1994 RAGHUNATH COTTON & OIL PRODUCTS LIMITED AUDITOR'S REPORT To The Shareholders, M/s. Raghunath Cotton and Oil Products Limited, MADDIPADU - 523 211. I have audited the attached Balance Sheet of M/s. Raghunath Cotton and Oil Products Limited, as at 31st March 1994 and the Profit and Loss account for the year ended on that date annexed thereto and report that: (a) I have obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose of rny audit; (b) Proper books of account as required by Law, have been kept by the Company, so far as appears from my examination of such books; (c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account; (d) Attention is invited to Note No.27 of Schedule 18 regarding revaluation of the fixed assets of the Company at their current replacement values and the same has resulted as an increase in the gross value of assets over net value Rs.944.43 lacs. The difference between value as per record and revaluation has been credited to Revaluation Reserve resulting an increase in gross Fixed Assets and Reserves to the extent of Rs.944.43 lacs. (e) In my opinion and to the best of my information and according to the explanations given to me, the said Balance Sheet and profit and Loss Account read with the notes thereon give the information required by the Companias Act, 1956, in the manner so required and give a true and fair view; i) In the case of Balance sheet, of the state of affairs of the Company as on 31st March, 1994, and ii) In the case of Profit and Loss account, of the profit of the Company for the year ended on that date. K. SUDHAKAR Chartered Accountant Maddipadu November 25, 1994