1.  We have audited the attached Balance Sheet of RAJASTHAN PETRO
 SYNTHETICS LTD, as at 31st March 2012, the related Statement of Profit
 and Loss for the year ended on that date annexed thereto, and the Cash
 Flow Statement of the company for the year ended on that date, which we
 have signed under reference to this report. 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 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. 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 (Auditors'' Report) Order, 2003 issued
 by the Central Government in terms of Section 227 (4A) of the Companies
 Act. 1956, and on the basis of such checks as considered appropriate
 and according to the information and explanation given to us during the
 course of our audit, we enclose in the Annexure hereto a statement on
 the matters specified in paragraphs 4 and 5 of the said Order.
 
 4. Further to our statement mentioned in the Para 3 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 purposes of out
 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 the books
 of the Company,
 
 c) The Balance Sheet and Statement of Profit and Loss and Cash Flow
 dealt with by the report are in agreement with the Books of Account of
 the Company;
 
 d) In our opinion, the Statement of Profit & Loss and Balance Sheet and
 Cash Flow Statement comply with the mandatory Accounting Standards
 referred to in Sub-Section 3 (c) of Section 211 of the Companies Act,
 1956,
 
 e) According to the information and explanation given to us and on the
 basis of written representations received from the Directors as on 31st
 March 2012 of the Company 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 information and according to
 the explanations given to us, the financial statements read with the
 notes thereon and Significant Accounting Policies thereon, give the
 information required by the Companies Act. 1956 in the manner so
 required and give a true and fair view in conformity with the
 accounting principles generally accepted in India:
 
 (i) In the case of the Balance Sheet, of the state of affairs of the
 company as at 31st March 2012
 
 (ii) In the case of the Statement of Profit and Loss of the Profit of
 the Company for the year ended on that date;
 
 And
 
 (iii) in case ot the cash flow statement, of the cash flows for the
 year ended on that date.
 
 
 1. (a) The Company has now office equipments as fixed assets at the
 close of year, the fixed Assets Register of which is being prepared.
 
 (b) The Company has physically verified the Office equipments during
 the year which in our opinion is reasonable having regard to the size
 of the Company and the nature of the assets.
 
 (c) The Company has not disposed off major fixed assets during the year.
 
 2.(a) There are no Inventories of stores and spares and 
 
 (b) There is no purchase of store and spares during the year.
 
 3. The Company has neither granted nor taken any loans, secured or
 unsecured to / from Companies, firm or other parties covered in the
 register maintained under section 301 of the Companies Act, 1956.
 
 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 with regard to purchase of fixes assets and with regard to
 income from transportation and contract clearing & forwarding services.
 
 5. The Company has neither given nor taken any loan to / from any
 Company covered in the register maintained under section 301 of the
 Companies Act, 1956, and accordingly clause (v) of para-4 of the Order
 is not applicable to it.
 
 6. The company has not accepted and deposits from the public with in
 the meaning of section 58A and 58AA of the Act and the rules framed
 thereunder. 
 
 7. A firm of Chartered Accountants has conducted the internal audit of
 the Company for the year under audit. On the basis of the reports
 submitted by the internal auditors to the management, in our opinion
 the internal audit is system commensurate with the size of the Company
 and nature of its business.
 
 8. The Company has not maintained cost records during the year under
 audit, as there was no manufacturing activity.
 
 9. According to the information and explanation given to us in respect
 of statutory and other dues.
 
 (a) During the year no deduction were made towards provident Fund and
 Employee''s state Insurance. The Company was regular in depositing with
 appropriate authorities Income Tax, and other statutory dues deducted
 by it during the year.
 
 Undisputed Statutory dues amounting to Rs. 1.64 Lacs in respect of
 Provident Fund, Rs. 21.39 Lacs in respect of ESI, Rs. 8.59 Lacs in
 respect of Sales Tax, Rs. 0.10 Lacs in respect of Cenvat payable,
 Rs.4.87 Lacs in respect of Textile Committee cess and Rs.0.13 Lacs in
 respect of TDS were outstanding as at 31st March, 2012 for the period
 of more than 6 month from the date they became payable.
 
 (b) Details of Sales Tax, Income Tax, Custom Duty not deposited on
 account of disputes are as under:
 
 Sl Status               Nature of Taxes   Amount 
                                           Involved  Forum where dispute
                                                     is pending 
 No                                       (Rs. In
                                           Lacs) 
 
 1. Central Excise 
    Act, 1944            Excise Duty         169.23  Supreme Court
 
 2. Central Excise 
    Act, 1944            Excise Duty           4.67  C.E.S.T. Delhi
 
 3. Central Excise 
    Act, 1944            Excise Duty           3.23  Dy.Commissioner of
                                                     Excise (Appeals)
                                                     Jaipur
 
 4. Sales Tax 
    Department           Sales                63.46  Rajasthan Tax Board
 
 5. Central Excise 
    Act, 1944            Exise Duty            2.33  Central Excise & 
                                                     Gold Appellate
                                                     Tribunal
 
 6. Central Excise 
    Act, 1944            Service Tax           1.11  Asst. Commissioner
                                                     of Central Excise &
                                                     Customs
 
 7. Income Tax Act, 
    1961                 Income Tax (For 
                         AY 08-09)          1584.66  CIT(A)
 
 10.  There are accumulated losses of Rs, 3.140.61 lacs as on 31st March
 2012 which is more than 50% its networth.  The company has not Incurred
 cash losses in the current year and in the immediately preceding year
 
 11.  There are no loans from any Financial Institution or banks. Hence,
 clause (xi) of paragraph 4 of the order is not applicable.
 
 12.  According to the information and explanation given to us, the
 company has not granted loans and advances on the basis of the security
 by way of pledge of shares, debenture and other securities
 
 13.  Clause (xiii) of the Order is not applicable to the Company as the
 company is not a Chit Fund Company or Nidhi/ mutual benefit fund/
 society.
 
 14.  In ouf opinion, the Company is not dealing in or trading in
 shares, securities, debenture, and other investments.  Accordingly, the
 provisions of clauses 4 (xiv) of the Companies (Auditors Report) Order
 2003 are not applicable to the Company. However, all investments have
 been held by it in its own name or nominees.
 
 15.  According to the information and explanations given to us, Company
 has not given any guarantees for loans taken by others from bank or
 financial institutions.
 
 16.  According to the information and explanations given to us. no term
 loans were raised during the years.
 
 17.  According to the information and explanation given to us and on an
 overall examination of the Balance Sheet of the Company, we report that
 no funds raised on short-term basis have beer* used for long-term
 investment.
 
 18.  The Company has not made any preferential allotment of shares to
 parties and companies covered in the Register maintained under section
 301 of the Companies Act, 1956 during the year.
 
 19.  During the year covered By our audit report the Company has not
 issued secured debentures
 
 20.  The Company has not raised any money by public issue during the
 year covered by our report.
 
 21.  Based upon the audit procedures performed and as per the
 information and explanation given to us, no fraud on or by the Company
 has been noticed or reported during the year.
 
 
                                                     For M B R & Co.
 
                                              Chartered Accountants
 
 
 Place : New Delhi   
 
 Date: 30.05.2012                                (CA. MUKESH SHARMA)
 
                                                            Partner
 
                                                       M No. 511275
 
                                                 ICAI''S FRN 021360N