Management's Responsibility for the Financial Statements

2. 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 presentation 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 (Account) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of 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 judgements 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

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

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

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

6. 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 the 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 controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of 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.

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

Opinion

8. 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, its profit and its Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order, 2015 (herein referred to as "the Order") issued by the Central Government of India in terms of sub-section 11 of section 143 of the Act, and on the basis of such checking of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

10. 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 appears from our examination of those books.

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

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of Written Representation received from the Directors as on 31st March, 2015, taken on record by the Board of Directors, none of the Directors are disqualified as on March 31st, 2015, from being appointed as a Director in terms of Section 164(2) of the Act.

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

i) The Company has disclosed the impact of pending litigations as on March 31, 2015 on its financial position in its financial statements.

ii) The Company has made provision as at March 31, 2015, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii) There has been no delay in transferring amounts, which was required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31, 2015.

ANNEXURE TO INDEPENDENT AUDITORS' REPORT

Referred to in Paragraph 9 under the heading of "Report on other Legal and Regulatory Requirements" of our report of even date

(i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

(b) As per Company's policy, verification of fixed assets is being conducted in a phased programme by the management designed to cover all assets over a period of five years, which in our opinion is reasonable having regard to the size of the Company and the nature of assets. The verification of assets due as per this programme has been carried out. No material discrepancies were noticed on such physical verification.

(ii) In respect of its inventories:

(a) During the year, the inventories have been physically verified by the management. In our opinion, the frequency of verification is reasonable.

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

(c) On the basis of our examination of the record of inventories, we are of the opinion that the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

(iii) The Company has granted Unsecured Loans to 2 parties (including 1 Company) covered in the register maintained under Section 189 of the Act:

(a) In respect of the aforesaid loans, the parties are repaying the Principal Amounts, as stipulated, and are also regular in payment of interest as applicable.

(b) In respect of the aforesaid loans, there is no overdue amount more than Rupees One Lakh.

(iv) 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 regard to purchases of inventories & fixed assets and with regard to the sale of goods & services. During the course of our audit, no major weakness has been noticed in the underlying internal controls.

(v) According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of Clause (v) of Paragraph 3 of the Order are not applicable.

(vi) We have broadly reviewed the cost records maintained by the Company as prescribed by the Central Government under Section 148(1) of the Act and are of the opinion that, prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) In respect of Statutory Dues:

(a) As explained to us, the statutory dues payable by the Company comprises of Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Custom Duty, Excise Duty, Value Added Tax, etc. According to the records of the Company and information and explanations given to us, the Company has been regularly depositing the aforesaid undisputed statutory dues with the appropriate authorities. There are no undisputed statutory dues as referred to above as at 31st March, 2015 outstanding for a period of more than six months from the date they become payable.

b) According to the records of the Company and information and explanations given to us, there are dues of Income Tax aggregating Rs. 2849690/- and Sales Tax aggregating Rs. 5014928.60/-, which have not been deposited on account of disputes, the details of which are set out below. We have been informed that there are no further dues in respect of income tax, sales tax and custom duty which have not been deposited on account of any dispute.

Nature of Demand             Amount of                Amount Deposited
                             Demand/Dispute

I.   Income Tax              Disallowance of   claim        -
     (For The Company)       U/S 80 HHC

II.  Income Tax              Rs.  14, 33,509/-              -
     (For The Company)

III. Income Tax              Rs.  5, 23,839/-         Rs. 4, 00,000/-
     (For EWPL now
     Merged with the
     Company)

IV   Income Tax              Rs.  12,92,342/-              -
     (For EWPL now
     Merged with the
     Company)

V    Sales Tax & VAT         Rs.  43,56,213/-           Rs.38,300/-
     (For The Company)

VI.  Sales Tax & VAT          Rs.  6,97,015.60/-            -
     (For The Company)

Nature of Demand                     Forum where dispute
                                        is pending

I.   Income Tax                       Appeal U/s 250 for
     (For The Company)                Assessment Year 2002-03
                                      Before Appellate Tribunal.

II.  Income Tax                       Appeal u/s 246A for
     (For The Company)                Assessment Year 2012-13
                                      Before CIT (Appeals)

III. Income Tax                       Appeal u/s 250 for
     (For EWPL now                    Assessment Year 2007-08
     Merged with the                  Before Appellate Tribunal.
     Company)

IV   Income Tax                       Appeal u/s 250 for
     (For EWPL now                    Assessment Year 2008-09
     Merged with the                  Before Appellate Tribunal.
     Company)

V    Sales Tax & VAT                  Appeal with Joint Commissioner
     (For The Company)                for the Financial Year 2010-2011

VI.  Sales Tax & VAT                  Appeal with Joint Commissioner
     (For The Company)                for the Financial Year 2010-2011

(viii) The Company has no accumulated losses and has not incurred cash losses during the financial year covered by our audit and there is no cash loss in the immediately preceding financial year.

(ix) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to banks. The Company has not issued any debentures.

(x) The company has not given any guarantee for loans taken by others, therefore the provisions of Clause (xi) of Paragraph 3 of the Order are not applicable.

(xi) In our opinion, the Term Loan has been applied for the purpose for which they were obtained.

(xii) Based upon the audit procedures performed and information and explanations given by the management, we report that no material fraud on or by the Company has been noticed or reported during the course of our audit during the year.

                                      For JAGDISH AGARWAL & ASSOCIATES
                                                 CHARTERED ACCOUNTANTS
                                          Firm Registration No.320253E

Place: Kolkata.                                            J.P.AGARWAL
Dated: The 30th Day of May, 2015                               PARTNER
                                                  Membership No.055436