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Auditor Report of Commercial Engineers & Body Builders Co Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of Commercial Engineers 6 Body Builders Co Limited(the Company), which comprise the Balance Sheet as at 31 March2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the 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 thereunder.

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 the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for 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 the 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 31 March2015, and its lossand its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

(e) On the basis of the written representations received from the directors as on 31 March2015taken on record by the Board of Directors, none of the directors is disqualified as on 31 March2015 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) 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 29to 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 AUDITORS' REPORT

Re: Commercial Engineers & Body Builders Co Limited

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

(i) In respect of its fixed assets:

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

b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(ii) In respect of its inventories:

a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals, except for inventories lying with third parties where confirmations of inventories held by such third parties have been received.

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

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

(iii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit we have not observed any major weakness in such internal control system.

(v) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public during the year. Therefore, the provisions of clause 3(v) of the Order are not applicable to the Company.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost records and audit) Rules, 2014 prescribed by the Central Government under Section 148 (1) of the Companies Act, 2013 are of the opinion that, prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory dues including Provident fund, Employees' State Insurance, Income-tax, Sales- tax, Wealth-tax, Service Tax, Customs duty, Excise duty, Cess, and any other material statutory dues applicable to it with the appropriate authorities except for Entry Tax, Value Added Tax (VAT) and Central Sales Tax (CST) though the delays in deposit have not been serious.

(b) There were no undisputed amounts payable in respect of Provident fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth-tax, Service Tax, Customs duty, Excise duty, Cess and any other material statutory dues in arrears, as at 31 March 2015 for a period of more than six months from the date they became payableexcept for Entry Tax, VAT and CST as follows;

Period Nature of the Amount (Rs.) Due Date Date of Dues Payment

2014-2015 Entry Tax 107,158 10- August-14 Not Yet Paid

2014-2015 Entry Tax 145,736 10-September-14 Not Yet Paid

2011-2012 Value Added Tax 2,363,229 4-July-2014 Not Yet Paid - Assessment dues

2011-2012 Central Sales Tax 1,340,677 4-July-2014 Not Yet Paid - Assessment dues

(a) Details of dues of Income Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited as on 31 March 2015 on account of disputes are given below:

Nature of Name of statute Amount Period to which the the dues amount relates

Central Central Sales April 2007 Sales Tax Tax Act, 1956 9.43 2008 2010

Central Central Sales 6.62 April, 2012 to Sales Tax Tax Act, 1956 March 2013

Excise Central Excise April 2003 - Duty Act, 1944 October 2013

Excise Central Excise 101.18 September 2013 to Duty Act, 1944 March 2014

Excise Central Excise 569.89 April 2009 - March Duty Act, 1944 2014

Excise Central Excise 4.10 August 2013 to Duty Act, 1944 February 2014

Excise Central Excise 3.37 August 2013 to Duty Act, 1944 March 2014

Excise Central Excise 500.38 December 2006 - Duty Act, 1944 March 2010

Income Income Tax Act, 25.93 April 2011- March Tax 1956 2012

MP Entry Entry Tax on 22.24 April 2009-March Tax goods purchased 2010

Value Added MP Commercial April 2007-March Tax Tax Act 1994 1498 44 2012 & April 2012- March 2013



Nature of Forum where dispute the dues is pending

Central Appellate Board, Sales Tax Bhopal

Central Additional Sales Tax Commissioner, Jabalpur

Excise Central Excise Duty Commissioner, Bhopal

Excise Central Excise Duty Commissioner, Jabalpur

Excise Central Excise Duty Commissioner, Jamshedpur

Excise Central Excise Duty Commissioner, Pithampur

Deputy Commissioner Excise of Customs, Central Duty Excise and Service Tax, Jabalpur

The Customs, Excise Excise and Service Tax Duty Appellate Tribunal, New Delhi

Income Commissioner(appeal), Tax Kanpur

MP Entry Additional Tax Commissioner, Jabalpur

Value Added Additional Tax Commissioner, fataur

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

(i) The accumulated losses of the Company at the end of the financial year are lessthan fifty per cent of its net worth and the Company has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(ii) In our opinion and according to the information and explanations given to us, the Company has defaulted in the repayment of dues to banks.Details of continuing defaults in payment of principle and Interest on working facility and long-term loan from banks as on 31st March, 2015, are as follows:

Particulars Due Date Principle Interest Date of Payment

Vendor finance 05-Jun-13 169.96 34.43 Not Paid facility

Vendor finance facility 06-Jun-13 240.00 75.56 Not Paid

Vendor finance facility 09-Jul-13 14.00 4.21 Not Paid

Vendor finance facility 11-Jul-13 104.18 31.25 Not Paid

Vendor finance facility 29-Jul-13 134.27 39.30 Not Paid

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

(xi) In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained.

(xii) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Rupen K. Bhatt Mumbai Partner Dated: 21st May 2015 (Membership No. 46930)




Mar 31, 2014

We have audited the accompanying financial statements of Commercial Engineers & Body Builders Co Limited(the Company) which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s 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 notified under the Companies Act, 1956 (the Act) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' 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 the 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

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

(c) in the case of the Cash Flow Statement, of the cash flows of the Company 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 in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required under provisions of 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 purposes of our audit;

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

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

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs).

(e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274(1)(g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

Re: Commercial Engineers & Body Builders Co Limited

(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

(i) Having regard to the nature of the Company''s business/activities/results during the year, clauses (xiii) and (xiv) of paragraph 4 of the Order are not applicable to the Company for the year.

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

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

(c) The fixed assets disposed off during the period, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

(iii) (a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical stocks and book records were not material.

(iv) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

In respect of loans, secured or unsecured, taken by the Company from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act 1956, according to the information and explanations given to us:

(a) The Company has taken interest free unsecured loans aggregating to Rs. 129,200,000/- from three parties during the year. The maximum amount involved during the year was Rs. 177,200,000/- and the year-end outstanding balance of loans taken from such parties was Rs. 104,200,000/-.

(b) The rate of interest and other terms and conditions of such loans are, in our opinion are. prima facie, not prejudicial to the interest of the Company.

(c) The payments of principal amounts have been regular as per stipulations.

(v) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and nature of its business for the purchases of inventory, fixed assets (including capital work-in-progress) and sale of goods and services and during the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system.

(vi) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

(a) The particulars of contracts or arrangements referred to in Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) Where each of such transaction is in excess of Rs. 5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time where such market prices are available with the Company.

(vii) The Company has not accepted any deposit from the public.

(viii) In our opinion, the internal audit functions carried out during the year by firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business.

(ix) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records.

(x) According to the information and explanations given to us in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess, Entry Tax and other material statutory dues applicable to it with the appropriate authorities except for Value Added Tax (VAT) and Central Sales Tax (CST) though the delays in deposit have not been serious.

(b) There were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Value Added Tax, Wealth Tax, Customs Duty, Excise Duty, Cess, Entry Tax and other material statutory dues in arrears as at 31stMarch, 2014 for a period of more than six months from the date they became payable.

(c) There were no dues of Income-tax, Value Added Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess which have not been deposited as on 31stMarch, 2014 on account of disputes, except for following:

Nature of the Name of Amount Period to which dues Statute (Rs. In Lacs) the amount relates

Excise Duty Central Excise 10.16 Apr 2003 - Act, 1944 Mar 2005

Excise Duty Central Excise 41.72 Apr 2007 - Act, 1944 Mar 2008

Excise Duty Central Excise 1,813.11 Apr 2008 - Act, 1944 Mar 2009

Excise Duty Central Excise 746.39 April 2009 - Act, 1944 Mar 2010

Excise Duty Central Excise 80.61 April 2009- Act, 1944 Mar 2010

Central Excise April 2009 - Excise Duty Act, 1944 474.82 Mar 2010

Excise Duty Central Excise 288.27 April 2010- Act, 1944 Mar 2011

Excise Duty Central Excise 318.98 April 2010- Act, 1944 Mar 2011

Excise Duty Central Excise April 2011- Act, 1944 389.84 Mar 2012

Excise Duty Central Excise 64.36 April 2012- Act, 1944 Mar 2013

Excise Duty Central Excise 2.49 April 2011- Act, 1944 Mar 2013

Excise Duty Central Excise Dec 2006- Act, 1944 14.56 Oct 2007

Central Excise Dec 2006 - Excise Duty Act, 1944 25.56 Oct 2007

Excise Duty Central Excise 27.18 Feb 2013- Act, 1944 July 2013

Excise Duty Central Excise 37.35 Feb 2013- Act, 1944 Oct 2013

Excise Duty Central Excise 5.26 Feb 2013- Act, 1944 Aug 2013

Excise Duty Central Excise 167.26 Jan 2011 - Act, 1944 June 2011

Excise Duty Central Excise 11.99 Jan 2012- Act, 1944 July 2012

Excise Duty Central Excise 11.32 Jan 2013- Act, 1944 Oct 2013

Excise Duty Central Excise 9.50 Mar 2013- Act, 1944 Aug 2013

Excise Duty Central Excise 5.30 Mar 2013 Act, 1944 Sep 2013

Excise Duty Central Excise 98.42 May 2007 - Act, 1944 Feb 2012

Exrcise Duty Central Excise 54.24 May 2007 - Act, 1944 June 2009

Excise Duty Central Excise 4.84 Oct 2012- Act, 1944 July 2013

Excise Duty Central Excise 217.03 Sep 2007- Act, 1944 June 2012

Excise Duty Central Excise 62.59 Sep 2011- Act, 1944 June 2012

Central Sales Tax Central Sales Tax 22.68 2010-11 Act, 1956

Sales Tax M.P. Commercial 46.37 2007-08 Tax Act, 1994

Central Sales Central Sales Tax 7.94 2007-08 Tax Act, 1956

Sales Tax M.P. Commercial 45.56 2008-09 Tax Act, 1994

MP Entry Tax Entry Tax on 22.24 2009-10 goods purchased

Nature of the Forum where dispute dues is pending

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Jamshedpur

The Customs, Excise and Excise Duty Service Tax Appellate Tribunal, New Delhi

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Jamshedpur

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Jamshedpur

Excise Duty Central Excise Commissioner, Bhopal

The Customs, Excise and Excise Duty Service Tax Appellate Tribunal, New Delhi

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Jamshedpur

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Cental Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Exrcise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Central Sales Tax Additional Commissioner, Jabalpur

Sales Tax Additional Commissioner, Jabalpur

Central Sales Additional Commissioner, Tax Jabalpur

Sales Tax Additional Commissioner, Jabalpur

MP Entry Tax Additional Commissioner, Jabalpur

(xi) The Company does not have accumulated losses at the end of the financial year and the Company has incurred cash losses during the financial year covered by our audit but has not incurred any cash loss in the immediately preceding financial year.

(xii) In our opinion and according to the information and explanations given to us, the Company has defaulted in the repayment of dues to banks. Details of continuing defaults in payment of principle and interest on working capital facility and short- term loan from banks as at 31st March, 2014 are as follows:

(Rs. In Lacs)

Particulars Due Date Principle Interest Date of payment

Vendor finance facility 05-Jun-13 169.96 8.09 Not Paid

Vendor finance facility 06-Jun-13 240.00 38.36 Not Paid

Vendor finance facility 09-Jul-13 14.00 2.04 Not Paid

Vendor finance facility 11-Jul -13 104.18 15.10 Not Paid

Vendor finance facility 29-Jul-13 134.27 18.49 Not Paid

(xiii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

(xv) According to the information and explanations given to us, the term loans availed by the Company were, prima facie, applied during the year for the purpose for which the loans were obtained.

(xvi) In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet, we report that funds raised on short- term basis have been used during the year for long-term investment to the extent of Rs. 1,210.86 lacs

(xvii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

(xviii) According to the information and explanations given to us the Company has not issued any debentures during the year.

(xix) The Company has not raised any money by way of public issues during the year.

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

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm Registration No. 117366W/W-100018)

Jabalpur, dated: May 27, 2014 A.B. Jani Partner (Membership No: 46488)


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Commercial Engineers & Body Builders Co Limited (the Company) which comprise the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s 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 Section 211(3C) of the Companies Act, 1956 (the Act) and in accordance with the accounting principles generally accepted in India.. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' 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 the disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India

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

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

(c) in the case of the Cash Flow Statement, of the cash flows of the Company 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 in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2- As required under provisions of 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 purposes of our audit;

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

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

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211(3C) of the Act;

e. On the basis of written representations received from the directors as on 31st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of Section 274(1)(g) of the Act.

Re: Commercial Engineers & Body Builders Co Limited ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

( i ) The nature ofthe Company''s business/ activities/ results during the year are such that clauses (xiii) and (xiv) of paragraph 4 of the Order are not applicable to the Company.

(ii)

a. The Company has maintained proper records showing full particulars, including quantitative details and situationof fixed assets.

b. The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

c. The fixed assets disposed off during the period, in our opinion, do not constitute a substantial part of the fixed assets of the Company. (iii)

a. The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical stocks and book records were not material.

(iv)The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

In respect of loans, secured or unsecured, taken by the Company from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act 1956, according to the information and explanations given to us:

a. The Company has taken interest free unsecured loans from three parties during the year. Themaximum amount involved during the year was 118,000,000/- and the year-end outstanding balance of loans taken from such parties was ^Rs. 68,000,000/-.

b. The rate of interest and other terms and conditions of such loans are, in our opinion areprima facie, not prejudicial to the interest of the Company.

c.. The payments of principal amounts have been regular as per stipulations.

(v) In our opinion and according to the information and explanations given to (including capital work-in-progress) and sale of goods and services requires nature of its business with reference to timely and adequate maintenance of physical/electron audit, we have not observed any major weakness in the internal control system except as stated

(vi) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

a. The particulars of contracts or arrangements referred to inSection 301 that needed to be entered in the Register maintained under the said Section have been so entered.

b. Where each of such transaction is in excess of Rs. 5 lakhs in respect of any party, the transactions have been made at prices which are prima faciereasonable having regard to the prevailing market prices at the relevant time where such market prices are available with the Company.

(vii)The Company has not accepted any deposit from the public.

(viii)In our opinion, the internal audit functions carried out during the year by firms of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business.

( i x )We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records.

(x) According to the information and explanations given to us in respect of statutory dues:

a. The Company has generally been regular in depositing undisputed dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess, Entry Tax and other material statutory dues applicable to it with the appropriate authorities except for Value Added Tax (VAT) though the delays in deposit have not been serious.

b There were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Value Added Tax, Wealth Tax, Customs Duty, Excise Duty, Cess, Entry Tax and other material statutory dues in arrears as at 31stMarch, 2013 for a period of more than six months from the date they became payable.

(xi) The Company has no accumulated losses as at the end of the year and it has not incurred cash losses in the current year and in the immediately preceding financial year.

(xii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks.

(xiii) According to the information and explanations given to us,the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

(x v) According to the information and explanations given to us, the term loans availed by the Company were, prima facie, applied during the year for the purpose for which the loans were obtained.

(xvi)In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short-term basis have not been used during the year for long- term investment.

(xvii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

(xviii) According to the information and explanations given to us the Company has not issued any debentures during the year.

(xix) The Management has disclosed the end use of money raised by public issue in the Notes to the financial statements and we have verified the

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

For Deloitte Haskins & Sells

Chartered Accountants

(Firm Registration No. 117366W)

A.B. Jani

Place : Mumbai Partner

Date :28th May, 2013 Membership No. 46488


Mar 31, 2012

1. We have audited the attached Balance Sheet of Commercial Engineers & Body Builders Co Limited ("the Company") as at March 31, 2012, the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We 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.

3. As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government of India 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.

4. Further to our comments in the Annexure referred to in paragraph 3 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 purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as 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 dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

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

(i) In the case of the Balance Sheet of the state of affairs of the Company as at March 31, 2012;

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

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

(f) On the basis of written representations received from the directors as on 31st March, 2012 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.

Re: Commercial Engineers & Body Builders Co Limited

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

i) Having regard to the nature of the Company's business /activities/results clause (xiii) and (xiv) of paragraph 4 of the CARO are not applicable to the Company for the year.

ii) In respect of its fixed assets:

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

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

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

iii) In respect of its inventory:

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

b) The procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

iv) (a) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 and accordingly the sub-clauses (a) to (d) of clause (iii) of the Order are not applicable to the Company.

(b) The Company had granted unsecured loan to one company covered in the register maintained under Section 301 of the Companies Act, 1956 in previous year. At the year-end, the outstanding balances of such loan aggregated to Rs. Nil and the maximum amount involved during the year was Rs. 34.85 lacs.

(c) The rate of interest and other terms and conditions of such loan are, in our opinion, prima facie not prejudicial to the interests of the Company.

(d) The receipt of principal amount and interest has been regular as per stipulations.

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

vi) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

(a) The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) Where each of such transaction is in excess of Rs.5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

vii) According to the information and explanations given to us, the Company has not accepted any deposit from the public during the year.

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

ix) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

x) According to the information and explanations given to us in respect of statutory dues:

(a) In our opinion and according to the information and explanations given to us, the Company has generally been 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 with the appropriate authorities during the year, where applicable except for value Added tax (VAt) and Central Sales tax though the delays in deposit have not been serious.

(b) There were no undisputed amounts payable in respect of Income-tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2012 for a period of more than six months from the date they became payable.

(c) According to information and explanation given to us there are no dues of Income-tax / Sales Tax / Wealth Tax / Service Tax /Custom Duty /Excise Duty and Cess, which have not been deposited with the appropriate authorities on account of dispute except for following:

Name of Amount Period to which the statute Nature of the dues (Rs. In Lacs) amount relates

Excise Duty Central Excise Act, 1944 301.66 2011-12

Excise Duty Central Excise Act, 1944 2,521.82 2010-11

Excise Duty Central Excise Act, 1944 498.13 2009-10

Excise Duty Central Excise Act, 1944 1,002.70 2008-09

Excise Duty Central Excise Act, 1944 486.23 2011-12

Excise Duty Central Excise Act, 1944 80.61 2010-11

Sales tax M.P. Commercial Tax Act, 1994 54.31 2007-08

Sales tax Central Sales Tax Act, 1956 45.56 2008-09

MP entry tax Entry Tax on goods purchased 118.30 January'12 to March'12



Name of Forum where dispute is pending Statute

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, Bhopal

Excise Duty Central Excise Commissioner, jamshedpur

Excise Duty Central Excise Commissioner, jamshedpur

Sales Tax Additional Commissioner, jabalpur

Sales Tax Additional Commissioner, jabalpur

MP Entry Tax Supreme Court

xi) The Company has no accumulated losses as at the end of the year and it has not incurred cash losses in the current year and in the immediately preceding financial year.

xii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks or financial institutions.

xiii) In our opinion, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

xv) According to the information and explanations given to us, the term loans availed by the Company were, prima facie, applied during the year for the purpose for which the loans were obtained.

xvi) In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet, we report that funds raised on short-term basis have not been used during the year for long- term investment.

xvii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956

xviii) The Company has not issued any debentures during the year and hence the question of creating security or charge in respect thereof does not arise.

xix) The Management has disclosed the end use of money raised by public issue and we have verified the same.

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

For Deloitte Haskins & Sells

Chartered Accountants

(Registration No. 117366W)

A B Jani

Mumbai Partner

Date: May 11, 2012 Membership No. 46488


Mar 31, 2011

1. We have audited the attached Balance Sheet of Commercial Engineers & Body Builders Co Limited

("the Company") as at March 31, 2011, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We 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 atest 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.

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

4. Further to our comments in the Annexure referred to in paragraph 3 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 purposes of our audit;

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

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

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

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

(ii) In the case of Profit and 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 flows of the Company for the year ended on that date.

(f) On the basis of written representations received from the directors as on 31 st March, 2011 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.

Annexure to the Auditor's Report Re: Commercial Engineers & Body Builders Co Limited (Referred to in Paragraph 3 of our report of even date)

i) Having regard to the nature of the Company's business/ activities/results clause (xiii) and (xiv) of paragraph k of the CARO are not applicable to the Company for the year.

ii) In respect of its fixed assets:

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

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

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

iii) In respect of its inventory:

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

b) The procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

iv) (a) The Company has taken unsecured loans from a Company and atrust, covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 1,055.11 lacs and the year-end balance was Rs. Nil;

(b) In our opinion, the rate of interest and other terms and conditions of the loan are not, prima facie, prejudicial to the interests of the Company;

(c) The payments of principal amounts and interest have been regular as per stipulations;

(d) In respect of the aforesaid loans, there are no overdue amounts.

(e) The Company has granted unsecured loans to six parties covered in the register maintained under Section 301 of the Companies Act, 1956. At the year-end, the outstanding balances of such loans aggregated Rs. 32.41 lacs and the maximum amount involved during the year was Rs. 615.27 lacs.

(f) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interests of the Company.

(g) The receipts of principal amounts and interest have been regular as per stipulations.

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

vi) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

(a) The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) Where each of such transaction is in excess of Rs.5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

vii) According to the information and explanations given to us, the Company has not accepted any deposit from the public during the year.

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

ix) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act. Therefore the provisions of clause (viii) of the Companies (Auditor's Report) Order are not applicable to the Company.

x) According to the information and explanations given to us in respect of statutory dues:

(a) In our opinion and according to the information and explanations given to us, the Company has generally been 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, Entry Tax, cess and any other statutory dues with the appropriate authorities during the year, where applicable except for Value Added Tax (VAT) and Central Sales Tax though the delays in deposit have not been serious.

(b) There were no undisputed amounts payable in respect of Income-tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2011 for a period of more than six months from the date they became payable.

(c) According to information and explanation given to us there are no dues of Income-tax / Sales Tax / Wealth Tax / Service Tax /Custom Duty /Excise Duty and Cess, which have not been deposited with the appropriate authorities on account of dispute except for following:

Name of statute Nature of the dues Amount Period to which the Forum where dispute is (Rs. in Lacs) amount relates pending

Income Tax Act, 1961 Income Tax 18.58 2001-02 Commissioner (Appeals)

Income Tax Act, 1961 IncomeTax 1.10 2004-05 Commissioner (Appeals)

Excise Duty Central Excise Act, 1944 222.00 2011-12 Central Excise Commissioner, Bhopal

Excise Duty Central Excise Act, 1944 2,446.98 2010-11 Central Excise Commissioner, Bhopal

Excise Duty Central Excise Act, 1944 572.96 2009-10 Central Excise Commissioner, Bhopal

Excise Duty Central Excise Act, 1944 1,002.70 2008-09 Central Excise Commissioner, Bhopal

Excise Duty Central Excise Act, 1944 318.98 2011-12 Central Excise Commissioner, jamshedpur

Excise Duty Central Excise Act, 1944 80.61 2010-11 Central Excise Commissioner, jamshedpur

Sales Tax M.P. Commercial Tax 69.32 2007-08 Additional Commissioner, Act, 1994 Jabalpur

Sales Tax Central Sales Tax Act, 1.43 2006-07 Additional Commissioner, 1956 Jabalpur

MP Entry Tax Entry Tax on goods 45.11 ]anuary'11 to Supreme Court purchased March'11

xi) The Company has no accumulated losses as at the end of the year and it has not incurred cash losses in the current year and in the immediately preceding financial year.

xii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks or financial institutions.

xiii) In our opinion, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

xv) According to the information and explanations given to us, the term loans availed by the Company were, prima facie, applied during the year for the purpose for which the loans were obtained.

xvi) In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet, we report that funds raised on short- term basis have not been used during the year for long- term investment.

xvii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956

xviii) The Company has not issued any debentures during the year and hence the question of creating security or charge in respect thereof does not arise.

xix) The Management has disclosed the end use of money raised by public issue during the year and we have verified the same.

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

For DeloitteHaskins& Sells

Chartered Accountants

(Registration No. 117366W)

A B Jani

Mumbai Partner

Dated: May 28, 2011 Membership No. 46488

 
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