A Oneindia Venture

Get Updates

Get notified about market trends, financial advice, and investment tips!

Sensex 78,205.98 +0.82% ↑ Nifty 24,288.15 +1.08% ↑ 22k Gold ₹ 14,885/gm Silver ₹ 2,90,000/kg Petrol ₹ 103.54 Diesel ₹ 90.03 Crude Oil $ 92.18 USD ₹ 91.96

ఆడిటర్ నివేదిక Sumuka Agro Industries Ltd.

Mar 31, 2025

The Members of Sumuka Agro Industries Limited,Report on the Ind AS Financial Statements Qualified Opinion

We have audited the accompanying Ind AS Financial Statements of Sumuka Agro Industries Limited (âthe Companyâ) which comprises the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss, Statement of Changes in Equity and 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.

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 of Qualified Opinion section of our report, the aforesaid Ind AS 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 Ind AS and accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and profit/loss, total comprehensive income, the changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

â¢ We draw your attention to âNote 36 (iii)â to the Standalone Ind-AS Financial Statements, which indicates that certain companies, to whom the Company had given significant loans and/or advances amounting in total to Rs. 55,54,791 (PY - Rs. 55,54,791), whose name have been struck-off from the list of registered companies by the Registrar of Companies of Gujarat and Mumbai. These conditions indicate the existence of a material uncertainty of realizing such loans/advances. Management has not provided for the losses arising out of non-realization of such loans/advances and these loans are stated at their carrying amounts, which constitutes a

departure from the Accounting Standards prescribed under section 133 of the Companies Act, 2013. The Companyâs records indicate that had management recognized and made provision for such losses in the statement of profit and loss for the year, the carrying amounts of the loans/advances in the balance sheet would have been reduced by the said amount at 31^stMarch, 2025, the net income and shareholdersâ equity would have been reduced by the same amounts respectively. However, the amount of provision for loss is not quantified by the management.

â¢ We draw your attention to âNote 2 (j)â to the Standalone Ind-AS Financial Statements, which indicates that the company has Investments of Rs. 3,44,665 at carrying value. On the basis of audit procedures carried out the company failed to produces any document supporting the ownership of the Investments as at the date of balance sheet. Had management recognized such losses in the statement of profit and loss for the year, the carrying amounts of the Investments in the balance sheet would have been reduced by the said amount at 31^st March, 2025, the net income and shareholdersâ equity would have been reduced by the same amounts respectively.

â¢ We draw your reference to the âNote3 Viâto the Standalone Ind-AS Financial Statements wherein it is disclosed that the company has not provided for the interest on late payment to the MSME suppliers. Since, all the payments to the MSME suppliers are made beyond the stipulated date we are not able to quantify the amount on interest due to MSME suppliers.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditorâs 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 together with the ethical requirements that are relevant to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in our audit of the Ind AS financial statements of the current period. These matters were addressed in the context of our audit of the Ind AS financial statements as a whole, and informing our opinion thereon, and we do not provide a separate opinion on these matters. We have not observed any matters that classifies as the key audit matter to be communicated in our audit report.

Information Other than the Financial Statements and Auditorâs Report Thereon

The Companyâs Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boardâs Report including Annexure to Boardâs Report, Business Responsibility Report, Corporate Governance and Shareholderâs Information, but does not include the standalone financial statements and our auditorâs reportthereon.

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

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

Responsibilities of Management and those charged with governance for the Ind AS financial statements

The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, change in equity and cash flows of the Company in accordance with the Indian Accounting Standards (Ind AS) and accounting principles generally accepted in India, specified under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statement that give a true and fair view and are free from material misstatement, whether due to fraud orerror.

In preparing the Ind AS financial statements, management is responsible for assessing the Companyâs 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.The Board of Directors are also responsible for overseeing the companyâs financial reporting process.

Auditorâs Responsibilities for the Audit of Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs 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 Ind AS financial statements.

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

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 internalcontrol.

â¢ 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has internal financial controls with reference to Financial Statements in place and the operating effectiveness of suchcontrols.

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made bymanagement.

â¢ Conclude on the appropriateness of managementâs 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 Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the Ind AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a goingconcern.

â¢ Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a manner that achieves fairpresentation.

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 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 Ind AS financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs 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 (Auditorâs Report) Order, 2020 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure 1 a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extentapplicable.

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

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

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

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

d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of theAct.

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, 2025 from being appointed as a director in terms of Section 164 (2) of theAct.

f) With respect to the adequacy of the Internal Financial Control with reference to Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure -2â.

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

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

i) The Company does not have any pending litigations which would have impact on its financial positions in its Ind AS 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 were no amounts which are required to be transferred, to the Investor Education and Protection Fund by the Company.

a. The Management has represented that, to the best of its knowledge and belied, no funds (which are material either individually or in the aggregated) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (âIntermediariesâ), 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 (âUltimate Beneficiariesâ) 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 (âFunding Partiesâ), 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 (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

c. Based on such audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to belive 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 divided during the year.

vi) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2015 is applicable from 1 April 2023.

Based on our examination, the company has used accounting softwares for maintaining its books of account, which does not have feature of recording audit trail (edit log) facility. Hence, we conclude and report that the company has not complied with the Rule 11(g) of the Companies (Audit and Auditors) Rules, 2015.

For, S K Jha & Co.

Chartered Accountants

FRN: 126173W

_SD/-_

Nikhil Makhija Partner

M.No. 176178

UDIN: 25176178BMMBDB3536

Date: 30.05.2025 Place: Ahmedabad

Mar 31, 2024

The Members of Sumuka Agro Industries Limited,

Report on the Ind AS Financial Statements Qualified Opinion

We have audited the accompanying Ind AS Financial Statements of Sumuka Agro Industries Limited("the Company") which comprises the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, Statement of Changes in Equity and 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.

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 of Qualified Opinion section of our report, the aforesaid Ind AS 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 Ind AS and accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and profit/loss, total comprehensive income, the changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

â¢ We draw your attention to "Note 36 (iii)" to the Standalone Ind-AS Financial Statements, which indicates that certain companies, to whom the Company had given significant loans and/or advances amounting in total to Rs. 55,54,791 (PY - Rs. 1,92,07,091), whose name have been struck-off from the list of registered companies by the Registrar of Companies of Gujarat and Mumbai. These conditions indicate the existence of a material uncertainty of realizing such loans/advances. Management has not provided for the losses arising out of non-realization of such loans/advances and these loans are stated at their carrying amounts, which constitutes a departure from the Accounting Standards prescribed under section 133 of the Companies Act, 2013. The Company''s records indicate that had management recognized and made provision for such losses in the statement of profit and loss for the year, the carrying amounts of the loans/advances in the balance sheet would have been reduced by the said amount at 31^st March, 2024, the net income and shareholders'' equity would have been reduced by the same amounts respectively. However, the amount of provision for loss is not quantified by the management.

â¢ We draw your attention to "Note 2 (j)" to the Standalone Ind-AS Financial Statements, which indicates that the company has Investments of Rs. 3,44,665 at carrying value. On the basis of audit procedures carried out the company failed to produces any document supporting the ownership of the Investments as at the date of balance sheet. Had management recognized such losses in the statement of profit and loss for the year, the carrying amounts of the Investments in the balance sheet would have been reduced by the said amount at 31^st March, 2024, the net income and shareholders'' equity would have been reduced by the same amounts respectively.

â¢ We draw your reference to the para Vii of Annexure 1 of the audit report wherein it is disclosed that the company has not paid Income Tax of Rs. 81,42,410 (including interest) based on intimation u/s 143(1) dated 24.11.2023 for

the AY 2023-24 relevant to FY 2022-23 outstanding for more than six months as on 31st March, 2024. Out of the Total Oustanding as on 31^st March, 2024 the company has made payment of Rs. 67,08,410 till the date of signing the report.

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

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in our audit of the Ind AS financial statements of the current period. These matters were addressed in the context of our audit of the Ind AS financial statements as a whole, and informing our opinion thereon, and we do not provide a separate opinion on these matters.We have not observed any matters that classifies as the key audit matter to be communicated in our audit report.

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

The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexure to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the standalone financial statements and our auditor''s reportthereon.

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

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

Responsibilities of Management and those charged with governance for theInd AS financial statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, change in equity and cash flows of the Company in accordance with the Indian Accounting Standards (Ind AS) and accounting principles generally accepted in India, specified under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and

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

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

The Board of Directors are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibilities for the Audit of Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

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

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

â¢ 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 Ind AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our 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 Ind AS financial statements, including the disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure 1 a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

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

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

d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.

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

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

i) The Company does not have any pending litigations which would have impact on its financial positions in its Ind AS 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 were no amounts which are required to be transferred, to the Investor Education and Protection Fund by the Company.

iv)

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

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

c. Based on such audit procedures that have been considered reasonable and appropriate in the circumstances,

nothing has come to our notice that has caused us to belive 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 divided during the year.

vi) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2015 is applicable from 1 April 2023.

For, S K Jha & Co.

Chartered Accountants

FRN: 126173W

_SD/-_

Nikhil Makhija Partner

M.No.176178

UDIN: 24176178BKDZGC5395

Date:29.05.2024 Place: Ahmedabad

Mar 31, 2016

We have audited the accompanying standalone financial statements of Superb Papers Limited (the Company), comprising the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Managements'' Responsibility

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

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatement.

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

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

Auditor''s Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016, and its profit and its cash flows for the year ended on that date.

Emphasis of Matter

Without qualifying our opinion, we draw attention to the following matters in the Notes to the financial statements:

(a) Point "K(a)" of Note 11 to the financial statements, indicates that the Company has accumulated losses and its net worth has been significantly eroded. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company''s ability to continue as a going concern. However, the financial statements of the Company has been prepared on a going concern basis for the reasons stated in the said Note.

(b) Point "K(b)" of Note 11 to the financial statements, indicates that certain companies, to whom the Company had given significant loans/advances, have been statutorily declared defunct by the Registrar of Companies, Gujarat, under the Ministry of Corporate Affairs. These conditions indicate the existence of uncertainty of realizing such loans/advances.

(c) Point "K(c)" of Note 11 to the financial statements, indicates that certain quoted investments made by the Company, in companies which have been since either suspended or delisted by the stock exchanges. These conditions indicate the existence of uncertainty of realizing such investments.

Report on other legal and regulatory requirements

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

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

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

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

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

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

(e) The matter under the Emphasis of Matters paragraph above, in our opinion depending on the potential outcome, may have an adverse effect on the functioning of the Company.

(f) On the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors except Mr. R. C. Dedhia, is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

(g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in ''Appendix B''.

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

(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements;

(ii) The Company has made provision, as required under any law or accounting standards, for material foreseeable losses (refer point ''K'' of Note 11), if any, on long term contracts including derivative contracts;

(iii) There were no amounts, in the opinion of the management of the Company, which were required to be transferred to the Investor Education and Protection Fund by the Company.

In our opinion, subject to the extent of information and explanations available or provided to us, we report that:

(i) The company did not have any fixed assets as on 31st March, 2016, consequently sub-clauses (a) to (c) of this clause, are not applicable.

(ii) The company did not hold any inventories as on 31st March, 2016, consequently clauses 3(ii) of CARO is not applicable.

(iii) The company has not granted any loans, secured or unsecured, to companies, firms, LLP''s or other parties covered in the register specified under section 189 of the Act, consequently sub-clauses (a) to (c) of this clause, are not applicable.

(iv) The aggregate of investments made in other body corporate and loans and advances given, by the Company (refer clause ''I'' and ''J'' of Note 11) are in excess of the limits specified under section 186 (2), and such loans/advances are interest free except loans/advances to two parties, covered in the register maintained under section 186 (9) of the Act.

(v) The Company has not accepted any deposits in terms of directives issued by Reserve Bank of India and the provisions of sections 73 to 76 of the Act and the rules framed there under.

(vi) We are informed that the central government has not prescribed maintenance of cost records under section 148(1) of the Act, which has been relied upon.

(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, duty of customs, duty of excise, value added tax, cess and any other statutory dues (as applicable), with the appropriate authorities during the year, except outstanding income tax dues (net of TDS) for financial years 2009-10Rs.29191/-, 2010-11Rs.38716/- and 2013-14Rs.140527/-, were in arrears as at 31st March, 2016 for a period of more than six months from the date they became payable.

(b) There are no dues of income tax, sales tax, wealth tax, service tax, customs duty, excise duty, value added tax or cess, that have not been deposited on account of any dispute.

(viii) The Company has no dues payable to financial institution, bank, government or debenture holders.

(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year.

(x) We are informed that there have been no cases of fraud on or by the Company noticed or reported during the year, which has been relied upon.

(xi) The Company has not paid any managerial remuneration in terms of section 197 read with Schedule V to the Act.

(xii) We are informed that the Company is not a Nidhi company, which has been relied upon.

(xiii) The transactions with related parties (refer clause ''M'' of Note 11) comprise payment of sitting fees to directors during the year and certain transactions comprising trade deposits given, interest free advance of Rs.50000/- given and investments made, by the Company, not entered into during the year and whose balances are carried forward in accounts. We are informed that the transactions with the related parties are in compliance with sections 177 and 188 of the Act (as applicable) and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards, which has been relied upon.

(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) We are informed that the Company has not entered into non-cash transactions with directors or persons connected with him, which has been relied upon.

(xvi) The Company is not required (refer clause ''N'' of Note 11) to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

We have audited the internal financial controls over financial reporting of Superb Papers Limited as of 31st March, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI).

These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by the Institute of Chartered Accountants of India and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India.

Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

As per the information and explanations provided to us and based on our examination of the records in accordance with the essential components of internal controls stated in the Guidance Note, the Company has in all material respects, a system of internal checks on its day to day transactions which acts as an informal internal financial control system over financial reporting which, commensurate with its size and the nature of its business is adequate and operating effectively as at 31st March, 2016.

For Manoj Mehta & Co

Chartered Accountants

(M. M. Mehta)

Proprietor

Mumbai, 30th May, 2016

Mar 31, 2015

We have audited the accompanying financial statements of Superb Papers Limited (the Company), comprising the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Managements' Responsibility

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

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act.

Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control 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 audit opinion on the financial statements.

Auditor's Opinion

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

Emphasis of Matter

Without qualifying our opinion, we draw attention to the following matters in the Notes to the financial statements:

(a) Point "J(a)" of Note 13 to the financial statements, indicates that the Company has accumulated losses and its net worth has been significantly eroded. These conditions, indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. However, the financial statements of the Company have been prepared on a going concern basis for the reasons stated in the said Note.

(b) Point "J (b)" of Note 13 to the financial statements, indicates that certain companies, to whom the Company had given significant loans/advances, have been statutorily declared defunct by the Registrar of Companies, Gujarat, under the Ministry of Corporate Affairs.

Report on other legal and regulatory requirements

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

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

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

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

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

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

(e) The matter under the Emphasis of Matters paragraph above, in our opinion depending on the potential outcome, may have an adverse effect on the functioning of the Company.

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

(g) 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 (to the extent quantifiable) the impact of pending litigations (see point 'J (c)' of Note 13), on its financial position in its financial statements; (ii) The Company has made provision, as required under any law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts; (iii) There were no amounts, in the opinion of the management of the Company, which were required to be transferred to the Investor Education and Protection Fund by the Company.

In our opinion and according to the information and explanations given to us or as explained to us, we report that:

(i) The company did not have any fixed assets as on 31st March, 2015, consequently sub- clauses (a) and (b) of this clause, are not applicable.

(ii) The company did not have any inventories as on 31st March, 2015, consequently sub- clauses (a) to (c) of this clause, are not applicable.

(iii) The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register specified under section 189 of the Act, consequently sub-clauses (a) and (b) of this clause, are not applicable.

(iv) The Company has an adequate system of internal checks on its day to day affairs, which acts as a internal control system commensurate with its size and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services and no major weaknesses has been noticed in such internal control system.

(v) The Company has not accepted any deposits in terms of directives issued by Reserve Bank of India and the provisions of sections 73 to 76 of the Act and the rules framed there under.

(vi) We are informed that the central government has not prescribed maintenance of cost records under section 148(1) of the Act, which has been relied upon.

(vii) We are informed that the Company is generally regular in depositing undisputed statutory dues including provident fund, employees' state insurance, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues (as applicable), with the appropriate authorities during the year, except outstanding income tax dues (net of TDS) for financial years 2009-10 Rs, 29191/-, 2010-11 Rs, 38716/- and 2013- 14 Rs, 140527/-.

(viii) There are no dues of income tax, sales tax, wealth tax, service tax, customs duty, excise duty, value added tax or cess, that have not been deposited on account of any dispute.

(ix) We are informed that there are no amounts required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 and Rules made there under, which has been relied upon.

(x) The Company has accumulated losses of Rs, 39468901/- at the end of the financial year, which are not less than fifty percent of its net worth. The Company has incurred cash loss of Rs, Nil in the financial year and Rs, 814206/- in the immediately preceding financial year.

(xi) We are informed that the Company has no dues payable to financial institution or bank or debenture holders.

(xii) We are informed that the Company has not given any guarantee for loans taken by others from bank or financial institution.

(xiii) We are informed that the Company has not availed any term loans during the year under audit.

(xiv) We are informed that there have been no cases of fraud on or by the Company noticed or reported during the year, which has been relied upon.

For Manoj Mehta & Co

Chartered Accountants

(FRN: 116681W)

Sd/-

(M. M. Mehta)

Proprietor

(M. No. 44355)

Mumbai, 28th May, 2015

Mar 31, 2014

We have audited the accompanying financial statements of Superb Papers Limited (the Company), which comprise the Balance Sheet as at 31st March, 2014, 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.

Managements'' Responsibility

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 notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 of 13th September, 2013 of the Ministry of Corporate Affairs (MCA) in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to preparation & presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' 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. 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 appropriate and sufficient to provide a basis for our audit opinion.

Auditors'' Opinion

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

* in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

* in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and

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

Other Regulatory Requirements

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

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, Statement of Profit and 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 and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 of 13th September, 2013 of the MCA in respect of section 133 of the Companies Act, 2013;

e) On the basis of written representations received from the directors, and taken on record by the board of directors, none of the directors except Mr. R. C. Dedhia, is disqualified as on 31st March, 2014, from being appointed as a director in terms of section 274(1)(g) of the Act.

Appendix referred to under heading ''Other Regulatory Requirements'', in our report dated 27th May, 2014

To the best of our knowledge and belief and to the extent of information and explanations provided to us, and based on the books of account and other record produced before us, we report that-

i. Regarding fixed assets:

The company does not own any fixed assets, consequently clauses (i)(a) to (i)(c) of paragraph 4 of CARO, are not applicable.

ii. Regarding inventories:

The company does not own any inventories, consequently clauses (ii)(a) to (ii)(c) of paragraph 4 of CARO, are not applicable.

iii. Regarding loans:

(a) The Company has not granted any loans, secured or unsecured to companies, firms and other parties listed in the register referred under section 301 of the Act. Hence provisions of clauses 4(iii) (a), (b), (c) and (d) of the said Order are not applicable;

(b) The Company has taken unsecured loans from six parties covered in the register specified under section 301 of the Act which are interest free except one party (refer ''Note 14 (R)'' for details);

(c) The rate of interest and other terms of such loans taken, are prima facie, not prejudicial to the interests of the Company;

(d) There are no specific time bound stipulations as regards the repayment of principal or interest;

iv. The Company has an adequate system of internal checks on its day to day affairs, which also acts as a internal control system commensurate with its size and the nature of its business, for purchase of inventory and fixed assets and for sale of goods and services and no major weaknesses were noticed in such system.

v. The register of contracts and arrangements referred to in section 301 of the Act, is being rationalised by the management of the Company.

vi. The Company has not accepted any deposits from public, in terms of section 58A and 58AA of the Act and rules framed there under.

vii. We have not observed any formal internal audit system, but as mentioned above, the Company has an adequate system of internal checks on its day to day affairs, which also acts as an informal internal audit system, commensurate with its size and nature of its business.

viii. The central government has not prescribed maintenance of cost records under section 209(1)(d) of the Act.

ix. Regarding statutory dues:

(a) The provisions of Provident Fund and Employees'' State Insurance Acts are not applicable to the Company. The Company is generally regular in depositing undisputed statutory dues (as applicable) including income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other dues with the appropriate authorities during the year, except outstanding income tax dues (net of TDS) for financial years 2009-10 Rs. 29,191/-, 2010-11 Rs. 38,716/- and 2012-13 Rs. 2,647/-;

(b) There are no dues of income tax, sales tax, wealth tax, service tax, customs duty, excise duty or cess, that have not been deposited on account of any dispute.

x. The Company has accumulated losses of Rs. 3,95,29,180/- during the financial year, which are not less than 50% of its net worth. The Company has incurred cash loss of Rs. 8,14,206/- during the financial year and Rs. 33,31,698/- in the immediately preceding financial year.

xi. The Company has not availed any funds from any financial institution or bank or from debenture holders during the year.

xii. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

xiii. The Company is not a chit fund or a nidhi/mutual fund/society, hence provisions of clause 4 (xiii) of CARO are not applicable to the Company.

xiv. The Company has maintained proper record of the transactions and contracts and made timely entries in respect of its investment/trading in shares, securities and other investments and these are held by the Company in its own name at the year end.

xv. The Company has not given any third party guarantees to banks or financial institutions.

xvi. The Company has not availed any term loans from banks or financial institutions.

xvii. On an overall basis, the Company has not prima facie, used the funds borrowed on short term basis for long term investments during the year.

xviii. The Company has not made any preferential allotment of shares to parties and companies listed in the register specified under section 301 of the Act.

xix. The Company has not issued any debentures during the year.

xx. The Company has not raised any money by way of public issue of its shares or securities during the year.

xxi. There have been no cases of fraud on or by the Company noticed or reported during the year.

For Manoj Mehta & Co Chartered Accountants (FRN.: 116681W)

(M. M. Mehta) Proprietor (M. No.: 44355)

Mumbai, 27th May, 2014

Mar 31, 2013

We have audited the accompanying financial statements of Superb Papers Limited (the Company), which comprise the Balance Sheet as at 31st March, 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.

Managements'' Responsibility

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 section 211(3C) of the Companies Act, 1956 (the Act). This responsibility includes the design, imple- mentation and maintenance of internal control relevant to the preparation and presen- tation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' 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 assess- ments, 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 appropriate- ness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Auditors'' Opinion

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

* in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013;

* in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

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

Other Regulatory Requirements

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

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 ouraudit;

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, Statement of Profit and 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 and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Act;

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

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Act, nor has it issued any Rules thereunder, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

APPENDIX REFERRED TO UNDER THE HEADING ''OTHER REGULATORY REQUIREMENTS''. IN OUR REPORT DATED 2ND SEPTEMBER. 2013

To the best of our knowledge and belief and to the extent of information and explana- tions provided to us, and based on the books of account and other record produced before us, we report that -

i. Regarding fixed assets -

(a) The company does not own any fixed assets, consequently clauses (i)(a) to (i)(c) of paragraph 4 of CARO, are not applicable.

ii. Regarding inventories -

(a) The company does not own any inventories, consequently clauses (ii)(a) to (ii)(c) of paragraph 4 of CARO, are not applicable.

iii. Regarding loans -

(a) The Company has not granted any loans, secured or unsecured to companies, firms and other parties listed in the register referred under section 301 of the Act. Hence provisions of clauses 4(iii) (a), (b), (c) and (d) of the said Order are not applicable.;

(b) The Company has taken unsecured, interest free loans from parties listed in register specified undersection 301 of the Act (refer point M of Note 12);

(c) These advances are interest free and other terms are prima facie not prejudicial to the interests of the Company;

(d) There are no specific time bound stipulations as regards the repayment of principal or interest;

iv. The Company has an adequate system of internal checks on its day to day affairs, which also acts as a internal control system commensurate with its size and the nature of its business, for purchase of inventory and fixed assets and for sale of goods and services and no major weaknesses were noticed in such system.

v. The register of contracts and arrangements referred to in section 301 of the Act, is under rationalisation.

vi. The Company has not accepted any deposits from public, in terms of section 58A and 58AA of the Act and rules framed there under.

vii. We have not observed any formal internal audit system, but as mentioned above, the Company has an adequate system of internal checks on its day to day affairs, which also acts as an informal internal audit system, commensurate with its size and nature of its business.

viii. The central government has not prescribed maintenance of cost records under section 209(1 )(d) of the Act.

ix. Regarding statutory dues -

(a) The provisions of Provident Fund and Employees'' State Insurance Acts are not applicable to the Company. The Company is generally regular in depositing undisputed statutory dues (as applicable) including income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other dues with the appropri- ate authorities during the year, except income tax/-(net of TDS) for Financial Years 2009-10 Rs. 29191/-, 2010-11 Rs. 38716/-, 2011-12 Rs. 6285/- and 2012- 13Rs. 2647;

(b) There are no dues of income tax, sales tax, wealth tax, service tax, customs duty, excise duty or cess, that have not been deposited on account of any dispute.

x. The Company has accumulated losses of Rs. 38714974/- during the financial year. The Company however has not incurred any cash losses during the financial yearor immediately preceding financial year.

xi. The Company has not availed any funds from any financial institution or bank or from debenture holders during the year.

xii. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

xiii. The Company is not a chit fund ora nidhi/mutual fund/society, hence provisions of clause 4 (xiii) of CARO are not applicable to the Company.

xiv. The Company has maintained proper record of the transactions and contracts and made timely entries in respect of its trading in shares, securities and other investments and these are held by the Company in its own name at the year end.

xv. The Company has not given any third party guarantees to banks or financial institutions.

xvi. The Company has not availed any term loans from banks or financial institutions.

xvii. On an overall basis, the Company has not prima facie, used the funds borrowed on short term basis for long term investments during the year.

xviii. The Company has not made any preferential allotment of shares to parties and companies listed in the register specified undersection 301 of the Act.

xix. The Company has not issued any debentures during the year.

xx. The Company has not raised any money by way of public issue of its shares or securities during the year.

xxi. There have been no cases of fraud on or by the Company noticed or reported during the year.

For Manoj Mehta & Co Chartered Accountants FRN: 116681W

(M. M. Mehta) Proprietor M. No.: 44355

Mumbai, 2nd September, 2013

Mar 31, 2010

We have audited the attached balance sheet of Superb Papers Limited as at 31st March, 2010andtheprofltandloss account for theyear ended on that date (all together referred to as ''financial statements''). These financial statements are the responsibility of the manage- ment of the Company. Our responsibility is to express an opinion on these financial statementsbasedonouraudit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance aboutwhetherthe financial statements are free ofmaterial misstatements. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing fhe accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. Webelieve that our audit provides are as on ablebasis forour opinion.

1. As required by the Companies (Auditors'' Report) Order, 2003 (here after referred to as CARO) issued by the Central Government in terns of Section 227 (4 A) of the Companies Act,1956 (here after referred toas the Act)and on the basis of suchveri ficationof the books and recordsas weconsidere dappropriate and according to the information and explanations giventous,we give in the annexure,as tatementon the matters specifiedinparagraphs4 and the said Order.

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

a. we have obtained all the information and explanations which to the best of our knowledgeandbeliefwerenecessaryforthepurposesofour 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 maintained at the registeredoffice at Sural Besides the registered office, there are no branches;

c. the balance sheet and profit and loss account referred to in this report are in agree- ment with the books of account;

d. in our opinion, the balance sheet and the profit and loss account comply with the accountingstandardsreferredtoinsection211(3C)oftheAct;

e. Based on the written representation and information available on record, all the directors are disqualified from being a director of the Company as on 31st March, 2010 intermsofsection274(l)(g)oftheAct;

3. In our opinion and to the best of our in formation and according to the explanations given tous, the said financial statementsreadtoge ther with the notes thereon,give the in formation required undertheAct in the manner so required and give a true and fair view in conformity with the accountingprinciplesgenerallyacceptedin India

- in the case of the balance sheet,of the state of affairsof the Company as at 31st March, 2010;

-in the case of the profit and loss account,of the profit for the year ended on that date.

i. The company does not own any fixed assets consequently clauses (i) (a) to (i) (c) of paragraph 4 of CARO, are not applicable

ii. There were no inventories in the company during or at the end of the year consequently clauses (ii) (a) to (ii) (c) of paragraph4ofCARO,arenotapplicable. ut According to the explanations provided and books of account produced beforeus

a. The Company has granted unsecured loans, to company listed in the register maintained under sectionSOl oftheAct (refer point "K" of Schedule J for details);and

b. The rate of interest and other terms and conditions are prima facie not prejudicial to the interest of the company; and

c. No receipt towards the principal amount and interest is received during the year except mentioned point "P" of Schedule "J"; and

d. The management has stated that there arenooverdue amounts;

e. The Company has taken unsecured loans from parties listed in the register maintained under section 301 oftheAct (refer point "K" of Schedule J for details);and

f The rate of interest and other terms and conditions are prima facie not prejudicial to the interest of the company; and

g. Refer point "P" of schedule "J" for Paymentsmadeduringtheyear towards theprincipalamountandinterest. iv In our opinion, there are adequate internal control procedures commensurate with the size ofthe Company and the nature of its business for purchase of inventory andfixedassetsandforsaleofgoods.

v. To the best of our knowledge and based on the information and records provided to us, the transactions (if any) which are needed to be recorded in the register specified under section 301 ofthe Act,areunderupdation.

vi. As per the information made available to us and as per the explanations given to us, the Company has not accepted any deposits frompublic, in terms of section 58AoftheActandralesframedthere under.

vii. In our opinion, the Company has an adequate system of internal checks on its day to day affairs, which acts as an internal auditsystem.

viii. We are informed that, the central government has not prescribed mainte- nance of cost records under section 209(1) (d) ofthe Act.

ix. On the basis ofthe information and explanations made available to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, Investor Education and Protection Fund, Employees'' State Insurance, Income tax, Sales tax, Wealth tax, Service tax, Customs duty, Excise duty, cess and other dues with the appropriate authorities during the year. Consequently clauses (ix) (b) of paragraph 4 ofthe order i.e. CARO,inapplicable.

x. As it appears from the books and record produced before us, the Company has an accumulated loss (after appropria- tions) ofRs. 35521437/- during the financial year & Rs. 35625062/- during the immedi- ately preceding financial year. The Company however has not incurred any cashlosses during the financial yearbut has incurred cash loss ofRs. 22500/- in immedi- ately preceding financial year.

xi. In our opinion and based on the information and explanations made available to us, the Company has not taken any loan from any financial institution, banksordebentureholders.

xii. Based on our examinations of the books and record and according the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

xiii. As explained to us, the provisions of any special statute applicable to a chit fund, mdhi or mutual benefit fund / societies, are not applicable to the Company.

xiv According to the explanations provided and books of account produced before us, the Company has not dealt or traded in shares, securities, debentures or overinvestments duringtheyear.

xv According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others frombanks or financial institutions.

xvi. Aspertheexplanationsgiventous and on the basis of our examination of the books of account, the Company has not availed any term loans from banks or financial institutions.

xvii. According to the cash flow statement and other record examined by us and the information and explanations given to us, the Company has not raised any short termfundsduringtheyear.

xviii. The Company has not made any preferential allotment of any shares during theyear.

xix. The Company has not issued any debenturesduringtheyear.

xx. The Company has not raised any money by way of public issue of its shares orsecuritiesduringtheyear.

xxi. To the best of our knowledge and belief and according to the information and explanations made available to us, there have been no cases of fraud on or by the Company noticed or reported during the year

Manoj M.Mehta Proprietor

Forandon behalf of MANOJMEHTA & CO

Chartered Accountants

Mumbai,30th June, 2010

Mar 31, 2009

1. We have audited the attached Balance Sheet of Superb Papers Limited, as on 31st March,2009 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report), Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

(i) 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;

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

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account;

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

(v) On the basis of written representations received from the directors as on 31st March, 2009 and taken on record by the Board of Directors and on the basis of information and explanation provided to us, we report that all the directors on the board of the company are disqualified as on 31st March, 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956

(vi) In our opinion and to the best of our information and according to the explanations given to us, they said accounts give the information required by the Companies Act, 1956.In the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009; and

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

(Referred to in our Report of even date an annexure on the matters specified in paragraphs 4 and 5 of the CARO on the Statements of Accounts of SUPERB PAPERS LIMITED as at and for the Year ended March 31, 2009)

1. Fixed Assets:

Since the company does not own fixed assets this clause is not applicable.

2. Inventory:

The Company has not carried out any manufacturing activity during the year and there being no inventory, the subject clause is not applicable.

3. Loan taken / granted by the company:

According to information and explanations given to us, the company has not granted loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The company has taken loans from parties covered in register prescribed under section 301 of the Companies Act, 1956 details of which is as follow:

Sr. Name of party Relationship Amount Amount Closing No. with Company accepted repaid balance

1. Dhansukhbhai V. Panchal Director Nil Nil 18,000

2. Dipakbhai B. Brother of Panchal Director Nil Nil 518,000

3. Babubhai Brother Panchal of Director Nil Nil 943,000

4. Krishna D. Daughter of Panchal Director Nil Nil 48,981

5. Hasuben B. Panchal Shareholder Nil Nil 975,570

Total Nil Nil 2,503,551

According to the information and explanation provided to us, the rate of interest and other terms and conditions on which loans have been taken by the company from parties covered in register section 301 are not, prima facie, prejudicial to the interest of the company.

According to the records of the company, there are no dues of sales tax, income tax, customs duty / wealth tax, excise duty which have not been deposited on account of any dispute.

10. Accumulated Losses:

On the basis of examination of books of accounts and records, we are of the opinion that the company have accumulated losses to the extents of Rs.3,56,25,062/- at the end of financial year. Cash loss during the current financial year is Rs.22,500/-. The company has incurred cash loss of Rs. 22,000/- in immediate preceding financial year.

11. Repayment of financial dues:

As per the information and explanation provided to us, the Company has not carried on business, nor availed any loans and hence not defaulted in repayment of loan.

12. Documentation in respect of loans granted:

Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Guarantee for loans:

As per the information and explanation provided to us, the company has not given corporate guarantee to any banks or financial institutions to secure loan taken by others.

14. End use of funds:

As per the information and explanations provided to us, the Company has not carried on business, nor availed any loans hence this clause is not applicable.

15. Preferential allotment:

The company has not made preferential allotment of equity shares to parties covered in the register maintained under section 301 of the Act.

16. Issue of debentures & Shares:

During the period covered by our report the company has not issued any debentures.

During the period covered by our report the company has not raised any money by public issue.

17. Frauds:

On the basis of the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

R.G. PARWAL

Chartered Accountant

M.no.- 403546

Place : Surat

Date : September 11, 2009

Mar 31, 2008

1. We have audited the attached Balance Sheet of Superb Papers Limited, as on 31st March,2008 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report), Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

(i) 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;

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

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account;

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

(v) On the basis of written representations received from the directors as on 31st March, 2008 and taken on record by the Board of Directors and on the basis of information and explanation provided to us, we report that all the directors on the board of the company are disqualified as on 31st March, 2008 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956

(vi) In our opinion and to the best of our information and according to the explanations given to us, they said accounts give the information required by the Companies Act, 1956.In the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2008; and

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

(Referred to in our Report of even date an annexure on the matters specified in paragraphs 4 and 5 of the CARO on the Statements of Accounts of SUPERB PAPERS LIMITED as at and for the Year ended March 31, 2008)

1. Fixed Assets:

Since the company does not own fixed assets this clause is not applicable.

2. Inventory:

The Company has not carried out any manufacturing activity during the year and there being no inventory, the subject clause is not applicable.

3. Loan taken / granted by the company:

According to information and explanations given to us, the company has not granted loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The company has taken loans from parties covered in register prescribed under section 301 of the Companies Act, 1956 details of which is as follow:

Sr. Name of party Relationship Amount Amount Closing No. with Company accepted repaid balance

1. Dhansukhbhai V. Panchal Director Nil Nil 18,000

2. Dipakbhai B. Brother of Panchal Director Nil Nil 518,000

3. Babubhai Brother Panchal of Director Nil Nil 943,000

4. Krishna D. Daughter of Panchal Director Nil Nil 48,981

5. Hasuben B. Panchal Shareholder Nil Nil 975,570

Total Nil Nil 2,503,551

According to the information and explanation provided to us, the rate of interest and other terms and conditions on which loans have been taken by the company from parties covered in register section 301 are not, prima facie, prejudicial to the interest of the company.

As per the information and explanation offered to us, there are no specific terms of repayment of principal or interest thereon between the company and these lenders.

4. Internal Control:

In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regards to purchase of inventory, fixed assets and with regards to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. Transactions with parties listed u/s. 301 of the Companies Act

In our opinion and according to the information and explanations given to us, transactions required to be entered into the Register in pursuance of section 301 of the Companies Act, 1956 have been so entered.

In our opinion and according to the information and explanations given to us, no transactions exceeding rupees five lakh are made with parties covered under section 301 of the Companies Act, 1956.

6. Deposits from public

In our opinion and according to the information and explanations given to us, during the year under consideration the company has not accepted deposits from the public.

7. Internal Audit System

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

8. Cost Records:

According to information and explanations given to us the Central Government has not prescribed for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956.

9. Statutory Dues:

According to information and explanations given to us and on the basis of our examination of the books of accounts, generally the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employee''s state insurance, excise duty, sales tax and other statutory dues.

According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, customs duty and exercise duty were outstanding, as at March 31, 2008.

According to the records of the company, there are no dues of sales tax, income tax, customs duty / wealth tax, excise duty which have not been deposited on account of any dispute.

10. Accumulated Losses:

On the basis of examination of books of accounts and records, we are of the opinion that the company have accumulated losses to the extents of Rs.3,53,81,995/- at the end of financial year. Cash loss during the current financial year is Rs.22,000/-. The company has incurred cash loss of Rs. 22,040/- in immediate preceding financial year.

11. Repayment of financial dues:

As per the information and explanation provided to us, the Company has not carried on business, nor availed any loans and hence not defaulted in repayment of loan.

12. Documentation in respect of loans granted:

Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Guarantee for loans:

As per the information and explanation provided to us, the company has not given corporate guarantee to any banks or financial institutions to secure loan taken by others.

14. End use of funds:

As per the information and explanations provided to us, the Company has not carried on business, nor availed any loans hence this clause is not applicable.

15. Preferential allotment:

The company has not made preferential allotment of equity shares to parties covered in the register maintained under section 301 of the Act.

16. Issue of debentures & Shares:

During the period covered by our report the company has not issued any debentures.

During the period covered by our report the company has not raised any money by public issue.

17. Frauds:

On the basis of the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

R.G. PARWAL

Chartered Accountant

M.no.- 403546

Place : Surat

Date : September 1, 2008

Mar 31, 2007

1. We have audited the attached Balance Sheet of Superb Papers Limited, as on 31st March,2007 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report), Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

(i) 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;

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

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account;

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

(v) On the basis of written representations received from the directors as on 31st March, 2007 and taken on record by the Board of Directors and on the basis of information and explanation provided to us, we report that all the directors on the board of the company are disqualified as on 31st March, 2007 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956

(vi) In our opinion and to the best of our information and according to the explanations Given to us, the said accounts give the information required by the Companies Act, 1956.In the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2007; and

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

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in our Report of even date an annexure on the matters specified in paragraphs 4 and 5 of the CARO on the Statements of Accounts of SUPERB PAPERS LIMITED as at and for the Year ended March 31, 2007)

1. Fixed Assets:

Since the company does not own fixed assets this clause is not applicable.

2. Inventory:

The Company has not carried out any manufacturing activity during the year and there being no inventory, the subject clause is not applicable.

3. Loan taken / granted by the company:

According to information and explanations given to us, the company has not granted loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The company has taken loans from parties covered in register prescribed under section 301 of the Companies Act, 1956 details of which is as follow:

Sr. Name of party Relationship Amount Amount Closing No. with Company accepted repaid balance

1. Dhansukhbhai V. Panchal Director Nil Nil 18,000

2. Dipakbhai B. Brother of Panchal Director Nil Nil 518,000

3. Babubhai Brother panchal of Director Nil Nil 943,000

4. Krishna D. Daughter of panchal Director Nil Nil 48,981

5. Hasuben B. Panchal Shareholder Nil Nil 975,570

Total Nil Nil 2,503,551

According to the information and explanation provided to us, the rate of interest and other terms and conditions on which loans have been taken by the company from parties covered in register section 301 are not, prima facie, prejudicial to the interest of the company. As per the information and explanation offered to us, there are no specific terms of repayment of principal or interest thereon between the company and these lenders.

4. Internal Control:

In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regards to purchase of inventory, fixed assets and with regards to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. Transactions with parties listed u/s. 301 of the Companies Act

In our opinion and according to the information and explanations given to us, transactions required to be entered into the Register in pursuance of section 301 of the Companies Act, 1956 have been so entered.

In our opinion and according to the information and explanations given to us, no transactions exceeding rupees five lakh are made with parties covered under section 301 of the Companies Act, 1956.

6. Deposits from public

In our opinion and according to the information and explanations given to us, during the year under consideration the company has not accepted deposits from the public.

7. Internal Audit System

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

8. Cost Records:

According to information and explanations given to us the Central Government has not prescribed for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956.

9. Statutory Dues:

According to information and explanations given to us and on the basis of our examination of the books of accounts, generally the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employee''s state insurance, excise duty, sales tax and other statutory dues.

According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, customs duty and exercise duty were outstanding, as at March 31, 2007.

According to the records of the company, there are no dues of sales tax, income tax, customs duty / wealth tax, excise duty which have not been deposited on account of any dispute.

10. Accumulated Losses:

On the basis of examination of books of accounts and records, we are of the opinion that the company have accumulated losses to the extents of Rs. 3,51,39.428/- at the end of financial year. Cash loss during the current financial year is Rs.22,040/-. The company has incurred cash loss of Rs. 2,48,719/- in immediate preceding financial year.

11. Repayment of financial dues:

As per the information and explanation provided to us, the Company has not carried on business, nor availed any loans and hence not defaulted in repayment of loan.

12. Documentation in respect of loans granted:

Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Guarantee for loans:

As per the information and explanation provided to us, the company has not given corporate guarantee to any banks or financial institutions to secure loan taken by others.

14. End use of funds:

As per the information and explanations provided to us, the Company has not carried on business, nor availed any loans hence this clause is not applicable.

15. Preferential allotment:

The company has not made preferential allotment of equity shares to parties covered in the register maintained under section 301 of the Act.

16. Issue of debentures & Shares:

During the period covered by our report the company has not issued any debentures.

During the period covered by our report the company has not raised any money by public issue.

17. Frauds:

On the basis of the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit. R.G. PARWAL

Chartered Accountant

M.no.- 403546

Place : Surat

Date : September 1, 2007

Mar 31, 2006

1. We have audited the attached Balance Sheet of Superb Papers Limited, as on 31st March,2006 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report), Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

(i) 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;

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

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account;

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

(v) On the basis of written representations received from the directors as on 31st March, 2006 and taken on record by the Board of Directors and on the basis of information and explanation provided to us, we report that all the directors on the board of the company are qualified as on 31st March, 2006 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956.In the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2006; and

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

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in our Report of even date an annexure on the matters specified in paragraphs 4 and 5 of the CARO on the Statements of Accounts of SUPERB PAPERS LIMITED as at and for the Year ended March 31, 2006)

1. Fixed Assets:

Since the company does not own fixed assets this clause is not applicable.

2. Inventory:

The Company has not carried out any manufacturing activity during the year and there being no inventory, the subject clause is not applicable.

3. Loan taken / granted by the company:

According to information and explanations given to us, the company has not granted loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The company has taken loans from parties covered in register prescribed under section 301 of the Companies Act, 1956 details of which is as follow:

Sr. Name of party Relationship Amount Amount Closing No. with Company accepted repaid balance

1. Dhansukhbhai V. Pancha Director Nil Nil 18,000

2. Dipakbhai B. Brother of Panchal Director Nil Nil 518,000

3. Babubhai Brother Panchal of Director Nil Nil 943,000

4. Krishna D. Daughter of Panchal Director Nil Nil 48,981

5. Hasuben B. Panchal Shareholder Nil Nil 975,570

Total Nil Nil 2,503,551

According to the information and explanation provided to us, the rate of interest and other terms and conditions on which loans have been taken by the company from parties covered in register section 301 are not, prima facie, prejudicial to the interest of the company. As per the information and explanation offered to us, there are no specific

terms of repayment of principal or interest thereon between the company and these lenders.

4. Internal Control:

In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regards to purchase of inventory, fixed assets and with regards to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. Transactions with parties listed u/s. 301 of the Companies Act

In our opinion and according to the information and explanations given to us, transactions required to be entered into the Register in pursuance of section 301 of the Companies Act, 1956 have been so entered.

In our opinion and according to the information and explanations given to us, no transactions exceeding rupees five lakh are made with parties covered under section 301 of the Companies Act, 1956.

6. Deposits from public

In our opinion and according to the information and explanations given to us, during the year under consideration the company has not accepted deposits from the public.

7. Internal Audit System

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

8. Cost Records:

According to information and explanations given to us the Central Government has not prescribed for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956.

9. Statutory Dues:

According to information and explanations given to us and on the basis of our examination of the books of accounts, generally the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employee''s state insurance, excise duty, sales tax and other statutory dues.

According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, customs duty and exercise duty were outstanding, as at March 31, 2006.

According to the records of the company, there are no dues of sales tax, income tax, customs duty / wealth tax, excise duty which have not been deposited on account of any dispute.

10. Accumulated Losses:

On the basis of examination of books of accounts and records, we are of the opinion that the company have accumulated losses to the extents of Rs. 3,48,96,821/- at the end of financial year. Cash loss during the current financial year is Rs.2,48,791/-. The company has incurred cash loss of Rs. 50,56,172/- in immediate preceding financial year.

11. Repayment of financial dues:

As per the information and explanation provided to us, the Company has not carried on business, nor availed any loans and hence not defaulted in repayment of loan.

12. Documentation in respect of loans granted:

Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Guarantee for loans:

As per the information and explanation provided to us, the company has not given corporate guarantee to any banks or financial institutions to secure loan taken by others.

14. End use of funds:

As per the information and explanations provided to us, the Company has not carried on business, nor availed any loans hence this clause is not applicable.

15. Preferential allotment:

The company has not made preferential allotment of equity shares to parties covered in the register maintained under section 301 of the Act.

16. Issue of debentures & Shares:

During the period covered by our report the company has not issued any debentures.

During the period covered by our report the company has not raised any money by public issue.

17. Frauds:

On the basis of the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

R.G. PARWAL

Chartered Accountant

M.no.- 403546

Place : Surat

Date : August 12, 2006

Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article