Home  »  Company  »  JaiprakashAssociates  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Jaiprakash Associates Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Jaiprakash Associates 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 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 notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

Without qualifying our opinion, we draw attention to note 34(d) of the financial statements, relating to the order of the Competition Commission of India (CCI), concerning alleged contravention of the provisions of the Competition Act, 2002 and imposing a penalty of Rs. 132360 lacs on the Company. As per directions of the Competition Appellate Tribunal an amount of Rs. 13236 lacs has been deposited which will remain with them and not be disbursed during the pendency of the appeal. Based on the advice of the Company''s counsels as well as its own assessment, the Company believes that it has strong grounds for the success of the appeal, and hence no provision has been considered necessary by the Company in this regard.

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

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

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 purpose of our audit;

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

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of

Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(Rs. lacs)

Forum where dispute is pending Period to Name of Statute Appellate which amount Supreme Total (Nature of dues) relates Commissi -onarate authorities- High Court Court Tribunal

Central Excise 1988-1992 13.65 - - - 13.65

2000-2002 - 1.32 2.16 - 3.48

2000-2004 - 88.22 - - 88.22

2004-2005 - 150.59 - - 150.59

2005-2007 2.06 - - - 2.06

2005-200 - 64.88 - - 64.88

2005-2008 - 328.69 - - 328.69

2009-2010 2.52 2.02 - - 4.54

2000-2003 - 12.55 - - 12.55

2002-2004 - 72.93 - - 72.93

2004-2006 - - 1.80 - 1.80

2006-2007 - 53.75 - - 53.75

2006-2008 - 10.29 - - 10.29

2007-2008 - 480.81 - - 480.81

2008-2009 - 17.38 224.15 - 241.53

2008-2010 306.19 - - - 306.19

2008-2011 317.42 763.59 - - 1,081.01

2006-2010 138.35 542.28 - - 680.62

2009-2011 1.89 578.70 - - 580.59

2010-2011 24.73 - - - 24.73

2010-2012 3.80 0.16 - - 3.96

2011-2012 5.34 - - - 5.34

2012-2013 13.54 - - - 13.54

2013-2014 - 551.76 - - 551.76

Electricity Duty & Cess 1991-2002 - - 1,844.71 - 1,844.71

2003-2004 - - - 92.49 92.49

2006-2011 - - 10,643.33 - 10,643.33

2008-2014 - - 104.09 - 104.09

U.P. Trade Tax 1998-1999 - - 241.71 - 241.71

2007-2008 130.36 - - - 130.36

2008-2009 12.36 - - - 12.36

2009-2010 - 4.00 - - 4.00

2001-2001 - - 0.73 - 0.73

2010-2011 23.71 - - - 23.71

MPCT/CST 1999-2000 9.83 - - - 9.83

2001-2002 20.38 - - - 20.38

2004-2005 - 58.25 - - 58.25

2005-2006 - - 266.19 - 266.19

2002-2008 - - - 9,029.24 9,029.24

2000-2001 - - 227.23 - 227.23

2006-2008 427.41 - - - 427.41

2007-2008 - - 90.49 - 90.49

2008-2009 - 2.05 - - 2.05

2009-2010 2.93 265.52 - - 268.45

2012-2014 - - 86.85 - 86.85

2010-2011 582.18 170.09 - - 752.26

2013-2014 - - 988.55 - 988.55

Himachal VAT 2013-2014 - - 2,266.69 - 2,266.69

U.P. Entry Tax 2007-2008 - - - 1054.15 1054.15

2008-2009 - - - 2835.65 2835.65

2009-2010 - - - 3161.19 3161.19

2010-2011 - - - 404.42 404.42

2011-2012 - - - 510.95 510.95

2012-2013 - - - 4.28 4.28

2013-2014 - - - 19.97 19.97

M.P.Entry Tax 2000-2001 0.90 - - - 0.90

2001-2002 - - 148.76 - 148.76

2006-2007 9.40 - - - 9.40

2005-2014 - - - 7,729.81 7,729.81

2007-2008 92.07 0.33 - - 92.41

2009-2014 - - - 1,026.89 1,026.89

2010-2011 190.74 5.43 - - 196.16

Himachal Entry Tax 2010-2011 - - 196.07 - 196.07

2011-2012 - - 507.87 - 507.87

2012-2013 - - 335.99 - 335.99

2013-2014 - - 410.00 - 410.00

Royalty on limestone incl Upto Dec 2012 - - 13,738.42 - 13,738.42 interest

Rural Infrastructure Tax Oct 05- Dec-13 - - - 375.31 375.31

Jan-07- Mar- 13 - - - 203.91 203.91

Tax on trans -portation of goods in Himachal 2010-2011 - - - 243.67 243.67 Pradesh

2011-2012 - - - 759.67 759.67

2012-2013 - - - 366.04 366.04

2013-2014 - - - 2,026.40 2,026.40

Service Tax 2009-2010 - 5.13 - - 5.13

Levy on transport of 2007-2011 - - - 582.70 582.70 limestone

Water Cess 2003-2013 - - 197.55 - 197.55

Customs Duty 2012-2013 - 5,781.56 - - 5,781.56

FY 2005-2006 Income Tax –TDS 1,31, 122.00 - - - 1,31,122.00 to 2012-2013

(x) The company does not have any accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

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

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

(xiii) In our opinion the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause (xiii) of Para 4 of the Order is not applicable.

(xiv) In our opinion the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, clause (xiv) of Para 4 of the Order is not applicable.

(xv) In our opinion and according to the information and explanations given to us, where the Company has given guarantee for loans taken by its subsidiaries from banks or financial institutions, the terms and conditions thereof are not prejudicial to the interest of the company.

(xvi) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the Company were applied by the Company during the year for the purposes for which the loans were obtained, other than temporary deployment pending application.

(xvii) According to the information and explanations given to us and on the overall examination of the Balance Sheet of the Company for the year under report, we are of the opinion that no funds raised on short term basis have been used for long term investment.

(xviii)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 Companies Act, 1956.

(xix) According to the information and explanations given to us, the Company has created security/charge in respect of secured non-convertible debentures issued and outstanding at the year end.

(xx) As the Company has not raised any money by way of public issues during the year, Clause (xx) of Para 4 of the Order is not applicable.

(xxi) According to the information and explanations given to us, no material fraud by or on the Company has been noticed or reported during the year. For M.P. SINGH & ASSOCIATES

Chartered Accountants Firm Registration No. 002183C

CA Ravinder Nagpal

Place : Noida Partner

Dated : 27th May, 2014 M.No.081594


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Jaiprakash Associates Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss, and the 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

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

Without qualifying our opinion, we draw attention to note 34(d) of the financial statements, relating to the order of the Competition Commission of India (CCI), concerning alleged contravention of the provisions of the Competition Act, 2002 and imposing a penalty of Rs. 1,323.6 crores on the Company. The Company is advised by its counsels that it has a good case for the Competition Appellate Tribunal setting aside the order passed by CCI, and accordingly no provision has been considered necessary by the Company in this regard.

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

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

b) in the case of the 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 purpose of our audit;

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

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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

ANNEXURE referred to in paragraph 1 of our report of even date to the members of Jaiprakash Associates Limited on the accounts of the Company for the year ended 31st March 2013.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

(i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. The situation of the moveable assets used in the construction activity keeps on changing from works sites depending upon requirements for a particular contract.

(b) A substantial portion of the Fixed Assets have been physically verified by the management during the year and in our opinion the frequency of verification is reasonable having regard to the size of the Company & nature of its assets. According to the information given to us and to the best of our knowledge, no material discrepancies were noticed on such physical verification.

(c) Fixed assets disposed off by the Company during the year were not substantial; hence it does not affect the Company as a going concern.

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

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

(c) The company is maintaining proper records of inventory. The discrepancies noticed on physical verification were not material and these have been properly dealt with in the books of account.

(iii) The Company has not granted nor taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods /real estate, electrical energy, services & supplies under EPC contracts. During the course of our audit we have not observed any continuing failure to correct major weakness in internal control system.

(v) Based on the audit procedures applied by us and according to the information and explanations given to us we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered into the register required to be maintained under that section. The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us the Company has complied with the provisions of Section 58a, 58AA and any other provisions of the Companies Act, 1956, and the rules framed thereunder with regard to the deposits accepted from the public. As informed to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal.

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

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

(ix) (a) As per records produced before us, the Company is generally regular in depositing undisputed statutory dues like Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and other material statutory dues applicable to it, with the appropriate authorities and there were no arrears of such dues at the year end which have remained outstanding for a period of more than six months from the date they became payable.

(b) As per records produced before us the dues of Income-tax, Sales-tax, Wealth tax, Service tax, Customs Duty, Excise Duty and cess which have not been deposited on account of any dispute are stated hereunder:

(Rs. lacs)

Period to Name of Statute which amount (Nature of dues) relates Commissionarate

Central Excise 1988-92 13.65

2000-02 -

2000-04 -

2004-05 -

Name of Statute Forum where dispute is pending Appellate Supreme Total authorities- High Court Court Tribunal

Central Excise - - - 13.65

1.32 2.16 - 3.48

88.22 - - 88.22

150.59 - - 150.59

(x) The company does not have any accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

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

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

(xiii) In our opinion the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause (xiii) of Para 4 of the Order is not applicable.

(xiv) In our opinion the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, clause (xiv) of Para 4 of the Order is not applicable.

(xv) In our opinion and according to the information and explanations given to us, where the Company has given guarantee for loans taken by its subsidiaries from banks or financial institutions, the terms and conditions thereof are not prejudicial to the interest of the company.

(xvi) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the Company were applied by the Company during the year for the purposes for which the loans were obtained, other than temporary deployment pending application.

(xvii)According to the information and explanations given to us and on the overall examination of the Balance Sheet of the Company for the year under report, we are of the opinion that no funds raised on short term basis have been used for long term investment.

(xviii)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 Companies Act, 1956.

(xix) According to the information and explanations given to us, the Company has created security/charge in respect of secured non-convertible debentures issued and outstanding at the year end.

(xx) As the Company has not raised any money by way of public issues during the year, Clause (xx) of Para 4 of the Order is not applicable.

(xxi) According to the information and explanations given to us, no material fraud by or on the Company has been noticed or reported during the year.

For M.P. SINGH & ASSOCIATES

Chartered Accountants

Firm Registration No. 002183C

(CA Ravinder Nagpal)

Place : Noida Partner

Dated : 4th May, 2013 M.No.081594


Mar 31, 2012

1. We have audited the attached Balance Sheet of Jaiprakash Associates Limited as at 31st March, 2012 and also the annexed Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Jaiprakash Associates Limited 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. These Standards require that we plan and perform the audit to obtain reasonable assurance whether the Financial Statements are prepared free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of financial statement. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order 2004, 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 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 purpose of our audit;

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

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

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

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

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

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

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

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

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 3 of our report of even date on the accounts for the year ended 31st March, 2012, of Jaiprakash Associates Limited.

(i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. The situation of the moveable assets used in the construction activity keeps on changing from works sites depending upon requirements for a particular contract.

(b) A substantial portion of the Fixed Assets have been physically verified by the management during the year and in our opinion the frequency of verification is reasonable having regard to the size of the Company & nature of its assets. According to the information given to us and to the best of our knowledge, no material discrepancies were noticed on such physical verification.

(c) Fixed assets disposed off by the Company during the year were not substantial; hence it does not affect the Company as a going concern.

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

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

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on physical verification were not material and these have been properly dealt with in the books of account.

(iii) The Company has not granted nor taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods / real estate, electrical energy, services & supplies under EPC contracts. During the course of our audit we have not observed any continuing failure to correct major weakness in internal control system.

(v) Based on the audit procedures applied by us and according to the information and explanations given to us we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered into the register required to be maintained under that section. The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us the Company has complied with the provisions of Section 58A, 58AA and any other provisions of the Companies Act, 1956, and the rules framed thereunder with regard to the deposits accepted from the public. As informed to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal.

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

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

(ix) (a) As per records produced before us, the Company is generally regular in depositing undisputed statutory dues like Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income- tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it, with the appropriate authorities and there were no arrears of such dues at the year end which have remained outstanding for a period of more than six months from the date they became payable.

(b) As per records produced before us the dues of Income-tax, Sales-tax, Wealth tax, Service tax, Customs Duty, Excise Duty and Cess which have not been deposited on account of any dispute are stated hereunder:

(Rs. lacs)

Forum where dispute is pending Period to Name of Statute (Nature of dues) which amount Appellate Supreme relates Commissio narate authorities- High Court Court Tribunal Central Excise 1988-92 - - - -

1999-01 - 0.65 - -

2000-02 - 1.32 - 2.16

2000-04 - 88.22 - -

2004-05 - 140.97 - -

2005-07 2.06 - - -

2005-06 - 64.88 - -

2007-09 - 585.07 - -

2009-10 2.52 819.92 - -

2000-01 - - - -

2000-03 7.11 12.55 - -

2002-04 - 72.93 - -

2004-06 - - 1.80 -

2006-07 - 0.58 - -

2007-08 - 480.81 - -

2008-09 19.08 321.30 - -

2006-10 - 552.28 - -

2009-11 580.72 - - -

Electricity Duty & Cess 1991- 2002 - - 1,844.71 -

2003- 2004 - - - 50.64

2003- 2004 - - - 41.85

U.P. Trade Tax 1998-99 - - - 241.71

1999-00 - - - 480.15

2000-01 - - 0.73 810.29

2001-02 - - - 711.14

2002-03 - - - 584.78

2003-04 - - - 289.77

2004-05 - - - 612.94

2007-08 68.47 57.28 - -

2010-11 3.76 - - -

U.P.Entry Tax 2008-12 - - - 44.20

2007-08 - - - 1,054.14

2008-09 - - - 2,817.38

2009-10 - - - 3,145.02

2010-11 - - - 401.49

2011-12 - - - 555.05

M.P.Entry Tax 2000-01 0.90 - - -

2001-02 - - 148.75 -

2006-07 57.34 - - - 2005-12 - - - 4,785.81

2007-08 95.39 - - -

2009-11 - - - 206.94

Himachal Entry Tax 2010-11 - - 261.27 -

2011-12 - - 509.97 -

MPCT/CST 1999-00 - 9.83 - -

2001-02 20.38 - - -

2004-05 - 34.65 - -

2005-06 - - 266.19 -

2002-08 - - - 9,030.66

2000-01 - - 227.23 -

2007-08 16.82 - 90.49 -

2009-10 - - - -

2010-11 - - - -

2011-12 - - 89.15 -

Royalty on limestone incl interest Upto Dec 2008 - - 8,844.98 -

Rural Infrastruc ture Tax Oct 05- Dec 09 - - - 289.30

Tax on transport ation of goods in 2010-11 - - 243.67 - Himachal Pradesh

2011-12 - - 759.67 -

Service Tax 2008-09 - 138.65 - -

2009-10 - 5.13 - -

Forest Transit fee - - - 1,730.99

Levy on transport of limestone 2007- 2011 - - - 582.70

Income Tax AY 2009-10 4,082.16 - - -



Name of statute (Nature of dues ) Total

Central Excise 13.65

0.65

3.48

88.22

140.97

2.06

64.88

585.07

822.44

-

19.66

72.93

1.80

0.58

480.81

340.38

552.28

580.72

Electricity Duty & Cess 1,844.71

50.64

41.85

U.P. Trade Tax 241.71

480.15

811.02

711.14

584.78

289.77

612.94

125.75

3.76

U.P. Trade Tax 44.20

1,054.14

2,817.38

3,145.02

401.49

555.05

M.P. Entry Tax 0.90

148.75

57.34

4,785.81

95.39

206.94

Himachal Entry Tax 261.27

509.97

MPCT/CST 9.83

20.38

34.65

266.19

9,030.66

227.23

107.31

-

-

89.15

Royalty on limestone incl interst 8,844.98

Rural Infrastructure Tax 289.30

Tax on transportation of goods in 243.67 Himachal Pradesh

759.67

Service Tax 138.65

5.13

Forest Transit fee 1,730.99

Levy on transport of limestone 582.70

Income Tax 4,082.16

(x) The Company does not have any accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

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

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

(xiii) In our opinion the Company is not a chit fund or a nidhi/ mutual benefit fund/society. Therefore, clause (xiii) of Para 4 of the Order is not applicable.

(xiv) In our opinion the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, clause (xiv) of Para 4 of the Order is not applicable.

(xv) In our opinion and according to the information and explanations given to us, where the Company has given guarantee for loans taken by its subsidiaries from banks or financial institutions, the terms and conditions thereof are not prejudicial to the interest of the company.

(xvi) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the Company were applied by the Company during the year for the purposes for which the loans were obtained, other than temporary deployment pending application.

(xvii) According to the information and explanations given to us and on the overall examination of the Balance Sheet of the Company for the year under report, we are of the opinion that no funds raised on short term basis have been used for long term investment.

(xviii)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 Companies Act, 1956.

(xix) According to the information and explanations given to us, the Company has created security/charge in respect of secured non-convertible debentures issued and outstanding at the year end.

(xx) As the Company has not raised any money by way of public issues during the year, Clause (xx) of Para 4 of the Order is not applicable.

(xxi) According to the information and explanations given to us, no material fraud by or on the Company has been noticed or reported during the year.

For M.P. SINGH & ASSOCIATES

Chartered Accountants

Firm Registration No.002183C

(CA M.P. SINGH)

Place : Noida Partner

Dated : 30th May, 2012 M.No.1454


Mar 31, 2011

1. We have audited the attached Balance Sheet of Jaiprakash Associates Limited as at 31st March 2011 and also the annexed Profit and Loss Account and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Jaiprakash Associates Limited 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. These Standards require that we plan and perform the audit to obtain reasonable assurance whether the Financial Statements are prepared free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and Significant estimates made by management, as well as evaluating the overall presentation of financial statement. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order 2004, 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 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 purpose of our audit;

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

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

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

(e) on the basis of written representations received from the directors, as on 31st March 2011, and taken on record by the Board of Directors, we report that none of the directors of the Company is disqualified as on 31st March 2011 from being appointed as a director, in terms of clause (g) of sub-section(1) of section 274 of the Companies Act, 1956;

(f) in our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with Significant accounting policies and notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view:

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

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

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

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 3 of our report of even date on the accounts for the year ended 31st March 2011, of Jaiprakash Associates Limited.

(i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. The situation of the moveable assets used in the construction activity keeps on changing from works sites depending upon requirements for a particular contract.

(b) A substantial portion of the Fixed Assets have been physically verified by the management during the year and in our opinion the frequency of verification is reasonable having regard to the size of the Company & nature of its assets. According to the information given to us and to the best of our knowledge, no material discrepancies were noticed on such physical verification.

(c) Fixed assets disposed off by the Company during the year were not substantial; hence it does not affect the Company as a going concern.

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

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

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on physical verification were not material and these have been properly dealt with in the books of account.

(iii) The Company has not granted nor taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods /real estate, electrical energy, services & supplies under EPC contracts. During the course of our audit we have not observed any continuing failure to correct major weakness in internal control system.

(v) Based on the audit procedures applied by us and according to the information and explanations given to us we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered into the register required to be maintained under that section. The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us the Company has complied with the provisions of Section 58A, 58AA and any other provisions of the Companies Act, 1956, and the rules framed thereunder with regard to the deposits accepted from the public. As informed to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal.

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

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

(ix) (a) As per records produced before us, the Company is generally regular in depositing undisputed statutory dues like Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and other material statutory dues applicable to it, with the appropriate authorities and there were no arrears of such dues at the year end which have remained outstanding for a period of more than six months from the date they became payable.

(b) As per records produced before us the dues of Income- tax, Sales-tax, Wealth tax, Service tax, Customs Duty, Excise Duty and cess which have not been deposited on account of any dispute are stated hereunder:

Rs. Lakhs

Forum where dispute is pending Name of Statute Period to which Appellate authorities- High Supreme Total (Nature of dues) amount relates Commissionarate Tribunal Court Court

Central Excise

1988-92 13.65 - - - 13.65

2000-02 - 1.32 2.16 - 3.48

2000-03 - 12.55 - - 12.55

2000-04 - 88.22 - - 88.22

2002-04 - 72.93 - - 72.93

2003-06 - - 3.62 - 3.62

2004-05 - 140.97 - - 140.97

2005-06 - 64.88 - - 64.88

2005-07 2.06 - - - 2.06

2006-07 - 0.58 - - 0.58

2007-08 - 480.81 - - 480.81

2007-09 - 585.07 - - 585.07

2008-09 - 321.30 - - 321.30

2006-10 807.63 - - - 807.63

2009-10 - 819.92 - - 819.92

2005-10 - - 552.84 - 552.84

2009-11 4.68 - - - 4.68

Electri- city Duty & Cess

1991-02 - - 1,844.71 - 1,844.71

2003-04 - - - 92.49 92.49

U.P. Trade Tax

1998-99 - - 235.04 - 235.04

1999-00 - - - 480.15 480.15

2000-01 - - - 810.29 810.29

2001-02 - - - 711.14 711.14

2002-03 - - - 584.78 584.78

2003-04 - - - 289.77 289.77

2004-05 - - - 612.94 612.94

2007-08 - 57.28 - - 57.28

U.P. Entry Tax

2003-04 - - - 256.53 256.53

2004-05 - - - 53.00 53.00

2005-06 - - - 452.75 452.75

2006-07 - - - 366.74 366.74

2007-08 - - 1,304.45 1,262.85 2,567. 30

2008-09 81.84 - 3,462.52 - 3,544.36

2009-10 202.68 - 3,804.60 - 4,007.28

2008-11 - - 83.92 - 83.92

2010-11 11.01 - 488.80 - 499.81

M.P. Entry Tax

2000-01 0.90 - - - 0.90

2001-02 - - 148.75 - 148.75

2004-05 12.67 - - - 12.67

2006-07 57.34 - - - 57.34

2007-08 211.95 - - - 211.95

2005-11 - - - 3,481.81 3,481. 81

2008-11 - - - 2.45 2.45

Himachal Pradesh Entry Tax 2010-11 - - 363.38 - 363.38

MPCT/ CST 1999-00 9.83 - - - 9.83

2001-02 20.38 - - - 20.38

2004-05 - 48.14 - - 48.14

2005-06 - - 252.70 - 252.70

2006-07 - 23.60 - - 23.60

2007-08 50.06 - - - 50.06

Royalty on limestone including interest

Upto Dec 2008 - - 9,034.98 - 9,034. 98

Building and Other Construc- tion Workers Welfare Cess 2008-11 - - 234.04 - 234.04

Rural Infra- struc- ture Tax

Oct 05- Dec09 - - - 289.30 289.30

Tax on transport- ation of goods in Himachal Pradesh

2010-11 - - 243.67 - 243.67

Service Tax 2008-09 - 185.00 - - 185.00

Income Tax AY 2008-09 399.85 - - - 399.85

(x) The Company does not have any accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

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

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

(xiii) In our opinion the Company is not a chit fund or a nidhi/ mutual benefit fund/society. Therefore, clause (xiii) of Para 4 of the Order is not applicable.

(xiv) In our opinion the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, clause (xiv) of Para 4 of the Order is not applicable.

(xv) In our opinion and according to the information and explanations given to us, where the Company has given guarantee for loans taken by its subsidiaries from banks or financial institutions, the terms and conditions thereof are not prejudicial to the interest of the Company.

(xvi) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the Company were applied by the Company during the year for the purposes for which the loans were obtained, other than temporary deployment pending application.

(xvii) According to the information and explanations given to us and on the overall examination of the Balance Sheet of the Company for the year under report, we are of the opinion that no funds raised on short term basis have been used for long term investment.

(xviii) 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 Companies Act, 1956.

(xix) According to the information and explanations given to us, the Company has created security/charge in respect of secured non-convertible debentures issued and outstanding at the year end.

(xx) A the Company has not raised any money by way of public issues during the year, Clause (xx) of Para 4 of the Order is not applicable.

(xxi) According to the information and explanations given to us, no material fraud by or on the Company has been noticed or reported during the year.

For M.P. SINGH & ASSOCIATES

Chartered Accountants

Firm Regn No. 002183C

(CA M.P. Singh)

Partner M.No.1454

Place : Noida

Dated : 12 August 2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of Jaiprakash Associates Limited as at 31st March 2010 and also the annexed Profit and Loss Account and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Jaiprakash Associates Limited 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. These Standards require that we plan and perform the audit to obtain reasonable assurance whether the Financial Statements are prepared free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of financial statement. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order 2004, 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 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 purpose of our audit;

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

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

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

(e) on the basis of written representations received from the directors, as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors of the Company is disqualified as on 31st March 2010 from being appointed as a director, in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

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

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

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

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

ANNEXURE TO THE AUDITORS REPORT

Referred to in paragraph 3 of our report of even date on the accounts for the year ended 31st March 2010, of Jaiprakash Associates Limited. (i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. The situation of the moveable assets used in the construction activity keeps on changing from works sites depending upon requirements for a particular contract.

(b) A substantial portion of the Fixed Assets have been physically verified by the management during the year and in our opinion the frequency of verification is reasonable having regard to the size of the Company & nature of its assets. According to the information given to us and to the best of our knowledge, no material discrepancies were noticed on such physical verification.

(c) Fixed assets disposed off by the Company during the year were not substantial; hence it does not affect the Company as a going concern.

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

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

(c) The company is maintaining proper records of inventory. The discrepancies noticed on physical verification were not material and these have been properly dealt with in the books of account.

(iii) The Company has not granted nor taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods /real estate, electrical energy, services & supplies under EPC contracts. During the course of our audit we have not observed any continuing failure to correct major weakness in internal control system.

(v) Based on the audit procedures applied by us and according to the information and explanations given to us we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered into the register required to be maintained under that section. The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us the Company has complied with the provisions of Section 58A, 58AA and any other provisions of the Companies Act, 1956, and the rules framed thereunder with regard to the deposits accepted from the public. As informed to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal.

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

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

(ix) (a) As per records produced before us, the Company is generally regular in depositing undisputed statutory dues like Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and other material statutory dues applicable to it, with the appropriate authorities and there were no arrears of such dues at the year end which have remained outstanding for a period of more than six months from the date they became payable.

(b) As per records produced before us the dues of Income-tax, Sales-tax, Wealth tax, Service tax, Customs Duty, Excise Duty and cess which have not been deposited on account of any dispute are stated hereunder:

(Rs.Lakhs.)

Name of Statute Period to which Forum where dispute is pending (Nature of dues) amount relates Commissi onarate Appellate authorities- High Tribunal Court

Income Tax AY 2007-08 505.77

Central Excise 1988-91 13.65

2000-02

2000-04 88.22

2004-05 140.14

2005-07 2.06

2005-08 2.05

2005-10 481.89

Electricity Cess 2003-04 U.P. Trade Tax 1998-99 241.71

1999-00

2000-01

2001-02

2002-03

2003-04

2004-05

U.P.Entry Tax 2003-04

2004-05

2005-06

2006-07

2007-08

2008-09 123.06

2009-10 239.57

M.P.Entry Tax 2000-01 0.90

2001-02 148.75

2006-07 57.34

2007-10 2,124.27

2007-08 222.58

MPCT/CST 1999-00 9.83

2001-02 20.38

2005-06 76.05 34.65

Royalty on limestone Upto Dec 2008 5,312.94 Building and Other Construction Workers Welfare Cess 2008-10 132.35

Rural Infrastructure Tax Oct 05- Dec09

Total Name of Statue Supreme Court

Income Tax Central Excise 505.77

13.65

2.16 2.16

88.22

140.14

2.06

2.05

481.89

Electricity Cess U.P. Trade Tax 92.49 92.49

241.71

480.15 480.15

810.29 810.29 711.14 711.14 584.78 584.78 289.77 289.77 612.94 612.94

U.P.Entry Tax 213.66 213.66 133.00 133.00 449.43 449.43 375.61 375.61

2,293.71 2,293.71

3,462.52 3,585.58

3,804.60 4,044.17

M.P.Entry Tax 0.90

148.75

57.34

2,124.27

222.58

MPCT/CST 9.83

20.38

110.70

Royalty on limestone Building and Other Construction Workers Welfare Cess Rural Infrastructure Tax 5,312.94

132.35

289.30 289.30

(x) The company does not have any accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

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

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

(xiii) In our opinion the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause (xiii) of Para 4 of the Order is not applicable.

(xiv) In our opinion the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, clause (xiv) of Para 4 of the Order is not applicable.

(xv) In our opinion and according to the information and explanations given to us, where the Company has given guarantee for loans taken by its subsidiaries from banks or financial institutions, the terms and conditions thereof are not prejudicial to the interest of the company.

(xvi) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the Company were applied by the Company during the year for the purposes for which the loans were obtained, other than temporary deployment pending application.

(xvii) According to the information and explanations given to us and on the overall examination of the Balance Sheet of the Company for the year under report, we are of the opinion that no funds raised on short term basis have been used for long term investment.

(xviii) 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 Companies Act, 1956.

(xix) According to the information and explanations given to us, the Company has created security/charge in respect of secured non- convertible debentures issued and outstanding at the year end.

(xx) As the Company has not raised any money by way of public issues during the year, Clause (xx) of Para 4 of the Order is not applicable.

(xxi) According to the information and explanations given to us, no material fraud by or on the Company has been noticed or reported during the year.

For M.P. SINGH & ASSOCIATES Chartered Accountants

(CA M.P. Singh)

Partner Place : New Delhi M. No.1454

Dated : 30th May, 2010 Firm Regn. No. 002183C

 
Subscribe now to get personal finance updates in your inbox!