Belapur Industries Ltd Auditors Report.

To The Members of Belapur Industries Ltd

Report on the Financial Statements

We have audited the accompanying Financial Statements of Belapur Industries Ltd (the Company), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss and the Cash Flow Statement for the year ended, and a summary of significant Accounting Policies and other explanatory information.

Managements Responsibility for the Financial Statements

The Companys 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 and presentation of these Financial Statements to 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.

Auditors Responsibility

I. Our responsibility is to express an opinion on these Financial Statements based on our audit.

II. 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.

III. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements 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 mis-statement.

IV. 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 auditors judgment, including the assessment of the risks of materiamis-statement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the Auditor considers Internal Financial Control relevant to the Companys 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 Companys 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 Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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;

1. In the case of the Balance Sheet, of the State of Affairs of the Company, as at 31st March, 2017

2. In the case of the Statement of Profit and Loss, of the profit for the year ended on that date ; and

3. In the case of the Cash Flow Statement, of the Cash Flows for the year on that date

Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditors Report) Order, 2016 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

II. 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 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.

d. In our opinion, the aforesaid Financial Statements comply with the accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2016.

e. On the basis of the written representations received from the Directors as on 31st March, 2017, taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2017, from being appointed as a Director, in terms of Section 164 (2) of the Act; and

f. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2016, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations as on 31st March, 2017, on its financial position in its Financial Statements.

ii) The Company has made provision, as at 31st March, 2017, as required under the applicable law or Accounting Standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March, 2018.

iv) The Company has provided requisite disclosures in its financial statements as to holdings as well as dealings in the specified bank notes during the period the from 8 th November to 30 th December, 2016 and these are in accordance with the books of accounts maintained by the company.

For N.S Naik & Co. CA M.P Naik
Place:- Shrirampur Chartered Accountants Partner
Date:- 30.05.2017 F.No. 106815W M.No.144531

COMPANIES (AUDITORS REPORT) ORDER 2017 of Belapur Industries Ltd For the year 2016-17

On the basis of such checks as we considered appropriate and in terms of the information and explanations given we state that:-

I) a) The Company has generally maintained records showing particulars, including Quantitative details and situation of fixed assets; as stated by management but no records available for verification.

b) As explained by the management the fixed assets have been physically verified by the management at reasonable interval and no material discrepancies were found.

c) Title deeds of immovable properties are held in the name of the company as explained by the management

ii) a) There is no Physical verification in respect of finished goods, stores, spare parts and raw materials as there was no stock of the same with the Company during the year.

b) Inventory records is not maintained as there was no physical stocks during the year.

iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act.

iv) In our opinion and according to the information and explanations given to us company has not granted any loan, has not made any investment and has not issued any guarantee or security, this clause is not applicable to the company.

v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public during the year, nor has accepted any such deposits in the past.

vi) The company is not engage in manufacturing activity, hence provision regarding maintenance of cost records under Section 148 (1) of the Companies Act, 2013 for the products of the Company in not applicable

vii) a) The company is regular in depositing undisputed statutory dues including provident fund, employees state insurance, income-tax, sales tax, Service tax, duty of customs , duty of excise ,Value added tax , Cess and any other statutory dues with the appropriate authorities.

b) The company has no statutory dues remaining unpaid on account of any dispute.

viii) The company has not taken loan from any financial institutions nor with any bank of which terms and conditions are prejudicial to the interest of the company. and there is no case of default in repayment of dues.

ix) Company has not raised money by way of Initial public offer or further public offer. The Company has not taken any Term loan during the year.

x) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

xi) Managerial remuneration have been paid or provided according to the provisions of section 197 read with schedule v of the Companies Act

xii) As company is not registered as a Nidhi Company, this clause is not applicable to the company

xiii) In our opinion and according to the information and explanations given to us all transactions with related parties are in compliance with section 177and 188 of Companies Act, 2013 xiv) Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year

xv) In our opinion and according to the information and explanations given to us company has not entered into any non cash transaction with directors or persons connected with him xvi) Company is not required to get registration under section 45-IA of the Reserve Bank of Act, 1934

For N.S Naik & Co. CA M.P Naik
Place:- Shrirampur Chartered Accountants Partner
Date:- 30.05.2017 F.No. 106815W M.No.144531