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Auditor Report of G R Cables Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of G.R. Cables Limited ("The Company"), which comprise the Balance Sheet as at March 31, 2015, 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 Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,2013 ("the Act") with respect to 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 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 provision 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 financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and 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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 143(3) of the Act, 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 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 March 31, 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 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:

a. The Company has disclosed the impact of pending litigations on its financial position in its financial statements.

b. The Company did not have any material foreseeable losses relating to long-term contracts including derivative contracts.

c. There has been no delay in transferring amounts, required to be transferred, to the Investors Education and Protection Fund by the Compan.

Annexure to the Independent Auditors' Report on the Financial Statements

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

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

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies have been noticed on such verification.

(2) (a) The physical verification of inventory has been conducted at reasonable intervals by the management during the year.

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

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

(3) According to the information and explanations given to us, the Company has not granted loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013.

(4) (a) 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 services and

(b) During the course of our audit we have not observed any continuing failure to correct major weaknesses in such internal control system.

(5) The company has not accepted any deposits to which the directives issued by the Reserve Bank of India and provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under would apply.

(6) The maintenance of cost records specified by the Central Governmentto which the provisions of section 148(1) of the 2013 Act would apply are under compilation.

(7) a) 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 regular in depositing with appropriate authorities undisputed statutory dues including income tax, sales tax, Value added tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it except provident fund and employees' state insurance.

b) According to the information and explanations given to us, there are no dues in respect of sales tax, income tax, customs duty, wealth tax, service tax, excise duty, and cess that have not been deposited with the appropriate authorities on account of any dispute. The company has a deferred sales tax loan of Rs, 851.73 lakhs as its liability.

(8) The company have accumulated losses of Rs, 3332.53 Lacs exceeding fifty percent of its net worth at the end of the financial year and has incurred a cash loss of Rs, 19.43 lacs in the financial year and a cash loss of Rs, 20.01 lacs in the financial year immediately preceding such financial year.

(9) In our opinion and according to the information and explanations given to us, the lending banks has initiated legal proceedings against the company for recovery of loan amounts the Company has not issued any debentures.

(10) 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. Accordingly, clause (x) of the Order is not applicable.

(11) The company has not raised any Term Loans during the year. Accordingly, clause (xi) of the Order is not applicable.

(12) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.



By Order of Board of Directors

For G.R. Cables Limited

Place : Hyderabad G.R. Reddy

Date : 14.08.2015 Managing Director


Mar 31, 2013

We have audited the accompanying financial statements of GR Cables Limited ("the Company"), which comprise the Balance Sheet as at March enended, and the Statement Management is responsible for the preparation of these financial statements that give a true and fair view of the financial poscotionng Stand performance and cash flows of the Company in accordan Cten from material misstatement, whether due to fraud or error. approMhe cMSe to fr Sud or err. InM S5S5ssessments, 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. required and give a true and fair view in coororniioywith the accounting principles generally '' accepted in India:

a) In the case of the Balance Sheet, Restate of affairs ofthe Company as at March

b) da n 1 the case of the Profit and Loss Account, of the loss for the year ended on that

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

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

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount. secteon ent c of the Compan A es Act, ing S;

e) On the basis of written representations received from the directors as on March 31, disqua and taken on record by the Board of Directors, none of the directors is clause

(g) of sub-s March a''2013, f on7of the Companies 1956. terms of

f) Since the Central Government has not issued any notification as to the rate at which is to be paid, no cess is due and payable by the Company. ofarcR. C on the basis of such checks as we conscomerean appropriate and according to the information and explanation given to us during the course of our Audit we reportthat:

(b) The fixed assets have b e e n physically verified by the manag ement at reasoable

2. (a) The he mana verification of inventory has been conducted at reasonable intervals

(c) In our opinion, the Company is maintaining proper records of inventory.

3. (a) The company has not granted loans to parties covered in the Register maintained

(Qj unde company 3 a 0 1 no of t a he n loans from pa ct, iss cover Acco in in e Regis aus r maiintaine d

a TheTlffg ion of h s e OfeZ^^''s e^ctTpara no. 16 of th s 4 not to accounts schedule -19 forming of this report.

4. In our opin a on and according to the information and exp w anations g e o en to us, there

5. (a) e Acco co rd e p g ol to the information and explanations g th en to us, we are of the op o n th on

register maintained of co d ntracts

(b) In rans ur opinion and the prices w hich are reasonable having regard to prevailing market prices at the

6. The Comp

of Sections y ha, s not a, and any other relevant provisions of the Companies Act, 1956 and the rules framed there under would apply.

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

9. (a) According to the information and explanations given to us a n r on l a r i basis o s i our tax xamination of th boo

(b) Ac suranc ing to the information and explanations given to us, there is an amount of Rs. ord,401/- with re spect to Em ploy eeas'' State Insuran c e and Rs . 68,200/-w ith re o pect to Pro he iden at Fund as at 31st M ya rch 2013, for a period of more than six

(c) Ac spe rdng o to the'' information an ame expanatio e. ns given to us, there are no , excis in

11. In our opn iion and according to the information and explanations given to us, the lending banks has initiated legal proceedings against the company for recovery of loan amounts the Company has not 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. Accordingly, clause 4 (xii) of the Order is not applicable.

13. The company is not a chit fund, nidhi, mutual benefit fund ora society. Accordingly, clause 4 (xiii) of the Order is not applicable.

15. 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. Accordingly clause 4 (xv) of the Order is not applicable.

16. The company has not raised any Term Loans during the year. Accordingly, clause 4 (xvi)of the Order is not applicable.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we are of the opinion that the no funds raised on short-term basis have been used for long-term investment.

18. The company has not made any preferential allotment of shares to parties and have been issued is prejudicial to the interest of the Company does not arise.

20. the company has not raised any money by pubic ssues during the year. Accordingly, clause 4 (xx) of the Order is not applicable ,

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.



for Srinivas P & Associates

Chartered Accountants

F.R.NO: 006987S

P.Srinivas

Place-.Hyderabad Proprietor

Date : 12.07.2013 M.No. 204098


Mar 31, 2012

1. We have audited the attached Balance Sheet of G.R. Cables Limited as at 31st March 2012, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility 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 and amendment thereto by the Companies (Auditor's Report) (Amendment) Order 2004 (hereinafter referred to as "Order") 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 above, we report that:

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

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

iii. The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the Books of Account;

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

v. On the basis of written representations received from Directors as on 31st March 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a director in terms of Section 274 (1) (g) of the Companies Act, 1956;

vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 March 31, 2012;

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDIT REPORT OF EVEN DATE

1. (a) The company has maintained proper records showing full particulars, including

quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies have been noticed on such verification.

(c) The company has not disposed off substantial part of fixed assets during the year so as to affect the going concern status of the company.

2. (a) The physical verification of inventory has been conducted at reasonable intervals by the management during the year.

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

(c) In our opinion, the Company is maintaining proper records of inventory.

3. (a) The company has not granted loans to parties covered in the Register maintained

under Section 301 of the Companies Act, 1956 and hence clause 4 (iii) (a) to clause 4 (iii) (d) of the Order are not applicable.

(e) The company has not taken loans from parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Accordingly, clauses 4 (iii) (f) and 4 (iii) (g) of the Order are not applicable subject to Para no.16 of the note to accounts schedule -19 forming of this report.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods; there is no sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion

that the particulars of contracts or arrangements that need to be entered in to the register maintained under section 301 of the Companies Act, 1956 are entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs with such party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public to which the provisions of Sections 58A, 58AA and any other relevant provisions of the Companies Act, 1956 and the rules framed there under would apply.

7. The company has no outside internal audit system commensurate with its size and the nature of its business.

8. According to the information and explanations given to us, the cost records required to be maintained under section 209 (1) (d) of the Companies Act, 1956 are under compilation.

9. (a) 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 regular in depositing with appropriate authorities undisputed statutory dues including income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it except provident fund and employees' state insurance.

(b) According to the information and explanations given to us, there is an amount of Rs. 9516/- with respect to Employees' State Insurance and Rs. 68816/- with respect to Provident Fund as at 31st March 2012, for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues in respect of sales tax, income tax, customs duty, wealth tax, service tax, excise duty, and cess that have not been deposited with the appropriate authorities on account of any dispute.

10. The company have accumulated losses of Rs.3261 Lacs exceeding fifty percent of its net worth at the end of the financial year and has incurred a cash loss of Rs. 19.67 lacs in the financial year and a cash loss of Rs.187.04 lacs in the financial year immediately preceeding such financial year.

11. In our opinion and according to the information and explanations given to us, the lending banks has initiated legal proceedings against the company for recovery of loan amounts the Company has not 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. Accordingly, clause 4 (xii) of the Order is not applicable.

13. The company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4 (xiii) of the Order is not applicable.

14. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, clause 4 (xiv) of the Order is not applicable.

15. 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. Accordingly, clause 4 (xv) of the Order is not applicable.

16. The company has not raised any Term Loans during the year. Accordingly, clause 4 (xvi) of the Order is not applicable.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we are of the opinion that the no funds raised on short-term basis have been used for long-term investment.

18. 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. Accordingly, the question of reporting on whether the price at which such shares have been issued is prejudicial to the interest of the Company does not arise.

19. The company has not issued any debentures. Accordingly, the question of creating a security or charge for debentures does not arise.

20. The company has not raised any money by public issues during the year. Accordingly, clause 4 (xx) of the Order is not applicable.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For Srinivas P & Associates

Chartered Accountants

F.R.NO: 006987S

P.Srinivas

Place:Hyderabad Proprietor

Date :04.09.2012 M.No. 204098


Mar 31, 2011

1. We have audited the attached Balance Sheet of G R Cables Limited as at 31st March 2011, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility 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 and amendment thereto by the Companies (Auditor's Report) (Amendment) Order 2004 (hereinafter referred to as "Order") 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 above, we report that:

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

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

iii. The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the Books of Account;

iv. Subject to Point No. (1) (E) of Notes of Accounts in Schedule 19 to Financial Statements, in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956;

v. On the basis of written representations received from Directors as on 31 st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March 2011 from being appointed as a director in terms of Section 274 (1) (g) of the Companies Act, 1956;

vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 March 31,2011;

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDIT REPORT OF EVEN DATE

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

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies have been noticed on such verification.

(c) The company has not disposed off substantial part of fixed assets during the year so as to affect the going concern status of the company.

2. (a) The physical verification of inventory has been conducted at reasonable intervals by the management during the year.

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

(c) In our opinion, the Company is maintaining proper records of inventory. The Depletion of inventories were identified and written off in the books of accounts as per Para no.9 of note to accounts schedule -19 forming part of this report.

3. (a) The company has not granted loans to parties covered in the Register maintained under Section 301 of the Companies Act, 1956 and hence clause 4 (iii) (a) to clause 4 (iii) (d) of the Order are not applicable.

(e) The company has not taken loans from parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Accordingly, clauses 4 (iii) (f) and 4 (iii) (g) of the Order are not applicable subject to Para no. 16 of the note to accounts schedule -19 forming of this report.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods; there is no sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered in to the register maintained under section 301 of the Companies Act, 1956 are entered.

(b) As per the information and explanations provided to us there are no transactions made in pursuance of contracts/agreements entered in the register maintained under Section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public to which the provisions of Sections 58A, 58AA and any other relevant provisions of the Companies Act, 1956 and the rules framed there under would apply.

7. The Company has no outside internal audit to commensurate the size of the company.

8. According to the information and explanations given to us, the cost records required to be maintained under section 209 (1) (d) of the Companies Act, 1956 are under compilation.

9. (a) 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 regular in depositing with appropriate authorities undisputed statutory dues including income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it except provident fund and employees' state insurance.

(b) According to the information and explanations given to us, there is an amount of Rs. 9516/- with respect to Employees' State Insurance and Rs. 68816/- with respect to Provident Fund as at 31st March 2011, for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues in respect of sales tax, income tax, customs duty, wealth tax, service tax, excise duty, and cess that have not been deposited with the appropriate authorities on account of any dispute.

10. The company have accumulated losses of Rs.3261 Lacs exceeding fifty percent of its net worth at the end of the financial year and has incurred a cash loss of Rs. 187.04 lacs in the financial year and a cash loss of Rs.61.27 lacs in the financial year immediately preceeding such financial year.

11. In our opinion and according to the information and explanations given to us, the lending banks has initiated legal proceedings against the company for recovery of loan amounts the Company has not 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. Accordingly, clause 4 (xii) of the Order is not applicable.

13. The company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4 (xiii) of the Order is not applicable.

14. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, clause 4 (xiv) of the Order is not applicable.

15. 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. Accordingly, clause 4 (xv) of the Order is not applicable.

16. The company has not raised any Term Loans during the year. Accordingly, clause 4 (xvi) of the Order is not applicable.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we are of the opinion that the no funds raised on short-term basis have been used for long-term investment.

18. 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. Accordingly, the question of reporting on whether the price at which such shares have been issued is prejudicial to the interest of the Company does not arise.

19. The company has not issued any debentures. Accordingly, the question of creating a security or charge for debentures does not arise.

20. The company has not raised any money by public issues during the year. Accordingly, clause 4 (xx) of the Order is not applicable.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

for Srinivas P & Associates Chartered Accountants F.R.NO: 006987S

P.Srinivas Proprietor M.No. 204098

Place: Hyderabad Date : 05.09.2011






Mar 31, 2010

1. We have audited the attached Balance Sheet of GLR. Cables Limited as at 31st March 2010, the Profit and Loss Account and the Cash Flow Statement of the Company for the period ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 and amendment thereto by the Companies (Auditors Report) (Amendment) Order 2004 (hereinafter referred to as "Order") 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 above, we report that:

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

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

iii. The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the Books of Account;

iv. Subject to Point No. (1) (E) of Notes of Accounts in Schedule 18 to Financial Statements, in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956;

v. On the basis ofwritten representations received from Directors as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March 201 Of rom being appointed as a director in terms of Section 274 (1) (g) of the Companies Act, 1956;

vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 March 31, 2010;

b) in the case of the Profit and Loss Account, of the loss for the period ended on that date; and

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDIT REPORT OF EVEN DATE

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

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies have been noticed on such verification.

(c) The company has not disposed off substantial part of fixed assets during the year so as to affect the going concern status of the company.

2. (a) The physical verification of inventory has been conducted at reasonable intervals by the management during the year.

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

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

3.
(e) The company has not taken loans from parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Accordingly, clauses .4 (iii) (f) and 4 (iii) (g) of the Order are not applicable

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods; there is no sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered in to the register maintained under section 301 of the Companies Act, 1956 are entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs with such party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public to which the provisions of Sections 58A, 58AA and any other relevant provisions of the Companies Act, 1956 and the rules framed there under would apply.

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

8. According to the information and explanations given to us, the cost records required to be maintained under section 209 (1) (d) of the Companies Act, 1956 are under compilation.

9. (a) 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 regular in depositing with appropriate authorities undisputed statutory dues including income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it except provident fund and employees state insurance.

(b) According to the information and explanations given to us, there is an amount of Rs. 3918/- with respect to Employees State Insurance and Rs. 39823/- with respect to Provident Fund as at 31st March 2010, for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues in respect of sales tax, income tax, customs duty, wealth tax, service tax, excise duty, and cess that have not been deposited with the appropriate authorities on account of any dispute.

10. The company have accumulated losses of Rs.3087 Lacs exceeding fifty percent of its net worth at the end of the financial year and has incurred a cash loss of Rs. 61.27 lacs in the current financial peirod and a cash loss of Rs.771.13 lacs in the financial year immediately preceeding such financial period.

11. In our opinion and according to the information and explanations given to us, the lending banks have initiated legal proceedings against the company for recovery of loan amounts. The Company has not 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. Accordingly, clause 4 (xii) of the Order is not applicable.

13. The company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4 (xiii) of the Order is not applicable.

14. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, clause 4 (xiv) of the Order is not applicable.

15. 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. Accordingly, clause 4 (xv) of the Order is not applicable.

16. The company has not raised any Term Loans during the period. Accordingly, clause 4 (xvi) of the Order is not applicable.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we are of the opinion that the no funds raised on short-term basis have been used for long-term investment.

18. 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. Accordingly, the question of reporting on whether the price at which such shares have been issued is prejudicial to the interest of the Company does not arise.

19. The company has not issued any debentures. Accordingly, the question of creating a security or charge for debentures does not arise.

20. The company has not raised any money by public issues during the period. Accordingly, clause 4 (xx) of the Order is not applicable.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

for Srinivas P & Associates

Chartered Accountants

Place: Hyderabad P.Srinivas

Date : 03.12.2010 Proprietor

M.No. 204098




Sep 30, 2009

1. We have audited the attached Balance Sheet of G.R. Cables Limited as at 30th September 2009, the Profit and Loss Account and the Cash Flow Statement of the Company for the period ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 and amendment thereto by the Companies (Auditors Report) (Amendment) Order 2004 (hereinafter referred to as "Order") 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 oh the matters specified in Paragraphs 4 and 5 of the said Order.

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

i. We have obtained all the information and explanations which to thetoest of our knowledge and belief, were necessary for the purpose of our audit; ,

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

iii. The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are In agreement with the Books of Account;

iv. Subject to Point No. (1) (E) of Notes of Account* In Schedule 19 to Financial Statements, in our opinion, the Batence Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with tie-Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956;

v. On the basis of written representations received from Directors as on 30th September, 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 30tb September 2009 from being appointed as a director in terms of Section 274 (1) (g) of the Companies Act, 1956;

vi. Subject to Note Nos. 1 (A) and 18 of Schedule 18 of Financiat Statements, 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 September 30; 2009;

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUCTT REPORT OF EVEN DATE

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

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies have been noticed ensued verification.

(c) The company has not disposed off substantial part of fixed assets during the year so as to affect the going concern status of the company.

2. (a) The physical verification of iiwerrtory has been conducted at reasonable intervals by the management during the year.

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

(c) In our opinion, the Company is maintaining proper records-of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. (a) The company has not granted loans to parties under Section 301 of the Companies Act,1956 and hence clause 4 (iii) (a) to clause 4 (iii) (d) of the Order are not applicable.

(e) The company has not taken loans from parties covered in the Register maintained under Section 301 of the Companies Act, 1956 Accordingly, clauses. 4 (iii) (f) and 4 (iii) (g) of the Order are not applicable

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedurees commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods; there is:no sale of services. During the course of our audit, we have not observed any continuing failure to correot major weaknesses in internal controls.

5. (a) According to the information and explanations given to us we are of the opinion that the particulars of contracts or arrangements that need to ]be entered in to the register maintained under section 301 of the companies Act , 1956 are entered.

(b) In our opinion and according to the information and explanations givento us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs with such party during the year have-been made at prices which are reasonable having regard to prevailing at the relevant time

6. The Company has not accepted any deposits from the public to which the provisions of Sections 58A, 58A and any other relevant of 1956 and the rules framed there under would apply,

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

8. According to the information and explanations given to us, the cost records required to be maintained under section 209 (1) (d) of the Companies Act, 1956 are under compilation. , , .

9. (a) 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 regulation with appropriate authorities undisputed statuory does tax, wealth tax, service tax, customs duty, cess and other material statutory dues applicable to it except provident fund and employees state insurance.

(b) According to the information and explanations given to us, there is an amount of Rs. 1086/- with respect to employees state insurane and Rs. 189431/- with respect to provident Fund as at 30th september for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues in respect of sales tax,, income tax customs duty, wealth tax, service to, excise duty, and cess that have not been deposited with the appropriate account of any dispute:

10. The company have accumulated tosses of ps.2953 lacs exceeding fifty percent of its net worth at the end of the financial year and has incurred a cash Joss of Rs. 771.13 lacs before prior period items in the financial year and a cash of toss Rs. 514.48 lacs in the financial year immediately preceeding such financial year.

11. In our opinion and according to the information and-explanations given to us, the company has not defaulted in repayment of dues to a financial Institution or bank and has not 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. Accordingly, clause 4 (xii) of the Order is not applicable.

13. The company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4 (xiii) of the Order is not applicable.

14. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, clause 4 (xiv) of the Order is not applicable.

15. 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. Accordingly, clause 4 (xv) of the Order is not applicable,

16. The company has not raised any Term Loans during the year. Accordingly, clause 4 (xvi) of the Order is not applicable.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we are of the opinion that the no funds raised on short-term basis have been used for long-term investment

18. 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. Accordingly, the question of reporting on whether the price at which such shares have been issued is prejudicial to the interest of the Company does not arise.

19. The company has not issued any debentures. Accordingly, the question of creating a security or charge for debentures does not arise.

20. The company has not raised any money by public issues during the year. Accordingly, clause 4 (xx) of the Order is not applicable.

21. According to the information and explanations givfn & us. no fraud on or by the company has been noticed or reported during the course of our audit.



for Srtnivas P & Associates Chartered Accountants P-Sriniyas Place: Hyderabad Proprietor Date : 04.12.2009 M.No. 204098

 
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