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Auditor Report of Century Extrusions Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of CENTURY EXTRUSIONS LIMITED ("the Company"), which comprise the Balance Sheet as at 31 st March, 2015 and the Statement of Profit & Loss Account 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 Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation and fair presentation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for 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 the Company's Directors, 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 on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2015 and its Profit and its cash flow 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 Section 143) of the Act, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable to the Company.

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

2.1. 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.

2.2. 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.

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

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

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

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 28 to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

ANNEXURE TO THE INDEPENDENT AUDITOR S REPORT

(Referred to in paragraph 1 of the Report on other legal and regulatory requirements of the Independent Auditor's

Report to the Members of the Company of even date):

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

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

2) (a) The inventories have been physically verified by the management during the year at reasonable intervals.

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

(c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification were not material.

3) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the Register maintained under Section 189 of the Companies Act, 2013. As the company has not granted any loans secured or unsecured, to parties listed in the Register maintained under Section 189 of the Companies Act, 2013, paragraphs (iii) (b) and (c) of the Order, are not applicable.

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 nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed continuing failure of any major weakness in internal controls.

5) In our opinion and according to information and explanation given to us, during the year, the Company has not accepted any deposits from the public as defined under sections 73 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under.

6) The Company has maintained the cost records as prescribed by the Central Government under sub section (1) of section 148 of the Act.

7) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Provident Fund and Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us,there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 31st March, 2015 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs.280.53 lakhs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Statute Nature of Dues Amount (in INR)

West Bengal Sales Tax State Sales Tax 3.63 Lakhs Act, 1994

West Bengal Vat Act, Value Added Tax 10.31 Lakhs 2003

West Bengal Vat Act, Value Added Tax 4.31 Lakhs 2003 8.79 Lakhs

Central Sales Tax Act, Central Sales Tax 95.06 Lakhs 1956

104.52 Lakhs

53.91 Lakhs





Nature of Statute Period to which the Forum where dispute is amount relates pending

West Bengal Sales Tax 2004-05 West Bengal Commercial Act, 1994 Appellate & Revisional Board. Kolkata

West Bengal Vat Act, 2005-06 & West Bengal Commercial 2003 2006-07 Appellate & Revisional Board, Kolkata

West Bengal Vat Act, 2009-10 & Joint Commissioner 2003 2010-11,2011-12 of Sales Tax Sr. Joint Commissioner of Sales Tax

Central Sales Tax Act, 2003-04,2004-05, West Bengal Commercial 1956 2006-07,2007-08 & Appellate & Revisional 2008-09 Board, Kolkata

2009-10 & 2010-11 Joint Commissioner of 2011-12 Sales Tax

Sr. Joint Commissioner of Sales Tax

(c) According to the records of the Company, during the year the Company does not require to transfer any unpaid amount payable to the Investors Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder and therefore provisions on clauses 3(vii)(c) of the Order is not applicable to the Company.

8) The company has no accumulated losses at the end of financial year nor it has incurred cash losses during the financial year under review and in immediately preceding financial year.

9) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the company has not defaulted in repayments of dues to financial institutions or banks or debenture holders.

10) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

11) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

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

For A L P S & CO. Chartered Accountants Firm's 1CA1 Regn. No. 313132E

Kolkata (A.K.Khetawat) Dated: 2nd day of July, 2015 Partner Membership No. 052751


Mar 31, 2014

We have audited the accompanying financial statements of CENTURY EXTRUSIONS LIMITED, which comprise the Balance Sheet as at 31st March, 2013 and the Statement of Profit & Loss Account and Cash Flow Statement for the year 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 in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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.

Basis for Qualified Opinion

The Company has changed the valuation of Dies and Tools at lower of valuation of such items at the year end by approved valuer or net realizable value instead of charging its cost to Revenue Account. As a result of this change in method of valuation of Dies, the loss for the year is understated by Rs. 173 Lakhs and Deferred Tax, Reserve & Surplus and Shareholders'' fund is overstated by Rs. 57 Lakhs, Rs.116 Lakhs and Rs.116 respectively.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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 Statement of Profit and Loss, 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.

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, 1956 we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the Order, to the extent applicable to the Company.

2. As required by section 227(3) of the Act, we report that:

2.1. 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.

2.2. 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.

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

2.4. In our opinion, the Balance Sheet, Statement of Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standard referred to in Sub-section (3C) of Section 211 of the Act to the extent applicable.

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

2.6. 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 Act 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

(Referred to in paragraph 1 of the Report on other Legal and Regulatory Requirements of the Independent Auditors Report to the Members of the Company of even date)

1) (a) The Company has maintained proper records showing full particulars including quantitative details and situation

of fixed assets.

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion, the Company has not disposed off the substantial part of fixed assets during the year, which would affect the going concern status of the Company.

2) (a) The inventories have been physically verified by the management during the year at reasonable intervals.

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

(c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification were not material.

3) (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not granted any loans secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii) (b), (c) and (d) of the Order, are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured, from parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii)(f) and (g) of the Order, are not applicable.

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 nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness in internal controls.

5) (a) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6) During the year, the Company has not accepted any deposits from the public as defined under sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

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

8) The Company has maintained the cost records as prescribed by the Central Government under section 209(1)(d) of the Act.

9) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us, there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 31st March, 2013 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs.154.54 lakhs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Nature of Amount Period to which Forum where dispute Statute Dues (in INR) the amount is pending relates

West Bengal State 3.63 2004-05 West Bengal Commercial Sales Sales Tax lacs Appellate & Revisional Tax Act, 1994

West Bengal Value 10.31l 2005-06 & West Bengal Commercial Vat Added Tax lacs 2006-07 Appellate & Revisional Act, 2003 Board, Kolkata

West Bengal Value 0.54 2009-10 Joint Commissioner of Vat Added Tax lacs Sales Tax Act, 2003

Central Central 95.06 2003-04, West Bengal Commercial Sales Tax Sales Tax lacs 2004-05, Appellate & Revisional Act, 1956 2006-07, Board, Kolkata 2007-08 & 2008-09

44.90 2009-10 Joint Commissioner of lacs Sales Tax

10) The company has no accumulated losses at the end of financial year nor it has incurred cash losses during the financial year under review and in immediately preceding financial year.

11) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the company has not defaulted in repayments of dues to financial institutions or banks or debenture holders.

12) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13) In our opinion and according to information and explanations given to us, the Company is not a chit fund or nidhi/ mutual benefit fund or society. Therefore clause 4(xiii) of the order is not applicable to the Company.

14) In our opinion and according to information and explanations given to us, the Company has maintained proper records of the transactions and contracts and made timely entries therein for dealing in securities and the investments are held by the company in its own name.

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

17) According to the information and explanations given to us and on an overall examination of Balance Sheet of the Company, we are of the opinion that the Company has not utilized Short Term Funds towards Long Term Investments.

18) During the year, the Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Act.

19) During the year, the Company has neither issued any debentures nor it has any outstanding debentures.

20) During the year, the Company not issued any shares to any person,

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

For A L P S & CO.

Chartered Accountants Firm''s ICAI Regn. No. 313132E

Kolkata (A.K.Khetawat) Dated: 28th day of May, 2013 Partner Membership No. 052751


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of CENTURY EXTRUSIONS LIMITED, which comprise the Balance Sheet as at 31 st March, 2013 and the Statement of Profit & Loss Account and Cash Flow Statement for the year 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 in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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.

Basis for Qualified Opinion

The Company has changed the valuation of Dies and Tools at lower of valuation of such items at the year end by approved valuer or net realizable value instead of charging its cost to Revenue Account. As a result of this change in method of valuation of Dies, the loss for the year is understated by Rs. 173 Lakhs and Deferred Tax, Reserve & Surplus and Shareholders '' fund is overstated by Rs. 5 7 Lakhs, Rs.116 Lakhs and Rs.116 respectively.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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 Statement of Profit and Loss, 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.

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, 1956 we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the Order, to the extent applicable to the Company.

2. As required by section 227(3) of the Act, we report that:

2.1. 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.

2.2. 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.

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

2.4. In our opinion, the Balance Sheet, Statement of Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standard referred to in Sub-section (3C) of Section 211 of the Act to the extent applicable.

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

2.6. 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 Act 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.

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

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion, the Company has not disposed off the substantial part of fixed assets during the year, which would affect the going concern status of the Company.

2) (a) The inventories have been physically verified by the management during the year at reasonable intervals.

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

(c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification were not material.

3) (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the

Register maintained under Section 301 of the Companies Act, 1956. As the company has not granted any loans secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii) (b), (c) and (d) of the Order, are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured, from parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii)(f) and (g) of the Order, are not applicable.

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 nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness in internal controls.

5) (a) According to the information and explanations given to us and audit in accordance with generally accepted

auditing practices, in our opinion, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6) During the year, the Company has not accepted any deposits from the public as defined under sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

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

8) The Company has maintained the cost records as prescribed by the Central Government under section 209( 1 )(d) of the Act.

9) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us, there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 31SI March, 2013 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs. 154.54 lakhs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Statute Nature of Dues Amount(inlNR)

West Bengal Sales State Sales Tax 3.63 lacs Tax Act, 1994

West Bengal Vat Value Added Tax 10.31 lacs Act, 2003

West Bengal Vat Value Added Tax 0.54 lacs Act, 2003

Central Sales Tax Central Sales Tax 95.06 lacs Act, 1956

44.90 lacs

NAME Period to which Forum where dispute is pending the amount relates

West Bengal Sales 2004-05 West Bengal Commercial Appellate & Revisional Board, Kolkata

West Bengal Sales 2005-06 & West Bengal Commercial Appellate

West Bengal Sales 2006-07 & Revisional Board, Kolkata

West Bengal Sales 2009-10 Joint Commissioner of Sales Tax

West Bengal Sales 2003-04, 2004-05, West Bengal Commercial Appellate

West Bengal Sales 2006-07, 2007-08 & Revisional Board, Kolkata & 2008-09

West Bengal Sales 2009-10 Joint Commissioner of Sales Tax

10) The company has no accumulated losses at the end of financial year nor it has incurred cash losses during the financial year under review and in immediately preceding financial year.

11) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the company has not defaulted in repayments of dues to financial institutions or banks or debenture holders.

12) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13) In our opinion and according to information and explanations given to us, the Company is not a chit fund or nidhi/ mutual benefit fund or society. Therefore clause 4(xiii) of the order is not applicable to the Company.

14) In our opinion and according to information and explanations given to us, the Company has maintained proper records of the transactions and contracts and made timely entries therein for dealing in securities and the investments are held by the company in its own name.

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

17) According to the information and explanations given to us and on an overall examination of Balance Sheet of the Company, we are of the opinion that the Company has not utilized Short Term Funds towards Long Term Investments.

18) During the year, the Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Act.

19) During the year, the Company has neither issued any debentures nor it has any outstanding debentures.

20) During the year, the Company not issued any shares to any person,

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

For ALPS & CO.

Chartered Accountants

Firm''s ICAl Regn. No. 313132E

kolkata (A.K.Khetawat)

Dated: 28,h day of May, 2013 Partner

Membership No. 052751


Mar 31, 2012

We have audited the attached Balance Sheet of CENTURY EXTRUSIONS LIMITED as at 31st March, 2012 and also the Profit & Loss Account 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.

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

1. As required by the Companies (Auditor's Report) Order 2003, issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956 we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order, to the extent applicable to the Company.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that:

2.1. 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.

2.2. 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 these books.

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

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

2.5. 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 director is disqualified as on 31st March, 2012 from being appointed as Director in terms of section 274(1)(g) of the Companies Act, 1956.

2.6. In our opinion and to the best of our information and according to explanations given to us the said account, give the information required by the Companies Act, 1956 in the manner so required and read together with other notes given thereon, gives 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 the Company's affairs as at 31st March, 2012;

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

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



ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 1 of our report of even date)

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

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion, the Company has not disposed off the substantial part of fixed assets during the year, which would affect the going concern status of the Company.

2) (a) The inventories have been physically verified by the management during the year at reasonable intervals.

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

(c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification were not material.

3) (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not granted any loans secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii) (b), (c) and (d) of the Order, are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured, from parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii)(f), and (g) of the Order, are not applicable.

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 nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness in internal controls.

5) (a) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6) During the year, the Company has not accepted any deposits from the public as defined under sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed thereunder.

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

8) The Company has maintained the cost records as prescribed by the Central Government under section 209( 1 )(d) of the Act.

9) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us, there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs. 122.96 lacs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Nature of Dues Amount Period to which Statute (in INR) the amount relates

West Bengal State Sales Tax 3.63 lacs 2004-05 Sales Tax Act, 1994

West Bengal Value Added Tax 0.02 lacs 2006-07 Vat Act, 2003

West Bengal Value Added Tax 10.87 lacs 2005-06 & Vat Act, 2008-09 2003

Central Central Sales 92.24 lacs 2003-04,2004-05, Sales Tax Tax 2006.07 & 2007-08 Act, 1956

16.20 lacs 2008-09

Nature of Statute Forum where dispute is pending

West Bengal Sales West Bengal Commercial Appellate Tax Act, 1994 & Revisional Board, Kolkata

West Bengal Vat West Bengal Commercial Appellate Act, 2003 & Revisional Board, Kolkata

West Bengal Vat Joint Commissioner of Sales Tax Act, 2003

Central Sales Tax West Bengal Commercial Appellate Act, 1956 & Revisional Board, Kolkata

Joint Commissioner of Sales Tax

10) The company has no accumulated losses at the end of financial year nor it has incurred cash losses during the financial year under review and in immediately preceding financial year.

11) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the company has not defaulted in repayments of dues to financial institutions or banks or debenture holders.

12) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13) In our opinion and according to information and explanations given to us, the Company is not a chit fund or nidhi/ mutual benefit fund or society. Therefore clause 4(xiii) of the order is not applicable to the Company.

14) In our opinion and according to information and explanations given to us, the Company has maintained proper records of the transactions and contracts and made timely entries therein for dealing in securities and the investments are held by the company in its own name.

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

17) According to the information and explanations given to us and on an overall examination of Balance Sheet of the Company, we are of the opinion that the Company has not utilized Short Term Funds towards Long Term Investments.

18) During the year, the Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Act.

19) During the year, the Company has neither issued any debentures nor it has any outstanding debentures.

20) During the year, the Company not issued any shares to any person,

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

For A L P S & CO. Chartered Accountants Firm's ICAI Regn. No. 313132E

(S.K.Khetawat) Partner Membership No. 051224

Kolkata Dated: 28th day of May, 2012


Mar 31, 2010

We have audited the attached Balance Sheet of CENTURY EXTRUSIONS LIMITED as at 31 st March, 2010 and also the Profit & 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 standard generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance whether the Financial Statements are prepared free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of financial statements. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order 2003, issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956 we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order, to the extent applicable to the Company.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that:

2.1. 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.

2.2. 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 these books.

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

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

2.5. 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 director is disqualified as on 31st March, 2010 from being appointed as Director in terms of section 274(l)(g) of the Companies Act, 1956.

2.6. In our opinion and to the best of our information and according to explanations given to us the said account, give the information required by the Companies Act, 1956 in the manner so required and read together with other notes given thereon, gives 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 the Companys affairs as at 31st March, 2010;

ii) in the case of Profit & Loss Account of the Profit for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 1 of our report of even date)

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

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion, the Company has not disposed off the substantial part of fixed assets during the year, which would affect the going concern status of the Company.

2) (a) The inventories have been physically verified by the management during the year at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification

followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification were not material.

3) (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not granted any loans secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii) (b), (c) and (d) of the Order, are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured, from parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii)(f), and (g) of the Order, are not applicable.

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 nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness in internal controls.

5) (a) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6) During the year, the Company has not accepted any deposits from the public as defined under sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed thereunder.

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

8) The Company has maintained the cost records as prescribed by the Central Government under section 209(1 )(d) of the Act.

9) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us, there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 31st March, 2010 for a period of mere than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs.94.75 lakhs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Statute Nature of Dues Amount (in INR.) Period to which Forum where dispute is pending the amount relates

West Bengal Sales State Sales Tax 3.63 Lakhs 2004-05 West Bengal Commercial Appellate Tax Act, 1994 & Revisional Board, Kolkata

West Bengal Vat Value Added Tax 10.31 Lakhs 2005-06 & Joint Commissioner Act, 2003 2006-07 of Sales Tax CentralSales Tax Central Sales Tax 14.75 Lakhs 2003-04 & West Bengal Comme rcial Act, 1956 2004-05 Appellate & Revis -ional Board, Kolkata 66.06 Lakhs 2006-07 Joint Commissioner of Sales Tax

10) The company has no accumulated losses at the end of financial year nor it has incurred cash losses during the financial year under review and in immediately preceding financial year.

11) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the company has not defaulted in repayments of dues to financial institutions or banks or debenture holders.

12) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13) In our opinion and according to information and explanations given to us, the Company is not a chit fund or nidhi/ mutual benefit fund or society. Therefore clause 4(xiii) of the order is not applicable to the Company.

14) In our opinion and according to information and explanations given to us, the Company has maintained proper records of the transactions and contracts and made timely entries therein for dealing in securities and the investments are held by the company in its own name.

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

17) According to the information and explanations given to us and on an overall examination of Balance Sheet of the Company, we are of the opinion that the Company has not utilized Short Term Funds towards Long Term Investments.

18) During the year, the Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Act.

19) During the year, the Company has neither issued any debentures nor it has any outstanding debentures.

20) During the year, the Company not issued any shares to any person,

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

For ALPS&CO

Chartered Accountants

Kolkata AJCKhetawat

Dated: 20th day of May, 2010 Partner

Membership No. 052751 Firms ICAI Regn. No. 313132E

 
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