accumulated losses. (Note No. 1.5)

(ii) Provision of interest on certain unsecured loans/ deposits amounting to Rs. 52.74 lacs Rs.764.922 Lacs cumulative up to 31.03.2014) has not been made as company expects waiver/ relief. (Note No. 4.2 & 4.4)

(iii) Effect of change in foreign exchange rates prevailing at the year end on trade payables (under litigation) amounting to Rs. (20.62 lacs) for the year Rs. 375.46 lacs cumulative up to 31.03.2014) have not been recognized as an expense. (Note No. 6.3)

(iv) Balances of trade payables and receivables are subject to confirmation and reconciliation, if any. (Note No. 6.2 & 14.2)

(v) Impairment loss on impact of depletion in inventories of Thread Division if any, not ascertained due to seizure of entire plant and office block by Ajmer Vidyut Vitaran Nigam Limited. (Note No. 8.3 & 11)

(vi) The accounts of the company have been prepared on going concern basis though the Board of Industrial and Financial Reconstruction (BIFR) has declared the company as a SICK Company.

We further report that without considering items mentioned at para (iv), (v) & (vi) above, the effect of which could not be determined, had the observations made by us in para (i), (ii) & (iii) above been considered, the profit for the year would have been Rs. 563.77 lacs (as against the reported figures of Rs. 595.89 lacs), reserves & surplus would have been Rs. (25862.57 lacs) (as against the reported figures of Rs. (22195.44 lacs), trade payables would have been Rs. 2020.92 lacs (as against reported figures Rs. 1645.46lacs) and other current liabilities would have been Rs. 6740.91 lacs (as against reported figures of Rs. 3449.24 lacs).

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

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

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of subsection (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 or examination of those books.

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

d. Except for the effects of the matter described in the Basis for Qualified Opinion paragraph, in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with theGenerall 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 March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE TO THE AUDITOR''S REPORT

Referred to in paragraph under the heading of "Report on other Legal & Regulatory Requirements" of our report of even date to the Members of MODERN THREADS (INDIA) LIMITED:

(i) The Company has maintained proper records showing full particulars including quantitative details and situations of its fixed assets other than furniture and fixtures for which detailed records are not maintained. According to the information and explanations given to us, the fixed assets were physically verified by the management except of Threads Division being under attachment by AVVNL, at reasonable intervals during the year in accordance with a program of physical verification and no material discrepancies were noticed on such verification as compared to the available records. No substantial part of Fixed Assets has been disposed off during the year except certain discarded plant and machinery, furniture and vehicle and it is not affecting going concern of the company.

(ii) As explained to us, physical verification, except of Threads Division of the Company being under attachment of AVVNL, has been conducted by the management at reasonable intervals in respect of inventories except stocks in transit and lying with third parties which have generally been confirmed. In our opinion and according to the information and explanations given to us, the procedures of physical verification of the stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. According to the records produced to us for our verification, there were no material discrepancies noticed on physical verification of stocks as compared to book records and the same have been properly dealt within the books of account.

(iii) The company has neither granted nor taken any loans, secured or unsecured to/ from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act 1956, during the year, hence clauses (iii) (a) to (iii) (g) of the order are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of Inventory and Fixed Assets and for sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct the major weakness in internal control system.

(v) In respect of transactions covered under section 301 of Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us the particulars of contracts or agreements, that needs to be entered in to the register maintained U/s 301 of the Companies Act, 1956, have been so entered.

(b) According to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements entered in the register, maintained under Section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) As per the information and explanations given to us, the company has not accepted fresh deposits during the year. In respect of deposits accepted in earlier years, the compliance with the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under are subject to order of Company Law Board Dated 17.04.2002 ,"that the repayment of fixed deposits shall be made by the Company in accordance with the revival scheme as and when approved by the BIFR under the Provisions of "SICA". However the Company is making payment on compassionate grounds as per decisions of committee formed by the Company Law Board.

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

(viii) We have broadly reviewed the cost records maintained by the Company pursuant to Section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that prima-facie prescribed records have been maintained. We have however not made a detailed examination of such records, so as to ascertain whether they are accurate or complete,

(ix) In respect of statutory dues:

a) The company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education & Protection Fund, Employee State Insurance, Income Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authority except the following, which are outstanding for more than 6 months from the date of becoming payable:

i) Central Sales Tax Rs. 13.05 Lacs

ii) Rajasthan Sales Tax Rs. 79.44 Lacs

iii) Textiles Committee Cess Rs. 15.20 Lacs

iv) Excise Duty Rs. 12.17 Lacs

b) The disputed statutory dues, which have not been deposited on account of matters pending before appropriate authorities are as under-

( in lacs) Name of statute Nature of Amount net Forum where dues of advance dispute is pending

Central Sales Sales tax 154.93 DC(A), Jaipur Tax Act Sales tax 2.23 CTO, Jaipur

State Sales Tax Act Sales tax (RST) 79.52 DC(A), Jaipur

Sales tax (RST) 3.12 CTO, Jaipur

Sales tax (UPST) 0.67 Comm. Mirzapur

Sales tax (UPST) 6.82 H C., All Allahabad

Sales tax (BST) 0.07 DC(A), Mumbai

Central Excise Act Excise duty 59.09 Commissioner Appeals, Jaipur

Excise duty 16.05 CESTAT, Delhi

Textile Committee Cess TC Cess 19.08 Textile Commissioner Delhi

Raj. Land & Building tax Act Land &Building Tax 4.11 High Court, Jaipur

The Raj. Land Revenue Act Land Tax 1.83 DJ, Bhilwara

Land Tax 14.50 High Court, Jaipur

Employee State Insurance Act ESI 28.09 High Court, Jodhpur

ESI 7.07 Labour Tribunal, Delhi

Provident Fund Act PF 4.67 Commissioner, Jaipur The Rajasthan

Agriculture Mandi Tax 455,20 The Rajasthan High Product Markets Court ,Jaipur Act

The Rajasthan Tax on Entry Entry Tax 13.30 The Rajasthan High For goods in to Court, Jaipur Local area Act.

(x) The accumulated losses of the company at the end of financial year are more than its net worth and it has not incurred cash losses during the financial year covered by audit and in the immediately preceding financial year.

(xi) The company is now regular in repayment of its settled dues.

(xii) As informed and explained to us the company has not granted any loan and advances on the basis of security by way of pledge of shares, Debentures and other securities during the year.

(xiii) The company is not a Chit fund or a Nidhi / Mutual Benefit Fund / Society. Accordingly the provisions of clause 4 (xiii) are not applicable to the company.

(xiv) The Company has maintained proper records of the transactions and contracts in respect of dealing in mutual funds and timely entries have been made there in. All the investments have been held by the company in its own name. As informed to us the Company is not dealing/ trading in shares, debentures and other investments.

(xv) As informed and explained to us, the Company has not given any guarantee for loans taken by others from Bank or Financial Institutions.

(xvi) The Company has not raised fresh Term Loans during the year.

(xvii) As informed and explained to us no fund raised on short term basis have been used for long term investments.

(xviii) As informed and explained to us, the company has not made preferential allotment to the parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956,

(ix) As informed and explained to us, the company has created securities and charges in favor of Assignee in respect of debentures assigned by financial institutions.

(xx) The company has not raised any money by way of public issue during the year.

(xxi) As informed and explained to us, no fraud on or by the company has been noticed or reported during the year.

For S. S. Surana & Co. Chartered Accountants (FRN : 001079C)

(Prahalad Gupta) (Partner) M. No. 074458

Place : Mumbai

Date : 14th June, 2014

---

Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes thedesign, implementation and maintenance of internal control relevant to the preparation and fair 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. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

Basis for Qualified Opinion

(i) Dividend on cumulative redeemable preference shares amounting to Rs.140.37 lacs for the year (Z2386.37 lacs up to the period) has not been provided in view of accumulated losses. (Note No. 1.6)

(ii) Provision of interest on certain unsecured loans/ deposits amounting to f 59.42 lacs has not been made as company expects waiver/ relief. The total amount of interest not provided till 31st March, 2013 amounts to f 712.18 lacs. (Note No. 4.2 & 4.4)

(Hi) Effect of change in foreign exchange rates prevailing at the year end on trade payables (under ligitation) amounting to Rs.62.94 lacs for the year (cumulative Rs.396.08 lacs) have not been recognized as an expense. (Note No. 6.3)

(iv) Balances of trade payables and receivables are subject to confirmation and reconciliation, if any. (Note No. 6.2 & 14.2)

(v) Impairment loss and impact of depletion in inventories of Thread Division if any, not ascertained due to seizure of entire plant and office block by Ajmer Vidyut Vitaran Nigam Limited.

(Note No. 8.3 & 11) (vi) The accounts of the company have been prepared on going concern basis though the Board of Industrial and Financial Reconstruction (B1FR) has declared the company as a SICK Company.

We further report that without considering items mentioned at para (iv), (v) & (vi) above, the effect of which could not be determined, had the observations made by us in para ft), (ii) & (Hi) above been considered, the profit for the year would have been f2394.37 lacs (as against the reported figures of f 2516.73 lacs), reserves & surplus would have been Rs. (26285.96 lacs) (as against the reported figures of f (22791.33 lacs), trade payables would have been Rs./949.40 lacs (as against reported figures f 1553.32 lacs) and other current liabilities would have been Rs. 6482.88 lacs (as against reported figures of f 3384.33 lacs).

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Act, we give in theAnnexure 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, the Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. Except for the effects of the matter described in the Basis for Qualified Opinion paragraph, in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the accounting standards referred to in sub- section (3C) of section 211 of the Act;

e. On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

Referred to in paragraph under the heading of "Report on other Legal & Regulatory Requirements" of our report of even date to the Members of MODERN THREADS (INDIA) LIMITED:

(i) The Company has maintained proper records showing full particulars including quantitative details and situations of its fixed assets other than furniture and fixtures for which detailed records are not maintained. According to the information and explanations given to us, the fixed assets were physically verified by the management except of Threads Division being under attachment by AVVN L, at reasonable intervals during the year in accordance with a program of physical verification and no material discrepancies were noticed on such verification as compared to the available records. No substantial part of Fixed Assets have been disposed off during the year except certain discarded furniture and vehicle and it is not affecting going concern of the company.

(ii) As explained to us, physical verification, except of Threads Division of the Company being under attachment of AVVN L, has been conducted by the management at reasonable intervals in respect of inventories except stocks in transit and lying with third parties which have generally been confirmed. In our opinion and according to the information and explanations given to us, the procedures of physical verification of the stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. According to the records produced to us for our verification, there were no material discrepancies noticed on physical verification of stocks as compared to book records and the same have been properly dealt within the books of account.

(iii) The company has neither granted nor taken any loans, secured or unsecured to/ from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act 1956, during the year, hence clauses (iii) (a) to (iii) (g) of the order are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of Inventory and Fixed Assets and for sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct the major weakness in internal control system.

(v) In respect of transactions covered under section 301 of Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us the particulars of contracts or agreements, that needs to be entered in to the register maintained U/s 301 of die Companies Act, 1956, have been so entered.

(b) According to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements entered in the register, maintained under Section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) As per the information and explanations given to us, the company has not accepted fresh deposits during the year. In respect of deposits accepted in earlier years, the compliance with the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under are subject to order of Company Law Board Dated 17.04.2002 ,"that the repayment of fixed deposits shall be made by the Company in accordance with the revival scheme as and when approved by the BIFR under the Provisions of ''SICA''". However the Company is making payment on compassionate grounds as per decisions of committee formed by the Company Law Board.

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

(viii) We have broadly reviewed the cost records maintained by the Company pursuant to Section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that prima-facie prescribed records have been maintained. We have not however, made a detailed examination of such records, so as to ascertain whether they are accurate or complete.

(ix) In respect of statutory dues:

(a) The company is generally regular in depositing undisputed statutory dues including Provident fund, Investor education & protection fund, ESI, Income tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authority except the following, which are outstanding for more than 6 months:

i) Central Sales Tax < 13.05 Lacs

ii) Rajasthan Sales Tax Rs. 79.44 Lacs

iii) Textiles Committee Cess Rs. 15.20 Lacs

iv) Excise Duty Rs. 12.17 Lacs

b) The disputed statutory dues, which have not been deposited on account of matters pending before appropriate authorities are as unden-

( Rs. in lacs)

Name of statute Nature of Amount net Forum where dues of advance dispute is pending

Central Sales Tax Act Sales tax 154.93 DC (A), Jaipur

Sales tax 2.23 CTO, Jaipur

State Sales Tax Act Sales tax (RST) 79.52 DC(A),Ajmcr

Sales tax (RST) 3.12 CTO, Jaipur

Sales tax (UPST) 0.67 Comm, Mirzapur

Sales tax (UPST) 6.82 H C. Allahabad

Sales tax (BST) 0.07 D C (A), Mumbai

Central Excise Act Excise duty 59.09 Commissioner

Appeals, Jaipur

Excise duty 16.05 CESTAT, Delhi

Textile Committee Cess TC Cess 19.08 Textile Commissioner Delhi

Raj. Land & Building tax Act Land & Building Tax 4.11 High Court, Jaipur

The Raj. Land Revenue Act . Land Tax 1.83 DJ, Bhilwara

Land Tax 14.50 High Court, Jaipur

Employee State Insurance Act ESI 28.09 High Court, Jodhpur

ESI 7.07 Labour Tribunal, Delhi

Provident Fund Act PF 4.67 Commissioner, Jaipur

The Rajasthan Agriculture Mandi Tax 436.19 The Rajasthan High

Product Markets Act Court, Jaipur

The Rajasthan Tax on Entry Entry Tax 12.37 The Rajasthan High

For goods into Local area Act. Court, Jaipur



(x) The accumulated losses of the company at the end of financial year are more than its net worth and it has not incurred cash losses during the financial year and in the immediately preceding financial year.

(xi) The company is now regular in repayment of its settled dues.

(xii) As informed and explained to us the company has not granted any loan and advances on the basis of security by way of pledge of shares. Debentures and other securities during the year.

(xiii) The company is not a Chit fund or a Nidhi / Mutual Benefit Fund/ Society. Accordingly the provisions of clause 4 (xiii) are not applicable to the company.

(xiv) The Company has maintained proper records of the transactions and contracts in respect of dealing in mutual funds and timely entries have been made'' there in. All the investments have been held by the company in its own name. As informed to us the Company is not dealing/ trading in shares, debentures and other investments.

(xv) As informed and explained to us, the Company has not given any guarantee for loans taken by others from Bank or Financial Institutions.

(xvi) The Company has not raised fresh Term Loans during the year.

(xvii) As informed and explained to us no fund raised on short term basis have been used for long term investments.

(xviii) As informed and explained to us, the company has not made Preferential allotment to the parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

(xix) As informed and explained to us, the company has created securities and charges in favour of Assignee in respect of debentures assigned by financial institutions.

(xx) The company has not raised any money by way of public issue during the year.

(xxi) As informed and explained to us, no fraud on or by the company has been noticed or reported during the year.



For S. S. Surana & Co.

Chartered Accountants

(FRN : 001079C)



(Prahalad Gupta)

Place: Mumbai (Partner)

Date : 22nd June, 2013 M. No. 074458

---

Mar 31, 2012

We have audited the attached Balance Sheet of MODERN THREADS (INDIA) LIMITED as at 31st March, 2012, Statement of Profit & Loss and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These 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.

1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Ministry Of Finance, Department Of Company Affairs in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

2. Further to our comments in the annexure referred to in paragraph 1 above, we report that:

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

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

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

d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with accounting standards referred in Section 211(3C) of the Companies Act, 1956, except otherwise appearing in Notes on Financial Statements.

e) On the basis of written representations 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 2012 from being appointed as directors 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 explanation given to us, said accounts read together with Significant Accounting Policies and Notes thereon and subject to:

i) Dividend on cumulative redeemable preference shares amounting to Rs. 140.37 lacs for the year (f 2246 lacs upto the period) have not been provided in view of accumulated losses. (Note No. 1.7)

ii) Provision of interest on certain unsecured loans/deposits amounting to Rs. 104.54 lacs has not been made as company expects waiver/reliefs. The total amount of interest not provided till 31st March 2012 amounts to Rs.652.76 lacs. (Note No.4.2 & 4.4)

iii) Effect of change in foreign exchange rates prevailing at the year end on trade payables (under litigation) amounting to Rs. 127.82 lacs for the year (cumulative Rs. 333.14 lacs) have not been recognized as an expense. (Note No.6.3)

iv) Balances of trade payables and receivables are subject to confirmation and reconciliation, if any. (Note No. 6.2 & 14.2)

v) Impairment loss and impact of depletion in inventories of Threads Division if any, not ascertained due to seizure of entire plant and office block by Ajmer Vidyut Vitran Nigam Ltd. (Note No. 8.4 & 11).

vi) The accounts of the company have been prepared on going concern basis though the Board for Industrial and Financial Reconstruction (BIFR) has declared the Company as a SICK Company.

We further report that without considering items mentioned at para 2 (f) (iv), (v) & (vi), the effect of which could not be determined, had the observations made by us in para 2 (f) (i), (ii) & (Hi) above been considered, the Profit for the year would have been Rs. 639.22lacs (as against the reported figures of' Rs. 871.58 lacs), Reserves and Surplus would have been Rs. (28539.96) lacs (as against the reported figures of Rs. (25308.06) lacs), Trade Payables would have been Rs. 1893.39 lacs (as against reported figures Rs. 1560.25 lacs) and Other Current Liabilities would have been Rs. 6364.86 lacs (as against reported figures of Rs. 3466.10 lacs).

Give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of Balance Sheet of the state of affairs of the company as at 31st March, 2012 and

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

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

ANNEXURE TO THE AUDITOR'S REPORT

Refened to in paragraph 1 of Report of even date to the Members of MODERN

THREADS (INDIA) LIMITED:

(i) The Company has maintained proper records showing full particulars including quantitative details and situations of its fixed assets other than furniture and fixtures for which detailed records are not maintained. According to the information and explanations given to " us, the fixed assets were physically verified by the management except of Threads Division being under attachment by AWNL, at reasonable intervals during the year in accordance with a program of physical verification and no material discrepancies were noticed on such verification as compared to the available records. No substantial part of Fixed Assets have been disposed off during the year except certain discarded plant and machinery, furniture and vehicle and its not affecting going concern of the company.

(ii) As explained to us, physical verification except of Threads Division of the Company being under attachment of AVVNL, has been conducted by the management at reasonable intervals in respect of inventories except stocks in transit and lying with third parties which have generally been confirmed. In our opinion and according to the information and explanations given to us, the procedures of physical verification of the stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. According to the records produced to us for our verification, there were no material discrepancies noticed on physical verification of stocks as compared to book records and the same have been properly dealt within the books of accounts.

(iii) The company has neither granted nor taken any loans, secured or unsecured to/ from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act 1956, during the year, hence clauses (iii) (a) to (iii) (g) of the Companies (Auditors Report) order, 2003 are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of Inventory and Fixed Assets and for sale of goods and services. During the course our audit, we have not observed any continuing failure to correct the major weakness in internal control system.

(v) In respect of transactions covered under section 301 of Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us the particulars of contracts or agreements, that needs to be entered in to the register maintained U/s 301 of the Companies Act, 1956, have been so entered.

(b) According to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) As per information and explanations given to us, the company has not accepted fresh deposits during the year. In respect of deposits accepted in earlier years, the compliance with the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under are subject to order of Company Law Board Dated 17.04.2002 ,"that the repayment of fixed deposits shall be made by the Company in accordance with the revival scheme as and when approved by the BIFR under the Provisions of 'SICA'". However the Company is making payment on compassionate grounds as per decisions of committee formed by the Company Law Board.

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

(viii) We have broadly reviewed the cost records maintained by the Company pursuant to Section 209 (1 )(d) of the Companies Act, 1956 and are of the opinion that prima-facie prescribed records have been maintained. We have not however, made a detailed examination of such records.

(ix) In respect of statutory dues:

a) The company is generally regular in depositing undisputed statutory dues including Provident fund, Investor Education & Protection Fund, ESI, Income Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authority except the following pertaining to Threads Division, which are outstanding for more than 6 months:

i) Central Sales Tax Rs 13.05 Lacs

ii) Rajasthan Sales Tax Rs 79.44 Lacs

iii) Textiles Committee Cess Rs 15.20 Lacs

iv) Excise Duty Rs 12.17 Lacs

b) The disputed statutory dues, which have not been deposited on account of matters pending before appropriate authorities are as under:-

( Rs. in lacs)

Name of statute Nature of Amount net Forum where dues of advance dispute is pending

Central Sales Tax Act Sales tax 0.78 DC (A), Ajmer

Sales tax 151.93 DC (A), Jaipur

Sales tax 2.23 CTO, Jaipur

State Sales Tax Act Sales tax 79.52 DC(A), Ajmer (RST)

Sales tax 3.12 CTO, Jaipur (RST)

Sales tax 0.67 Comm. Mirzapur (UPST)

Sales tax 6.82 H C, Allahabad (UPST)

Sales tax 0.07 DC(A), Mumbai (BST)

Central Excise Act Excise duty 59.09 Commissioner Appeals, Jaipur

Excise duty 16.05 CESTAT, Delhi

Textile Committee Cess TC Cess 19.08 Textile Commissioner Delhi

Raj. Land & Building Land & 4.11 High Court, tax Act Building Tax Jaipur The Raj. Land Revenue Land Tax 1.83 DJ, Bhilwara Act Land Tax 14.50 High Court, Jaipur

Employee State ESI 28.09 High Court, Insurance Act Jodhpur

ESI 7.07 Labour Tribunal, Delhi

Provident Fund Act PF 4.67 Commissioner, Jaipur

The Rajasthan Mandi Tax 396.25 The Rajasthan Agriculture High

Product Markets Act Court Jaipur

The Rajasthan Tax Entry Tax 11.25 The Rajasthan on Entry High

For goods in to Court, Jaipur Local area Act

(x) The accumulated losses of the company at the end of financial year are more than its net worth and it has not incurred cash losses during the financial year.

(xi) The Company is now regular in repayment of its settled dues.

(xii) As informed and explained to us the company has not granted any loan and advances on the basis of security by way of pledge of shares, Debentures and other securities during the year.

(xiii) The company is not a Chit fund or a Nidhi/Mutual Benefit Fund/Society. Accordingly the provisions of clause 4 (xiii) are not applicable to the company.

(xiv) As informed to us the Company is not dealing/trading in securities, shares, debentures and other investments. Hence the provisions of clause 4 (xiv) are not applicable.

(xv) As informed and explained to us, the Company has not given any guarantee for loans taken by others from Bank or financial institutions.

(xvi) The Company has not raised fresh Term Loans during the year.

(xvii) As informed and explained to us no fund raised on short term basis have been used for long term investments.

(xviii) As informed and explained to us, the company has not made Preferential allotment to the parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956. (xix) As informed and explained to us the Company has created securities and charges in favour of assignee in respect of secured debentures assigned by financial institutions.

(xx) The company has not raised any money by way of public issue during the year.

(xxi) As informed and explained to us no fraud on or by the company has been noticed or reported during the year.

For S.S.SURANA & CO.

Chartered Accountants

Firm Registration No. 001079C

R N Goyal Partner Membership No. 70331

Place: Mumbai Date : 28th June, 2012

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Mar 31, 2010

We have audited the attached Balance Sheet of MODERN THREADS (INDIA) LIMITED as at 31 st March, 2010, Profit & Loss Account and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These 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.

1. As required by me Companies (Auditors Report) Order, 2003 issued by the Ministry of Finance, Department of Company Affairs in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

2. Further to our comments in the annexure referred to in paragraph ! above, we report that:

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

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

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

(d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with

accounting standards referred in Section 211(3C) of the Companies Act, 1956, except otherwise appearing in Schedule 14-Notes on accounts.

(e) The directors, other than nominee directors, of the Company are restricted from being appointed as Director in any other public Company under clause (g) of section 274(1) of the Companies Act, 1956. As per opinion obtained by the Company, existing directors of the Company can continue to be in office during their entire tenure and they can also be re-appointed as a director on the expiry of their tenure. We have been informed that the Company has made representation to the Central Government (Department of Company Affairs) seeking appropriate exemption from the applicability of the section.

(f) In our opinion and to the best of our information and according to explanations given to us, said accounts read together with Notes on Accounts as per schedule 14 and subject to:

(i) Note No. 4 regarding balances of debtors, creditors, advances, secured and unsecured lenders etc. are subject to.confirmation and reconciliation, if any .

(ii) Note no. 6 regarding amount paid towards restructuring I Settlement to various secured lenders Rs. 1724.67 lacs and shown under the head Loans and Advances. Secured

Loans and Loans and Advances are overstated to that extent.

(iii) Note No.9 regarding non-provision of interest on certain secured, unsecured and other loans amounting to Rs 1982.22 lacs .The total amount of interest not provided till 31st March, 2010 amounts to Rs 15647.25 lacs.

(iv) Note No.10, regarding non-provision of penal and compound interest/liquidated damages, amount of which is unascertainable, pending confirmation/reconciliations with the lenders.

(v) Note No. 11 regarding non-reorganization of the exchange difference ofRs. 119.29 Lacs on trade creditors payable in foreign currency.

(vi) Note No. 13, regarding non-provision of dividend on cumulative redeemable preference shares amounting to Rs 140.38 lacs for the year (Rs. 1965.29 lacs upto 31st March, 2010)

(vii) Note No. 14, regarding non-verification of records related to fixed assets and inventories of Threads Divsion due to seizure of entire plant and office block by Ajmer Vidyut Vitran Nigam Ltd.

(viii) Note No. 17, The accounts of the company have been prepared on going concern basis though the accumulated losses of the company are exceeding its net-worth.

fix) Note no. 20, regarding exceptional income of Rs. 638.25 lacs on account of settlement of Loans / borrowings and interest thereon and Rs.71.38 lacs for others obligations.

(x) Note no. 21, The name of small scale undertakings having overdue is not disclosed in view of none of suppliers has informed their status as SSI units.

(xi) Note no. 22 The company has not received information from vendors regarding their status tinder the Micro, small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at year end together with interest paid /payable under this Act have not been given.

We further report that, had the observations made by us for the para 2 (f) (iii) above taken care of, the loss for the year would have been Rs. 2549.17 lacs (as against the reported figures of Rs. 44 7.66lacs), cumulative: losses would have been Rs.52827.51 lacs (as against the reported figures of Rs. 37060.97 lacs), loan funds would have been Rs. 43139.94 lacs (as against the reported figures of Rs.

27492.69 lacs).

Give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

ANNEXURE TO THE AUDITORS REPORT

Referred to in paragraph 1 of Report of even date to the Members of MODERN THREADS (INDIA) LIMITED:

(i) The Company has maintained proper records showing full particulars including quantitative details and situations of its fixedassets other than furniture and fixtures for which detailed records are not maintained. According to the information and explanations given to us, the fixed assets were physically verified by the management except of Threads Division being under attachment by AVVNL, at reasonable intervals during the year in accordance with a program of physical verification and no material discrepancies were noticed on such verification as compared to the available records. No substantial part of Fixed Assets have been disposed off during the year except furniture and vehicle and its not affecting going concern of the company.

(ii) As explained to us, physical verification except of Threads Division of the Company- being under attachment of AVVNL, has been conducted by the management at reasonable intervals in respect of finished goods, stores & spare parts and raw material except stocks in transit and lying with third parties which have generally been confirmed. In our opinion and according to the information and explanations given to us, the procedures of physical verification of the stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. According to the records produced to us for our verification, there were no material discrepancies noticed on physical verification of stocks as compared to book records and the same have been properly dealt within the books of accounts.

(iii) The company has neither granted nor taken any loans, secured or unsecured to/ from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act 1956, during the year, hence clauses (iii) (a) to (iii) (g) of trie order are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of Inventory and Fixed Assets and for sale of goods and services.

(v) In respect of transactions covered under section 301 of Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us the particulars of contracts or agreements, that needs to be entered in to the registermaintainedU/s301oftheCompanlesAct, 1956, have been so entered.

(b) According to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) As per information and explanations given to us, the company has not accepted fresh deposits during the year. In respect of deposits accepted in earlier years, the compliance with the provisions of Section 58Aand58AAof the Cdmpanies Act, 1956 and the rules framed there under are subject to order of Company Law Board Dated 17.04.2002 ,"that the repayment of fixed deposits shall be made by the Company in accordance with therevival scheme as and when approved by the B1FR under the Provisions of SICA". However the Company is making payment on compassionate grounds as per decisions of committee formed by the Company Law Board.

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

(viii) We have broadly reviewed the cost records maintained by the Company pursuant to Section 209 (l)(d) of the Companies Act, 1956 and are of the opinion that prima-facie prescribed records have been maintained. We have not however, made a detailed examination of such records, so as to ascertain whether they are accurate or complete.

(ix) In respect of statutory dues:

a) The company is generally regular in depositing undisputed statutory dues including Provident fund, Investor education & protection fund, ESI, Ineome tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authority except the following, which are outstanding for more than 6 months.

i) Central Sales Tax Rs. 13.05 Lacs

ii) . Rajasthan Sales Tax Rs. 79.44 Lacs

iii) Textiles Committee Cess Rs. 15.20Lacs

iv) Excise Duty Rs. 12.17 Lacs



b) The disputed statutory dues, which have not been deposited on account of matters pending before appropriate authorities are as under:-

(Rs in lacs)

Name of statute Nature of Amountnet Forum where dispute dues of advance is pending

Central Sales Tax Act Sales tax 0.78 DC(A),Ajmer

Sales tax 154.93 DC (AX Jaipur

Sales tax 2.23 CTO, Jaipur

State Sales Tax Act Sales tax (RST) 79.52 DC(A), Ajmer

Sales tax (RST) 3.12 CTO, Jaipur

Sales tax (UPST) 0.67 Comm.Mirzapur

Sales tax (UPST) 6.82 HC, Allahabad

Sales tax (BST) 1.31 DC(A), Mumbai

Central Excise Act Excise duty 55.85 Commissioner

Appeals, Jaipur

Excise duty 16.05 CESTAT, Delhi

Textile Committee Cess TC Cess 19.08 Textile Commissioner,

Delhi

Rajasthan Land & Building Tax Act Land & Building Tax 4.11 High Court, Jaipur

Employee State lnsurance Act ESI 28.09 High Court, Jodhpur

ESI 7.07 Labour Tribunal, Delhi

Provident Fund Act PF 4.67 Commissioner, Jaipur

The Rajasthan Agriculture Mandi Tax 269.93 The Rajasthan High

Produce Marketing Committee Act . Court, Jaipur

The Rajasthan Land Revenue Act Land Tax 16.83 ACJM, Bhilwara

The Rajasthan Tax on Entry " Entry Tax 7.51 The Rajasthan High

for Goods into Local Area Act Court, Jaipur



(x) The accumulated losses of the company at the end of financial year are more than its net worth and it has incurred cash losses during the financial year and in the preceding financial year.

(xi) As informed and explained to us, the company has defaulted in repayment of dues to Financial Institutions, Banks & Debenture holders since 1998, The amount of overdue work out to Rs.24030.93 lacsason31 stMarch,20l0 .The above overdues are other than the amounts not provided for in the Books of Accounts as referred in para-2 & 9 of schedule 14.

(xii) As informed and explained to us the company has not granted any loan and advances on the basis of security by way of pledge of shares, Debentures and other securities during the year.

(xiii) The company is not a Chit fund or a Nidhi / Mutual Benefit Fund / Society. Accordingly the provisions of clause 4

(xiii) are not applicable to the company. (xiv) As informed to us the Company is not dealing/trading in securities, shares, debentures and other investments. Hence the provisions of clause 4

(xiv) are not applicable.

(xv) As informed to us Corporate Guarantee in respect of loans taken by Modem Terry Towels Ltd amounting to Rs.500.00 Lacs was outstanding at the end of the year, the terms and conditions thereof were not prejudicial to the interest of the company when such guarantee was tendered.

(xvi) The Company has not raised fresh Term Loans during the year.

(xvii) As informed and explained to us, no fund raised on short term basis have been used for longlerm investments.

(xviii) As informed and explained to us, the company has not made Preferential allotment to the parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

(xix) As informed and explained to us the company has created securities and charges in respect of debentures issued in earlier years except for the cases where debenture trust deeds are yet to be executed.

(xx) The company has not raised any money by way of public issue during the year.

(xxi) As informed and explained to us no fraud on or by the company has been noticed or reported during the year.

For S.S. SURANA & CO.

Chartered Accountants

Firm Registration No. 1079

R.N.GOYAL

Place: Mumbai Partner

Date : 30th June, 2010 Membership No. 70331