Tirupati Tyres Ltd Auditors Report.

To The Members,

Tirupati Tyres Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Tirupati Tyres Limited ("the Company") which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss (Including other comprehensive income), Statement of Changes in Equity, the Cash Flow Statement for the year then ended and a summary of the 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 of these 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 Indian Accounting Standards (Ind AS) specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2015. This responsibility also includes the 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 the 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 control, 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 Ind AS financial statements based on our audit. 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.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards 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 misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Ind AS financial statements. The 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 of the Ind AS financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Companys Directors, as well as evaluating the overall presentation of the Ind AS financial statements.

We are also responsible to conclude on the appropriateness of managements use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entitys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the opinion. Our conclusions are based on the audit evidence up to the date of the auditors report. However, future events or conditions may cause an entity to cease to continue as a going concern.

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 Ind AS 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, of the state of affairs of the Company as at 31 March, 2018, and its statement of profit, total comprehensive income, the changes in equity and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2016 (the order) issued by the Central Government of India in terms of section 143 of the Companies Act, 2013, and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 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, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. in our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2015.

e. On the basis of written representations received from the directors as on 31 March 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2018, from being appointed as a director in terms of Section 164(2) of the Act.

f. With respect to the other matters to be included in the Auditors Report, in our opinion and to the best of our information and accounting to the explanations given to us:

i. The company does not have any pending litigations which would impact its financial position.

ii. The company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the Investor Education and Protection Fund by the Company.

For S. K. KUMAR & CO. Chartered Accountants FRN:000204C *

Sunil Kumar Tyagi Partner (Mem. No. 074982)

Date: 30th May 2018 Place: Mumbai (Thane)

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT

(Annexure referred to in paragraph (1) to Report on the Legal and Regulatory Requirements of our Report of even date)

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

(b) As explained to us, all the fixed assets have been physically verified by the management at regular intervals and no material discrepancies were noticed on such verification.

(c) Company do not any immovable property.

2. The Inventories have been physically verified by the management at reasonable intervals. In our opinion frequency of such verification is reasonable. The discrepancies noticed on physical verification were not material.

3. The Company has not granted any loans, secured or unsecured to companies, LLPs, firms or other parties covered in the register maintained under section 189 of the Act.

4. The Company has not granted any loans, made investments or provided any guarantees or security to the parties covered under section 185 of the Act.

5. The company has not accepted any deposits from the public with in the meaning of directives issued by Reserve Bank of India, provisions of section 73 to 76 of the Act, any other relevant provisions of the Act and the relevant rules framed thereunder.

6. According to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act in respect of the any activities of the Company.

7. (a) According to the information and explanations given to us and based on the records of the company examined by us, the company is regular in depositing the undisputed statutory dues with the appropriate authorities. According to the information and explanations given to us and the records of the Company examined by us, investor Education & protection Fund, Employees State Insurance, Custom Duty, Excise Duty, Cess are not applicable to the Company.

(b) According to the information & explanation given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2018 for a period of more than six months from the date of becoming payable.

(c) According to the information and explanations given to us and based on the records of the company examined by us, there are no dues of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account of any disputes.

(d) There has not been an occasion in case of the company during the year under report to transfer any sums to the Investor Education and protection Fund. The question of reporting delay in transferring such sums does not arise as at 31 March, 2015.

8. The company has not taken any loans or borrowings from any financial institution, bank or government nor has it issued any debentures.

9. The company has not raised any moneys by way of initial public offer or further public offer (including debt instruments) and has not availed any term loans.

10. During the course of our examination of the books and records of the company, carried in accordance with the auditing standards generally accepted in India, we have neither came across any instance of fraud on or by the Company noticed or reported during the course of our audit nor have we been informed of any such instance by the Management.

11. Company has not paid any managerial remuneration, therefore provisions of section 197 read with Schedule V to the act, does not apply.

12. The company is not a Nidhi Company and reporting under clause 3(xii) of the CARO 2016 in inapplicable.

13. All transactions with related parties are in compliance with section 177 and 188 of the act, where applicable. The details of such related party transactions have been disclosed in Ind AS financial statements as required by applicable Indian Accounting Standards.

14. According to the information and explanation given to us and based on our examination of the records, the company has not made any preferential allotment or private placement of shares fully or partly convertible debentures during the year. Accordingly paragraph 3 (xiv) of the Order is not applicable to the company.

15. According to the information and explanation given to us based on our examination of the records, the company has not entered in to non cash transactions with directors or persons connected with him. Accordingly paragraph 3(xv) of the Order is not applicable to the company.

16. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934, accordingly, paragraph 3 (xvi) of the Order is not applicable to the company.

For S. K. KUMAR & CO. Chartered Accountants FRN:000204C

Sunil Kumar Tyagi Partner (Mem. No. 074982)

Date: 30th May, 2018

Place: Mumbai (Thane)