These financial statements are responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conduct our audit in accordance with the Auditing Standards generally accepted in India. Those Standards required 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 test basis evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

2) As required by Companies [Auditors Report] Order, 2015 ['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 a statement on the matters specified in paragraphs 3 & 4 of the said Order.

3) Further to our comments in the Annexure referred to in paragraph 2 above, we report that ;

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

b) 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 such books.

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

d) In our opinion, the Balance Sheet, Profit and Loss Account & Cash Flow Statement dealt by this Report comply with the Accounting Standards notified under Section 133 of companies act 2013 read with rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from Directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March 2015 from being appointed as a director within the meaning of section 164 of the Companies Act, 2013.

f) Subject to above, in our opinion and to the best of our information & explanations given to us, the said accounts read with significant accounting policies and other notes thereon, give the information required by the Companies Act, 2013, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India ;

i) In so far as relates to the Balance Sheet, state of affairs of the Company as at 31st March, 2015;

ii) In so far as relates to the Profit and Loss Account of the profit of the Company for the year ended on the date, and

iii) In so far as relates to the Cash Flow Statement of the cash flow of the Company for the year ended on the date.

ANNEXURE TO THE AUDITORS' REPORT

Annexure referred to the paragrph 2 of the Report of even date of the Auditors' to the Members of Jaipan Industries Limited on the accounts for the year ended 31st March 2015.

i) a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

b) As explained to us, physical verification of major items of fixed assets was conducted by the management during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size and operations of the company and the nature of its assets. On the basis of explanations received, in our opinion, the discrepancies found on physical verification were not significant.

ii) a) The inventories have been physically verified by the management at reasonable intervals during the year.

b) In our opinion, 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) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification were not material in relation to the operations of the Company and the same have been properly dealt with in the books of account.

iii) The Company has not granted loans to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act.

iv) There is adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and for the sale of goods and services. No major weaknesses were observed in the aforesaid internal control system.

v) The Company has not accepted any deposits from the public.

vi) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under section 148(1) of the Companies Act, for the products of the Company.

vii) a) The Company is generally regular in depositing undisputed statutory dues including provident fund, employee's state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, cess and any other statutory dues with the appropriate authority. Based on our audit procedures and according to the information and explanations given to us, there are no arrears of undisputed statutory dues which remained outstanding as at March 31, 2015 for a period of more than six months from the date they became payable.

b) According to the records made available to us and the information & explanations given by the management, the details of the dues of sales tax / income tax / custom duty / wealth tax / service tax / excise duty / cess, which have not been deposited on account of any dispute, are given below:

Sr.  Name ofthe                         Nature of     Forum      Amount
No.  Statue                             Dues          where      '(In
                                                      dispute     Lacs)
                                                      is
                                                      pending

1    Maharashtra Sales Tax
     (2002-03, 2003-04, 2004-05,        Sales Tax     Appeal     153.86

2    Maharashtra Sales Tax (2006-07)    Sales Tax     Appeal     460.50

3    Maharashtra Sales Tax (2006-07)    Sales Tax     Appeal     170.91

4    Maharashtra Sales Tax (2009-10)    Sales Tax     Appeal     118.78

5    Maharashtra Sales Tax (2009-10)    Sales Tax     Appeal      40.05

6    Maharashtra Sales Tax (2011-12)       CST        Appeal      33.26

7    Maharashtra Sales Tax  (2011-12)    Sales Tax    Appeal       3.15

8    Maharashtra Sales Tax (2007-08)        CST       Appeal      48.99

viii) The Company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

ix) The Company has not defaulted in repayment of dues to debenture holders and has not taken any loan from financial institutions or banks.

x) The Company has not given any guarantee in respect of debentures.

xi) The Company has not obtained any term loans during the year.

xii) During the year, no fraud on or by the Company has been noticed or reported during the course of our audit.

                                     For ASHOK K. LOHIYA & ASSOCIATES
                                                 CHARTERED ACCOUNTANTS

                                              ASHOK K. LOHIYA (PARTNER)
                                                 MEMBERSHIP NO. 108056
                                               FIRM REG. NO. - 124406W