1.  We have audited the attached Balance Sheet of Natural Vanaspati
 Limited as at 31st March, 2012 signed by us under reference to this
 report, the relative Profit and Loss Account of the company and the
 Cash Flow Statement for the year ended on that date annexed thereto.
 These financial statements are the responsibility of the Company''s
 Management. Our responsibility is to express an opinion on these
 financial statements based on our audit.
 
 2.  We have conducted our audit in accordance with auditing standards
 generally accepted in India.  Those standards require that we plan and
 perform the audit to obtain reasonable assurance about whether the
 financial statements are free of material misstatement(s). An audit
 includes examining, on a test basis, evidence supporting the amounts
 and disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by management as well as evaluating the overall financial statement
 presentation. We believe that our audit provides a reasonable basis for
 our opinion.
 
 3.  As required by the Companies (Auditor''s Report) Order, 2003, issued
 by the Central Government of India in terms of Sub-section 227(4A) of
 the Companies Act, 1956, we enclose in the Annexure a statement on the
 matters specified in the paragraphs 4 and5 of the said order to the
 extent applicable.
 
 4.  Further to our comments in the Annexure referred to in paragraph
 (1) above, we report that:
 
 (a) We 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 accounts, as required by law, have
 been kept by the Company so far as appears from our examination of such
 books.
 
 (c) The Balance Sheet, the Profit and Loss Account and Cash Flow
 Statement referred to in our report are in agreement with the books of
 account.
 
 (d) In our opinion, the Balance Sheet, the Profit and Loss Account and
 Cash Flow Statement comply with the Accounting Standards referred in
 Section 211 (3C) of the Companies Act, 1956, to the extent they are
 applicable.
 
 (e) On the basis of written representations received from the Directors
 and taken on record by the Board of Directors, we report that none of
 the Directors is disqualified as on 31st March, 2012 from being
 appointed as a Director in terms of Clause (g) of Sub- section (1) of
 Section 274 of the Companies Act, 1956.
 
 (f) In our opinion and to the best of our knowledge and according to
 the information and explanations given to us, the said accounts give
 the information required by the Companies Act, 1956 in the manner so
 required and give a true and fair view in conformity with accounting
 principles generally accepted in India.
 
 i In the case of Balance Sheet, of the stateof affairs of the company
 as at 31 * March, 2012.
 
 ii In the case of Profit and Loss Account, of the loss for the year
 ended on that date.  And
 
 iii In the case of Cash Flow Statement, of the cash flows for the year
 ended on that date.                                          
 
 ANNEXURE TO AUDITORS REPORT
 
 Referred to in our Report of even date.
 
 1.  (a) The company is maintaining proper records,
 
 showing full particulars including quantitative details and situation
 of the Fixed Assets.
 
 (b) According to the information and explanations given to us, the
 fixed assets have been physically verified by the management at
 reasonable intervals, having regard to the size of the company and the
 nature of its assets. No material discrepancies between book records
 and the physical verification were noticed.
 
 (c) In our opinion, the company has not disposed
 
 off substantial part of fixed assets and the going concern status is
 not affected.
 
 2.  (a) The inventory of the company has been
 
 physically verified by the management during the year. In our opinion,
 the frequency of verification is reasonable.
 
 (b) According to the information and explanations given to us, the
 procedures of physical verification of inventory followed by the
 management are reasonable and adequate in relation to the size of the
 Company and nature of its business.
 
 (c) On the basis of our examination of records of inventory, in our
 opinion, the company has maintained proper records of inventory and the
 discrepancies noticed on physical verification between the physical
 stocks and book records were not material in relation to the operations
 of the company.
 
 3.  No Loans were taken from or given to Companies, Fimrs and others
 parties covered in the register maintained under section 301.
 
 4.  In our opinion and according to the information and explanations,
 given to us, there are adequate internal control procedures
 commensurate with the size of the company and the nature of its
 business for the purchase of inventory,'' fixed assets and also for the
 sale of goods. During the course of our audit, we have not observed any
 major weakness in the internal control.
 
 5.  (a) In our opinion and according to the information and
 explanations given to us, the transactions that need to be'' entered
 into the register in pursuance of Section 301 of Companies Act, 1956
 have been so entered.
 
 (b) In our opinion and according to the information and explanations
 given to us, the transactions aggregating to Rs. 5.00 Lacs or more in
 respect of each party during the financial year have been made at
 prices, which are reasonable having regard to prevailing market prices
 at the relevant time.
 
 6. The company has not accepted any deposits from the public.
 
 7.  The company did not have a separate internal audit
 
 during the year. However, in our opinion, the existing internal control
 procedures are sufficient, considering the size and nature of its
 business.
 
 8.  We have broadly reviewed the books of accounts maintained by the
 Company in respect of products pursuant to the order made by the
 Central Government for maintenance of cost records prescribed under
 Sec. 209 (l)(d) of the Companies Act, 1956. We are of the opinion that,
 prima facie, the prescribed accounts and records have been maintained.
 We have not, however, made a detailed examination of the records with a
 view to determine whether they are accurate and complete.
 
 9.  (a) According to the information and explanations
 
 given to us and as per records produced and examined by us, in our
 opinion, the undisputed statutory dues in respect of provident fund
 employees state insurance, income-tax, sales tax, customs duty, excise
 duty and other material statutory dues, as applicable have been
 regularly deposited by the Company during the year with the appropriate
 authorities. However, we have been informed that there are no dues
 which have remained outstanding as at the end of the financial year,
 for a period of more than six months from the date they became payable.
 As further informed, the Company does not have dues in respect of
 wealth tax and cess.
 
 (b) As at 31 March, 2012, according to the records of the Company and
 the information and explanations given to us, the following are
 particulars of dispute dues (provided/considered contingent liability,
 as appropriate) on account of sales tax, income-tax and customs duty,
 that have not been deposited on account of dispute.
 
 
 Nature of     Nature of    Amount    Period      Forum Where
 the Statute   the Dues