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Auditor Report of Ashoka Buildcon Ltd.

Mar 31, 2016

We have audited the accompanying financial statements of Ashoka Buildcon Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting 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 adequate internal financial controls, 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.

3. Auditor''s Responsibility

3.1 Our responsibility is to express an opinion on these standalone financial statements based on our audit.

3.2 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 thereunder.

3.3 We conducted our audit in accordance with the 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.

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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view 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 Company''s Directors, as well as evaluating the overall presentation of the financial statements.

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

4. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31st March, 2016, and its profit and its cash flows for the year ended on that date.

5. Emphasis of Matter

We invite attention to Note 27(XIII) of the financial results regarding the provision made against / write offs of the exposure of the Company in one of its associates, PNG Tollways Limited due to the termination of the service concession agreement with NHAI by the associate company. Our opinion is not modified in respect of these matters.

6. Report on Other Legal and Regulatory Requirements

(i) As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, a statement on the matters specified in the paragraph 3 and 4 of the order is given in Annexure A.

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

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of written representations received from the Directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B"; and

(iii) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit And Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations in its financial statements. - Refer note 27(XI) of financial statements.;

(ii) Based on the information and explanations provided to us, the company has made the required provisions towards material foreseeable losses, in respect of long term contracts.

(iii) The company was not required to deposit or pay any dues in respect of the Investor Education and Protection Fund during the year.

i) a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of all fixed assets.

b) Pursuant to the company''s programme of verifying fixed assets in a phased manner, physical verification of major fixed assets was conducted during the year. In our opinion, such programme of verification is reasonable.

- We are informed that no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us title deeds of immovable properties, classified as fixed assets, are in the name of the company, except for title deed in case of one freehold land (gross block Rs.200 lakhs, net block Rs.200 lakhs), for which transfer deed is yet to be executed in the name of the Company

ii) Inventories have been physically verified by the Management at regular intervals. In our opinion, the frequency of such verification is reasonable. We are informed that discrepancies noticed on such verification were not material as compared to the book records. The discrepancies noticed on such verification have been properly dealt with in the books of account.

iii) a) Based on the information and explanations furnished to us, we are of the opinion that the terms and conditions of unsecured loans granted to five parties covered in the register maintained u/s 189 of the Companies Act, 2013 are prima facie not prejudicial to the interest of the company.

b) In case of the above loan, the schedule of principal repayment and interest payment has been stipulated.

c) Since the principal and interest are not due for payment, we are unable to comment on this clause.

iv) According to the information and explanations given to us and on the basis of representations of the management which we have relied upon, the loans given by the company are not covered by Section 185 or Section 186 of The Companies Act, 2013 and hence, this clause is not applicable.

v) According to the information and explanations given to us, the Company has not accepted deposits from the public in terms of provisions of sections 73 to 76 of the Companies Act, 2013.

vi) According to the information and explanations given to us, pursuant to the rules prescribed by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, we have broadly reviewed the cost records and are of the opinion that prima facie, the prescribed records have been made and maintained by the Company.

vii) a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company has been generally regular in depositing undisputed statutory dues including investor education and protection fund, provident fund, employees state insurance, income tax, Value Added Tax (VAT), sales tax,, custom duty, excise duty, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities, except that there have been certain delays in payments in case of Income Tax Deducted at Source, VAT, sales tax, works contract tax and profession tax in certain cases. There are no statutory dues that are outstanding as of March 31, 2016 for a period of more than six months.

b) As at the year-end, according to the records of the Company and information and explanations given to us, the disputed statutory dues that have not been deposited on account of appeal matters pending before the appropriate authorities are as under:-

Financial Year Amount Particulars Authority (Rs.in lakhs)

2000-01 93.34 Customs Asst. Commissioner of Customs, Mumbai

2006-07 to 404.57 Labour cess Asst. Commissioner, 2009-10 Madhya Pradesh

2006-07 to 44.11 Labour cess Asst. Commissioner, 2010-11 Madhya Pradesh

2006-07 to 587.00 Labour cess Asst. Commissioner, 2010-11 Chattisgarh

2006-07,2009- 2,312.31 Sales Tax Joint Commissioner 10 and 2011- (Appeal), Maharashtra 2012

2008-09 & 40.81 Sales Tax Deputy Commissioner 2009-10 (Appeal), Chhattisgarh

2008-09 1.93 Sales Tax Asst. Commissioner, Gujarat

2007-2008 0.32 Sales Tax Asst. Commissioner, Rajasthan

2011-2012 1.57 Sales Tax Asst. Commissioner, Karnataka

2012-2013 1,204.12 Sales Tax Asst. Commissioner, West Bengal

2005-06 to 14.56 Entry Tax Asst. Commissioner, 2008-09 Rajasthan

2013-16 31.19 Entry Tax High Court -Writ petition, Bengal

2008-09 11.48 Income Tax ACIT, CC-1,Nashik

2009-10 0.24 Income Tax ACIT, CC-1,Nashik

2010-11 82.67 Income Tax ACIT, CC-1,Nashik

2011-12 20.99 Income Tax ACIT, CC-1,Nashik

2012-13 2,914.66 Income Tax ACIT, CC-1,Nashik

Total 7,765.85

viii) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowing to banks financial institutions and debenture holders. The Company has not borrowed any funds from Government.

ix) According to the information and explanations given to us, on an overall basis, funds raised by way of QIB placement were temporarily placed in current investments, pending utilisation for the stated objective, and subsequently utilised for the purpose for which they were raised. Terms and conditions of utilisation of funds raised through debt instruments & loans from related parties have not been mentioned in the respective documents and hence, we are unable to comment on this clause.

x) According to the information and explanations given to us and on the basis of representation of the management which we have relied upon, no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.

xi) According to the information and explanations given to us, managerial remuneration has been paid in accordance with the provisions of section 197 read with Schedule V to the Companies Act, 2013.

xii) Since the company is not a nidhi company, this clause is not applicable.

xiii)According to the information and explanations given to us, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 as applicable and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us, the requirements of Section 42 of The Companies Act, 2013 have been prima facie complied in respect of shares allotted to Qualified Institutional Buyers. The funds so raised were temporarily placed in current investments, pending utilisation for the stated objective, and subsequently utilised for the purpose for which they were raised.

(xv) The company has not entered into any non cash transactions with directors or persons connected with him.

(xvi)The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

for M P Chitale & Co

Chartered Accountants

Firm Regn No. 101851W

Ashutosh Pednekar

Partner

ICAI M No. 041037

Place : Mumbai.

Date :May 20, 2016


Mar 31, 2016

We have audited the accompanying financial statements of Ashoka Buildcon Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting 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 adequate internal financial controls, 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.

3. Auditor''s Responsibility

3.1 Our responsibility is to express an opinion on these standalone financial statements based on our audit.

3.2 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 thereunder.

3.3 We conducted our audit in accordance with the 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.

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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view 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 Company''s Directors, as well as evaluating the overall presentation of the financial statements.

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

4. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31st March, 2016, and its profit and its cash flows for the year ended on that date.

5. Emphasis of Matter

We invite attention to Note 27(XIII) of the financial results regarding the provision made against / write offs of the exposure of the Company in one of its associates, PNG Tollways Limited due to the termination of the service concession agreement with NHAI by the associate company. Our opinion is not modified in respect of these matters.

6. Report on Other Legal and Regulatory Requirements

(i) As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, a statement on the matters specified in the paragraph 3 and 4 of the order is given in Annexure A.

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

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of written representations received from the Directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B"; and

(iii) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit And Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations in its financial statements. - Refer note 27(XI) of financial statements.;

(ii) Based on the information and explanations provided to us, the company has made the required provisions towards material foreseeable losses, in respect of long term contracts.

(iii) The company was not required to deposit or pay any dues in respect of the Investor Education and Protection Fund during the year.

i) a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of all fixed assets.

b) Pursuant to the company''s programme of verifying fixed assets in a phased manner, physical verification of major fixed assets was conducted during the year. In our opinion, such programme of verification is reasonable.

- We are informed that no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us title deeds of immovable properties, classified as fixed assets, are in the name of the company, except for title deed in case of one freehold land (gross block Rs.200 lakhs, net block Rs.200 lakhs), for which transfer deed is yet to be executed in the name of the Company

ii) Inventories have been physically verified by the Management at regular intervals. In our opinion, the frequency of such verification is reasonable. We are informed that discrepancies noticed on such verification were not material as compared to the book records. The discrepancies noticed on such verification have been properly dealt with in the books of account.

iii) a) Based on the information and explanations furnished to us, we are of the opinion that the terms and conditions of unsecured loans granted to five parties covered in the register maintained u/s 189 of the Companies Act, 2013 are prima facie not prejudicial to the interest of the company.

b) In case of the above loan, the schedule of principal repayment and interest payment has been stipulated.

c) Since the principal and interest are not due for payment, we are unable to comment on this clause.

iv) According to the information and explanations given to us and on the basis of representations of the management which we have relied upon, the loans given by the company are not covered by Section 185 or Section 186 of The Companies Act, 2013 and hence, this clause is not applicable.

v) According to the information and explanations given to us, the Company has not accepted deposits from the public in terms of provisions of sections 73 to 76 of the Companies Act, 2013.

vi) According to the information and explanations given to us, pursuant to the rules prescribed by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, we have broadly reviewed the cost records and are of the opinion that prima facie, the prescribed records have been made and maintained by the Company.

vii) a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company has been generally regular in depositing undisputed statutory dues including investor education and protection fund, provident fund, employees state insurance, income tax, Value Added Tax (VAT), sales tax,, custom duty, excise duty, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities, except that there have been certain delays in payments in case of Income Tax Deducted at Source, VAT, sales tax, works contract tax and profession tax in certain cases. There are no statutory dues that are outstanding as of March 31, 2016 for a period of more than six months.

b) As at the year-end, according to the records of the Company and information and explanations given to us, the disputed statutory dues that have not been deposited on account of appeal matters pending before the appropriate authorities are as under:-

Financial Year Amount Particulars Authority (Rs.in lakhs)

2000-01 93.34 Customs Asst. Commissioner of Customs, Mumbai

2006-07 to 404.57 Labour cess Asst. Commissioner, 2009-10 Madhya Pradesh

2006-07 to 44.11 Labour cess Asst. Commissioner, 2010-11 Madhya Pradesh

2006-07 to 587.00 Labour cess Asst. Commissioner, 2010-11 Chattisgarh

2006-07,2009- 2,312.31 Sales Tax Joint Commissioner 10 and 2011- (Appeal), Maharashtra 2012

2008-09 & 40.81 Sales Tax Deputy Commissioner 2009-10 (Appeal), Chhattisgarh

2008-09 1.93 Sales Tax Asst. Commissioner, Gujarat

2007-2008 0.32 Sales Tax Asst. Commissioner, Rajasthan

2011-2012 1.57 Sales Tax Asst. Commissioner, Karnataka

2012-2013 1,204.12 Sales Tax Asst. Commissioner, West Bengal

2005-06 to 14.56 Entry Tax Asst. Commissioner, 2008-09 Rajasthan

2013-16 31.19 Entry Tax High Court -Writ petition, Bengal

2008-09 11.48 Income Tax ACIT, CC-1,Nashik

2009-10 0.24 Income Tax ACIT, CC-1,Nashik

2010-11 82.67 Income Tax ACIT, CC-1,Nashik

2011-12 20.99 Income Tax ACIT, CC-1,Nashik

2012-13 2,914.66 Income Tax ACIT, CC-1,Nashik

Total 7,765.85

viii) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowing to banks financial institutions and debenture holders. The Company has not borrowed any funds from Government.

ix) According to the information and explanations given to us, on an overall basis, funds raised by way of QIB placement were temporarily placed in current investments, pending utilisation for the stated objective, and subsequently utilised for the purpose for which they were raised. Terms and conditions of utilisation of funds raised through debt instruments & loans from related parties have not been mentioned in the respective documents and hence, we are unable to comment on this clause.

x) According to the information and explanations given to us and on the basis of representation of the management which we have relied upon, no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.

xi) According to the information and explanations given to us, managerial remuneration has been paid in accordance with the provisions of section 197 read with Schedule V to the Companies Act, 2013.

xii) Since the company is not a nidhi company, this clause is not applicable.

xiii)According to the information and explanations given to us, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 as applicable and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us, the requirements of Section 42 of The Companies Act, 2013 have been prima facie complied in respect of shares allotted to Qualified Institutional Buyers. The funds so raised were temporarily placed in current investments, pending utilisation for the stated objective, and subsequently utilised for the purpose for which they were raised.

(xv) The company has not entered into any non cash transactions with directors or persons connected with him.

(xvi)The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

for M P Chitale & Co

Chartered Accountants

Firm Regn No. 101851W

Ashutosh Pednekar

Partner

ICAI M No. 041037

Place : Mumbai.

Date :May 20, 2016


Mar 31, 2015

We have audited the accompanying financial statements of Ashoka Buildcon Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss and Cash Flow Statement for the period then ended, and a summary of significant accounting policies and other explanatory information hereafter referred to as financial statements.

2. Management''s responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting 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 adequate internal financial controls, 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.

3. Auditor''s Responsibility

3.1 Our responsibility is to express an opinion on these financial statements based on our audit.

3.2 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.

3.3 We conducted our audit in accordance with the 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.

3.4 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for purpose of expressing an opinion on whether the Company has in place an adequate internal financial control systems over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the financial statements.

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

4. Opinion

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, of the state of affairs of the Company as at March 31, 2015, and its profit and its cash flows for the year ended on that date.

5. Report on Other Legal and Regulatory Requirements

As required by section 143(3) of the Companies Act 2013, we report that:

a. We have sought and 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 those books.

c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, aforesaid financial statements comply with the Accounting Standards referred to Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

6. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations in its financial statements. - Refer note 27(IX) of financial statements.

(ii) The Company does not have any long term contracts. Based on the information & explanations provided to us, the Company was not required to make any provisions for material foreseeable losses, in respect of the forward contracts, entered into.

(iii) The Company was not required to deposit or pay any dues in respect of the Investor Education and Protection Fund during the year.

7. As required by the Companies (Auditor''s Report) Order, 2015 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.



ANNEXURE TO THE INDEPEDENT AUDITORS'' REPORT (Referred to in Paragraph 7 of our Report of even date)

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The company has a three year cycle to physically verify the fixed assets. As per this cycle no verification was due during the year. Accordingly, the company has not physically verified its fixed assets during the year.

2. (a) Inventories have been physically verified by the Management at regular intervals. In our opinion, the frequency of such verification is reasonable.

(b) The procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the Company.

(c) In our opinion, the company maintains proper records of inventory. We have been informed that no material discrepancies were noticed on physical verification of inventories.

3. (a) The company has granted unsecured loans to the parties covered in the register maintained u/s 189 of the Companies Act, 2013. Based on the information and explanations furnished to us, we are of the opinion that prima facie receipt of principal and interest, wherever applicable, are regular.

(b) In view of the above, the question of the amounts being overdue do not arise.

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 and fixed assets and sale of goods and services. During the course of our audit we did not notice any continuing failure to correct any major weakness in internal controls.

5. According to the information and explanations given to us, the Company has not accepted any deposits.

6. We have reviewed the cost compliance certificate of the company, and are of the opinion that prima facie, the cost records pursuant to Rule 5 of the Companies (Cost Records and Audit) Rules 2014 have been made and maintained. However, we did not conduct a detailed examination ofthe records.

7. (a) According to the information and explanations given to us and on the basis of books and records produced and examined by us, undisputed statutory dues have generally been regularly deposited with the appropriate authorities. There are no statutory dues that are outstanding as of March 31, 2015 for a period of more than six months.

(b) As at the year-end, according to the records of the Company and information and explanations given to us, the disputed statutory dues that have not been deposited on account of appeal matters pending before the appropriate authorities are as under:-

Financial Amount Particulars Authority Year (Rs. in lakhs)

2000-01 93.34 Customs Asst. Commissioner of Customs, Mumbai

2006-07 to 404.57 Labour Cess Labour Commissioner, 2009- 10 Madhya Pradesh

2006-07 to 44.11 Labour Cess Labour Commissioner, 2010- 2011 Madhya Pradesh

2006-07 to 587.00 Labour Cess Labour Commissioner, 2010-2011 Chattisgarh

2007-08 59.01 Service Tax Addl. Commissioner of Service Tax, Nasik

2005- 06 to 71.11 Service Tax Addl. Commissioner 2006- 07 (Central Customs, Excise & Service Tax), Nasik

2006-07 & 2252.60 Sales Tax Joint Commissioner 2009- 10 (Appeal),Maharashtra

2014-15 8.47 Sales Tax Deputy Commissioner (Appeal), Tamilnadu

2010- 11 82.24 Sales Tax Joint Commissioner, Bengal

2009-10 22.32 Sales Tax Deputy Commissioner (Appeal), Chhattisgarh

2008- 09 2.18 Sales Tax Deputy Commissioner (Appeal), Gujarat

2013-15 25.87 Entry Tax High Court-Writ Petition

2003-04 358.80 Income Tax DCIT, Nashik

2011- 12 20.99 Income Tax DCIT,Nashik

Total 4,032.61

(c) During the year there is no amount that was required to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 2013 and the Rules made there under.

8. The Company has no accumulated losses as at the financial year end. There were no cash losses incurred in the financial year or the previous financial year.

9. As per the books and records maintained by the Company and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks/ financial institutions or debenture holders.

10. According to the information and explanations given to us, the Company has given guarantees for loans taken by group companies from banks or financial institutions in the earlier years, for which approvals from Central Government are to be obtained, which in our opinion are generally not prima-facie prejudicial to the interest of the Company.

11. Based on the information and explanations given to us, we find that the Company has utilized the term loans for the purpose they were obtained.

12. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For M P Chitale & Co. Chartered Accountants ICAI FR No. 101851W

Murtuza Vajihi Place: Mumbai Partner Date : May 13, 2015 ICAI M No. 112555


Mar 31, 2013

1. We have audited the accompanying financial statements of Ashoka Buildcon Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s responsibility for the Financial Statements

2. Management is responsible for 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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 conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 ofthe 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

(b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Emphasis of Matter

7. Without qualifying our audit opinion, we invite attention to note no.15 (a) on exceptional items regarding impairment of the Right to Collect Toll of a BOT projects aggregating to Rs. 1,568.85 lakhs.

Report on Other Legal and Regulatory Requirements

8. As required by section 227(3) of the Companies Act 1956, 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 those books.

c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account

d. in our opinion, the Balance Sheet, Statement ofProfit and Loss, and Cash Flow Statement complies with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e. on the basis of written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

9. As required by the Companies(Auditor''s Report) Order,2003 ("the Order") issued by the Central Government of India in terms of sub-section(4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

(i) (a) The Company has maintained reasonable records showing full particulars, including quantitative details and situation of fixed assets.

(b) Pursuant to the company''s programme of verifying fixed assets once in three years, the Company has conducted physical verification of fixed assets during the year. In our opinion, such programme of verification is reasonable. As per the information and explanations made available to us, no material discrepancies were noticed on verification.

(c) Based on our examination of the records of the company, we find that no substantial part of the fixed assets affecting the going concern have been disposed off during the year.

(ii) (a) Inventories have been physically verified by the Management during the year. In our opinion, the frequency of such verification is reasonable.

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

(c) In our opinion, the company maintains proper records of inventory. The process of inventory recording, however, needs to be strengthened. Discrepancies noticed on physical verification were not material and the same have been dealt with properly in the books of accounts.

(iii) (a) The Company has taken / granted unsecured loans, in the earlier years as well as in F.Y. 2012-13, to/from companies/ firms or other parties covered in the register maintained under Section 301of the Act. Details are as under:

Loans taken

Name of the Entity Maximum Year-end Amount of Balance Loan (Rs. in lakhs) (Rs. in lakhs)

Interest Bearing

Abhijeet Ashoka Infrastructure Pvt.Ltd. 2,602.00 2,602.00

Name of the Entity

Non-Interest Bearing

Ashoka Belgaum Dharwad Toll way Ltd. 753.16 NIL

Ashoka Dhankuni Khargpur Tollways Ltd. 16,441.50 5,157.23

Ashoka DSC Katni 647.39 NIL

Bye-pass Road Ltd.

Ashoka Highways (Bhandara) Ltd. 6,201.28 1,410.10

Ashoka Highways (Durg) Ltd. 4,274.94 2,400.00

Ashoka Precon Pvt. Ltd. 218.50 218.50

Ashoka Sambalpur Baragarh Tollway Ltd. 1,036.42 NIL

Ashoka Technologies Pvt.Ltd. 41.51 14.01

Jaora Nayagaon Toll Road Co.Pvt.Ltd 2,000.00 2,000.00

PNG Tollway Limited 4,396.60 4,396.60

Viva Highways Ltd. 1,600.00 76.80

Viva Infrastructure Ltd. 1,200.59 769.59

Ashoka InfTastructure Ltd. 3,405.02 912.75

Ashoka DSC Katni 647.38 NIL Bye-pass Road Ltd.

Interest Bearing

Ashoka DSC Katni 802.271 189.51 Bye-pass Road Ltd.

Ashoka Infraways Ltd. 2,111.57 1,449.77

(b) Based on the information and explanations given to us, in our opinion, the rates of interest on which the unsecured loans have been taken/granted are prima facie not prejudicial to the interests of the company. Since the Company has not entered into formal agreements for loans, we are not in a position to comment whether the rate of interest of loans granted/taken and other terms and conditions on which the loans are granted/taken are prima facie not prejudicial to the interests of the company.

(c) &(d) Since the repayment schedule for such loans is not stipulated, we are unable to comment on the regularity of receipt/ repayment of principal and interest payment as well as the adequacy of steps taken to recover the amount.

(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 for the purchase of inventory and fixed assets and sale of goods. During the course of our audit we did not notice any continuing failure to correct any major weakness in internal controls.

(v) In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956,

(a) To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the transactions that needed to be entered into the register maintained under Section 301 have been so entered.

(b) According to the information and explanations given to us there are transactions where the company has availed as well as rendered construction services and also transactions of purchase and sale of goods in excess of Rs. 5 lakhs with some parties / companies listed in the register maintained under section 301. In respect of construction services, we are informed that these are skilled services for which alternative sources of supply are not readily available. Similarly in case of purchase and sales goods, we are informed that these are specialized items for which alternative sources of supply are not readily available; as such comparison of prices could not be made.

(vi) The Company has not accepted deposits from public. Consequently the directives issued by Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed there under are not applicable.

(vii) The Company has an internal audit system which, in our opinion is commensurate with the size and nature of its business.

(viii) We have broadly reviewed the cost records maintained by the Company relating to Construction/BOT/manufacturing activities. We have not made an examination of the cost records required to be maintained under Companies (Cost Accounting Records) Rules, 2011 in respect of their accuracy and completeness as the Company is in the process of obtaining the compliance report of the cost accountant.

(ix) (a) Undisputed statutory dues including Provident Fund, Income tax and Service tax, Works Contract Tax, Profession Tax & Employers contribution to ESIC (ESIC) have been generally regularly deposited in many cases with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above statutory dues were outstanding as on March 31, 2013 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues that have not been deposited on account of appeal matters pending before the appropriate authorities are as under:-

Financial Year Amount Particulars Authority (Rs. in lakhs)

2000-01 93.34 Customs Asst. Commissioner of Customs, Mumbai

2006-07 to 2009-10 404.57 Labour Cess Asst. Labour Commissioner, Madhya Pradesh

2006-07 to 2010-2011 44.11 Labour Cess Asst. Labour Commissioner, Madhya Pradesh

2006-07 to 2010-2011 587.00 Labour Cess Asst. Labour Commissioner, Chattisgarh

2007-08 59.01 Service Tax Addl. Commissioner of Service Tax, Nasik

2005-06 to 2006-07 71.11 Service Tax Addl. Commissioner (Central Customs, Excise & Service Tax), Nasik

Total 1,259.14

(x) The Company has no accumulated losses as at the financial year end. There were no cash losses incurred in the financial year or the previous financial year.

(xi) As per the books and records maintained by the Company and according to the information and explanations given to us, the Company has not defaulted in repayment of dues loans to banks or financial institutions.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund / nidhi /mutual benefit fund / society. Hence, the provisions of any special statute as specified under clause (xiii) ofParagraph 4 of the Order are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in investments.

(xv) According to the information and explanations given to us, the Company has given guarantees for loans taken by group companies from banks or financial institutions, for which approvals from Central Government are to be obtained, which in our opinion are generally not prima-facie prejudicial to the interest of the Company.

(xvi) In our opinion and according to the information and explanations given to us, the Company has applied the term loans for the purpose for which they were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet and cash flow of the Company, the Company has not used the short term loans for long term investments.

(xviii) The Company has not made any preferential allotment of shares to parties/companies covered in the register maintained u/s 301 of the Companies Act 1956

(xix) The Company has not issued any debentures.

(xx) The company has not raised any money through a public issue during the year.

(xxi) Based on information and explanations furnished by the management, no frauds on or by the company were noticed or reported during the year.

For M P Chitale & Co.

Chartered Accountants

ICAI FR No. 101851W

Murtuza Vajihi

Partner

ICAI M No. 112555

Place: Mumbai,

Date : May 10, 2013


Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s Ashoka Buildcon Limited as at March 31, 2011 and the relative Profit and Loss Account and the Cash Flow Statement for the year ended on that date all of 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 and as amended by Companies (Auditors' Report) (Amendment) order 2004 (together the Order) issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. 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 our audit

(b) In our opinion, the Company has kept proper books of account as required by law so far as appears from our examination of the books.

(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

(d) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and the Profit & Loss Account and Cash Flow Statement read with the Notes thereon comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 to the extent applicable.

(e) On the basis of written representations from the Directors, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2011 from being appointed as a director u/s 274 (1)(g) 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 Balance Sheet, the Profit & Loss Account and the Cash Flow Statement read with the Notes thereon give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view: -

Rs in case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2011

Rs in case of the Profit and Loss Account, of the profit for the year ended on that date.

Rs in case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure referred to in Paragraph 4 of our Report of even date

(i) (a) The Company has maintained reasonable records showing full particulars, including quantitative details and situation of fixed assets.

(b) Pursuant to the company's programme of verifying fixed assets once in three years, the Company has conducted physical verification of fixed assets during the year. In our opinion, such programme of verification is reasonable. As per the information and explanations made available to us, we observed that no material discrepancies were noticed on verification.

(c) Based on our examination of the records of the company, we find that no substantial part of the fixed assets has been disposed off during the year.

(ii) (a) Inventories have been physically verified by the Management during the year. In our opinion, the frequency of such verification is reasonable.

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

(c) In our opinion, the company maintains proper records of inventory. Discrepancies noticed on physical verification were not material and the same have been dealt with properly in the books of accounts.

(iii) (a) The Company has taken / granted unsecured loans to companies/ firms or other parties covered in the register maintained under Section 301 of the Act. Details are as under:

Loans taken

Name of the Entity Maximum Amount of Loan

(Rs. in lakhs)

Interest Bearing -

Viva Highways Pvt. Ltd. 3,242.64

feswals Ashoka Infrastructure Pvt. Ltd 2.143.13

Ashoka Highway Ad 151.52 Ashoka DSC Katni Bye-pass Road Pvt. Ltd. 252.25

Ashoka Infraways Pvt. Ltd. 4,364.68

Name of the Entity Maximum Amount of Loan (Rs. in lakhs )

Non Interest Bearing Viva Highways Pvt. Ltd. 439.90

Of the above, amounts aggregating Rs. 6,308.06 lakhs of four parties are outstanding as on March 31, 2011.

Loans Granted

Name of the Entity Maximum Amount of Loan ( Rs. in lakhs )

Non-Interest Bearing -

Ashoka Infrastructure Ltd. 3,511.09

Viva Infrastructure Pvt. Ltd. 3379.12

Ashoka Highways (Bhandara) Ltd. 10996.18

Ashoka Highways (Durg) Ltd. 3,934.94

Ashoka Technologies Pvt. Ltd. 8.76

Ashoka Construwell Pvt. Ltd. 29.18

Ashoka Pre-Con Pvt. Ltd. 25.00

Ashoka-DSC Katni Bypass Road Pvt. Ltd. 2,195.85

Of the above, amounts aggregating Rs. 15,570.78 lakhs of five parties are outstanding as on March 31, 2011.

(b) Based on the information and explanations given to us, in our opinion, the rates of interest on which the unsecured loans have been taken are prima facie not prejudicial to the interests of the company. Since the Company has not entered into formal agreements for loans, we are not in a position to comment whether the rate of interest of loans granted and other terms and conditions on which the loans are granted/taken are prima facie not prejudicial to the interests of the company.

(c) & (d)Since the repayment schedule for such loans is not stipulated, we are unable to comment on the regularity of receipt/repayment of principal and interest payment as well as the adequacy of steps taken to recover the amount.

(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 for the purchase of inventory and fixed assets and sale of goods. During the course of our audit we did not notice any continuing failure to correct any major weakness in internal controls.

(v) In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956,

(a) To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the transactions that needed to be entered into the register maintained under Section 301 have been so entered.

(b) According to the information and explanations given to us there are transactions where the company has availed as well as rendered construction services and also transactions of purchase and sale of goods in excess of Rs. 5 lakhs with some parties / companies listed in the register maintained under section 301. In respect of construction services, we are informed that these are skilled services for which alternative sources of supply are not readily available. Similarly in case of purchases and sales of goods, we are informed that these are specialized items for which alternative sources of supply are not readily available; as such comparison of prices could not be made.

(vi) The Company has not accepted deposits from public. Consequently the directives issued by Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed there under are not applicable.

(vii) The Company has an internal audit system which needs a scope enhancement to be commensuratewith the size and nature of its business.

(viii) According to the information and explanations given to us by the management, the Company is not required to maintain any cost records for its product/ services prescribed by the Central Government under section 209(1)(d)

(ix) (a) Undisputed statutory dues including Provident Fund, Income tax and Service tax have been generally regularly deposited in many cases with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above statutory dues were outstanding as on 31st March, 2011 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues that have not been deposited on account of appeal matters pending before the appropriate authorities are as under:-

Financial Year Amount Particulars Authority (Rs. In lacs)

2000-01 93.34 Customs Commissioner of Customs, Mumbai

2007-08 105.00 Customs Commissioner of Customs, Mumbai

2006-07 to 2009-10 404.57 Labour Cess Asst. Labour Commissioner, Madhya Pradesh

2006-07 to 2010-2011 44.11 Labour Cess Asst. Labour Commissioner, Madhya Pradesh

2006-07 to 2010-2011 587.00 Labour Cess Asst. Labour Commissioner, Chattisgarh Total 1,234.02

(x) The Company has no accumulated losses as at the financial year end. There were no cash losses incurred in the financial year or the previous financial year.

(xi) As per the books and records maintained by the Company and according to the information and explanations given to us, the Company has not defaulted in repayment of dues loans to banks or financial institutions.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund / nidhi /mutual benefit fund / society. Hence, the provisions of any special statute as specified under clause

(xiii) of Paragraph 4 of the Order are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in investments.

(xv) According to the information and explanations given to us, the Company has given guarantees for loans taken by group companies from banks or financial institutions, for which approvals from Central Government are to be obtained, which in our opinion are generally not prima-facie prejudicial to the interest of the Company.

(xvi) In our opinion and according to the information and explanations given to us, the Company has applied the term loans for the purpose for which they were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet and cash flow of the Company, the Company has not used the short term loans for long term investments.

(xviii) The Company has not made any preferential allotment of shares to parties/companies covered in the register maintained u/s 301 of the Companies Act 1956

(xix) The Company has not issued any debentures.

(xx) The company has disclosed end use of money raised through a public issue during the year along with the amount of unutilised funds, which has been verified by us

(xxi) Based on information and explanations furnished by the management, no frauds on or by the company were noticed or reported during the year.

for M P Chitale & Co.

Chartered Accountants

ICAI FR No.101851W

Murtuza Vajihi

Partner

ICAI M. No. 112555

Mumbai, May 10, 2011

 
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