Management Responsibility:

2 The Company's Board of Directors is responsible for the matters 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 the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision 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 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.

Auditor's Responsibility:

3 Our responsibility is to express an opinion on these 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 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.

4 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's 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 control relevant to the Company's preparation and fair presentation of the financial statements 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 management, as well as evaluating the overall presentation of the financial statements.

5 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion :

6 In our opinion and to the best of our information and according to the explanations given to us, the 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:

i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

ii) In the case of statement of profit & loss, of the profit 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.

Report on Other Legal and Regulatory Requirements:

7 As required by the Companies (Auditors Report) Order, 2015 ("the Order) issued by the Central Government of India in terms of sub section(11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in Paragraphs 3 and 4 of the Order.

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

i) 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.

ii) 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.

iii) The Balance Sheet and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

iv) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules 2014.

v) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section of 164 (2) of the Companies Act, 2013.

9 With respect to the other matters included in the Auditor's report and to best of our information and explanation 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 derivative contracts for which there were any material foreseeable losses.

iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company.

Annexure referred to in paragraph 3 & 4 of our report of even date to the members of Advance Petrochemicals Limited on the accounts for the year ended on 31st March, 2015.

(i) (a) The company has not maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management at reasonable intervals.

(ii) (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable having regards the size of the company and the nature of its business.

(b) In our opinion, the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and book records were not material.

(iii) According to information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act 2013.

(iv) 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 purchases of inventory, fixed assets and with regard to the sales of goods. In our opinion, and as explained to us there is no major weakness in internal control. However Company does not have an internal Audit systems commensurate with its size and nature of its business .

(v) (a) In our opinion and according to the information and explanations given to us, the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under have been complied by company with regards to acceptance of Deposit.

(b) No order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal aganist the company

(vi) According to the information and explanations given to us maintenance of cost records in respect of manufacturing activities of the Company are prescribed by the Central Government under sub section (1)of Section 148 the Companies Act, 2013

(vii) (a) According to the information and explanations given to us, and on the basis of our examination of the books of accounts, the Company has generally been regular in depositing the undisputed statutory dues including Income- Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other statutory dues during the period with the appropriate authorities. Hence, at the end of the year, there are no undisputed dues payable for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no amounts in respect of Sales Tax, Income tax, Wealth tax, Custom Duty, Cess and any other material statutory dues were in arrears with the appropriate authorities on account of any dispute.

(c) According to information and explanation given to us, there are no such amounts which are required to be transferred to investor education and protection fund in accordance with the provisions Companies Act 1956(1 of 1956) and rules made hereunder.

(viii) The company does not have any accumulated losses at the end of financial year and has not incurred cash losses during the financial year and in the financial year immediately preceding such financial year.

(ix) In our opinion and according to the information & explanations given to us, the company has not defaulted in repayment of dues to a financial institution or banks or Debenture holder.

(x) In our opinion and based on certificate given by the management to us and information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) In our opinion and according to the information & explanations given to us the company has not procured ant fresh term loan during the year, hence this clause is not applicable.

(xii) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year under audit and even up to the date of our audit.

                                            For, PIPARA & CO.  

                                            Chartered Accountants 

                                            (F.R.N.: 107929W)

Place : AHMEDABAD                            GYAN PIPARA

Date : 29.05.2015                            Partner

                                             M.No. 034289