Report on the Financial Statements

We have audited the accompanying financial statements of Tulsi Extrusions Limited("the Company") which comprise the Balance Sheet as at March 312017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information. [in whichare incorporated the Returns for the year ended on that date audited by the branchauditors of the Company's branches at [location of the Kolkata Indore Bijapur RaipurVadodara Surat Kolkata].

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls andensuring their operating effectiveness and the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 auditors'judgment 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 financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion/qualified audit opinion/adverse audit opinion on thefinancial statements.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order to the extent applicable.

2. 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 bestof 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 theCompany so far as it appears from our examination of those books [and proper returnsadequate for the purposes of our audit have been received from branches not visited byus*];

c. The reports on the accounts of the branch offices of the Company audited underSection 143 (8) of the Act by us and have been properly dealt with by us in preparing thisreport*;

d. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account [and with the returnsreceived from branches not visited by us*];

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

f. The matter described in sub-paragraph IV under the Emphasis of Matter/Basis forQualified Opinion/ Basis for Adverse Opinion/ Basis for Disclaimer of Opinion paragraphabove in our opinion may have an adverse effect on the functioning of the Company;

g. On the basis of written representations received from the directors as on March312017 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2017 from being appointed as a director in terms of Section164 (2) of the Act;

h. 3-- N.A.-a

i. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

I. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note-30 on Contingent Liabilities and Note onContingent Assets to the financial statements;

II. (3- N.A-a)

III. Following are the instances of delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

-NIL—

IV. Details of Specified Bank Notes (SBN) held and transacted during the period08/11/2016 to 30/12/2016 as provided in the Table below :

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT

[Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditor's Report of even date to the members of TulsiExtrusions Limited on the financial statements for the year ended 31/03/2017]

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

(b) During the year the fixed assets of the Company have been physically verified bythe management and as informed. In our opinion the frequency of verification isreasonable having regard to the size of the Company and the nature of its assets.(c) Thereis no any material discrepancy found during the verification of the Fixed Asset.

2. (a) The inventory has not been physically verified by the management during the yearand in respect of inventory lying with third parties Branches these have not beenconfirmed by them.

(b) The Company is maintaining proper records of inventory. As informed no materialdiscrepancies were noticed on physical verification carried out during the year.

3. As informed the Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under Section 189 ofthe Act. Accordingly the provisions stated in paragraph 3 (iii)(a) 3 (iii)(b)and 3(iii)(c) of the Order are not applicable.

(a) --- N.A.---

(b) ---N.A.---

(c) ---N.A.---

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security.

5. The Company has not accepted any public deposits. Accordingly the provisions statedin paragraph 3 (v)(a) 3 (v)(b) and 3 (v)(c) of the Order are not applicable.

(a) --- N.A.---

(b) ---N.A.---

(c) ---N.A.---

6. We have broadly reviewed the books of account maintained by the Company in respectof products where the maintenance of cost records has been specified by the CentralGovernment under sub-section (1) of Section 148 of the Act and the rules framed thereunder and we are of the opinion that prima facie the prescribed accounts and records havenot been maintained.

7. (vii) (a) The Company is not regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees' state insurance incometax sales tax wealth tax service tax value added tax customs duty excise duty cessand any other material statutory dues applicable to it and there have been delays inpayments According to the information and explanations given to us undisputed dues inrespect of provident fund employees' state insurance income tax sales tax wealth taxservice tax value added tax customs duty excise duty cess and any other materialstatutory dues applicable to it which were outstanding at the year-end for a period ofmore than six months from the date they became payable are as follows:

(b) According to the information and explanation given to us the dues outstanding withrespect to income tax sales tax wealth tax service tax value added tax customs dutyexcise duty cess and any other material statutory dues applicable to it on account ofany dispute are as follows:

(c) According to the information and explanations given to us there has been delay intransferring amounts required to be transferred to the Investor Education and ProtectionFund by the Company which are as follows:

8. According to the information and explanations given to us the Company has defaultedin repayment of its dues to bank(s)/financial institution(s)/debenture holder(s). Theparticulars of delays in repayment of dues (including interest) are as follows:

9. Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

10. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

12. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

13. In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year under Audit.Accordingly the provisions of clause 3 (xiv) of the Order are not applicable to theCompany and hence not commented upon.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with it. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16. In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.