Auditor Report of Mihijam Vanaspathi Ltd.

Mar 31, 2012

1. We have audited the attached Balance Sheet of MIHIJAM VANASPATI LIMITED as at 31st March 2012 and also the profit & Loss account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express and give 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 examination on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates 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 (Auditors' Report) Order, 2003 as amended by Companies (Auditors' Report) (Amendment) Order, 2004 issued by the Central Government in terms of section 227(4A) of the Companies Act, 1956 (as amended), we enclose in the Annexure a statement on the matters specified in Paragraph 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to in Paragraph 3 above, we report that:-

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

b) In our opinion, proper5 books of accounts as required by law have been kept by the company so far as appears from our examination of those books;

c) The Balance Sheet and profit & Loss Account dealt with by this report are in agreement with the books of account:

d)In our Opinion, the Balance Sheet and Profit & Loss Account dealt with by the report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956:

e) On the basis of written representations received from the Director as on 31st March, 2012 and taken on record by the Board of Directors, We report that none of the Directors is disqualified as on 31st March 2012 from being appointed as a director in terms of section 274(1) (g) of the Companies Act, 1956;

f)In our opinion and to the best of our information and according to the explanation given to us, the said accounts to read together with the Notes on the accounts, give in the prescribed manner the information required by the Companies Act, 1956 and also given a true and fair view in conformity with the accounting principles generally accepted in India:

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

ii) In the case of Profit & Loss Account, of the PROFIT for the year ended on that date and

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

ANNEXURE TO THE AUDITOR'S REPORT

REFERRED TO PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

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

(i) (b) As explained to us, the fixed assets of the Company have been physically verified by the Management during the year in a phased periodical manner, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its Assets. To the best of our knowledge, no discrepancies were noticed on such verification.

(i)(c) The Company has not disposed of substantial part of fixed assets during the year under audit and the going concern status of the company is not affected.

(ii)(a) As explained to us, the inventories have been physically verified by the management at regular intervals during the year.

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

(ii)(c) The company is maintaining proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii)(a) As informed, the company has given unsecured loan to two companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding at any time during the year was Rs. 682.36 lacs and the year-end balance is Rs. 27.36 lacs.

(iii) (b) As informed, the said loan has been given free of interest. Other terms and conditions of the abovementioned unsecured loan, prima facie, do not appear to be prejudicial to the interests of the company.

(iii) (c) As informed, there are no stipulations regarding repayment and as such we are unable to comment in this regard:

(iii)(d) As informed, the Company has taken unsecured loan from four companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 16.47 crore and the year-end balance is Rs 7.49 crore.

(iii)(e) As informed, the said loan has been taken free of interest. Other terms and conditions of the abovementioned unsecured loan, prima facie, do not appear to be prejudicial to the interests of the company.

(iii) (f) As informed, there are no stipulations regarding repayment and as such we are unable to comment in this regard.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit we have not observed any major weakness in internal controls.

(v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

(v)(b) In our opinion and according to information and explanations given to us, the transaction made in pursuance of contracts or arrangement entered in the register under Section 301 of the Companies Act, -1956 and exceeding the value of Rs. 5,00,000/- in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices wherever comparable prices are available at the relevant time.

(vi) In our opinion and according to information and explanations given to us, the company has not accepted any deposits from the public during the year.

(vii) We are informed that the Company has no formal internal audit system but internal control is exercised departmentally which in our opinion is commensurate with the size of the Company and the nature of its business.

(viii) We are informed that the Central Government has not prescribed the maintenance of cost records under section 209(1) (d) of the Act.

(ix)(a) According to the information and explanations given to us and the records of the company to the extent produced before us & examined by us, in our opinion the Company is generally regular in depositing the statutory dues including Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess, Service and other statutory dues, as applicable to the company, with the appropriate authorities. According to the information and explanations given to us and records to the extent produced before us no undisputed amounts payable in respect of the statutory dues mentioned above, were in arrears as at the year end for a period of more than 6 months from the date they became payable.

(ix)(b) In our opinion and according to the information and explanations given to us and books and records, to the extent produced before us, there are no dues of income-tax sales-tax, wealth-tax, service tax, customs duty, excise duty and cess which have not been deposited on account of any dispute, other than following:

(Rs. In lacs)

Name of the Nature of Gross Paid Period to statute the dues Amount under which (Rs. In Protest related lacs) (Rs. In (FY) lacs)

Central and Taxes 27.58 7.67 1996-97, State Sales including 1997-98, Tax Acts interest 1998-99, 2.30 2.30 2000-01, 2001-02 2003-04

Central Duty 6.87 0.55 1999-2000, 2000-2001

Customs Demand 159.40 55.00 2003-04, Act, 1962 custom 2004-05 duty 2.49 against 2004-05 DEPB

Income Tax Income 209.13 25.00 2002-03 Act Tax



Name of the Forum where statute dispute is pending

Central and Sales Tax Appellate State Sales Tribunal Tax Acts ACCT, Durgapur

Central Assistant Excise Act, Demand Commissioner, Central Excise

Customs Commissioner of Act, 1962 Customs Commissioner of Customs

Income Tax CIT (A) Ranchi Act

(x) The Company's does not have accumulated losses. It has not incurred cash losses in the financial year under report or in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us by the Management and records to the extent produced before us, the Company has not defaulted in repayment of dues to financial institutions and banks during the year.

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

(xiii) The Company is not a Chit Fund or a nidhi mutual benefit fund/society, Therefore, the provisions of clause 4(xiii) of the Companies' (Auditor's Report) Order, 2003 are not applicable to the Company.

(xiv) The Company has maintained proper records of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein. All shares, securities, debentures and other investments have been held by the Company in its own name.

(xv) In our opinion, the terms and conditions on which the company has given guarantee for loans taken by others from banks or financial institutions are not, prima facie, prejudicial to the interest of the company.

(xvi) The company has raised new term loans during the year. The term loans raised during the year have been applied for the purpose for which they were raised.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short term basis have not been used for long term assets.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) No debentures have been issued by the Company. As such provisions of clause 4(xix) are not applicable.

(xx) The Company has not raised money by way of public issue during the year. As such provisions of clause 4(xvi) are not applicable.

(xxi)To the best of our knowledge and belief and according to the information and explanations given to us, no fraud or by the company has been noticed or reported during the year.

For Lihala & Co. Chartered Accountants Firm Registration No-315052E

R. Lihala Partner M. No. 52138

Place: 11, Crooked Lane, Kolkata - 700 069

Date: 29 day of May, 2012

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Mar 31, 2010

1. We have audited the attached Balance Sheet of MIHIJAM VANASPATI LIMITED as at 31st March, 2010 and also the Profit & Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express and give 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 examination on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates 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 (Auditors Report) Order, 2003 [as amended by Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 (as amended), we enclose in the Annexure a statement on the matters specified in Paragraph 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to in Paragraph 3 above, we report that:-

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

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

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

d) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by the report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956;

e) On the basis of written representations received from the Directors as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of section 274 (1) (g) of the Companies Act, 1956;

h) In our opinion and to the best of our information and according to the explanation given to us, the said accounts, subject to Clause (f) & (g) above and read together with the Notes on the accounts, give in the prescribed manner the information required by the Companies Act, 1956 and also give a true and fair view in conformity with the accounting principles generally accepted in India:

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

ii) In the case of Profit & Loss Account, of the PROFIT for the year ended on that date and

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

ANNEXURE TO AUDITORS REPORT

REFERRED TO IN OUR ANNEXED REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31.3.2010

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

(b) As explained to us, the fixed assets of the Company have been physically verified by the Management during the year in a phased periodical manner, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its Assets. To the best of our knowledge, no discrepancies were noticed on such verification.

(c) The Company has not disposed of a substantial part of fixed assets during the year as such the going concern is not affected.

(ii) (a) As explained to us, the inventories have been physically verified by the management at regular intervals during the year.

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

(c) The company is maintaining proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventories as compared to the books of records.

(iii) (a) The company has not granted any loans to companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore Clauses 4 (iii) (a) to (d) is not applicable.

(b) The Company has taken an unsecured loan from a company covered in the register maintained under section 301 of the Companies Act, 1956. As on 31.3.2010, the amount outstanding in the companys books was Rs.536.90 lac.

(c) As informed to us, the said loan has been taken free of interest. Other terms and conditions of the above mentioned unsecured loan, prima facie, do not appear to be prejudicial to the interests of the Company.

(d) As informed to us, there are no stipulations regarding repayment and as such we are unable to comment in this regard.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit we have not observed any major weakness in internal controls.

(v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

(b) In our opinion and according to information and explanations given to us, the transaction made in pursuance of contracts or arrangement entered in the register under Section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000/- in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices wherever comparable prices are available at the relevant time.

(vi) In our opinion and according to information and explanations given to us, the company has not accepted any deposits from the public during the year.

(vii) We are informed The Company has no formal internal audit system but internal control is exercised departmentally which in our opinion is commensurate with the size of the Company and the nature of its business.

(viii) We are informed that the Central Government, has not prescribed the maintenance of cost records under section 209(1) (d) of the Act.

(ix) (a) According to the information and explanations given to us and the records of the Company to the extent produced before us and examined by us, in our opinion the Company is generally regular in depositing the statutory dues including Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess, Service and other statutory dues, as applicable to the Company, with the appropriate authorities. According to the information and explanations given to us and records to the extent produced before us, no undisputed amounts payable in respect of the statutory dues mentioned above, were in arrears as at the year end for a period of more than 6 months from the date they became payable, except an amount of Rs.26.58 lac (Income Tax).

(b) In our opinion and according to the information and explanations given to us and books and records, to the extent produced before us, there are disputed amounts in respect of certain Statutory Dues mentioned in (ix) (a) above, details of which are given in Note # 8 of Schedule S to the accounts.

(x) The Company does not have accumulated losses. It has not incurred cash losses in the financial year under report or in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us by the Management and records to the extent produced before us, the Company has not defaulted in repayment of dues to financial institutions and banks during the year.

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

(xiii) The Company is not a chit fund or a nidhi mutual benefit fund/society, Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

(xiv) During the year under review, there were no dealings in shares, securities, debentures & other investments and as such provisions of clause 4 (xiv) are not applicable.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institution.

(xvi) No term loans were raised by the Company during the year and such provisions of Clause 4(xvi) are not applicable.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short term basis have not been used for long term assets.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) No debentures have been issued by the Company. As such provisions of clause 4(xix) are not applicable.

(xx) The Company has not raised money by way of public issue during the year. As such provisions of clause 4(xvi) are not applicable.

(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud or by the company has been noticed or reported during the year.

For M.GOENKA & ASSOCIATES

Chartered Accountants

Place : Kolkata (CA.M. K. GOENKA)

Date : 30.07.2010 Proprietor

M/No. : 054766

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Mar 31, 2009

1. We have audited the attached Balance Sheet of MIHIJAM VANASPATI LIMITED as at 31st March, 2009 and also the Profit & Loss Account and the Cash Flow Statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on

our audit.

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 examination on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates 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 (Auditors Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act,1956 (as amended). We enclose in the Annexture a statement on the matters specified in paragraphs 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to in Paragraph 3 above, we report that:

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

b) In our opinion, proper books of account as required by Law have been kept by the company so far as appears from our examination of those books;

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

d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by the report comply with the Accounting Standards referred to in Section (3C).of Section 211 of the Companies Act, 1956;

e) On the basis of the written representations received from the Directors as on 31 st March, 2009 and taken on record by the Board of Directors, we report that none of the Directors is discolify as on 31 March 2009 from being appointed as a director in turms of section 274(1) (g) of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanation given to us the said account subject to Clause (f) & (g) above and read together with the Notes on the accounts, give in the prescribe manner the information required by the Companies Act, 1956, and also give a true and fair view in confirmly with the accounting principles generally accepted in India;

i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009 ii) In the case of the Profit and Loss Account, of the PROFIT for the year ended on that date and iii) In the case of the Cash Flow Statement of the cash flows for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

REFERRED TO IN OUR ANNEXED REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31.3.2009

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

(b) As explained to us, the fixed assets of the Company have been physically verified by the Management during the year in a phased periodical manner, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its Assets. To the best of our knowledge, no discrepancies were noticed on such verification.

(c) The Company has not disposed off a substantial part of fixed assets during the year as such the going concern is not affected.

(ii) (a) As explained to us, the inventories have been physically verified by the management at regular intervals during the year.

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

(ii) (c ) The company is maintaining proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) (a) The company has not granted any loans to companies, firms and other parties covered in the register maintained under section 301 of the Companys Act, 1956. Therefore Clauses 4 (iii) (a) to (d) are not applicable.

(iii) (b) The Company has taken an unsecured loan from a company covered in the register maintained under section 301 of the Companies Act, 1956.. As on 31.3.2009, the amount outstanding in the companys books was RS.210 lacs.

(iii) (c) As informed to us, the said loan has been taken free of interest. Other terms and conditions of the abovementioned unsecured loan, prima facie, do not appear to be prejudicial to the interests of the company.

(iii) (d) As informed to us, there are no stipulations regarding repayment and as such we are unable to comment in this regard.

(iv) (a) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit we have not observed any major weakness in internal controls.

(v) (a) There were no transactions exceeding Rs.5,00.000/- or more in respect of any party entered in the register maintained under section 301 of the Act.

(vi) (a) The company has not accepted public deposits during the year under review.

(vii) (a) We are informed The company has no formal internal audit system but internal control is exercised departmentally which in our opinion is commensurate with the size of the Company and the nature of its business.

(viii) (a) We are informed that the Central Govt, has not prescribed the maintenance of cost records under section 209(1) (d) of the Act.

(ix) (a) According to the information and explanations given to us and the records of the company to the extent produced before us & examined by us, in our opinion the Company is generally regular in depositing the statutory dues including Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess, Service and other statutory dues, as applicable to the company, with the appropriate authorities. According to the information and explanations given to us and records to the extent produced before us, no undisputed amounts payable in respect of the statutory dues mentioned above, were in arrears as at the year end for a period of more than 6 months from the date they became payable, except an amount of Rs.16.26 laces (Income Tax) and Rs.0.80 Lac (Fringe Benefit Tax).

(ix) (b) In our opinion and according to the information and explanations given to us and books and records, to the extent produced before us. there are disputed amounts in respect of certain Statutory Dues mentioned in (ix) (a) above, details of which are given in Note #12 of Schedule S to the accounts.

(x) (a) The Companys does not have accumulated losses. It has not incurred cash losses in the financial year under report or in the immediately preceding financial year.

(xi) (a) In our opinion and according to the information and explanations given to us by the Management and records to the extent produced before us, the Company has not defaulted in repayment of dues to financial institutions and banks during the year.

(xii) (a) The Company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a Chit Fund or a nidhi mutual benefit fund/society, Therefore, the provisions of (xiii) clause 49(xiii) of the Companies (Auditors Report) Order. 2003 are not applicable to the Company. (xiv) During the year under review, there were no dealings in shares, securities, debentures & other investments and as such provisions of clause 4 (xiv) are not applicable.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institution.

(xvi) No term loans were raised by the Company during the year and such provisions of Clause 4(xvi) are not applicable.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short term basis have not been ysed for long term assets.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. (xix) No debentures have been issued by the Company. As such provisions of clause 4(xix) are not applicable.

(xx) The Company has not raised money by way of public issue during the year. As such provisions of clause 4(xvi) are not applicable. (xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud or by the company has been noticed or reported during the year.

For M. GOENKA & ASSOCIATES

Chartered Accountants

(CA. M. K. Goenka)

Proprietor

M/No.:054766

Place: Kolkata

Date: 25-07-2009.