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Auditor Report of Dhenu Buildcon Infra Ltd.

Mar 31, 2015

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

Management's Responsibility for the Financial Statements

The Company's Board of Directors 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 provision of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of the appropriate accounting policies, making judgments and estimates that are reasonable and prudent, and design, implementation and maintenance of adequate internal financial controls, that we 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 fhe 'financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, 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 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, its state of affairs of the Company as at March 31, 2015 and

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

c) in the case of cash flow statement, 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 issued by the Central Government of India in terms of Section 143 (11) of the Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable.

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

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

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

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

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

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

f) With respect to the other matters to be included in the Auditor's Report in accordance with Rules 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:

a. The Company does not have any pending litigations which have material impact on its financial position in its financial statements.

b. The Company did not have any long term contracts including derivative contracts that require provision under any law or accounting standards for which there were any material foreseeable losses.

c. There were no amounts which are required to be transferred to the Investor Education and Protection Fund by the Company during the year.

Annexure referred to in paragraph 3 of the Auditors Report to the Members of Dhenu Buildcon Infra Ltd on accounts for the year ended 31s' March 2015.

(i) Fixed Assets:

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

b. As explained to us, fixed assets have been physically verified by the management at reasonable intervals: no discrepancies were noticed on such verification.

c. In our opinion and according to die information and explanation given to us, substantial fixed assets have not been disposed during the year so as to affect the going concern assumption.

(ii) Inventories:

a. Physical verification of inventory has been conducted at reasonable intervals by the management.

b. Procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. The company has maintained proper records of inventory and there are no material discrepancies were noticed on physical verification.

(iii) During the year 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.

(iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business of availing services & purchases of Fixed Assets and for the rendering services. During the course of our audit we have not observed any major weakness in internal control.

(v) No deposits from the public have been accepted by the Company, falling in the purview of Section 73 to 76 or any other provision of the Companies Act, 2013.

(vi) It is informed to us, the maintenance of cost records has been prescribed by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 however the same are maintained at branches and are not reviewed by us.

(vii) Statutory dues:

a. According to books of accounts examined by us and as per information and explanations given to us, the company is generally regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-Lax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable.

b. According to the information and explanations given to us, there are no dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute. (A mere representation to the concerned Department shall not constitute a dispute).

Pending With Related Period Nature Amount

Income Tax A.Y.1997-98 Income Tax Rs.148568/- Office

Income Tax A.Y.1995-96 Income Tax Rs.121508/- Office

c. According to the information and explanations given to us, there were no amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

(viii) The accumulated losses of the Company at the end of the financial year are less than 50% of its net worth and it has not incurred cash losses in the financial year covered under the audit however has incurred cash losses in the immediately preceding financial year.

(ix) According to the information and explanation given to us, the Company has not defaulted in repayment of dues to financial institutions/banks.

(x) According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company;

(xi) The Company has not availed any term loan during the year.

(xii) According to the information and explanation given to us, no material fraud on or by company has been notices or reported during year.

FOR LAHOTINAVNEET & CO.

Chartered Accountants

FRN:116870W

CA SANJAY SONI

PARTNER

M.N. 114835

Place: Mumbai

Dated: 30th May, 2015


Mar 31, 2014

We have audited the accompanying financial statements of Dhenu Buildcon Infra Limited("the Company"), which comprise the Balance Sheet as at March 31, 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

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 read with the General Circular No. 15/2013 dated September 13, 2013 in respect of Section 133 of the Companies Act, 2013 and General Circular 08/2014 dated April 4, 2014 with respect to the Financial Statements of the Ministry of Corporate Affairs. 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 the 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 the internal control relevant to the entity''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 entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.

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

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

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

(b) in the case of the Statement of Profit and Loss, of the 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 Companies Act,1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Companies Act,1956, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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, 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, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with the General Circular No. 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

(e) On the basis of the written representations received from the directors & taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956 on the said 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) Fixed assets have been physically verified by the Management during the year. In our opinion, the frequency of verification of fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. No discrepancies have been noticed in respect of the assets physically verified during the year.

(c) The Company has not disposed off any fixed assets during the year.

2. (a) Inventory has been physically verified by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable.

(b) In our opinion, the procedures of verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company & the nature of its business.

(c) The Company is maintaining proper records of inventory. No discrepancies have been noticed on reconciliation of physical inventories with the book records.

3. (a) The Company has not granted any loans, secured or unsecured, to the companies, firms or other parties covered in the registered maintained u/s. 301 of the Companies Act,1956 therefore, requirement of clause (iii-a) to (iii-d) of paragraph 4 of the Order are not applicable.

(e) The Company has accepted interest free unsecured loan from a party covered in the register maintained under Section 301 of the Companies Act., 1956. The maximum amount involved during the year is Rs.16500/- & the year-end balance of loans accepted from such party is Rs. NIL.

(f) In our opinion, the other terms and conditions on which loans were received is not prima facie prejudicial to the interest of the Company.

(g) The Company is regular in repaying the principal amounts as stipulated.

4. 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 & for the sale of goods. The Company does not provide any services. During the course of our audit no major weakness have been observed in the internal controls.

5. According to the information and explanations given to us by the management, there are no transactions that needed to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits to which the provision of section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 apply.

7. The Company does not have a formal system of internal audit, but there are adequate checks & controls at all level.

8. The provisions of sec. 209(1) (d) of the Companies Act, 1956 regarding maintenance of Cost records is not applicable to the Company.

9. (a) In our opinion and according to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no dues of Wealth Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty and Cess that have not been deposited on account of any dispute. Details of dues towards Income Tax that have not been deposited on account of dispute are as stated below.

Name of Nature of Amount Period to Forum where dispute the Statute Dues (in Rs.) which the is pending amt. relates

Income Tax Income Tax 148568/- A.Y.1997-98 Income Tax Officer Act, 1961

Income Tax Income Tax 121508/- A.Y.1995-96 Income Tax Officer Act, 1961

10. The accumulated losses as at the end of the financial year are less than 50 % of net worth of the Company. The Company has incurred cash losses during the financial year covered by our audit. In the immediately preceding financial year, the Company did not incurred cash losses.

11. The Company has not taken any loans from financial institution or bank or through issue of debentures. Accordingly, clause 4(xi) of the Order is not applicable.

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

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. The Company is not dealing in shares and other investments. Therefore, provisions of clause 4(xiv) of CARO, 2003 are not applicable to the Company.

15. In our opinion, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not raised any term loan during the year and hence clause 4 (xvi) of the Order is not applicable.

17. According to information & explanations given to us and on overall examination of Balance Sheet of the Company, we report that Company has not raised any short term loan during the year.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

19. The Company did not have any outstanding debentures during the year.

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

21. 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 K K Khadaria & CO Chartered Accountants (Firm Regn No: 105013W)

Ajay Daga Partner Mem. No: 44162

Place : Mumbai

Dated : 30th May,2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Dhenu Buildcon Infra Limited("the Company"), which comprise the Balance Sheet as at March 31, 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

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.

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 the 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 the 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 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 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 for the year ended on that date, and

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

Report on Other Legal and Regulatory Requirements

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

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

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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, 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, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the 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 clause (g) of sub-section (1) of section 274 of the Act.

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) Fixed assets have been physically verified by the Management during the year. In our opinion, the frequency of verification of fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. No discrepancies have been noticed in respect of the assets physically verified during the year.

(c) The Company has not disposed off any fixed assets during the year.

2. The Company has no inventories and hence, the question of physical verification and valuation thereof does not arise.

3.

(a) As informed to us, 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. Therefore, requirement of clause (iii-a) to (iii-d).

(e) The Company has taken interest free unsecured loans from three parties covered in the register maintained u/s.301 of the Companies Act., 1956. The maximum amount involved during the year is Rs.38500/- & the year-end balance of loans taken from such parties is Rs.NIL/-.

(f) In our opinion, the other terms and conditions, wherever stipulated on which the loans were received is not prima facie, prejudicial to the interest of the Company.

(g) There is no overdue amount of loans taken from the parties listed in the register maintained under Section 301 of the Companies Act, 1956.

4. 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 fixed assets & for the sale of services. The Company has neither purchase any inventory nor sold any inventory. During the course of our audit, we have not observed any major weaknesses in internal control system.

5. According to the information and explanations given to us by the management, there are no transactions that needed to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits to which the provision of section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 apply.

7. The Company does not have a formal system of internal audit, but there are adequate checks & controls at all level.

8. The provisions of sec. 209(1) (d) of the Companies Act, 1956 regarding maintenance of Cost records is not applicable to the Company.

9. According to the information and explanations given to us and the records examined by us, there were no undisputed amounts payable by the Company in respect of Wealth Tax, Sales Tax, Income Tax, Customs Duty & Excise Duty except a sum of Rs.6258/- towards TDS payable which have remained outstanding as at 31st March, 2013 for a period exceeding six months from the date it became payable.

10. The accumulated losses as at the end of the financial year are less than 50 % of net worth of the Company. The Company has not incurred cash losses during the financial year covered by our audit & in the immediately preceding financial year.

11. The Company has not taken any loans from financial institution or bank or through issue of debentures. Accordingly, clause 4(xi) of the Order is not applicable.

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

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. The Company is not dealing in shares and other investments. Therefore, provisions of clause 4(xiv) of CARO, 2003 are not applicable to the Company.

15. In our opinion, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not raised any term loan during the year and hence clause 4 (xvi) of the Order is not applicable.

17. According to the information & explanations given to us & on an overall examination of balance sheet of the Company, we report that funds raised on short-term basis have not been used for long-term investment.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

19. The Company did not have any outstanding debentures during the year.

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

21. 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 K K Khadaria & CO

Chartered Accountants

Firm Regn No: 105013W

Place : Mumbai

Dated : 30th May, 2013 Sd/-

Rohit Beswal

Partner

Mem. No: 418101


Mar 31, 2012

1. We have audited the attached Balance Sheet of THE HINGIR RAMPUR COAL COMPANY LIMITED ("Company"), as at 31st March, 2012 and also the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial 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 sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks of the books and records as we considered necessary and appropriate and according to the information and explanations given to us during the course of the audit, 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 :

i) 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;

ii) In our opinion, and as per the information and explanations given to us, proper books of account have been kept by the Company so far as appears from our examination of the books.

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

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

v) On the basis of the representations received from the Directors, we report that these Directors are not disqualified as at 31st March 2012 from being reappointed as Directors under section 274(1)(g) of the Companies Act, 1956.

vi) During the year the company has transferred the balance between some other party accounts without any documentary evidence. This coupled with non-availability of confirmation from such parties for their year-end balances, we are unable to vouch for the correctness of the entries made in these parties accounts and consequently unable to express any opinion about the correctness of the year end balances of these parties and also the reasonability of the income disclosed by the company.

vii) We have not Act, been able to verify the Register to be maintained u/s 301 of the Companies 1956 as the same was not furnished to us. Hence we are unable to express any opinion on the same and the various clauses in the annexure to this report.

5. Subject to the matter referred to in Paragraph 3 & 4 and its effect on the accounts of the Company as indicated above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and

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

ANNEXURE TO THE AUDITORS' REPORT (REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE)

1. The Company does not have any fixed assets.

2. The Company did not have any inventory of finished goods, stores, spare parts and raw materials, during the year. In the absence of any stocks and any activity relating to inventory, the clauses relating to its physical verification, procedures, maintenance of records and discrepancies are not applicable.

3. As mentioned in the clause 4(vii) of the Audit Report, we have not been able to verify the register to be maintained u/s. 301, and hence we are unable to express any opinion on the loans granted to/ taken from parties disclosed u/s. 301 of the Companies Act, 1956.

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 purchases of fixed assets. The Company has not carried any activity involving purchase of inventory and sale of goods. We have not noted any continuing failure to correct major weakness in the internal controls during the course of the audit.

5. As mentioned in the clause 5(vii) of the Audit Report, we have not been able to verify the register to be maintained u/s. 301, hence we are unable to express any opinion about transactions that need to be entered into the register maintained u/s. 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder are not applicable.

7. The Company did not have an internal audit system during the year under report.

8. The Central Government has not prescribed the maintenance of cost records under clause (d) of sub section (1) of section 209 of the Companies Act, 1956 in respect of services rendered by the Company.

9. a) (i) According to the information and explanations given to us, and on the basis of our examination of the books of account, the Company has been generally regular in depositing with appropriate authorities undisputed statutory dues including Income Tax and other material statutory dues applicable to it.

(ii) According to the information and explanations given to us, the Company was not liable for contribution towards Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Sales Tax and Wealth Tax, Custom Duty, Excise Duty, and Cess during the year.

(iii) According to the records of the Company there are no undisputed arrears of statutory dues, which were outstanding as on 31st March, 2012 for a period of more than six months from the date they become payable.

b) According to the records of Company examined by us, there were no dues of Sales Tax, Customs Duty, Wealth Tax and Cess which have not been deposited on account of any dispute.

10. There are no accumulated losses exceeding fifty percent of the net worth of the Company at the end of the financial year. The Company has incurred cash losses during the reporting financial year and the preceding financial year.

11. The Company has neither taken any loans from a financial institution or a bank nor issued any debentures.

12. 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 nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual benefit fund/societies.

14. According to the information and explanations given to us, the Company is not dealing in shares, securities, debentures and other investments.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any new term loans during the financial year.

17. The company has raised funds on during the financial year by way of issue of 17,10,000 equity shares of Rs. 10 each at a premium of Rs. 50/- per share.

18. As mentioned in the clause 5(vii) of the Audit Report, we have not been able to verify the register to be maintained u/s. 301, hence we are unable to verify whether the Company has made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. The Company has not issued any debentures. So the clause for creation of securities in respect of debentures is not applicable to the Company.

20. The Company has not raised any money by public issues during the year. So the clause for disclosure on the end use of money raised by public issues and its verification is not applicable to the Company.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, nor have been informed of any such case by the management.

Sd/-

For BHANGARIA & Co., Nikunj G. Bhangaria

Chartered Accountants Proprietor

F.R.No. 129105W M.No. 121369

PLACE : MUMBAI

DATED : 30th August, 2012


Mar 31, 2010

1. We have audited the attached Balance Sheet of THE HINGIR RAMPUR COAL COMPANY LIMITED ("Company"), as at 31st March, 2010 and also the Profit and Loss Account and te 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.

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 (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks of the books and records as we considered necessary and appropriate and according to the information and explanations given to us during the course of the audit, 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:

i) 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;

ii) In our opinion, and as per the information and explanations given to us, proper books of account have been kept by the Company so far as appears from our examination of the books.

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

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

v) On the basis of the representations received from the Directors, we report that these Directors are not disqualified as at 31st March 2010 from being reappointed as Directors under section 274(1 )(g) of the Companies Act, 1956.

vi) During the year the company has transferred the balance between other party accounts without any documentary evidence. This, coupled with non- availability of confirmation from the parties for their year-end balances, we are unable to vouch for the correctness of the entries made in these parties accounts and consequently unable to express any opinion about the correctness of the year end balances of these parties.

vii) We have not been able to verify the Register to be maintained u/s 301 of the Companies Act, 1956 as the same was not furnished to us. Hence we are unable to express any opinion on the same and the various clauses in the annexure to this report.

5. Subject to the matter referred to in Paragraph 4 and its effect on the accounts of the Company as indicated above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

ANNEXURE TO THE AUDITORS REPORT (REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE)

1. The Company does not have any fixed assets.

2. The Company did not have any inventory of finished goods, stores, spare parts and raw materials, during the year. In the absence of any stocks and any activity relating to inventory, the clauses relating to its physical verification, procedures, maintenance of records and discrepancies are not applicable.

3. As mentioned in the clause 4(vii) of the Audit Report, we have not been able to verify the register to be maintained u/s. 301, and hence we are unable to express any opinion on the loans granted to/ taken from parties disclosed u/s. 301 of the Companies Act, 1956.

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 purchases of fixed assets. The Company has not carried any activity involving purchase of inventory and sale of goods. We have not noted any continuing failure to correct major weakness in the internal controls during the course of the audit.

5. As mentioned in the clause 5(vii) of the Audit Report, we have not been able to verify the register to be maintained u/s. 301, hence we are unable to express any opinion about transactions that need to be entered into the register maintained u/s. 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder are not applicable.

7. The Company did not have an internal audit system during the year under report.

8. The Central Government has not prescribed the maintenance of cost records under clause (d) of sub section (1) of section 209 of the Companies Act, 1956 in respect of services rendered by the Company.

9. a) (i) According to the information and explanations given to us, and on the basis of our examination of the books of account, the Company has been generally regular in depositing with appropriate authorities undisputed statutory dues including Income Tax and other material statutory dues applicable to it.

(ii) According to the information and explanations given to us, the Company was not liable for contribution towards Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Sales Tax and Wealth Tax, Custom Duty, Excise Duty, and Cess during the year.

(iii) According to the records of the Company there are no undisputed arrears of statutory dues, which were outstanding as on 31st March, 2010 for a period of more than six months from the date they become payable, except an amount of Rs. 1,13,394/- on account of income tax for financial year 2007-08, and an amount of Rs. 6,761/- being Unpaid Dividend (1998-99) has not been transferred to Investor Education and Protection Fund.

b) According to the records of Company examined by us, there were no dues of Sales Tax, Customs Duty, Wealth Tax and Cess which have not been deposited on account of any dispute.

10. There are no accumulated losses exceeding fifty percent of the net worth of the Company at the end of the financial year. The Company has incurred cash losses during the current financial year and the preceding financial year.

11. The Company has neither taken any loans from a financial institution or a bank nor issued any debentures.

12. 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 nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual benefit fund/societies.

14. According to the information and explanations given to us, the Company is not dealing in shares, securities, debentures and other investments.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any new term loans during the financial year.

17. The company has not raised any funds on short term/long term basis during the financial year.

18. As mentioned in the clause 5(vii) of the Audit Report, we have not been able to verify the register to be maintained u/s. 301, hence we are unable to verify whether the Company has made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. The Company has not issued any debentures. So the clause for creation of securities in respect of debentures is not applicable to the Company.

20. The Company has not raised any money by public issues during the year. So the clause for disclosure on the end use of money raised by public issues and its verification is not applicable to the Company.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, nor have been informed of any such case by the management.

For BHANGARIA & Co. ,

Chartered Accountants

NIKUNJ G. BHANGARIA

PROPRIETOR

M. No. 121369

PLACE : MUMBAI

DATED : 25th August 2010


Mar 31, 2009

1. We have audited the attached Balance Sheet of The Hingir Rampur Coal Company Limited as at 31st March 2009, the related Profit and Loss Account annexed thereto and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. These financial statements are the responsibility of the management of the company. 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 These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 (hereinafter the Order) issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956 (the Act) and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out 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, Profit and Loss Account 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, Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the applicable accounting standards referred to in section 211 (3C) of the Act;

(e) On the basis of written representations received from the Directors as on 31stMarch, 2009 and taken on record by the Board of Directors of the company, none of the Directors is disqualified as no 31st March ,2009 from being appointed as a Director in terms of section 274 (1) (g) of the Act;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 statement of affairs of the company as at 31st March, 2009,

(ii) in the case of the Profit and Loss Account, of the loss for the year ended 31st March ,2009, and

(iii) in the case of the cash Flow Statement, of the cash flows for the year ended 31st March, 2009.



ANNEXURE TO THE AUDITORS REPORT

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

(i) The company has no fixed assets.

(ii) During the year, the company did not hold any stock of finished goods, stores, spare parts and raw materials, and hence, we have no comments to offer on the physical verification, valuation and internal control procedures and determination of unserviceable or damaged items.

(iii) The company has neither granted nor taken any loans, secured or unsecured, to / from companies, firms or other parties listed in the register maintained under section 301 of the Act.

(iv) The internal control procedures of the company are generally adequate having regard to the size of the company and the nature of its business for purchase of fixed assets. The company has not purchased any stores and raw materials including components during the year.

(v) In our pinion and according to the information and explanation given to us, there were no transactions during the year that need to be entered into the Register maintained under section 301 of the Act.

(vi) The company has not accepted any deposits from the public within the meaning of directives issued by Reserve Bank of India and the provisions of sections 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975 .

(vii) We are not required to comment on the internal audit system of the company as the paid up share capital and average annual turnover of the company is less than the prescribed limit.

(viii) The Central Government has not prescribed maintenance of cost records under section 209(1) (d) of the Companies Act 1956 for any of the activities of the company.

(ix) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the undisputed statutory dues in respect of provident fund, investors education and protection fund, employees, state insurance, income tax, sales tax, wealth tax, customs duty, excise duty, cess and other statutory dues as applicable, have generally been regularly deposited by the company during the year with the appropriate authorities in India There were no arrears as at 31st March 2009 of undisputed amount which were due for a period of more than six months from the date they became payable except an amount of Rs. 1,13,394/- on account of income tax for previous year and amount of Rs. 6761/- being Unpaid Dividend (1998-99) has not been transferred to Investor Education and Protection Fund.

(b) At the last day of the financial year, according to the records of the company and the information and explanations given to us, there were no dues of income tax, sales tax, excise duty, custom duty, wealth tax and cess which have not been deposited on account of any dispute.

(x) There are no accumulated losses exceeding fifty percent of the net worth of the company at the end of the financial year. The company has incurred cash losses during the current financial year but there was cash profit in the immediately preceding financial year.

(xi) According to the records of the company examined by us and the information and explanations given to us, the company has no dues to financial institutions and banks.

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

(xiii) The provision of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the company.

(xiv) In our opinion and according to the information and explanation given to us, during the year the company has not traded in securities.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) The company has not obtained any term loans during the year.

(xvii) On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis which have been used for long-term investment.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act during the year.

(xix) The company has not issued any debentures during the year.

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

(xxi) During the course of our examination of the books and records of the company. carried out in accordance with the generally accepted auditing practices in India. and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, nor have been informed of any such case by the management.



For GAGRANI & ASSOCIATES Chartered Accountants (Anurag R. Gupta)

Place: Mumbai Partner Date : 24.08.2009 Membership No. : 108677

 
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