1.  We have audited the attached Balance Sheet of TIME TECHNOPLAST
 LIMITED as at 31st March, 2011 and also the Profit and Loss Account and
 the Cash Flow Statement of the Company 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 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 are as on able basis
 for our opinion.
 
 3.  As required by the Companies (Auditors Report) (Amendment) Order,
 2003, issued by the Central Government of India , in terms of
 Sub-Section (4A) of 227 of the Companies Act, 1956, ween close in the
 Annexure a statement on the matters specified in paragraph k and 5 of
 the said order to the extent applicable.
 
 4.  Further to our comments in the Annexure referred to 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 account as required by law have
 been kept by the Company, so far as appears from our examination of the
 books.
 
 c.  The Balance Sheet, Profit and Loss Account and Cash Flow Statement
 dealt with by this report are in agreement with the books of account.
 
 d.  In our opinion, the Balance Sheet, the Profit and Loss Account and
 the Cash Flow Statement comply with accounting standards referred to in
 sub-section (3C) of Section 211 of the Companies Act, 1956.
 
 e.  On the basis of the written representation received from the
 Directors of the Company as at 31 st March, 2011, and taken on record
 by the Board of Directors, we report that none of the Directors is
 disqualified from being appointed as Directors under clause(g)of the
 Company 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 explanation given to us, the said accounts read together with
 Significant Accounting Policies and Notes to Accounts in Schedule ''Q''
 and those appearing elsewhere in the accounts, 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:-
 
 i.  In the case of the Balance Sheet of the state of affairs of the
 Company as at March 31,2011;
 
 ii.  in the case of the Profit and Loss Account, of the profit for the
 year ended on that date; and
 
 iii. Incase of the Cash Flow Statement. Of the cash flows for the year
 ended on that date.
 
 ANNEXURE TO THE AUDITOR''S REPORT
 
 ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDIT REPORT OF EVEN DATE TO
 THE MEMBERS OF TIME TECHNOPLAST LIMITED ON THE ACCOUNTS FOR THE YEAR
 ENDED 31st MARCH,2011.
 
 1.  In respect of it''s fixed assets:
 
 (a) The company is maintaining proper records showing full particulars
 including quantitative details and situation of its fixed assets.
 
 (b) We were informed that during the year certain items of fixed assets
 have been physically verified by the Management and there is a regular
 programme of verification, which in our opinion, is reasonable, having
 regard to the size of the company and the nature of the fixed assets.
 No material discrepancies have been noticed in respect of the assets
 which have been physically verified during the year.
 
 (c) The Company has not disposed off substantial parts of fixed as sets
 during the year.
 
 2.  In respect of it''s Inventories:
 
 (a) Physical verification of the inventories of the Company except
 materials in transit and lying with third parties, has been conducted
 by the management at reasonable intervals during the year. Materials
 lying with third parties have been verified by the management with
 reference to certificates obtained from them and/or other relevant
 documents.
 
 (b) The procedures of the physical verification of stocks followed by
 the management are reasonable and adequate in relation to the size of
 the company and the nature of its business.
 
 (c) The discrepancies between the physical stocks and book stocks which
 were not material have been properly dealt with in the books of
 account.
 
 3.  According to the information and explanation given to us, the
 company has not taken or granted any loans secured or unsecured from or
 to companies, firms or other parties covered by the register maintained
 under section 301, of the Companies Act, 1956, Consequently, clauses
 (iii) (a) to (iii) (g) of paragraph 4 of the order are not applicable.
 
 4.  In our opinion and according to the information and explanations
 given to us, having regard to the explanations that purchase of certain
 items of fixed assets and inventory are of special nature for which
 suitable alternative sources do not exist for obtaining comparative
 quotations, there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business for the
 purchase of inventory and fixed assets and for the sale of goods and
 services. Further, on the basis of our examination of the books and
 records of the Company and according to the information and
 explanations given to us, we have neither come across nor have been
 informed of any continuing failure to correct major weaknesses in the
 aforesaid internal control system.
 
 5.  (a) According to the information and explanation given to us, the
 transactions that need to be entered in the register Maintained under
 section 301 of the Companies Act, 1956, have been so entered.
 
 (b) According to the information and explanation given to us, the
 Company has purchased and sold goods & obtained service in excess of
 Rs. 5, 00,000 in value to companies in which Directors are interested
 as listed in the Register maintained under section 301 of the Companies
 Act, 1956 and the prices received are reasonable as compared to the
 prices of similar items sold too the parties.
 
 6.  The Company has not accepted any deposits from the public within
 the meaning of Section 58A and 58AA of Companies Act, 1956and the rules
 framed the reunder.
 
 7.  In our opinion, the Company has an adequate Internal audit system
 commensurate with the size and nature of its business.
 
 8.  The Central Government has not prescribed maintenance of cost
 records under section 209(1 )(d) of the Companies Act, 1956, for the
 products manufactured by the company.
 
 9.  (a) The Company is regular in depositing undisputed statutory dues
 including Provident Fund , Investor Education and Protection Fund,
 Employees'' State Insurance, Income Tax , Sales Tax , Service Tax ,
 Customs Duty , Excise Duty, Cess and other material statutory dues
 applicable to the Company with the appropriate authorities . No
 undisputed amounts payable in respect of the aforesaid statutory dues
 were outstanding as at the last day of the financial year for a period
 of more than six months from the date they became payable.
 
 (b) According to the information and explanations given to us,
 particulars of outstanding dues of sales tax, income tax, wealth tax,
 service tax, customs duty, excise duty and cess not deposited as they
 are disputed by the Company, details are given below:
 
 Forum where the Dispute 
 is pending                 Name of Statute (Rs.in lacs)  Financial year
                                                          to which
                                                          amount relates
 
 Income Tax Appellate 
 Tribunal – Mumbai          Income Tax Act   
                            1961                  9.19      2004-05
 
 Income Tax Appellate 
 Tribunal – Mumbai          Income Tax Act
                            1961                 34.01      2006-07
 
 Commissioned Income Tax 
 Appeat- Mumbai             Income Tax Act
                            1961                  8.89      2004-05
 
 Commissioned Income Tax 
 Appeat- Mumbai             Income Tax Act
                            1961                 34.74      2007-08
 
 High Court, Mumbai         Income Tax Act 1961   8.19      2000-01
 
 Higb Court, Hyderabad      Sales Tax             2.95      2002-03
 
 Commissioner of Central 
 Excise- Hosur              Central Excise Act 
                            1944                  0.65      1999-2000
 
 Centrat Excise and 
 Service Tax Appettate 
 Tribunat – Mumbai          Central Excise Act 
                            1944                  4.57      2002-2003
 
 Commissioner of Central 
 Excise- Daman              Central Excise Act 
                            1944                  3.77      2004-05 To
                                                            2006-07
 
 Central Excise and 
 Service Tax Appellate 
 Tribunal- Chennai          Central Excise Act
                            1944                  4.53      2006-07
 
 10.  The Company does not have any accumulated losses at the end of the
 financial year and has not incurred cash losses during the financial
 year covered by our audit and the immediately preceding financial year.
 
 11.  In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in Repayment of the dues to
 financial institutions and banks.
 
 12.  Based on our examination of records and the information and
 explanations given to us, the Company has not granted any loans and
 advances on the basis of security by way of pledge of shares,
 debentures and other securities.
 
 13.  In our opinion, the company is not a chit fund or nidhi/mutual
 benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
 the Companies (Auditors Report) (Amendment) Order, 2003 are not
 applicable to the Company.
 
 14. In our opinion and according to information and explanation given
 to us, the Company is not dealing in or trading in shares, securities,
 debentures or other investments. Therefore, the provisions of clause 4
 (xiv) of the Companies (Auditors Report) (Amendment) Order, 2003 are
 not applicable to the Company.
 
 15.  In our opinion and according to the information and explanations
 given to us, the terms and conditions on which the Company has given
 guarantees for loans taken by subsidiaries and joint ventures companies
 from banks or financial Institutions are not prejudicial to the
 interest of the Company.
 
 16.  In our opinion and according to information and explanation given
 to us, on an overall basis, the term loans have been applied for the
 purposes for which they were obtained.
 
 17.  According to the information and explanations given to us and on
 an overall examination of the cash flow statement and Balance sheet of
 the company, in our opinion, the funds raised on short-term basis have
 not been applied for long-term purpose.
 
 18.  According to the information and explanations given to us, the
 Company has not made any preferential allotment of shares to parties
 and companies covered in the register maintained undersection301 of the
 Companies Act.
 
 19.  The Company has not issued debentures during the year.
 
 20.  The Company has not raised any money by way of public issue during
 the year.
 
 21.  During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanation given to us, we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of any such case by the Management.
 
 
                                         For RAMANS. SHAH & ASSOCIATES
 
                                                 Chartered Accountants
 
                                            (Registration No. 119891W)
 
                                                         RAMAN S. SHAH
 
 Place: Mumbai                                                 Partner
 
 Date: 27 th May, 2011                            Membership No. 33272