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Auditor Report of Bheema Cements Ltd.

Mar 31, 2013

We have audited the accompanying financial statements of M/S Bheema Cements Ltd 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 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. 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.

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.

01. 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 loss 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.

02. 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 Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

03. 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 subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31, 2013, 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.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS'' REPORT

(Of even date referred to in Para 02 thereof) Re: M/s. Bheema Cements Limited

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

b) All the Fixed Assets have not been physically verified by the management during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and nature of its assets and to the best of our knowledge no material discrepancies were noticed on such verification;.

c) In our opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected.

ii. a) As explained to us, inventories have been physically verified by the Management at regular intervals during the year.

b) The procedure of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company has maintained proper records of inventories. As explained to us, no material discrepancies were noticed on physical verification of inventory as compared to the book records.

iii. Based on the information and explanations provided to us, the company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s 301 of the Act during the year. Accordingly the sub-clauses (b),(c),(d),(e) and (f) of clause 4(iii) are not applicable for the year.

iv. In our opinion and according to the information and explanations given to us, there is an 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 also for 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 control system.

v. In our opinion, and according to the information and explanations given to us, the company has not entered into any transactions referred to in section 301 of the Act and hence clause 4(v) is not applicable to the company for the year;

vi. Based on the information provided to us, in our opinion, the Company has not accepted any Deposits from the public during the year and hence, in our opinion, the Clause 4(vi) is not applicable to the company for the year;

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

viii. We are of the opinion, based on the information provided to us, that the accounts and records, as prescribed by the Central Government under section 209(1)(d) of the Act in respect of maintenance of cost records, have been made and maintained.

ix. (a) According to the records of the company, the company is regular in depositing the undisputed statutory dues including Sales tax, Income-tax, Customs duty, Excise duty and Employees State Insurance and Provident Fund and cess, investor education fund with the appropriate authorities. We have been informed that the company is not liable to pay Wealth Tax. We have been informed that the provisions of wealth tax are not applicable to the company;

(b) According to the information and explanations given to us, there are no dues of sales tax/income tax/ customs duty/Wealth tax /excise duty/cess to be deposited on account of any dispute;

x. In our opinion, based on the explanation offered to us, the accumulated losses of the company are less than fifty percent of its net worth and it has not incurred cash losses during the year covered by our audit and but incurred in the immediate preceding financial year.

xi. Based on the information provided and explanation given to us, in our opinion pursuant to implementation of a Debt Restructuring Package, the company has not defaulted in repayment of dues to its lending bankers and hence the sub clause (xi) is not applicable to the company for the year.

xii. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, the Company is not a Chit fund or Nidhi / Mutual Benefit Fund / Society and hence clause 4(xiii) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

xiv. Based on the information given to us, the Company has not dealt or traded in shares, securities, debentures or other investments during the year.

xv. Based on the information provided to us, the Company has not given guarantees for loans taken by others from Banks or Financial Institutions.

xvi. According to the information and explanations given to us, the term loans availed during the year by the Company were applied for the purposes for which the loans were obtained.

xvii. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on short term basis have not been used for long term investment;

xviii.Based on the information provided and explanations offered, during the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Companies Act 1956 and hence sub clause (xviii) of the order is not applicable to the company for the year.

xix. The Company has not issued any debentures and not created any securities or charges in respect of any debentures.

xx. The Company has not raised any money by way of Public Issue during the year.

xxi. In our opinion and according to the information provided and explanations offered to us, no fraud on or by the Company has been noticed or reported during the year.



For A.RAMACHANDRA RAO & CO.,

Chartered Accountants

ICAI FRN : 002857S





Sd/-

Place: Hyderabad, (A. RAMACHANDRA RAO)

Date: 30-05-2013 Partner

Membership No. 9750


Mar 31, 2012

We have audited the attached Balance Sheet of M/s. Bheema Cements limited, as at 31st March, 2012, the Profit and Loss Account and also 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.

We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, 2003, and amendments thereto made from time to time, 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 paragraphs 4 and 5 of the said order.

2. 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 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards, referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the Directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a 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, read together with the significant Accounting Policies and other 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 accounting principles generally accepted in India;

a) In the case of Balance Sheet, of the State of Affairs of the Company as at 31st March, 2012;

b) In the case of Profit and Loss Account, of the Loss 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 AUDITOR'S REPORT

(Of even date referred to in Para 3 of our Report)

Re: M/s. Bheema Cements Limited

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

(b) All the Fixed Assets have not been physically verified by the management during the year but there is a regular program of verification which in our opinion, is reasonable having regard to the size of the company and the nature of its assets and to the best of our knowledge no material discrepancies were noticed on such verification;

(c) In our opinion, the Company has not disposed off any substantial part of Fixed Assets during the year and the going concern status of the company is not affected;

(ii) (a) As explained to us inventories have been Physically verified by the Management at regular intervals during the year;

(b) In our opinion, 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 inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records;

(iii) Based on the information and explanations provided to us, the company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s 301 of the Act during the year. Accordingly the sub-clauses

(b),(c),(d),(e) and (f) of clause 4(iii) are not applicable for the year.

(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 also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal control.

(v) In our opinion, and according to the information and explanations given to us, the company has not entered into any transactions referred to in section 301 of the Act and hence clause 4(v) is not applicable to the company.

(vi) Based on the information provided to us, the Company has not accepted any deposits from the public during the year and hence, in our opinion, the clause 4(vi) is not applicable to the company for the year.

(vii) In our opinion, in view of the expansion, the company needs to further strengthen the internal audit system so as to commensurate with its size and nature of its business.

(viii) We are of the opinion, based on information provided to us, that the accounts and records, as prescribed by the Central Government under Sec. 209(1 )(d) of the Act in respect of maintenance of cost records, have been made and maintained.

(ix) a) According to the records of the Company, the company is regular in depositing the undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty and Cess, Investor Education and Protection Fund with the appropriate authorities. We have been informed that the provisions of Wealth Tax are not applicable to the company.

b) According to the information and explanations given to us, there are no dues of Sales Tax/Income Tax/Wealth Tax/Customs Duty/Excise Duty/Cess to be deposited on account of any dispute;

(x) In our opinion, based on the explanation offered to us, the accumulated losses of the company are less than fifty percent of its net worth and it has incurred cash losses during the year covered by our audit and in the immediately preceding financial year.

(xi) Based on the information provided and explanations given to us, in our opinion, pursuant to implementation of a Debt Restructuring Package, the company has not defaulted in repayment of dues to its lending bankers and hence the sub-clause (xi) is not applicable to the company for the year.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion the Company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, clause 4 (xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company.

(xiv) In our opinion, the Company has not dealt or traded in shares, securities, debentures or other investments during the year.

(xv) As per the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) In our opinion and based on the explanations given to us, the Term Loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanation given to us and on an overall examination of the Balance Sheet of the company, we are of the opinion that the funds raised on short- term basis have not been used specifically for long-term investments.

(xviii) In our opinion and based on the information provided and explanations offered, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s. 301 of the Companies Act, 1956 and hence sub-clause (xviii) of the order is not applicable to the company for the year.

(xix) The Company has not issued any debentures and not created any securities or charges in respect of any debentures.

(xx) In our opinion and based on the explanations given to us, the Company has not raised any money by Public issue during the year.

(xxi) In our opinion and according to the information provided and explanations offered to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For A. RAMACHANDRA RAO & CO.,

Chartered Accountants ICAI FRN-.002857S

Sd/-

Place: Hyderabad, (A. RAMACHANDRA RAO)

Date: 30.05.2012. Partner

Membership No. 9750


Mar 31, 2011

We have audited the attached Balance Sheet of M/s. Bheema Cements limited, as at 31st March, 2011, the Profit and Loss Account and also 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.

We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, 2003, and amendments thereto made from time to time, 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 paragraphs 4 and 5 of the said order.

2. 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 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards, referred to in sub - section (3C) of section 211 of the Companies Act, 1956,

(v) On the basis of written representations received from the Directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 from being appointed as a 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, read together with the significant Accounting Policies and other 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 accounting principles generally accepted in India;

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

b) In the case of Profit and Loss Account, of the Loss 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 AUDITOR'S REPORT

(Of even date referred to in Para 3 of our Report) Re: M/s. Bheema Cements Limited

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

(b) All the Fixed Assets have not been physically verified by the management during the year but there is a regular program of verification which in our opinion, is reasonable having regard to the size of the company and the nature of its assets and to the best of our knowledge no material discrepancies were noticed on such verification;

(c) In our opinion, the Company has not disposed off substantial part of Fixed Assets during the year and the going concern status of the company is not affected.

(ii) (a) As explained to us inventories have been Physically verified by the Management at regular intervals during the year;

(b) In our opinion, 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 inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) Based on the information and explanations provided to us, the company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s 301 of the Act during the year. Accordingly the sub-clauses (b),(c),(d),(e) and (f) of clause 4(iii) are not applicable for the year.

(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 also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal control.

(v) In our opinion and according to the information and explanations given to us, the company has not entered into any transactions referred to in section 301 of the Act and hence clause 4(v) is not applicable to the company.

(vi) Based on the information provided to us, the Company has not accepted any deposits from the public during the year and hence, in our opinion, the clause 4(vi) is not applicable to the company for the year.

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

(viii) We are of the opinion, based on information provided to us, that the accounts and records, as prescribed by the Central Government under Sec. 209(1)(d) of the Act in respect of maintenance of cost records, have been made and maintained.

(ix) a) According to the records of the Company, the company is regular in depositing the undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty and Cess, Investor Education and Protection Fund with the appropriate authorities. We have been informed that the provisions of, Wealth Tax are not applicable to the company.

b) According to the information and explanations given to us, there are no dues of Sales Tax/Income Tax/Wealth Tax/Customs Duty/Excise Duty/Cess to be deposited on account of any dispute;

(x) The Company has no accumulated losses and it has incurred cash losses during the year covered by our audit but not in the immediately preceding financial year.

(xi) Based on the information and explanations given to us, the company has defaulted the repayment of dues to its lending bankers and it has been sanctioned a Debt Restructuring Package based on which the bankers had agreed to restructure the term loans etc. in relation to which the necessary formalities have yet to be completed. We are of the opinion that, subject to the foregoing, the default has been made good by the said package.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion the Company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, clause 4 (xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company.

(xiv) In our opinion, the Company has not dealt or traded in shares, securities, debentures or other investments during the year.

(xv) As per the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) In our opinion and based on the explanations given to us, the Term Loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanation given to us and on an overall examination of the Balance Sheet of the company, we are of the opinion that the funds raised on short- term basis have not been used specifically for long-term investments.

(xviii) In our opinion and based on the information provided and explanations offered, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s. 301 of the Companies Act, 1956 and hence Clause (xviii) of the Order is not applicable to the company for the year.

(xix) The Company has not issued any debentures and not created any securities or charges in respect of any debentures.

(xx) In our opinion and based on the explanations given to us, the Company has not raised any money by Public issue during the year.

(xxi) In our opinion and according to the information provided and explanations offered to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For A.RAMACHANDRA RAO & CO., Chartered Accountants ICAI FRN : 002857S

Sd/- (A. RAMACHANDRA RAO)

Partner Membership No. 9750 Place: Hyderabad, Date: 30-05-2011.


Mar 31, 2010

We have audited the attached Balance Sheet of M/s. Bheema Cements Limited, as at 31st March, 2010, the Profit and Loss Account and also the Cash Flow Statement 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.

We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order, 2003, and amendments there to made from time to time, 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 paragraphs 4 and 5 of the said order.

2. Furtherto ourcomments in theAnnexure 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 ouraudit;

(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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards, referred to in sub - section (3C) of section 211 of the Companies Act, 1956,

(v) On the basis of written representations received from the Directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31 st March, 2010 from being appointed as a 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, read together with the significant Accounting Policies and other 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 accounting principles generally accepted in India;

a) In the case of Balance Sheet, of the State of Affairs of the Company as at 31 st March 2010;

b) In the case of Profit and Loss Account, 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 (Of even date referred to in Para 3 of our Report) Re: M/s. Bheema Cements Limited

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

(b) All the Fixed Assets have not been physically verified by the management during the year but there is a regular program of verification which in our opinion, is reasonable having regard to the size of the company and the nature of its assets and to the best of our knowledge no material discrepancies were noticed on such verification;

(c) In our opinion, the Company has not disposed off substantial part of Fixed Assets during the year and the going concern status of the company is not affected.

(ii) (a) As explained to us inventories have been Physically verified by the Management at regular intervals during the year;

(b) In our opinion, 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 inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) Based on the information and explanations provided to us, the company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s 301 of the Act during the year. Accordingly the sub-clauses (b),(c),(d),(e) and (f) of clause 4(iii) are not applicable for the year.

(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 also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal control.

(v) In our opinion, and according to the information and explanations given to us, the company has not entered into any transactions referred to in section 301 of the Act and hence clause 4(v) is not applicable to the company.

(vi) Based on the information provided to us, the Company has not accepted any deposits from the public during the year and hence, in our opinion, the clause 4(vi) is not applicable to the company for the year.

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

(viii) We are of the opinion, based on information provided to us, that the accounts and records, as prescribed by the Central Government under Sec. 209(1 )(d) of the Act in respect of maintenance of cost records, have been made and maintained.

(ix) a) According to the records of the Company, the company is regular in depositing the undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty and Cess, Investor Education and Protection Fund with the appropriate authorities. We have been informed that the provisions of, Wealth Tax are not applicable to the company.

b) According to the information and explanations given to us, there are no dues of Sales Tax/Income Tax/Wealth Tax/Customs Duty/Excise Duty/Cess to be deposited on account of any dispute;

(x) The Company has no accumulated losses and has not incurred any cash losses during the year covered by our audit or in the immediately preceding financial year.

(xi) Based on the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion the Company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company.

(xiv) In our opinion, the Company has not dealt or traded in shares, securities, debentures or other investments during the year.

(xv) As per the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) In our opinion and based on the explanations given to us, the Term Loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on short- term basis have not been used specifically for long-term investments.

(xviii) In our opinion and based on the information provided and explanations offered, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s. 301 of the Companies Act, 1956 and hence Clause (xviii) of the Order is not applicable to the company for the year.

(xix) The Company has not issued any debentures and not created any securities or charges in respect of any debentures.

(xx) In our opinion and based on the explanations given to us, the Company has not raised any money by Public issue during the year.

(xxi) In our opinion and according to the information provided and explanations offered to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For A.RAMACHANDRA RAO & CO.,

Chartered Accountants ICAIFRN:002857S

Sd/- Place: Hyderabad, (A. RAMACHANDRA RAO)

Date: 28/05/2010. Partner

Membership No. 9750


Mar 31, 2009

We have audited the attached Balance Sheet of M/s. Bheema Cements limited (formerly Ckoramaandel Cements Limited), as at 31 st March, 2009, the Profit and Loss Account and also the Cash Flow Statement 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.

We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order, 2003, and amendments there to made from time to time, 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 paragraphs 4 and 5 of the said order.

2. 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 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards, referred to in sub-section (3C) of section 211 ofthe Companies Act, 1956,

(v) On the basis of written representations received from the Directors, as on 31 st March, 2009 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as oil 31st March, 2009 from being appointed as a 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, read together with the significant Accounting Policies and other 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 accounting principles generally accepted in India;

a) In the case of Balance Sheet, of the State of Affairs of the Company as at 31st March, 2009;

b) In the case of Profit and Loss Account, 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

(Of even date referred to in Para 3 of our Report)

Re: M/s. Bheema Cements Limited (formerly Ckoramaandel Cements Limited)

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

(b) All the Fixed Assets have not been physically verified by the management during the year but there is a regular program of verification which in our opinion, is reasonable having regard to the size of the company and the nature of its assets and to the best of our knowledge no material discrepancies were noticed on such verification;

(c) In our opinion, the Company has not disposed off substantial part of Fixed Assets during the year and the going concern status of the company is not affected.

(ii) (a) As explained to us inventories have been Physically verified by the Management at regular intervals during the year;

(b) In our opinion, 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 inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) Based on the information and explanations provided to us, the company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s 301 of the Act during the year. Accordingly the sub-clauses (b), (c), (d), (e) and (f) of clause 4(iii) are not applicable for the year.

(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 also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal control.

(v) In our opinion, and according to the information and explanations given to us, the company has not entered into any transactions referred to in section 301 of the Act and hence clause 4(v) is not applicable to the company.

(vi) Based on the information provided to us, the Company has not accepted any deposits from the public during the year and hence, in our opinion, the clause 4(vi) is not applicable to the company for the year.

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

(viii) We are of the opinion, based on information provided to us, that the accounts and records, as prescribed by the Central Government under Sec. 209(1 )(d) of the Act in respect of maintenance of cost records, have been made and maintained.

(ix) a) According to the records of the Company, the company is regular in depositing the undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty and Cess, Investor Education and Protection Fund with the appropriate authorities. We have been informed that the provisions of, Wealth Tax are not applicable to the company.

b) According to the information and explanations given to us, there are no dues of Sales Tax/Income Tax/Wealth Tax/Customs Duty/Excise Duty/Cess to be deposited on account of any dispute;

(x) The Company has no accumulated losses and has not incurred any cash losses during the year covered by our audit or in the immediately preceding financial year.

(xi) Based on the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion the Company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company.

(xiv) In our opinion, the Company has not dealt or traded in shares, securities, debentures or other investments during the year.

(xv) As per the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) In our opinion and based on the explanations given to us, theTerm Loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on short- term basis have not been used specifically for long-term investments.

(xviii) In our opinion and based on the information provided and explanations offered, the Company has made preferential allotment of shares to parties and companies covered in the register maintained u/s. 301 of the Companies Act, 1956 and, in our opinion, the price at which the shares have been issued are not prejudicial to the interest of the company.

(xix) The Company has not issued any debentures and not created any securities or charges in respect of any debentures.

(xx) In our opinion and based on the explanations given to us, the Company has not raised any money by Public issue during the year.

(xxi) In our opinion and according to the information provided and explanations offered to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For A.RAMACHANDRA RAO & CO., Chartered Accountants

Sd/- Place: Hyderabad, (A. RAMACHANDRA RAO) Date: 29/06/2009. Partner Membership No. 9750


Mar 31, 2008

We have audited the attached Balance Sheet of M/s. Ckoramaandel Cements Limited, as at 31st March, 2008, the Profit and Loss Account and also the Cash Flow Statement for the six months period 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.

We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order, 2003, and amendments there to made from time to time, 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 paragraphs 4 and 5 of the said order.

2. 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 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards, referred to in sub - section (3C) of section 211 of the Companies Act, 1956,

(v) On the basis of written representations received from the Directors, as on 31st March, 2008 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2008 from being appointed as a 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, read together with the significant Accounting Policies and other notes thereon and subject to Notes 1 & 3 in Schedule R read with Note 3 in Schedule S with respect to accounting of the value of Mining Deposits and Mining Rights, give the information required by the Companies Act 1956, in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India;

a) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March 2008;

b) In the case of Profit and Loss Account, of the Profit for the Period ended on that date; and

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

ANNEXURE TO THE AUDITORS REPORT

(Of even date referred to in Para 3 of our Report) Re: M/s. Ckoramaandel Cements Limited.

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

(b) All the Fixed Assets have not been physically verified by the management during the period but there is a regular program of verification which in our opinion, is reasonable having regard to the size of the company and the nature of its assets and to the best of our knowledge no material discrepancies were noticed on such verification;

(c) In our opinion, the Company has not disposed off substantial part of Fixed Assets during the period and the going concern status of the company is not affected

(ii) (a) As explained to us inventories have been Physically verified by the Management at regular intervals during the period;

(b) In our opinion, 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 inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) Based on the information and explanations provided to us, the company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s 301 of the Act during the period. Accordingly the sub-clauses (b),(c),(d),(e) and (f) of clause 4(iii) are not applicable for the period.

(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 also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal control.

(v) In our opinion, and according to the information and explanations given to us, the company has not entered into any transactions referred to in section 301 of the Act and hence clause 4(v) is not applicable to the company.

(vi) Based on the information provided to us, the Company has not accepted any deposits from the public during the year and hence, in our opinion, the clause 4(vi) is not applicable to the company for the period.

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

(viii) We are of the opinion, based on information provided to us, that the accounts and records, as prescribed by the Central Government under Sec. 209(1 )(d) of the Act in respect of maintenance of cost records, have been made and maintained.

(ix) a) According to the records of the Company, the company is regular in depositing the undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty and Cess, with the appropriate authorities. We have been informed that the provisions of Investor Education and Protection Fund, Wealth Tax are not applicable to the company.

b) According to the information and explanations given to us, there are no dues of Sales Tax/ Income Tax/ Wealth Tax/ Customs Duty/ Excise Duty/ Cess to be deposited on account of any dispute;

(x) The Company has no accumulated losses and has not incurred any cash losses during the period covered by our audit or in the immediately preceding financial year.

(xi) Based on the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion the Company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company.

(xiv) In our opinion, the Company has not dealt or traded in shares, securities, debentures or other investments during the year.

(xv) As per the information and explanations given to us, the. Company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) In our opinion and based on the explanations given to us, the Term Loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on short-term basis have not been used specifically for long-term investments.

(xviii) In our opinion and based on the information provided and explanations offered, the Company has not made preferential allotment of shares to parties and companies covered in the register maintained u/s. 301 of the Companies Act, 1956 and hence Clause (xviii) of the order is not applicable to the company for the year.

(xix) The Company has not issued any debentures and not created any securities or charges in respect of any debentures.

(xx) In our opinion and based on the explanations given to us, the Company has not raised any money by Public issue during the year.

(xxi) In our opinion and according to the information provided and explanations offered to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For A.RAMACHANDRA RAO & CO., Chartered Accountants Sd/- Place : Hyderabad, (A. RAMACHANDRA RAO) Date : 18/07/2008. Partner Membership No. 9750


Mar 31, 2006

We have audited the attached Balance Sheet of M/s. CKORAMAANDEL CEMENTS LIMITED as at 31st March, 2006 and also the Profit and Loss Account and the Cash Flow Statement 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.

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 for our opinion.

01. As required by the Companies (Auditors Report) Order, 2003, and amendments thereto made from time to time, 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 paragraphs 4 and 5 of the said Order.

02. Further to our comments in the Annexure referred to above, we report that:

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

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

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

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in Sub-section 3C of Section 211 of the Companies Act, 1956.

e) On the basis of the written representations received from the directors, as on 31st March, 2006, and taken on record by the Board of directors, we report that none of the directors is disqualified as on 31st March, 2006 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the significant Accounting Policies and other 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 principles generally accepted in India;

i) In the case of the Balance Sheet, of the State of affairs of the Company as at 31st March, 2006; and

ii) In the case of the Profit and Loss Account, of the Profit for the year ended on that date.

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

For A.RAMACHANDRA RAO & CO., Chartered Accountants Place: Hyderabad (A. RAMACHANDRA RAO) Date: 11.07.2006 Partner Membership No. 9750

ANNEXURE TO THE AUDITORS REPORT

(Of even date referred to in Para 1 of our Report)

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

b) All the fixed assets have not been physically verified by the Management during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size and nature of its assets and to the best of our knowledge no material discrepancies have been noticed on such verification;

c) In our opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected;

2. a) As explained to us, inventories have been physically verified by the Management at regular intervals during the year.

b) The procedure of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. a) Based on the information and explanations provided to us, the company has not granted or taken any loans, secured or unsecured, to companies, firms, or other parties covered in the register maintained u/s.301 of the Act during the year.

Accordingly the sub-clauses (b), (c) (d) (e) and (f) of clause 4(iii) are not applicable for the year;

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, fixed assets and for the sale of goods and services to the extent applicable. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5 In our opinion, and according to the information and explanations given to us, the company has not entered into any transactions referred to in section 301 of the Act and hence clause 4(v) is not applicable to the company;

6. Based on the information provided to us, the Company has not accepted any Deposits from the public during the year and hence, in our opinion, the Clause 4(vi) is not applicable to the company for the year;

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

8. We are of the opinion, based on the information provided to us, that the accounts and records, as prescribed by the Central Government under section 209(1 )(d) of the Act in respect of maintenance of cost records, have been made and maintained.

9. (a) According to the records of the company, the company is regular in depositing the undisputed statutory dues including Provident Fund, Employees State Insurance, Income-tax, Safes tax, Service Tax, Customs duty, Excise duty and Cess, with the appropriate authorities. We have been informed that the provisions of Investor Education and Protection Fund and Wealth Tax are not applicable to the company.

(b) According to the information and explanations given to us, there are no dues of income tax/sates tax/customs duty/excise duty/service tax/Cess to be deposited on account of any dispute;

10. The Company has no accumulated losses and has not incurred any cash losses during the financial year covered by our Audit or in the immediately preceding financial year.

11. Based on the information provided and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Banks.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a Chit fund or Nidhi/Mutual Benefit Fund/Society and hence clause 4(xiii) is not applicable to the Company.

14. Based on the information given to us, the Company has not dealt or traded in shares, securities, debentures or other investments during the year.

15. Based on the information provided to us, the Company has not given guarantee for loans taken by others from Banks or Financial Institutions;

16. The term loans were applied for the purpose for which the loans were obtained.

17. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on short term basis have not been used for long term investment;

18. In our opinion and based on the information provided and explanations offered, the Company has not made any preferential allotment of shares to the parties covered in the register maintained under Sec. 301 of the Act and hence clause 4(xviii) is not applicable to the Company;

19. The Company has not issued debentures and not created any securities or charges.

20. In our opinion and based on the explanation given to us the Company has not raised any money by way of Public Issue during the year.

21. In our opinion and according to the information Provident and explnations offered to us, no fraud on or by the company has been noticed or reported during the year.

for A.RAMACHANDRA RO & CO., Chartered Accountants Place: Hyderabad (A. RAMACHANDRA RAO) Date: 11.07.2006 Partner Membership No. 9750


Mar 31, 2003

We have audited the attached Balance Sheet of M/s Coromandel Cements Limited as at 31st March 2003 and also the Profit and Loss Account and 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 standards being on our audit.

We conducted our audit in accordance with auditing standard generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable about whether the financial statements are free of material misstatement. An audit includes exceeding, 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Manufacturing and Other Companies (Auditor's Report) Order 1988 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 paragraphs 4 and 5 of the said Order.

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 our audit;

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

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

(iv) In our opinion, the Balance Sheet and the Profit and Loss Account and Cash Flow Statement dealt with by those report comply with the Accounting Standards referred to in Sub-section 3C of Section 311 of the Companies Act, 1956, except the Accounting Standard 6 in respect of depreciation and the Accounting Standard 21 in respect of earnings per share and subject to note no. 4 Schedule O.

(v) On the basis of written representations receive from the directors, as on 31st March, 2003, and taken on record by the Board of Directors, we report that none of the disqualified as on 31st March, 2003 from being appointed as a 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, subject to non provision of depreciation as referred to in Note Schedule O, give the information required by the Companies Act 1956, in the manner so required and give a true and fair view, in confirmity 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, 2003; and

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

(c) in the case of the cash flow statement, of the cash flows for the year ended on that date.

For A.RAMACHANDRA RAO & CO., Chartered Accountants

Place : Hyderabad (A RAMACHANDRA RAO) Date : 12-06-2003 Partner

ANNEXURE TO THE AUDITOR'S REPORT

Of even date referred to in Paragraph (1) of our Report

1. The Company has maintained proper records showing full particulars including quantitative details and location of fixed assets. All the fixed assets have been physically verified by the Management during the year and to the best of our knowledge no serious discrepancies have been noticed on such verification.

2. None of the fixed assets have been revalued during the year.

3. The stocks of finished goods, stores, spare parts and raw materials have been physically verified during the year by the Management. In our opinion, the frequency of verification is reasonable.

4. The procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

5. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt within the books of account.

6. On the basis of our examination of stock records, we are of the opinion that the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles. The valuation of stocks is on the same basis as in the previous year.

7. The Company has not taken any loans, secured or unsecured from Companies, firms or other parties listed in the Register required to be maintained under Section 301 of the Companies Act, 1956, except unsecured loans from promoters and their associates, the terms of which are not prima facie prejudicial to the interests of the company, as they are interest free unsecured loans. As per sub-section 6 of section 370, section 370(1B) is not applicable to the Company.

8. The Company has not granted any loans to companies, firms or other parties listed in the registers maintained under section 301 of the Companies Act, 1956. As per sub-section 6 of section 370, section 370 (1B) is not applicable to the Company.

9. The company has not given any loans or advances in the nature of loans to any parties excepting staff of the company who are repaying the principal as stipulated.

10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials including components, plant and machinery, equipments, other assets and with regard to the sale of goods.

11. In our opinion and according to the information and explanations given to us, the company has not purchased any stores, raw materials and components exceeding Rs.50,000/- in value of each type thereof from firms, companies or parties in which the directors are interested during the year.

12. As explained to us, the Company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and components and necessary adjustments for the loss has been made in the accounts.

13. The Company has not accepted any deposits from public during the year.

14. In our opinion, reasonable records have been maintained by the Company for sale and disposal of realisable scrap wherever significant. There is no by product, arising out of the manufacturing process of the company.

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

16. We have broadly reviewed the books of account maintained by the Company pursuant to the order made by the Central Government for the maintainance of cost records under section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not however made a detailed examination of the records with a view to determining whether they are accurate or complete.

17. According to the records of the Company, Provident Fund and Employees' State Insurance dues have been regularly deposited during the year with the appropriate authorities.

18. According to Information and explanations given to us, no undisputed accounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty were outstanding as at 31st March, 2003 for a period of more than six months from the date they became payable.

19. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to the revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practices.

20. The Company is not a Sick Industrial Company within the meaning of Clause (O) of Sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Amendment Act, 1993.

for A. RAMACHANDRA RAO & CO., Chartered Accountants

Place: Hyderabad A. RAMACHANDRA RAO Date: 12.06.2003 Partner


Mar 31, 2002

We have audited the attached Balance Sheet of M/s. Coromandel Cements Limited as at 31st March, 2002 and also the Profit and Loss Account 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.

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 for our opinion.

As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 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 paragraphs 4 and 5 of the said Order.

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 our audit;

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

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in Sub-section 3C of Section 211 of the Companies Act, 1956, except the Accounting Standard 6 in respect of depreciation and the Accounting Standard 21 in respect of earnings per share and subject to note No.4 in Schedule O.

(v) On the basis of written representations received from the Directors as on 31st March, 2002, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2002 from being appointed as a 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, subject to non- provision of depreciation as referred to in Note 8(a) in Schedule O, 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 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, 2002; and

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

ANNEXURE TO THE AUDITORS REPORT

Of even date referred to in Paragraph (1) of our Report

1. The Company has maintained proper records showing full particulars including quantitative details and location of fixed assets. All the fixed assets have been physically verified by the Management during the year and to the best of our knowledge no serious discrepancies have been noticed on such verification.

2. None of the fixed assets have been revalued during the year.

3. The stocks of finished goods, stores, spare parts and raw materials have been physically verified during the year by the Management. In our opinion, the frequency of verification is reasonable.

4. The procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

5. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt within the books of account.

6. On the basis of our examination of stock records, we are of the opinion that the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles. The valuation of stocks is on the same basis as in the previous year.

7. The Company has not taken any loans, secured or unsecured from Companies, firms or other parties listed in the register required to be maintained under section 301 of the Companies Act, 1956, except unsecured loans from promoters and their associates, the terms of which are not prima facie prejudicial to the interests of the company, as they are interest free unsecured loans. As per sub-section 6 of section 370, section 370(16) is not applicable to the Company.

8. The Company has not granted any loans to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. As per sub-section 6 of section 370, section 370(1B) is not applicable to the Company.

9. The company has not given any loans or advances in the nature of loans to any parties excepting staff of the company who are repaying the principal as stipulated.

10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials including components, plant and machinery, equipments, other assets and with regard to the sale of goods.

11. In our opinion and according to the information and explanations given to us, the company has not purchased any stores, raw materials and components exceeding Rs. 50,000/- in value of each type thereof from firms, companies or parties in which the Directors are interested during the year.

12. As explained to us, the Company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and components and necessary adjustments for the loss has been made in the accounts.

13. The Company has not accepted any deposits from public during the year.

14. In our opinion, reasonable records have been maintained by the Company for sale and disposal of realizable scrap wherever significant. There is no by product, arising out of the manufacturing process of the company.

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

16. We have broadly reviewed the books of account maintained by the Company pursuant to the order made by the Central Government for the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not however made a detailed examination of the records with a view to determining whether they are accurate or complete.

17. According to the records of the Company, Provident Fund and Employees State Insurance dues have been regularly deposited during the year with the appropriate authorities.

18. According to information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty were outstanding as at 31st March, 2002 for a period of more than six months from the date they became payable.

19. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to the revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practices.

20. The Company is not a Sick Industrial Company within the meaning of Clause (o) of Subsection (1) of section 3 of the Sick Industrial Companies (Special Provisions) Amendment Act, 1993.

For A. RAMACHANDRA RAO & CO., Chartered Accountants

Place: Hyderabad (A. RAMACHANDRA RAO) Date : 15-05-2002 Partner


Mar 31, 2001

We have audited the attached Balance Sheet of M/s.COROMANDEL CEMENTS LIMITED, as at 31st March 2001 and the Profit and Loss Account for the year ended on that date annexed there to and report that :

1. As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988 issued by Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

2. Further to our comments in the Annexure referred to in paragraph (1) above, we state 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 maintained by the Company so far, as appears from our examination of such books of the Company.

c) The Balance Sheet and the Profit & Loss Account dealt with by this Report are in agreement with the books of account of the Company.

d) In our opinion the Profit & Loss Account and the Balance Sheet comply with the accounting standards refereed to in sub section (3c) of Section 211 of the Companies Act, 1956 except to the extent stated under (e) below

e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to note no.4 regarding accounting of interest waiver on Term Loans from Financial Institutions No.8(a) regarding of non-provision of depreciation of earlier years, and read with the other notes appearing in Schedule "P" gives the information required by the Companies Act, 1956 in the manner so required and gives a true and fair view:

i) In so far as it relates to the Balance Sheet, of the State of Affairs of the Company as at 31st March 2001 and

ii) In so far as it relates to the Profit and Loss Account, of the profit of the Company for the year ended on that date.

f) On the basis of the written representations from the Directors, taken on record by the Board of Directors. None of the Directors is disqualified as at 31st March, 2001 from being appointed as a Director under Section 274(1)(g) of the Companies Act, 1956.

For A.RAMACHANDRA RAO & CO., Chartered Accountants

Place : Hyderabad (A.RAMACHANDRA RAO) Date : 31st May 2001 Partner

ANNEXURE TO THE AUDITOR'S REPORT

1. The Company has maintained proper records showing full particulars including quantitative details and location of fixed assets. All the fixed assets have been physically verified by the Management during the year, and to the best of our knowledge no serious discrepancies have been noticed on such verification.

2. None of the fixed assets have been revalued during the year.

3. The stocks of finished goods, stores, spare parts and raw materials have been physically verified during the year by the Management. In our opinion, the frequency of verification is reasonable.

4. The procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

5. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

6. On the basis of our examination of stock records, we are of the opinion that the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles. The valuation of stocks is on the same basis as in the previous year.

7. The Company has not taken any loans, Secured or Unsecured, from Companies, firms or other parties listed in the Register required to be maintained under Section 301 and 370 (1C) of the Companies Act, 1956 except Unsecured Loans from promoters and their associates, the terms are not prima facile prejudicial to the interest of the Company as they are interest free Unsecured Loans.

8. The Company has not granted any loans to Companies, firms or other parties listed in the Registers maintained under Section 301 & 370(1C) of the Companies Act, 1956.

9. The company has not given any loans or advances in the nature of loans to any parties excepting staff of the Company who are repaying the principal as stipulated.

10. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials including components, plant and machinery, equipment, other assets and with regard to the sale of goods.

11. In our opinion and according to the information and explanations given to us, the Company has not purchased any stores, raw materials and components exceeding Rs.50,000/- in value of each type thereof from firms or Companies or parties in which the Directors are interested during the year.

12. As explained to us the Company has a regular procedure for determination of unserviceable or damaged stores, raw materials and components and necessary adjustments for the loss has been made in the accounts.

13. The Company has not accepted any deposits from the public during the year.

14. In our opinion, reasonable records have been maintained by the Company for sale and disposal of realisable scrap wherever significant. There is no by-product arising out of the manufacturing process of the Company.

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

16. We have broadly reviewed the books of account maintained by the Company pursuant to the order made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facile the prescribed accounts and records have been maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

17. According to the records of the Company, Provident Fund and Employees State Insurance dues have been regularly deposited during the year with the appropriate authorities.

18. According to information and explanations given to us, no undisputed amounts payable in respect of Income-Tax, Wealth- Tax, Sales-Tax, Customs Duty and Excise Duty were outstanding as at 31st March 2001 for a period of more than 6 months from the date they become payable.

19. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to the revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practices.

20. As the net worth of the Company has become positive as on 31st March 2001, the Company is not a Sick Industrial Company within the meaning of clause (O) of Sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Amendment Act. 1993.

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