Shyam Malpani

Associates
Limited Review Report

The Board of Directors

MW Unitexx Limited
Dear Sirs,
8

We have reviewed the accompanying statement of consolidated Unaudited Financial Results of

MW Unitexx Limited (Formerly knoum as S Kumars Unitexx Limited) ('the Company'), its subsidiaries
(together referred to as the group) for the quarter and half year ended 30th September 2014 (the
'Statement'), except for disclosures regarding 'Public Shareholding' and 'Promoter and Promoter
Group Shareholding' which have been traced from disclosures made by the management and have
not been audited by us. This statement has been prepared by the Company pursuant to Clause 41 of
the Listing Agreement with the Stock Exchanges in India. This statement is the responsibility of the
Company's management and has been approved by the Board of Directors. Our responsibility is to
issue a report on the Statement based on our review.

In terms with the amendment to clause 41 of the Listing Agreement issued by the Securities and
Exchange Board of India, the Company has presented a Statement of Assets and Liabilities as at
30th September 2014, along with corresponding figures for the previous year in the statements.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410,
Review of Interim Financial Information Performed by the Independent Auditor of the Entity,
issued by the Institute of Chartered Accountants of India. This standard requires that we plan and
perform the review to obtain moderate assurance as to whether the financial results are free of
material misstatement. A review of interim financial information consists principally of applying
analytical procedures to financial data and making enquiries of company personnel responsible for
financial and accounting matters. It is substantially less in scope than an audit conducted in
accordance with the generally accepted auditing standards, the objective of which is the expression
of an opinion regarding the financial statements taken as a whole. We have not performed an audit
and accordingly, we do not express an audit opinion.

Based on our review conducted as above and subject to (i) Continuation of capitalization of an amount of

Lacsfor the quarter in respect of Pre- operative expenses of Unimart Project under the head Capital
Work in Progress despite lack of movement in the said project thereby overstating the profit of the quarter to
the said tune and overstating the Pre-operative expenses to the said extent. Total preoperative expenses
capitalized till 30tl! September 2014 is Rs. 2297.26 Lacs. (ii) Non provision for long time pending Trade
Receivables in one of the subsidiary company amounting to Rs 1,377.30 Lacs thereby overstating the loss of
the Company and overstating Trade Receivables to the said tune. (iii) Non-provision of certain Loans and
Advances representing interest-free refundable deposits given to agents by the Company for more than a year
amounting to Rs. 4,271.05 Lacs against which no performance has been received there btj overstating the
profit of the Company and overstating Long Term Loans and Advance to the said tune and (iv) Our nonreview of the interim financial results of the subsidiaries included in the Statement, whose interim financial
results total revenues of Rs 22,729.07 Lacs, net loss after tax of Rs 205.13 Lacs for the quarter. These
unaudited financial results are as approved btj the Board of Directors of the respective companies have been
furnished to us by the Management based on their estimates. nothing has come to our attention that
Rs 195.45

causes us to believe that the accompanying 'Statement of Unaudited Financial Results', prepared in
accordance with the applicable Accounting Standards notified pursuant to Companies (Accounting
Standards) Rules, 2006 and other recognized accounting practices and policies has not disclosed
fairly in all material respects, the information required to be disclosed in terms of Clause 41 of the
Listing Agreement, including the manner in which it is to be disclosed, or that it contains any
material misstatement.
. ~~ani ~~

f8UMBAI~
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307, Chartered House, 297/299, Dr. C. H. Streef" e

Tel. : 91-22-40311900 - Fax: 91-22-40311901- E-mail:

rine Lines Church, Mumbai - 400 002, India.

malpani_s@vsnl.com
- Website: www.smalpani.com

DELHI - INDORE - BENGALURU

- JAIPUR

Shyam Malpani

Associates
E!chartered

Accountants

Emphasis of Matter
The Company has given Deposit to one of the party which is shown under the head Long term loans
and advances amounting to Rs 1900 Lacs. The said deposit is given for occupying rent free area in
the proposed newly constructed building. However, the said project is still on hold by the developer
but the management is hopeful of its performance in near future.
Our opinion is not qualified in the above matters
For Shyam Malpani & Associates
Chartered Accountants
Firm RegistratiO~~_w

Shyam Malpani
Membership No. 34171
Murnbai, dated 13th November 2014

Shyam Malpani

Associates
Chartered

Accountants

Limited Review Report

To
The Board of Directors
MW Unitexx Limited

We have reviewed the accompanying statement of standalone Unaudited Financial Results of

MW Unitexx Limited (Formally known as S Kumars Unitexx Limited) ('the Company') for the
quarter and half year ended 30th September 2014 (the 'Statement'), except for disclosures
regarding 'Public Shareholding' and 'Promoter and Promoter Group Shareholding' which have
been traced from disclosures made by the management and have not been audited by us. This
statement has been prepared by the Company pursuant to Clause 41 of the Listing Agreement
with the Stock Exchanges in India. This statement is the responsibility of the Company's
management and has been approved by the Board of Directors. Our responsibility is to issue a
report on the Statement based on our review.

In terms with the amendment to clause 41 of the Listing Agreement issued by the Securities and
Exchange Board of India, the Company has presented a Statement of Assets and Liabilities as at
30th September 2014, along with corresponding figures for the previous period in the
statements.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410,
Review of Interim Financial Information Performed by the Independent Auditor of the Entity,
issued by the Institute of Chartered Accountants of India. This standard requires that we plan
and perform the review to obtain moderate assurance as to whether the financial results are
free of material misstatement. A review of interim financial information consists principally of
applying analytical procedures to financial data and making enquiries of company personnel
responsible for financial and accounting matters. It is substantially less in scope than an audit
conducted in accordance with the generally accepted auditing standards, the objective of which
is the expression of an opinion regarding the financial statements taken as a whole. We have
not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above and consideration of reports of other auditors,
nothing has come to our attention that causes us to believe that the accompanying Statement
prepared in accordance with applicable accounting standards, as notified under the Companies
(Accounting Standards) Rules, 2006 (as amended) and other recognised accounting practices
and policies has not disclosed the information required to be disclosed in terms of Clause 41 of
the Listing Agreement including the manner in which it is to be disclosed, or that it contains
any material misstatement, subject to Continuation of capitalization of an amount of Rs 195.45 Lacs

for the quarter in respect of Pre- operative expenses of Unimart Project under the head Capital Work in
Progress despite lack of movement in the said project there by understating the loss of the quarter to the
said tune. The total preoperative expenses capitalized till 30111 September 2014 is Rs 2126.27 Lacs. (ii)
Non-provision of certain Loans and Advances representing interest-free refundable deposits given to
agents by the Company for more than a year amounting to Rs. 4,471.05 Lacs against which no
performance has been received there by understating the loss of the Company and overstating Long Term
Loans and Advance to the said tune.

Shyam Malpani

Associates
IChartered

Accountants

Emphasis of Matter
The Company has given Deposit to one of the party which is shown under the head Long term
loans and advances amounting to Rs 400 Lacs since March 2006. The said deposit is given for
occupying rent free area in the proposed newly constructed building. However, the said project
is still on hold by the developer but the management is hopeful of its performance in near
future.
Our opinion is not qualified in the above matters

For Shyam Malpani & Associates

Chartered Accountants
Firm Registration No. 120438W

~--

Shyam Malpani
Membership No. 34171
Mumbai, dated 13th November, 2014