Relson India Ltd Auditors Report.

To the Members of RELSON INDIA LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of RKSI.ON INDIA UM11 I .D ("the Company"), which comprise the Balance Sheet as at March 31, 2017, and the Statement of Profit and I oss and (.ash flow Statement for the year then 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) ol 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 accounting principles generally accepted in India, including the Accounting Standards prescribed 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 of 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

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 arc required to be included in the audit report under the provisions of the Net 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. 1 hose Standards require that wc comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements arc free Irom material misstatement.

An audit involves perlorming procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. 1 he procedures selected depend on the auditors 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 Companys preparation ot the financial statements that give a true and fair view in order to design audit procedures that arc appropriate in the circumstances. 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 ol the financial statcmcnisAVe believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to rite best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the informant>n required by (he \ct in the manner so required and give a true and fair view in conformin with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,21117, and its profit and its cash flows lor the year ended on that date.

Report on Other Legal and Regulatory Requirements

I As required by the Companies (Auditors Report) Order. 2016 (CARO 21H6) issued b\ the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure - A" statement on the matters specified in paragraph 3 and 4 of the Order to the extent applicable.

2. As required by section 143 (3) of the Act, we report that:

(a) \Xe 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 Mow Statement deali with bv this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Plow Statement comph with the Accounting Standards specified under section 133 of (he Companies Act, 2013, read with Rule 7 of rite Companies (Accounts) Rules 2014, the extent applicable.

(e) On the basis of written representations received from the Directors as on March 31, 2017, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2017, from being appointed as a director in terms of section 164 (2) of the Companies Act. 2013.

(I) With respect to the adequacy of file internal financial controls over financial reporting ot the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

(g) 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, 2014, in our opinion and to the best of our information and according to explanations given to us :

i. The Company does not have pending litigations which would impact ns financial position.

ii The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any. The Company did not have long term contracts including derivative contracts except forward contract.

iii there were no amounts which were required to be transferred to the Investor Lducntfon and Protection l und bv the Companv.

iv. The Company has provided requisite disclosures in the financial statements as to the holdings as well as dealing in Specified Bank Notes during the period from 30 November, 2016 to 31 December, 2016. Based on audit procedures and relying on the management representation, we report that the disclosures are in accordance with the hooks ol account as maintained anti produced to us by the Management.

For AVS & CO,
Chartered Accountants
FRN No. 113109W
Saujav Kumar Minda
Place: Mumbai Partner
Date: ,30/05/2017 M. No. 046535

ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT

Referred lo in paragraph I under ‘Report on Other Legal and Regulatory Requirements in the Independent Auditors Report of even date to the members of Relson India Limited on the standalone financial statements for the year ended March 31, 2017.

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

b) The f ixed Assets have been phvsicalh verified by the management at reasonable intervals, which in our opinion, is reasonable having regard to the size of the companv and nature of its business, further, during the verification no material discrepancies between the book records and the physical fixed assets have been noticed.

c) The Company does not possess any immovable properly and consequently clause 3 (i) (c) of the order is not applicable.

n. As explained to us the inventories have been physically verified bv the management. The intervals at which the inventories have been verified arc, in our opinion, reasonable in relation to the size of the Company and the. nature of the business; The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

iti. According to the information and explanations given to us, the companv has not granted any loans secured or unsecured to Companies, firms. Limited Liability Partnerships or other parties covered in the register maintained under section 189 of die Companies Act, 21)13. Accordingly, no comments are required ro be made on clause 3 (iii) (a), (b) and (c) of the order.

iv. In our opinion and according to the information given to us, in respect of loans, investments, guarantees and security the Company is not required to comply with the provisions of Section 185 and the provisions of Section 186 of the Companies Act, 2013.

v. In our opinion and according ro the information and explanations given to us. the Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 ro 76 or any other relevant provisions of the Act and the Companies (Acceptance ot Deposit) Rules, 2015 with regard to the deposits accepted from the public arc not applicable.

vi. As informed to us, the maintenance ol Cost Records has not been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.

vii. (a) According to the information given to us and the records examined by us, the undisputed statutory dues including provident fund, employees state insurance, income-tax. sales-rax. service tax, duty of custom, duty ol excise, value added tax, cess have generally been regularly deposited with the appropriate authorities though there has been a slight delay in a few cases. I he extent of the arrears of outstanding statutory dues as on the last day of the financial year concerned for a period ol more than six months from the date they became payable, are indicated as below:

Name of the Statute Nature of the Dues Amount (Rs.) Period to which the amount relates Date of Payment
Maharashlja State lax on Profession tax 2,500 2007-10 Not Paid
Professions Trades Callings and Employments Act, 1975 Implover 2,500 2008-09
2,500 2009-10
Mahnrashrfa State fax on Profession lax 27,310 Since Not Paid
Professions Trades Callings and Employments Act 1975 finance Act Payable 2008-09
Service Tax 2,089 2009-10 Not Paid
Income Tax Act, 1961 I DS on Contract 1,177 2007-08 Not Paid

b) According to rlie mtormation anti explanation given to us anti the record.- ol the t.ompany examined by us, there are no dues ol income tax. Sales fax, Wealth fax, and no statutory tine; required to be deposited on account of am dispute.

viii. In our opinion and according to the information and explanations given to us, the Company has not taken any loan either from Banks, financial institutions or from the government and has not issued any debentures and consequently clause 3 (viii) of the order is nor applicable.

is. Based upon the audit procedures performed and the information anil explanations given by the management, the company has not raised moneys bv wav of initial public otfer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the order are not applicable.

x. Based upon the audit procedures performed and the examination of the records, we report that no fraud by the Company or on the company bv its officers or employees has been noticed or reported during the year.

xi In our opinion and according lo the information and explanations given to us, there is no managerial remuneration being paid and hence the Company is noi required to comply with provision of Section 197 read with Schedule V to the Companies Act, 201.3.

xii. In our opinion, die Company is not a Nidhi Company and therefore, the provisions of clause 3(xii) of the Order are not applicable to the Company.

xiii. Based upon the audit procedures performed and the examination of the records, there are no related party transaction with the Company, therefore compliance with section 177 and 1S8 of Companies Act, 2013 is not applicable to the Company.

xiv. In our opinion the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3(xiv) ol the Order are not applicable lo the Company and hence noi commented upon.

xv. According to the information and explanations given to us, the company has not entered into any non-cash transactions with Directors or persons connected with him. Accordingly, the provisions of clause 3(xv) of the Order are not applicable to the Company and hence not commented upon.

xvi. in our opinion, the company is not required to be registered under section 45-1. of the Reserve Bank of India Act, 19.34.

For AVS & CO.
Chartered Accountants
FRN No. 113109W
Sanjay Kumar Minda
Place: Mumbai Partner
Date: 30/05/2017 M. No. 046535

"ANNEXURE B"TO THE INDEPENDENT AUDITORS REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of llelson India limited ("the Company") as of March 31, 2017 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in rhe Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants ot India, t hese responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation ol reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. W e conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 1-13(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and. both issued bv the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and ll such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about rhe adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing rhe risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk The procedures selected depend on the auditors judgement, including the assessment of rhe risks of material misstatement of the financial statements, whether due to fraud or error.

W e believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designet! to provide reasonable assurance regarding rhe reliability ol financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately anti fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures ot the company are being made only in accordance with authorizations ot management and directors ol the company; and (.3) provide reasonable assurance regarding prevention or timely detection ol unauthorized acquisition, use, or disposition ol the companys assets that could have a material effect, on the financial statements

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error 01 fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting mnv become inadequate because of changes in conditions, or that the degree ot compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over financial reporting criteria established bv the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal f inancial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For AVS & CO.

Chartered Accountants

FRN No. 113109W

Sanjay Kumar Minda

Partner

M. No. 046535