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Shreenath Investment Company Ltd.

BSE: 503696 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE475V01012
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Shreenath Investment Company Ltd. (SHREENATHINVEST) - Auditors Report

Company auditors report

Members Of Shreenath Investment Company Limited

1. Report on the Financial Statements

We have audited the attached Balance Sheet of Shreenath Investment Company Limited(hereinafter referred to as 'the Company') as at March 31 2014 and also the Statement ofProfit and Loss and Cash Flow Statement for the year ended on that date annexed thereto.These financial statements are the responsibility of the Company's management. Ourresponsibility is to express an opinion on these financial statements based on our audit.

2. Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards notified under Companies Act 1956("the Act") read with general circular 08/2014 dated 4th April 2014of the Ministry of Corporate Affairs. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

3. Auditor's Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Financial Statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

4. Opinion

in our opinion and to the best of our information and according to the explanationsgiven to us the said accounts read together with Significant Accounting Policies andOther Notes on Accounts and those appearing elsewhere in the accounts give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India:

4.6.1 in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2014;

4.6.2 in the case of the Statement of Profit and Loss of the profit for the year endedon that date ; and

4.6.3 in the case of Cash Flow Statement of the cash flows of the Company for the yearended on that date

5. Report on Other Legal and Regulatory Requirements

5.1 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 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 4 and5 of the Order.

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

a) We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith 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 FlowStatement dealt with the Accounting Standards notified under Companies Act 1956 ("theAct") read with General Circular 08/2014 dated April 04 2014 issued by the Ministryof Corporate Affairs;

e) On the basis of the written representations received from the directors as on March31 2014 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on March 31 2014 from being appointed as a director in termsof section 274 (l)(g) of the Act

For and on behalf of
Khimji Kunverji & Co
Chartered Accountants
Firm Registration No. 105146W
Mumbai R.V. CHANIYARI
Dated: May 31 2014 Partner (F -31083)

Annexure referred to in paragraph 5 of our report of even date

Re: SHREENATH INVESTMENT COMPANY LIMITED

a) The Company has maintained proper records showing particulars includingquantitative details and situation of fixed assets.

b) The Company has physically verified its fixed assets which in our opinion isreasonable having regards to the size of the Company and the nature of its assets. Nomaterial discrepancies were observed during the physical verification.

c) The Company has not disposed off a substantial part of its fixed assets during theyear.

ii. The Company did not hold inventory during the year and hence Clauses (ii) (a) (b)and (c) of the Order are not applicable to the company

iii. The Company has neither given nor taken any loans secured or unsecured tocompanies firm or other parties covered in the register maintained under section 301 ofthe Act. Hence clauses (iii) (b) (c) and (d)(f)(g) of the Order are not applicable tothe Company

iv. In our opinion and according to the information and explanations given there isadequate internal control system commensurate with the size of the company and the natureof its business for the purchase of fixed assets and for the sale of services. Furtheron the basis of examination of the books and records of the Company and according to theinformation and explanations given and as per the checking carried out in accordance withthe auditing standards generally accepted in India neither we have observed nor we havebeen reported for any continuing failure to correct major weaknesses in the internalcontrol system relating to the aforesaid. During the year the Company has neitherpurchased any inventory nor sold any goods hence we have not commented on same

v. Based on the audit procedures applied and according to the information andexplanations given there are no contracts or arrangements referred to in Section 301 ofthe Act that need to be entered in the register maintained under that section. Henceclause (v)(b) of the Order is not applicable to the Company.

vi. In our opinion and according to the information and explanations given the Companyhas not accepted deposits from public in terms of the provisions of Section 58A and 58AAof the Act. No order has been passed by the Company Law Board or National Company LawTribunal or the Reserve Bank of India or any Court or any other Tribunal

vii. In view of the existing internal controls and low volume of transactions duringthe year the Company did not deem it necessary to have a formal Internal Audit Systemduring the year

viii. As informed the Company is not required to maintain Cost Records under Clause(d) of sub section (1) of Section 209 of the Act

ix.

a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including Income Tax Service Tax Cess and other materialStatutory Dues applicable to it. There were no arrears as at March 31 2014 for a periodof more than six months from the date they became payable.

As informed statutory dues in the nature of wealth tax provident fund investoreducation and protection fund employees state insurance sales tax custom duty exciseduty are not applicable to the Company.

b) According to the information and explanations given to us there are no dues ofincome tax service tax cess and any other material Statutory dues which have not beendeposited on account of any dispute.

As informed statutory dues in the nature of wealth tax sales tax custom duty exciseduty are not applicable to the Company

x. The Company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses in current financial year or in the immediately precedingfinancial year

xi. According to the information and explanations given the Company has not takenloans from financial institutions and banks nor has the company'issued any debentureshence clause 4{xi) of the Order is not applicable to the Company

xii. According to the information and explanations given the Company has not grantedany loans and advances on the basis of security by way of pledge of shares debentures andother securities

xiii. In our opinion the company is not a chit fund or a nidhi/ mutual benefit fund/society. Therefore the provision of clause 4(xiii) of the order is not applicable to theCompany

xiv. In our opinion the Company is not dealing in or trading in shares securitiesdebentures and other investments. Accordingly provision of clause 4 (xiv) of the orderare not applicable to the Company

xv. According to information and explanations given the Company has not givenguarantees for loans taken by others from banks or financial institutions

xvi. According to the information and explanations given the company has not raisedany term loans. Accordingly provision of clause 4(xvi) of the Order is not applicable tothe Company

xvii. According to the information and explanation given and on overall examination ofthe balance sheet of the Company we report that no funds raised on short-term basis havebeen used for long-term investments

xviii. The Company has not made preferential allotment of shares during the year toparties and companies covered in the register maintained under Section 301 of the Act

xix. According to the information and explanations given the company has not issuedany debentures. Therefore the provision of clause 4(xix) of the Order is not applicableto the Company

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

xxi. During the course of our examination of the books and records of the Companycarried out in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe year nor we have been informed of such case by the management

For and on behalf of
Khimji Kunverji & Co
Chartered Accountants
Firm Registration No. 105146W
Mumbai R. V. CHANIYARI
Dated: May 31 2014 PARTNER (F-31083)