Auditor Report of National Plywood Industries Ltd.

Mar 31, 2018

INDEPENDENT AUDITOR''S REPORT

To the Members of

NATIONAL PLYWOOD INDUSTRIES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of National Plywood Industries Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Standalone 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 standalone 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 the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these Standalone 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 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 controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, 2018, and its profit/loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 books

(c) The accounts of the branch offices of the Company have been audited by us under Section 143 (8) of the Act and have been properly dealt with by us in preparing this Report.

(d) 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 and with the accounts of the branches

(e) In our opinion, the aforesaid standalone financial statements comply with the accounting standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(f) On the basis of the written representations received from the Directors as on 31st March, 2018, taken on record by the Board of Directors, none of the Directors are disqualified as on 31st March, 2018 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 impact its financial position.

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 were required to be transferred to the Investor Education and Protection Fund by the Company.

	For JHUNJHUNWALA & Co.
	Chartered Accountants
	FRN:302169E
6, Commercial Building 23 Netaji Subhas Road, Kolkata-700001
	CA R.K. JHUNJHUNWALA
	Proprietor
	Membership No. : 006604
Place: Kolkata
Date: 30th May 2018

ANNEXURE TO THE AUDITOR''S REPORT

The Annexure referred to in paragraph 1 of our Report of even date to the members of National Plywood Industries Limited on the accounts of the Company for the year ended 31st March, 2018.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we Report that:

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the Management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the Management at reasonable intervals.

(b) In our opinion and according to the information and explanations 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) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the Management as compared to book records.

3. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Act. Consequently, clauses 3(a) and 3(b) are not applicable.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the Management, the particulars of contracts or arrangements referred to in Section 189 of the Act have been entered in the register required to be maintained under that section.

6. The Company has not accepted any deposits from the public.

7. As per information & explanations given by the Management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the Management, maintenance of cost records has not been prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. (a) According to the records of the Company, 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 to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st March, 2018 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is an amount payable in respect of Income tax, Wealth tax, Service tax, Sales tax, Customs duty and Excise duty which have not been deposited on account of any disputes.

10. The Company does have accumulated loss and has incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. 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 a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi / mutual benefit fund/society Therefore, the provision of this clause is not applicable to the Company.

14. According to information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from a bank or financial institution.

1 6. Based on our audit procedures and on the information given by the Management, we Report that the Company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2018, we Report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the Management, we Report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we Report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the Management.

	For JHUNJHUNWALA & Co.
	Chartered Accountants
	FRN:302169E
6, Commercial Building 23 Netaji Subhas Road, Kolkata-700001
	CA R.K. JHUNJHUNWALA
	Proprietor
	Membership No. : 006604
Place: Kolkata
Date: 30th May 2018

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Mar 31, 2014

We have audited the accompanying financial statements of National Plywood Industries Limited ("The Company"), which comprise the Balance Sheet as at March 31, 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.

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (''The Act"). This responsibility includes the design, implementation and maintenanace of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014.

b) in the case of the Statement of Profit and Loss Account, of the profit and loss for the year ended on that date; and

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

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

2. As required by section 227(3) of the Act, we report that:

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

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from 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 secion 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the Companies Act, 1956.

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 Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS'' REPORT

The Annexure referred to in the paragraph 1 of Our Report of even date to the members of National Plywood industries Limited, on the accounts of the company for the year ended 31st March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed off during the year and therefore does not affect the going concern assumption..

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

b) In our opinion and according to the information and explanations 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) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii (c) and iii(d) of the order are not applicable to the Company.

b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management,the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. a) According to the records of the company, undisputed statutory dues including Provident Fund, investor Education and Protection Fund, Employees'' State Insurance, Income- tax, Sales-tax, Welath Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there is an amount payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company does have accumulated loss and has incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. 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 a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Comapny.

14. According to the information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we have been informed of such case by the management.

For JHUNJHUNWALA & CO. Chartered Accountants Firm Registration No. 302169E CA. R. K.JHUNJHUNWALA

6, Commercial Building Proprietor 23, Netaji Subhas Road Membership No. 006604 Kolkata -700 001

Place : Kolkata Dated : 30th May, 2014

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Mar 31, 2013

REPORT ON THE FINANCIAL STATEMENTS :

We have audited the accompanying financial statements of National Plywood Industries 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.

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

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

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2013. and

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

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

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

2. As required by Section 227(3) of the Act, we report that:

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

b) In our onion, 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 the Statement of Profit & Loss, and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Statment of Profit and Loss, Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on 31st March 2013, 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 clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

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 Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

The Annexure referred to the paragraph 1 of Our Report of even date to the members of National Plywood industries Limited, on the accounts of the company for the year ended 31st March, 2013.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed off during the year and therefore does not affect the going concern assumption.

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

b) In our opinion and according to the information and explanations 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) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii (c) and iii(d) of the order are not applicable to the Company.

b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income- tax, Sales-tax, Welath Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there is an amount payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty with have not been deposited on account of any disputes.

10. The Company does have accumulated loss and has incurred cash loss during the financial year covered by our audit and the immediately preceding financial year.

11. 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 a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi/ mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Comapny.

14. According to the information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on overall examination of the Balance Sheet of the Company as at 31st March, 2013, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For JHUNJHUNWALA & COMPANY

Chartered Accountants

Firm Registration No. 302169E

Kolkata -700 001 CA. R. K. JHUNJHUNWALA

Dated : 30th May, 2013 Proprietor

Membership No. 006604

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Mar 31, 2011

We have audited the attached Balance Sheet of M/s. National Plywood Industries Limited as at 31st March, 2011 and the Profit & Loss Account of the Company for the year ended on that date annexed thereto and cash flow statement for the period ended on that date. 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.

1. We have 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Manufacturing and Other Companies (Auditor's Report) Order 2003, issued by the Company Law Board, Government of India, in terms of section 227 (4A) of the Companies Act, 1956 we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph (2), 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 are in agreement with the books of Account.

d) In our opinion, these accounts have been prepared in compliance with the applicable Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 except for provision for gratuity as indicated in Note No. 7 of Schedule P.

e) In the absence of any representation from the Directors, we are unable to comment as to their compliance under section 274(1)(g) of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us and read together with the notes appearing in Schedule "P", the said accounts give the information required by the Companies Act, 1956 (as amended) in the manner so required and give a true and fair view :

i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011. and

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

ANNEXURE TO THE AUDITORS' REPORT

Schedule referred to in paragraph 2 of our Report of even date

1. (a) The Company has maintained proper records to show full particulars including quantitative details and location of its fixed assets.

(b) All fixed assets except those located at factory in Assam have been physically verified by the management according to the regular programme of periodical verification in a phased manner which in our opinion is reasonable having regard to the size of the Company and the nature of the fixed assets.

(c) None of the fixed assets have been revalued during the year.

(d) According to our information and explanation given to us a substantial part of the Fixed Assets has been disposed of by the company during the year.

2. The management has conducted physical verification at adequate intervals in respect of stocks of finished goods, semi-finished goods, stores, spare parts and raw materials at all its locations except those located at Margherita in Assam and stock of timber lying in the ponds which are included in the inventory.

3. In our opinion the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of the business.

4. The discrepancies noticed on verification between the physical stocks and book records have been properly dealt with in the books of account.

5. In our opinion and on the basis of our examination of the stock records, the valuation of stock of finished goods, semi-finished goods, stores, spare parts and raw materials are fair and proper and in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year.

6. The Company has neither granted or taken any loans, secured or unsecured to/ from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

7. In our opinion and according to the information and explanations given to us, internal control procedures for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets, and for the sale of goods are commensurate with the size of the Company and nature of its business.

8. In our opinion, the transactions of purchase of goods and materials and sale of goods and materials if any made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000 or more in respect of each party were made at prices which were reasonable having regard to the prevalent market price for such goods or materials or the prices at which transaction for similar goods or materials were made with other parties.

9. The Company has a regular procedure for determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on items so determined.

10. The Company has not accepted any deposits from the public as stipulated under the provisions of Section 58A & 58AA of the Companies Act, 1956 and rules framed there under.

11. The scrap generated during the period is not significant and the Company has no by-products.

12. The Company has an adequate internal control system commensurate with the size and nature of its business.

13. The Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for the products of the Company.

14. According to the records of the Company, Provident Fund and Employees State Insurance dues have generally been deposited during the year with the appropriate authorities and in some cases irregularities have been noticed.

15. There are no undisputed amounts of Income Tax, Custom duty and Excise duty outstanding as on 31st March, 2011 for a period of more than six months from the date they became payable.

16. The Company has accumulated Losses at the end of the financial year and has incurred losses in the current financial year and immediately preceeding financial year also.

17. Company has defaulted in repayment of dues to banks and financial institutions.

18. The Company has not granted loans and advances on basis of security by way of pledge of shares, debentures and other securities.

19. The nature and activities of the Company's does not attract any special status applicable to chit fund and nidhi / mutual benefit fund of societies

20. The Company has maintained proper records of shares, securities and debentures for transaction and contracts and timely entries have been made in these records if any and the same are hold in its own name.

21. The Company has not given any guarantees for loans taken by others from bank & financial institutions.

22. The Company has not taken any term loan during the year.

23. As per our information and explanations given to us and overall examination of the Balance Sheet of the Company, We report that the Company has not used funds raise on short term basis for long term investment.

24. The Company has not made any preferential allotment of the share to parties and companies covered in registered maintain under section 301 of the Company's Act, 1956.

25. The Company did not have any outstanding debentures during the year.

26. The Company has not raised any money through a public issue during the year.

27. Base on the Audit procedure performs and the information and explanations given by the management, We report that no fraud on or by the Company have been noticed during the year.

28. During the course of our examination of books of accounts carried out in accordance with generally accepted auditing practices, we have not come across any personal expense which has been charged to the Profit & Loss Account.

29. The Company is a sick industrial company, within the meaning of clauses 3 (1) (0) of the Sick Industrial Companies (Special Provisions ) Act, 1985.

For JHUNJHUNWALA & COMPANY

Chartered Accountants

Firm Registration No. 302169E

R. K. JHUNJHUNWALA

Proprietor



6, Commercial Building Membership No. 6604

23, Netaji Subhas Road

Kolkata - 700 001

Dated : 1st November, 2011

---

Mar 31, 2010

We have audited the attached Balance Sheet of M/s. National Plywood Industries Limited as at 31st March, 2010 and the Profit & Loss Account of the Company for the year ended on that date annexed thereto and cash flow statement for the period ended on that date. 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.

1. 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Manufacturing and Other Companies (Auditors Report) Order 2003, issued by the Company Law Board, Government of India, in terms of section 227 (4A) of the Companies Act, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph (2), 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 are in agreement with the books of Account.

d) In our opinion, these accounts have been prepared in compliance with the applicable Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 except for provision for gratuity as indicated in Note No. 7 of Schedule P.

e) In the absence of any representation from the Directors, we are unable to comment as to their compliance under section 274(1)(g) of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us and read together with the notes appearing in Schedule P, the said accounts give the information required by the Companies Act, 1956 (as amended) in the manner so required and give a true and fair view :

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

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

ANNEXURE TO THE AUDITORS REPORT Schedule referred to in paragraph 2 of our Report of even date

1. (a) The Company has maintained proper records to show full particulars including quantitative details and location of its fixed assets.

(b) All fixed assets except those located at factory in Assam have been physically verified by the management according to the regular programme of periodical verification in a phased manner which in our opinion is reasonable having regard to the size of the Company and the nature of the fixed assets.

(c) None of the fixed assets have been revalued during the year.

(d) According to our information and explanation given to us a substantial part of the Fixed Assets has been disposed of by the company during the year.

2. The management has conducted physical verification at adequate intervals in respect of stocks of finished goods, semi-finished goods, stores, spare parts and raw materials at all its locations except those located at Margherita in Assam and stock of timber lying in the ponds which are included in the inventory.

3. In our opinion the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of the business.

4. The discrepancies noticed on verification between the physical stocks and book records have been properly dealt with in the books of account.

5. In our opinion and on the basis of our examination of the stock records, the valuation of stock of finished goods, semi-finished goods, stores, spare parts and raw materials are fair and proper and in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year.

6. The Company has neither granted nor taken any loans, secured or unsecured to/ from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

7. In our opinion and according to the information and explanations given to us, internal control procedures for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets, and for the sale of goods are commensurate with the size of the Company and nature of its business.

8. In our opinion, the transactions of purchase of goods and materials and sale of goods and materials if any made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000 or more in respect of each party were made at prices which were reasonable having regard to the prevalent market price for such goods or materials or the prices at which transaction for similar goods or materials were made with other parties.

9. The Company has a regular procedure for determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on items so determined.

10. The Company has not accepted any deposits from the public as stipulated under the provisions of Section 58A & 58AA of the Companies Act, 1956 and rules framed there under.

11. The scrap generated during the period is not significant and the Company has no by-products.

12. The Company has an adequate internal control system commensurate with the size and nature of its business.

13. The Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for the products of the Company.

14. According to the records of the Company, Provident Fund and Employees State Insurance dues have generally been deposited during the year with the appropriate authorities and in some cases irregularites have been noticed.

15. There are no undisputed amounts of Income Tax, Custom duty and Excise duty outstanding as on 31st March, 2010 for a period of more than six months from the date they became payable.

16. The Company has accumulated Losses at the end of the financial year and has incurred profit in the current financial year and immediately proceeding financial year also.

17. Company has defaulted in repayment of dues to banks and financial institutions.

18. The Company has not granted loans and advances on basis of security by way of pledge of shares, debentures and other securities.

19. The nature and activities of the companys does not attract any special status applicable to chit fund and nidhi / mutual benefit fund of societies

20. The Company has maintained proper records of shares, securities and debentures for transaction and contracts and timely entries have been made in these records if any and the same are hold in its own name.

21. The Company has not given any guarantees for loans taken by others from bank & financial institutions.

22. The Company has not taken any term loan during the year.

23. As per our information and explanations given to us and overall examination of the Balance Sheet of the Company, We report that the Company has not used funds raise on short term basis for long term investment.

24. Company has not made any preferential allotment of the share to parties and companies covered in registered maintain under section 301 of the Companys Act, 1956.

25. The Company did not have any outstanding debentures during the year.

26. The Company has not raised any money through a public issued during the year.

27. Base on the Audit procedure performs and the information and explanations given by the management, We report that no fraud on all by the Company have been noticed during the year.

28. During the course of our examination of books of accounts carried out in accordance with generally accepted auditing practices, we have not come across any personal expense which has been charged to the Profit & Loss Account.

29. The Company is a sick industrial company, within the meaning of clauses 3 (1) (0) of the Sick Industrial Companies (Special Provisions ) Act, 1985.

30. In respect of the Companys activities, we are informed that there was some damaged stocks which was disposed off during the year. As per note No. 17 of Shedule P.

For JHUNJHUNWALA & COMPANY Chartered Accountants Firm Registration No. 302169E

R.K. JHUNJHUNWALA Proprietor Membership No. 6604

6, Commercial Building 23, Netaji Subhas Road Kolkata - 700 001 Dated : 27th August, 2010

---

Mar 31, 2009

We have audited the attached Balance Sheet of M/s. National Plywood Industries Limited as at 31st March, 2009 and the Profit & Loss Account of the Company for the year ended on that date annexed thereto and cash flow statement for the period ended on that date 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.

1. 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Manufacturing and Other Companies (Auditors Report) Order 2003, issued by the Company Law Board, Government of India, in terms of section 227 (4A) of the Companies Act, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph (2), 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 are in agreement with the books of Account.

d) In our opinion, these accounts have been prepared in compliance with the applicable Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 except for provision for gratuity as indicated in Note No 7 of Schedule P.

e) In the absence of any representation from the Directors, we are unable to comment as to their compliance under section 274(1)(g) of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us and read together with the notes appearing in ScheduleV. the said accounts give the information required by the Companies Act, 1956 (as amended) in the manner so required and give a true and fair view

i) In case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009. and

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

ANNEXURE TO THE AUDITORS REPORT Schedule referred to in paragraph 2 of our Report of even date

1. (a) The Company has maintained proper records to show full particulars including quantitative details and location of its fixed assets.

(b) All fixed assets except those located at factories in Assam have been physically verified by the management according to the regular programme of periodical verification in a phased manner which in our opinion is reasonable having regard to the size of the Company and the nature of the fixed assets.

(c) None of the fixed assets have been revalued during the year.

(d) According to our information and explanation given to us a substantial part of the Fixed Assets has not been disposed of by the company during the year.

2. The management has conducted physical verification at adequate intervals in respect of stocks of the finished goods, semi-finished goods, stores, spare parts and raw materials at all its locations except those located at factories in Assam and stock of timber lying in the ponds which are included in the inventory on the basis of the pond register maintained.

3. In our opinion the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of the business.

4. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of account.

5. In our opinion and on the basis of our examination of the stock records, the valuation of stock of finished goods, semi-finished goods, stores, spare parts and raw materials are fair and proper and in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year.

6. The Company has neither granted or taken any loans, secured or unsecured to/ from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

7. In our opinion and according to the information and explanations given to us, internal control procedures for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets, and for the sale of goods are commensurate with the size of the Company and nature of its business.

8. In our opinion, the transactions of purchase of goods and materials and sale of goods and materials if any made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and aggregating during the yearto Rs. 50,000 or more in respect of each party were made at prices which were reasonable having regard to the prevalent market price for such goods or materials or the prices at which transaction for similar goods or materials were made with other parties.

9. The Company has a regular procedure for determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on items so determined.

10. The Company has not accepted any deposits from the public as stipulated under the provisions of Section 58A & 58AA of the Companies Act, 1956 and rules framed there under.

11. The scrap generated during the period is not significant and the Company has no by-products.

12. The Company has an adequate internal control system commensurate with the size and nature of its business.

13. The Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for the products of the Company.

14. According to the records of the Company, Provident Fund and Employees State Insurance dues have generally been deposited during the year with the appropriate authorities and in some cases irregularites have been noticed.

15. There are no undisputed amounts of Income Tax, Custom duty and Excise duty outstanding as on 31st March, 2009 for a period of more than six months from the date they became payable.

16. The Company has accumulated Losses at the end of the financial year and has incurred profit in the current financial year.

17. Company has defaulted in repayment of dues to banks and financial institutions.

18. The Company has not granted loans and advances on basis of security by way of pledge of shares, debentures and other securities.

19. The nature and activities of the companys does not attract any special status applicable to chit fund and nidhi / mutual benefit fund of societies

20. The Company has maintained proper records of shares, securities and debentures for transaction and contracts and timely entries have been made in these records if any and the same are hold in its own name.

21. The Company has not given any guarantees for loans taken by others from bank & financial institutions.

22. The Company has not taken any term loan during the year.

23. As per our information and explanations given to us and overall examination of the Balance Sheet of the Company, We report that the Company has not used funds raise on short term basis for long term investment.

24. Company has not made any preferential allotment of the share to parties and companies covered in registered maintain under section 301 of the Companys Act, 1956.

25. The Company did not have any outstanding debentures during the year.

26. The Company has not raise any money through a public issued during the year.

27. Base on the Audit procedure performs and the information and explanations given by the management, We report that no fraud on or by the Company have been noticed on reported during the year.

28. During the course of our examination of books of accounts carried out in accordance with generally accepted auditing practices, we have not come across any personal expenses which has been charged to the Profit & Loss Account.

29. The Company is a sick industrial company, within the meaning of clauses 3 (1) (0) of the Sick Industrial Companies (Special Provisions ) Act, 1985.

30. In respect of the Companys activities, we are informed that there are no damaged stocks .

For JHUNJHUNWALA& COMPANY 6, Commercial Building Chartered Accountants

23, Netaji Subhas Road R K JHUNJHUNWALA

Kolkata -700 001 Proprietor

Dated : 24th August, 2009. (Membership No. 6604)