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Auditor Report of BCL Industries & Infrastructures Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of BCL Industries & Infrastructures Limited, Bathinda ("the Company"), which comprise the balance sheet as at 31st March 2015, 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

The Company's Board of Directors are responsible for the matters stated 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 Accounting Standards specified U/s 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility 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.

This responsibility y 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

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 Rules made there under. 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.

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 controls relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedure that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial controls system 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 management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, 2015, and its profit and its Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143of the Companies Act 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, and companies (Audit & Auditors) Rules 2014, 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 it 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 aforesaid Financial Statements comply with the Accounting Standards specified U/s 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014.

e. In our opinion, there are no adverse observations and comments on the financial transactions of the matters which have adverse effect on the functioning of the Company.

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

g. In our opinion, there are no qualifications, reservation or adverse remark relating to maintenance of accounts and other matter connected therewith.

h. 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 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 were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE AUDITORS' REPORT

Referred to in our Audit Report of even date

1)(a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets; (b) As explained to us all the assets have been physically verified by the management at regular interval. As informed to us no material discrepancies were noticed on such verification.

2)(a) The inventory has been physically verified during the year by management. In our opinion, the frequency of verification is reasonable

(b) The procedures of physical verification of inventory 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 the book records were not material.

3) The company has not granted unsecured loans to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act 2013 during the year and in our opinion, hence para (a) and (b) are not applicable.

4) In our opinion and according to the information and explanation given to us, 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 with regard to the sale of goods. During the course of our audit, no major weaknesses has been noticed or reported.

5) In our opinion and according to the information and explanation given to us, the company has accepted deposits from public in 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 2013 and the rules framed there under, where applicable, have been complied with.

6) We have broadly reviewed the cost records maintained by the Company prescribed under sub section (1) of section 148 of the Companies Act, 2013 for the products of the company.

7)(a) In our opinion the company is regular in depositing undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax,

Duty of Customs, Duty of Excise, Value Added Tax, Cess and any other Statutory Dues with the appropriate authorities. There is no arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable.

(b) According to information and explanation given to us, there are no dues on account of Income Tax or Sales Tax or Wealth Tax or Service Tax or Duty of Customs or Duty of Excise or Value Added Tax or Cess, which have not been deposited on account of any dispute.

(c) According to information and explanation given to us, there is no amount which is required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 and rules made there under.

8) The Company does not have any accumulated losses at the end of the financial year. The Company does not incurred cash losses during the financial year covered by the audit and there was no cash loss in the immediately preceding financial year.

9) According to information and explanations given to us, the company has not defaulted in repayment of any dues to a financial institution or bank or debenture holders during the year of audit.

10) In our opinion and according to information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

11) In our opinion and according to information and explanations given to us, the term loan accepted during the year has been prima facie applied for the purpose for which they have taken.

12) According to information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

For P. Mittal & Co.,

Chartered Accountants

(Firm's Registration No. 002564N)



(Pramod Mittal) FCA

Place : Bathinda (Pb.) Proprietor

Date : 30th May, 2015 Membership No. 081456


Mar 31, 2014

We have audited the accompanying financial statements of BCL Industries & Infrastructure Limited, Bathinda ("the Company"), which comprise the balance sheet as at 31st March 2014, 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

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 the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th Sept., 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India.

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

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.

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.

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

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:

a) In the case of the balance sheet, of the state of affairs of the Company as at 31st March 2014;

b) In the case of the statement of profit and loss, 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.

Report on Other Legal and Regulatory Requirements

1. 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 said Order.

2. As required by Section 227(3) of the Act, 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 of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act, read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and

e) on the basis of written representations received from the directors as on 31st March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2014, from being appointed as a director in terms of clause (g) of sub- section (I) of section 274 of the Act.

ANNEXURETO AUDITOR''S REPORT

(Referred to in Para / of the report on even date of the auditors to the members of BCL Industries & Infrastructures Limited, Bathinda on the accounts for the year ended on 31st March 2014)

i In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

b) As per information and explanations given to us, the Company has a system of physical verification of all fixed assets every year and no serious discrepancy has been noticed.

c) In our opinion and according to the information and explanations given to us, the company has not made any substantial disposal during the year and the going concern status of the Company is not affected.

ii In respect of its inventories:

a) The inventory has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedure for 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) In our opinion and according to the information and explanations given to us, the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

iii a) According to the information and explanations given to us, as at the year end the company has not granted loans to persons covered under the register maintained u/s 301 of the Companies Act 1956, hence the clause b, c & d given below are not applicable to the company.

b) In our opinion, the rate of interest and other terms and conditions on which advances have been granted to the companies, firms or other parties listed in the register maintained under section 301 of the companies Act 1956 are not prima facie, prejudicial to the interest of the company.

c) The parties have repaid the principal amount as stipulated and have been regular in the payment of interest thereon.

d) There is no overdue amount of loans granted to companies, firms or any other parties covered in the register maintained under section 301 of the companies Act, 1956.

e) According to the information and explanation given to us, the company has not taken loan from companies, firms or any other parties covered in the register maintained under section 301 of the companies Act, 1956 hence the clause f & g given below are not applicable to the company.

f) In our opinion, the rate of interest and other terms & conditions on which loans have been taken from companies, firm or other parties listed in the register maintained under section 301 of the companies Act, 1956 are not, prima facie prejudicial to the interest of the company.

g) The company is regular in repaying the principal amount as stipulated and has been regular in the payment of interest.

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, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v a) According to the information and explanations given to us, there are no contracts and arrangements referred in Section 301 of the Companies Act, 1956 that need to be entered in the register required to be maintained under that section, hence the clause b given below are not applicable to the company.

b) In our opinion and according to the information and explanations given to us, the transactions made under pursuance of contracts and arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi According to the information and explanations given to us, the Company has not accepted any deposits from public during the year.

vii In our opinion the Company has Internal Audit System, commensurate with the size and nature of its business.

viii We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209( I )(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained.

ix a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Employee Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Excise Duty, Sales Tax and Cess and other material statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Excise Duty, Sales Tax and Cess were in arrears, as at 31st March 2014 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty & Cess which have not been deposited on account of any dispute.

x The Company neither has accumulated losses at the end of the year nor has incurred any cash losses during the current year covered under the audit and in immediately preceding financial year.

xi Based on our audit procedures and according to the information and explanation given to us the Company has not defaulted in the repayment of dues to Financial Institutions and Banks.

xii According to the information and explanation given to us and based on the information available the Company has not given any loan or advances on the basis of security by the way of pledge of shares, debentures and other securities.

xiii In our opinion, the Company is not a chit fund/ nidhi/mutual benefit fund/society. Therefore, the provisions of Clause (xiii) of the paragraph 4 of the Order, 2003 are not applicable to the company.

xiv The Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of Clause of the paragraph 4 of the Order, 2003 are not applicable to the company.

xv According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks and Financial Institutions.

xvi The Term Loans accepted during the year have been prima facie applied for the purpose for which they have been taken.

xvii According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets except permanent working capital.

xviii During the year, no preferential allotment of shares has been made by the Company.

xix No debentures have been issued by the Company and hence the question of creating securities in respect thereof does not arise.

xx During the period, the Company has not raised any money by way of public issue.

xxi According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the financial year.

For P. Mittal & Co. Chartered Accountants

Place : Bathinda (Parmod Mittal) F.C.A. Dated : 30th May, 2014 Prop. (Membership No. 081456)


Mar 31, 2013

1. We have audited the attached Balance Sheet of M/s BCL INDUSTRIES & INFRASTRUCTURES LTD., Bathinda as at 31st March, 2013, the Statement of Profit & Loss and the Cash Flow Statement 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 have 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 mis-statement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes accessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis forouropinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

(i) We have obtained all the infHMftfJMrwMnfti explanations, which to the best of our knowledge and belief were necessary for the P''Bjfl|iytfifJ(H) 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, Statement of Profit ft Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub section (3Q of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the Directors, as on March 31,2013 and taken on record by the Board of Directors, we report that 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 (I) of Section 274 of the Companies Act 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and notes thereon give the information required by the Companies Act, 1956, in the manner so required and,give a true and fair view in conformity with the accounting principle generally accepted in India.

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

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

(c) in the case of Cash flow Statement, of the Cash the year ended on that date.

ANNEXURE TO AUDITORS'' REPORT

(Referred to in Para 3 of the report on even date of the auditors to the members of BCL Industries & Infrastructures Limited, Bathindo on the accounts for the year ended on 31" March.2013)

i. In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

(b) As per information and explanations given to us, the Company has a system of physical verification of all fixed assets every year and no serious discrepancy has been noticed.

(c) In our opinion and according to the information and explanations given to us, the company has not made any substantial disposal during the year and the going concern status of the Company is not affected.

ii. In respect of its inventories:

(a) The inventory has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure for 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) In our opinion and according to the information and explanations given to us, the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

iii.

(a) According to the information and explanations given to us, as at the year end the company has not granted loans to persons covered under the register maintained u/s 301 of the Companies Act, 1956, hence the clause b, c & d given below are not applicable to the company.

(b) In our opinion, the rate of interest and other terms and conditions on which advances have been granted to the companies, firms or other parties listed in the register maintained under section 301 of the Companies Act. 1956 are not prima facie, prejudicial to the interest of the company.

(c) The parties have repaid the principal amount as stipulated and have been regular in the payment of interest thereon.

(d) There is no overdue amount of loans granted to companies, firms or any other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(e) According to the information and explanation given to us, the company has not taken loan from companies, firms or any other parties covered in the register maintained under section 301 of the Companies Act. 1956 hence the dause f & g given below are not applicable to the company.

(f) In our opinion, the rate of interest andotherterms & conditions on which loans have been taken from companies, firm or other parties listed in the register maintained under section 301 of the companies Act, 1956 are not, prima facie prejudicial to the interest of the company.

(g) The company is regular in repaying the principal amount as stipulated and has been regular in the payment of interest.

iv. In our opinion and according to the information i and explanations given to us, there are adequate internal control procedures commensurate with the size of die Company and the nature of its business for the purchase of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v (a) According to the information and explanations given to us, there are no contracts and arrangements referred in Section 301 of the Companies Act, 1956 that need to be entered in the register required to be maintained under that section, hence the clause b given below are not applicable to the company.

(b) In our opinion and according to the information and explanations given to us, the transactions made under pursuance of contracts and arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi. According to the information and explanations given to us, the Company has not accepted any deposits from public during the year.

vii. In our opinion the Company has Internal Audit System, commensurate with the size and nature of its business.

viii. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(l)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained.

ix. (a) The Company is regular in depositing. «*|ft .^ appropriate authorities undisputed statutory dues including Employee Provident Fund, Employees State Insurance, Income Tax. Wealth Tax. Service Tax. Excise Duty, Sales Tax and Cess and other material statutory dues applicable to it

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Excise Duty, Sates Tax and Cess were in arrears, as at 31° March, 2013 for a period of more dian six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty & Cess which have not been deposited on account of any dispute.

x. The Company neither has accumulated losses at the end of the year nor has incurred any cash losses during the current year covered under the audit and in immediately preceding financial year.

xi. Based on our audit procedures and according to the information and explanation given to us the Company has not defaulted in the repayment of dues to Financial Institutions and Banks.

xii. According to the information and explanation given to us and based on the information available the Company has not given any loan or advances on the basis of security by the way of pledge of shares, debentures and other securities.

xiii. In our opinion, the Company is not a chit fund/ nidhi/mutual benefit fund/society.

xiv. The Company is not dealing in or trading in shares, securities, debentures and other investments.

xv. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks and financial Institutions.

xvi. The Term Loans accepted during the year have been prima facie applied for the purpose for which they have been taken.

xvii. According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment No long term funds have been used to finance short term assets except permanent working capital.

xviii. During the year, no preferential allotment of shares has been made by the Company.

xix. No debentures have been issued by the Company and hence the question of creating securities in respect thereof does not arise.

xx. During die period, the Company has not raised any money by way of public issue.

xxi. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the financial year.

for P. Mittal & Co.,

Chartered Accountants

Place: Bathlnda, (Parmod Mittal) FCA

Dated: 30* May, 2013 Prop.

(Membership No. 08145)


Mar 31, 2012

1 We have audited the attached Balance Sheet of M/s BCL INDUSTRIES & INFRASTRUCTURES LTD., Bathinda as at 31st March, 2012, the Statement of Profit & Loss and the Cash Flow Statement 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 have 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 mis-statement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes accessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3 As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of Section 227 of the Companies Act, 1 956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

4 Further to our comments in the Annexure referred to in paragraph 3 above, 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, Statement of Profit & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of section 2 1 1 of the Companies Act, 1 956.

(v) On the basis of written representations received from the Directors, as on March 31,2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2012 from being appointed as a Director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1 956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principle generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 3 1sl March 2012;

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

c) in the case of Cash flow Statement, of the Cash Flows for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Referred to in Para 3 of the report on even date of the auditors to the members of BCL Industries & Infrastructures Limited, Bathinda on the accounts for the year ended on 3 V March, 2012}

i In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

(b) As per information and explanations given to us, the Company has a system of physical verification of all fixed assets every year and no serious discrepancy has been noticed.

(c) In our opinion and according to the information and explanations given to us, the company has not made any substantial disposal during the year and the going concern status of the Company is not affected.

ii In respect of its inventories:

(a) The inventory has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure for 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) In our opinion and according to the information and explanations given to us, the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

iii (a) According to the information and explanations given to us, as at the year end the company has not granted loans to persons covered under the register maintained u/s 301 of the Companies Act 1956, hence the clause b, c & d given below are not applicable to the company.

(b) In our opinion, the rate of interest and other terms and conditions on which advances have been granted to the companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956 are not prima facie, prejudicial to the interest of the company.

(c) The parties have repaid the principal amount as stipulated and have been regular in the payment of interest thereon.

(d) There is no overdue amount of loans granted to companies, firms or any other parties covered in the register maintained under section 301 of the companies Act, 1956.

(e) According to the information and explanation given to us, the company has not taken loan from companies, firms or any other parties covered in the register maintained under section 301 of the companies Act, 1956 hence the clause f & g given below are not applicable to the company.

(f) In our opinion, the rate of interest and other terms & conditions on which loans have been taken from companies, firm or other parties listed in the register maintained under section 301 of the companies Act, 1956 are not, prima facie prejudicial to the interest of the company.

(g) The company is regular in repaying the principal amount as stipulated and has been regular in the payment of interest.

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, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v(a) According to the information and explanations given to us, there are no contracts and arrangements referred in Section 301 of the Companies Act, 1 956 that need to be entered in the register required to be maintained under that section, hence the clause b given below are not applicable to the company.

(b) In our opinion and according to the information and explanations given to us, the transactions made under pursuance of contracts and arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1 956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi According to the information and explanations given to us, the Company has not accepted any deposits from public during the year.

vii In our opinion the Company has Internal Audit System, commensurate with the size and nature of its business.

viii We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the 'e-'-al Government under Section 209(1 j(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained.

ix (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Employee Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Excise Duty, Sales Tax and Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Excise Duty, Sales Tax and Cess were in arrears, as at 31st March 2012 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty & Cess which have not been deposited on account of any dispute.

x The Company neither has accumulated losses at the end of the year nor has incurred any cash losses during the current year covered under the audit and in immediately preceding financial year.

xi Based on our audit procedures and according to the information and explanation given to us the Company has not defaulted in the repayment of dues to Financial Institutions and Banks.

xii According to the information and explanation given to us and based on the information available the Company has not given any loan or advances on the basis of security by the way of pledge of shares, debentures and other securities.

xiii In our opinion, the Company is not a chit fund/ nidhi/mutual benefit fund/society.

xiv The Company is not dealing in or trading in shares, securities, debentures and other investments.

xv According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks and Financial Institutions.

xvi The Term Loans accepted during the year have been prima facie applied for the purpose for which they have been taken.

xvii According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets except permanent working capital.

xviii During the year, no preferential allotment of shares has been made by the Company.

xix No debentures have been issued by the Company and hence the question of creating securities in respect thereof does not arise.

xx During the period, the Company has not raised any money by way of public issue.

xxi According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the financial year.

for P. Mittal & Co.

Chartered Accountants

Place :Bathinda, (Parmod Mittal) FCA

Dated : 14th Aug., 2012 Prop.


Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s. BCL Industries & Infrasture Limited, as at 31st March 2011 and the Profit & 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 its to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standers generally accepted in India. Those standers require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by Companies(Auditors' Report) order 2003 issued by the Central Government of India in terms of Section 227(4-A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to above, 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 the audit.

ii) In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of the books.

iii) The Balance Sheet and Profit & Loss Account and Cash Flow Statement referred to in this report are in accordance with the Books of Accounts.

iv) In our opinion, the Profit and Loss Account and Cash Flow Statement and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Compan.es Act, 1956.

v) In our opinion and based on information and explanations given to us, none of the Directors is disqualified as on 31st March 2011 from being appointed as Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts gives the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

b) In the case of Profit & Loss Account, the profit for the year ended on that date.

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

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 of our report of even date)

(i) In respect of its fixed assets.

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

(b) The management of the company has physically verified certain assets during the year in accordance with a programme of verification, which in our opinion provides for physical verification of the fixed assets a reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not made any substantial disposals during the year and the going concern status of the company is not affected.

(ii) In respect of its inventories:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

(iii) (a) According to the information & explanation given to us, during the year, the Company has not granted any loan secured /unsecured to Companies, Firms or any other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(b) In our opinion, the rate of interest & other Terms & Conditions on which advances have been granted to the Companies, Firms or other parties listed in the register maintained U/s 301 of the Compames Act, 1956 are not, prima facie, prejudicial to the interest of the Company.

(c) The parties have repaid the principal amount as stipulated and have been regular in the payment of interest thereon.

(d) There is no overdue amount of loans granted to Companies, Firms or any other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(e) According to the information and explanation given to us, the Company has not taken loan from Companies, Firms or any other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(f) In our opinion, the rate of interest & other Terms & Conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company.

(g) The Company is regular in repaying the principal amount as stipulated and has been regular in the payment of interest.

(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, fixed assets and with regard to the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) To the best of our knowledge and belief and according to the information and explanations given to us, there are no contracts or arrangements referred in Section 301 of the Companies Act, 1956 that need to be entered in the register required to be maintained under that section.

(b) According to the information and explanations given to us, the transactions made in presence of such contracts or arrangements have been made at prices, which are reasonable having regards to the prevailing market at the relevant time.

(vi) The Company has not accepted any deposits from the public during the year, under the provisions of Section : xA and 58AA of the Act and the Rules framed there under.

(vii) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

(viii) We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209(l)(d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

(ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Employees Provident Fund, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Sales Tax, Service Tax, Customs Duty and Excise Duty were in arrears, as at 31 March, 2011 for a period of more than six months from the date they became payable.

(x) The Company neither have accumulated losses at the end of the year, nor incurred cash losses during the current and the immediately proceeding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions and banks.

(xii) According to the information and explanations given to us, the Company has not given 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 or a nidhi / mutual benefit fund/ society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

(xiv) The Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks and Financial Institutions.

(xvi) To the best of our knowledge and belief and according to the information and explanations given to us, term loan availed by the Company were prima facie applied by the Company for the purposes for which the loan was obtained.

(xvii) According to the information and explanations given to us, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

(xviii) During the year under review, the company has made allotment 8000000 (Eighty Lacs) Warrants at Rs.31/- (Thirty One only) Nominal value of Rs.10/- (Ten only) each fully paid up at a premium of Rs.21/- (Twenty One only) per Warrant, on a preferential basis with a right to subscribe equal number of equity shares on conversion within a period of 18 months from the date of allotment, to the promoters and the Bodies Corporate other than promote.

(xix) No debentures have been issued by the Company and hence the question of creating securities in respect thereof does not arise.

(xx) During the period, the Company has not raised money by Public Issue.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the financial year.

For P. Mittal & Co,

Place: Bathinda, Chartered Accountants

Date : 24th August,2011 FCA

Prop,


Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s. BCL Industries & Infrastructures Limited, as at 3 1 st March, 2010 and the Profit & 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 Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis far our opinion.

3. As required by Companies (Auditors Report) order 2003 issued by the Central Government of India in terms of Section 227 (4-A) of the Companies Act, 1 956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to above, 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 the audit.

ii.) In our opinion, proper books of accounts as required by law have been kept by the

company so far as it appears from our examination of the books.

iii) The Balance Sheet and Profit & Loss Account and Cash Flow Statement referred to in this report are in agreement with the Books of Accounts.

iv) In our opinion, the Profit and Loss Account and Cash Flow Statement and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 2 1 1 of the Companies Act, 1956.

v) In our opinion, and based on information and explanations given to us, none of the Directors is disqualified as on 3 1st March, 2010 from being appointed as Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1 956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts gives the information required by the Companies Act, 1956 in the manner, so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2010

b) In the case of Profit & Loss Account, the profit for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 3 of our report of even date) (i) In respect of its fixed assets.

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

(b) The management of the company has physically verified certain assets during the year in accordance with a programme of verification, which in our opinion provides for physical verification of the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, the company has not made any substantial disposals during the year and the going concern status of the company is not affected.

(ii) In respect of its inventories :

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

(iii) (a) According to the information & explanation given to us, during the year, the company has not granted any loan secured / unsecured to Companies, Firms or any other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) In our opinion, the rate of interest & other Terms & Conditions on which advances have been granted to the Companies, Firms or other parties listed in the register maintained U/s 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(c) The parties have repaid the principal amount as stipulated and have been regular in the payment of interest thereon.

(d) There is no overdue amount of loans granted to Companies, Firms or any other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(e) According to the information and explanation given to us, the company has not taken loan from Companies, Firms or any other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(f) In our opinion, the rate of interest & other Terms & Conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(g) The company is regular in repaying the principal amount as stipulated and has been regular in the payment of interest.

(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, fixed assets and with regard to the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v)(a) To the best of our knowledge and belief and according to the information and explanations given to us, there are no contracts or arrangements referred in section 301 of the Companies Act, 1956 that need to be entered in the register required to be maintained under that section.

(b) According to the information and explanations given to us, the transactions made in presence of such contracts or arrangements have been made at prices, which are reasonable having regards to the prevailing market at the relevant time.

(vi) The company has not accepted any deposits from the public during the year, under the provisions of Section 58A and 58AA of the Act and the rules framed there under.

(vii) In our opinion, the company has an adequate internal audit system commensurate with the size and nature of its business.

(viii) We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

(ix) (a)The company is regular in depositing with appropriate authorities undisputed statutory dues including Employees Provident Fund, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income Tax, Sales Tax, Service Tax, Customs Duty and Excise Duty were in arrears, as at 31st March, 2010 for a period of more than six months from the date they became payable.

(x) The company neither have accumulated losses at the end of the year, nor incurred cash losses during the current and the immediately proceeding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in the repayment of dues to financial institutions and banks.

(xii) According to the information and explanations given to us, the company has not given 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 or a nidhi / mutual benefit fund/ society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xiv) The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xv) In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loans taken by others from Banks and Financial Institutions.

(xvi) To the best of our knowledge and belief and according to the information and explanations given to us, term loan availed by the company were prima facie applied by the company for the purposes for which the loan was obtained.

(xvii) According to the information and explanations given to us, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

(xviii)The company has not made any preferential allotment during the year.

(xix) No debentures have been issued by the company and hence the question of creating securities in respect thereof does not arise.

(xx) During the period, the company has not raised money by Public Issue.

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the financial year.



For P. Mittal & Co. Chartered Accountants

(Parmod Mittal) FCA Prop. Place : Bathinda, Date : 29th June, 2010





 
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