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Auditor Report of Jost's Engineering Company Ltd.

Mar 31, 2015

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

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

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

An audit involves performing procedures to obtain audit evidence about the amounts and 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 operation effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 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 of India in terms of sub-section (11) of section 143 of the Act, 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 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, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

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

e. On the basis of written representations received from the directors as on March 31,2015, and 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;

i) The Company has disclosed the impact of pending litigation on its financial position in its financial statements - Refer Note 26 to the financial statements.

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

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

ANNEXURE TO THE AUDITORS' REPORT Referred to in paragraph 1 of our Report of even date.

i. a. The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. We are informed that no material discrepancies were noticed on such verification.

ii. a. As explained to us, the inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable.

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

c. On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material, having regard to the size of the company and the same have been properly dealt with.

iii. The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the clauses (iii) (a) and (iii) (b) of paragraph 3 of the Order are not applicable.

iv. 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 and fixed assets and for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal controls.

v. The Company has not accepted any deposits from the public to which the provisions of Section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and rules framed thereunder and directions issued by R.B.I. would apply.

vi. According to the information and explanations given to us, the Company is required to maintain cost records for certain products manufactured by the Company under Section 148(1) of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014. We are of the opinion that prima facie, the prescribed records have been made and maintained. We have not, however, made a detailed examination of these records.

vii. a. The Company is generally regular in depositing undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Valued Added Tax, Cess and any other material statutory dues with the appropriate authorities. According to the information and explanations given to us, there are no outstanding statutory dues as at the last day of the financial year which were outstanding for a period of more than six months from the date they became payable.

b. According to the records of the Company as at 31st March 2015, the following are the particulars of disputed dues on account of Income Tax, Sales Tax, Service Tax, Custom Duty and Excise Duty matters which have not been deposited.

Name of Nature of Amount Period to which the Statute Dues (Rs. in Lakhs) matter relates

The Andhra Pradesh General Works 19.78 Sales Tax Act, 1956 Contract Tax

The Central Sales Sales Tax 0.33 A.Y2005-2006 Tax Act, 1956 and Bombay Sales Tax Act, 1956

The Central Sales Sales Tax 155.96 A.Y. 2002-2003 Tax Act, 1956

The Central Sales Sales Tax 138.66 A.Y. 2003-2004 Tax Act, 1956

The Bombay Sales Sales Tax 211.78 A.Y. 2003-2004 Tax Act, 1956

The Central Sales Sales Tax 19.18 A. Y 2008-2009 Tax Act, 1956

MVATAct, 2002 Sales Tax 3.25 A.Y. 2008-2009

Central Excise Act Central Excise 42.55 1.4.2008 to 26.2.2010

Central Excise Act Central Excise 61.24 29.4.2008 to 31.7.2008

Central Excise Act Central Excise 101.09 1.11.2012 to 31.10.2013

Central Excise Act Central Excise 303.11 27.2.2010 to 31.10.2012

Central Excise Act Central Excise 647.79 1.5.2008 to 31.3.2013

Central Excise Act Central Excise 51.86 1.10.2011 to 31.3.2013

Central Excise Act Central Excise 19.78 1.12.2011 to 31.3.2013

Central Excise Act Central Excise 26.74 1.11.2013 to 31.3.2014

Central Excise Act Central Excise 25.76 1.4.2013 to 31.10.2014

Finance Act Service Tax 4.27 1.1.1999 to 31.3.2002

Finance Act Service Tax 0.39 1.4.2002 to 31.3.2003

Finance Act Service Tax 0.78 1.4.2005 to 20.9.2005

Finance Act Service Tax 1.58 29.9.2001 to 29.1.2002

Finance Act Service Tax 5.09 1.7.2000 to 31.3.2003

The Income Tax Income Tax 6.99 A.Y. 2009-2010 Act, 1961

The Income Tax Income Tax 47.71 A.Y. 2011-2012 Act. 1961



Name of the Statute Forum where dispute is pending

The Andhra Pradesh General Asst. Commissioner Of Sales Tax Sales Tax Act, 1956 (Appeals), Kanchipuram.

The Central Sales Tax Deputy Commissioner of Sales Tax, Act, 1956 and Bombay Mazgaon Mumbai. Sales Tax Act, 1956

The Central Sales Jt. Commissioner Of Sales Tax Tax Act, 1956 (Appeals) Mumbai.

The Central Sales Jt. Commissioner Of Sales Tax Tax Act, 1956 (Appeals) Mumbai.

The Bombay Sales Jt. Commissioner Of Sales Tax Tax Act, 1956 (Appeals) Mumbai,

The Central Sales Asst. Commissioner of Sales Tax Tax Act, 1956 Business Audit I Mumbai

MVATAct, 2002 Asst. Commissioner of Sales Tax Business Audit I Mumbai

Central Excise Act Commissioner of Central Excise (Appeals) Mumbai - III, Belapur.

Central Excise Act Commissioner of Central Excise (Appeals) Mumbai III, Belapur.

Central Excise Act CESTAT Mumbai.

Central Excise Act CESTAT, Mumbai.

Central Excise Act CESTAT, Mumbai.

Central Excise Act Additional Commissioner of Central Excise, Mumbai III Commissionerate.

Central Excise Act Additional Commissioner of Central Excise, Pune III Commissionerate.

Central Excise Act Additional Commissioner of Central Excise, Mumbai III Commissionerate.

Central Excise Act Additional Commissioner of Central Excise, Mumbai III Commissionerate.

Finance Act Assistant Commissioner of Service Tax, Mulund Division, Mumbai - III.

Finance Act Assistant Commissioner of Service Tax, Mulund Division, Mumbai - III.

Finance Act Assistant Commissioner of Service Tax, Division VI, Mumbai.

Finance Act CESTAT Mumbai.

Finance Act CESTAT Mumbai.

The Income Tax Act, 1961 CIT (A) - 5

The Income Tax Act. 1961 CIT (A) - 5

c. The Company has transferred the amounts which are required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under within time.

viii. The Company has no accumulated losses as at 31st March, 2015 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

ix. In our opinion and according to the information and explanations given by the Management, during the year there is no default in the repayment of dues to any financial institutions or banks.

x. In our opinion and according to the information and explanations given by the Management, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

xi. On the basis of the records examined by us, and relying on the information compiled by the Company for co-relating the funds raised to the end-use of term loans, we state that the Company has, prima facie, applied the term loans for the purpose for which they were obtained.

xii. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For Sorab S. Engineer & Co. Chartered Accountants Firm Registration No. 110417W

CA. N. D. Anklesaria Partner Mumbai: 27th May, 2015. Membership No. 10250


Mar 31, 2014

We have audited the accompanying financial statements of Jost''s Engineering Company Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the 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 13th 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

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 and proper returns adequate for the purposes of our audit have been received from the branches not visited by us;

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 and with the returns received from the branches not visited by us;

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th 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.

ANNEXURE TO THE AUDITORS'' REPORT

Referred to in paragraph 1 of our Report of even date.

i. a. The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. We are informed that no material discrepancies were noticed on such verification.

c. According to the information and explanations given to us, the Company has not disposed off substantial part of its fixed assets during the year.

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

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

c. On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii. a. The Company has neither 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. Accordingly, the clauses 4 (iii) (b) to (g) of the Order are not applicable.

iv. 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 and fixed assets and for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal controls.

v. a. In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In respect of transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 in respect of any party, the same have been made at prices which are reasonable having regard to the prevailing market prices or at prices for which similar transactions have been made with other parties, except for transactions of special nature where comparable alternative quotations were not available or where a comparison of prices could not be made since there were no similar transactions with other parties.

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

vii. In our opinion and according to the information and explanations given to us, the Company has an internal audit system commensurate with its size and nature of its business.

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

ix. a. The Company is generally regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues with the appropriate authorities. There are no outstanding statutory dues as at the last day of the financial year which were outstanding for a period of more than six months from the date they became payable.

b. According to the records of the Company as at 31st March 2014, the following are the particulars of disputed dues on account of Income Tax, Sales Tax, Service Tax, Custom Duty and Excise Duty matters which have not been deposited.

Name of the Statute Nature of Dues Amount Forum where dispute is pending (Rs. in Lakhs)

The Andhra Pradesh Works Contract 19.78 Assistant Commissioner of Sales Tax General Sales Tax Act, 1956 Tax (Appeals) Kanchipuram

The Tamil Nadu General Sales Tax 120.73 Deputy Commissioner (CT) Sales Tax Sales Tax, 1959. Appellate Tribunal, Chennai.

The Central Sales Tax Act, 1956 Sales Tax 0.33 Deputy Commissioner of Sales Tax, & Bombay Sales Tax Act, 1956 2005-06 Mazgaon, Mumbai.

The Central Sales Sales Tax Asst. 155.96 Jt. Commissioner of Sales Tax Tax Act, 1956 Year 2002-03 (Appeals)

The Central Sales Tax Sales Tax Asst. 138.66 Jt. Commissioner of Sales Tax Act, 1956 Year 2003-04 (Appeals)

The Bombay Sales Sales Tax Asst. 211.78 Jt. Commissioner of Sales Tax Tax Act, 1956 Year 2003-04 (Appeals)

The Central Sales Tax Sales Tax Asst. 19.18 Asst. Commissioner of Sales Tax Act 1956 Year 2008-09 Business Audit Mumbai

MVAT Act, 2002 Sales Tax Asst. 3.25 Asst. Commissioner of Sales Tax Year 2008-09 Business Audit Mumbai

Central Excise Act Central Excise 22.10 Additional Commissioner of Central Excise, Mulund Division

Central Excise Act Central Excise 14.54 Additional Commissioner of Central Excise, Mulund Division

Central Excise Act Central Excise 31.81 Additional Commissioner of Central Excise, Mulund Division

Central Excise Act Central Excise 303.11 CESTAT, Mumbai

Central Excise Act Central Excise 108.21 Commissioner of Central Excise, Mulund Division

Central Excise Act Central Excise 743.54 CESTAT, Mumbai

Central Excise Act Central Excise 38.20 Additional Commissioner of Central Excise, Mulund Division

Central Excise Act Service Tax 4.27 Assistant Commissioner of Service Tax, Mulund

Central Excise Act Service Tax 0.39 Assistant Commissioner of Service Tax, Mulund

Central Excise Act Service Tax 0.78 Assistant Commissioner of Service Tax, Division VI, Mumbai

Central Excise Act Service Tax 1.58 CESTAT, Mumbai

Central Excise Act Service Tax 5.09 CESTAT, Mumbai

The Income Tax Act, 1961 Income Tax 7.00 CIT (A)-5

The Income Tax Act, 1961 Income Tax 47.71 CIT (A)-5



x. The Company has no accumulated losses as at 31st March, 2014 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

xi. In our opinion and according to the information and explanations given by the Management, during the year there is no default in the repayment of dues to any financial institutions or banks.

xii. In our opinion and according to the information and explanations given by the Management, the Company has not granted any loans and advances on the basis of security by way of pledge of Shares, Debentures or any other security.

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

xiv. In our opinion, the Company is not dealing or trading in shares, securities, Debentures and any other investments. Therefore, the provisions of clause 4(xiv) of the Order are not applicable.

xv. In our opinion and according to the information and explanations given by the management, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi. On the basis of the records examined by us, and relying on the information compiled by the Company for co-relating the funds raised to the end-use of term loans, we state that the Company has, prima facie, applied the term loans for the purpose for which they were obtained.

xvii. According to the information and explanations given to us, and on an overall examination of the financial statements and after placing reliance on the reasonable assumptions made by the Company for classification of Short term and Long term usage of the funds, we are of the opinion that, prima facie, no funds raised on short term basis have been utilized 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 not issued any debentures during the year

xx. The Company has not made any public issues during the year.

xxi. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.



For Sorab S. Engineer & Co.

Chartered Accountants

Firm Registration No. 110417W



C.A. N. D. Anklesaria Partner

Mumbai: 21st May, 2014. Membership No. 10250


Mar 31, 2012

We have audited the attached Balance Sheet of JOST'S ENGINEERING COMPANY LIMITED, as at 31st March, 2012, Statement of Profit and Loss and also the Cash Flow statement of the Company for the year ended on that date both annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the 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.

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

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

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

b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us.

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 applicable 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 said directors are 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) Subject to our comments in Annexure referred to in paragraph 1 above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012

ii. In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS' REPORT Referred to in paragraph 1 of our Report of even date.

i. a. The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. We are informed that no material discrepancies were noticed on such verification.

c. According to the information and explanations given to us, the Company has not disposed off substantial part of its fixed assets during the year.

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

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

c. On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii. a. The Company has neither 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. Accordingly, the clauses 4 (iii) (b) to (g) of the Order are not applicable.

iv. 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 purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal controls Attention is invited to the matters stated in Note no. 44.

v. a. In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In respect of transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 in respect of any party, the same have been made at prices which are reasonable having regard to the prevailing market prices or at prices for which similar transactions have been made with other parties, except for transactions of special nature where comparable alternative quotations were not available or where a comparison of prices could not be made since there were no similar transactions with other parties.

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

vii. In our opinion and according to the information and explanations given to us, the Company has an internal audit system commensurate with its size and nature of its business.

viii. From the current year, rules for maintaining cost records prescribed by the Central Government under Section 209 (1)(d) of the Companies Act, 1956, have become applicable for the products manufactured , by the company. The company is in the process of compiling the cost records.

ix. a. The Company is generally regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues with the appropriate authorities. The following is the outstanding statutory due as at the last day of the financial year which was outstanding for a period of more than six months from the date it has become payable.

Particulars Amount (Rs. in Lakhs)

Service Tax 15.36

b. According to the records of the Company as at 31st March 2012, the following are the particulars of disputed dues on account of Income Tax, Sales Tax, Service Tax, Custom Duty and Excise Duty matters which have not been deposited.

Name of the Statute Nature of Dues Amount Forum where dispute is pending. (Rs. in Lakhs)

The Andhra Pradesh Works Contract 19.78 Assistant Commissioner of Sales Tax General Sales Tax Act, Tax (Appeals) Kanchipuram 1956

The Tamil Nadu General Sales Tax 120.73 Deputy Commissioner (CT) Sales Tax Sales Tax, 1959. Appellate Tribunal, Chennai.

The Central Sales Tax Sales Tax 0.33 Deputy Commissioner of Sales Tax, Act, 1956 & Bombay 2005-06 Mazgaon, Mumbai. Sales Tax Act, 1956

The Central Sales Sales Tax Asst. 155.96 Jt. Commissioner of Sales Tax Tax Act, 1956 Year 2002-03 (Appeals)

The Central Sales Tax Sales Tax Asst. 138.66 Jt. Commissioner of Sales Tax Act, 1956 Year 2003-04 (Appeals)

The Bombay Sales Sales Tax Asst. 211.78 Jt. Commissioner of Sales Tax Tax Act, 1956 Year 2003-04 (Appeals)

Central Excise Act Service Tax 5.52 Deputy Commissioner & Asst. Commissioner of Central Excise

Central Excise Act Central Excise 345.28 Commissioner & Asst. Comm. of Central Excise

x. The Company has no accumulated losses as at 31st March, 2012 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

xi. In our opinion and according to the information and explanations given by the Management, during the year there is no default in the repayment of dues to any financial institutions or banks. '

xii. In our opinion and according to the information and explanations given by the Management, the Company has not granted any loans and advances on the basis of security by way of pledge of Shares, Debentures or any other security. .

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

xiv. In our opinion, the Company is not dealing or trading in shares, securities, Debentures and any other investments. Therefore, the provisions of clause 4(xiv) of the Order are not applicable.

xv. In our opinion and according to the information and explanations given by the management, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi. No term loans have been taken by the company. Therefore, the provisions of clause 4(xvi) of the Order are not applicable.

xvii. According to the information and explanations given to us, and on an overall examination of the financial statements and after placing reliance on the reasonable assumptions made by the Company for classification of Short term and Long term usage of the funds, we are of the opinion that, prima facie, no funds raised on short term basis have been utilised 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 not issued any debentures during the year

xx. The Company has not made any public issues during the year.

xxi. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.



For Sorab S. Engineer & Co.

Chartered Accountants

Firm Registration No. 110417W

C. A. N. D. Anklesaria

Partner

Mumbai: 8th May, 2012. Membership No. 10250


Mar 31, 2011

We have audited the attached Balance Sheet of JOSTS ENGINEERING COMPANY LIMITED, as at 31st March, 2011, the Profit and Loss account and also the Cash Flow statement for the year ended on that date both annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the 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.

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

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

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

b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us.

c) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the mandatory 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 said directors are 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) Subject to our comments in Annexure referred to in paragraph 1 above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the balance sheet, of the state of affairs of the Company as at 31st March, 2011

ii. In the case of the profit & loss account, of the profit for the year ended on that date; and

iii. In the case of the cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT Referred to in paragraph 1 of our Report of even date.

1) a. The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

c. According to the information and explanations given to us, the Company has not disposed off substantial part of its fixed assets during the year.

2) a. The inventory has been physically verified by the management during the year other than inventory lying with certain third parties in respect of which confirmations have been obtained. In our opinion, the frequency of verification is reasonable.

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

c. On the basis of our examination of the records of inventory, we are of the opinion that 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 any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the clauses 4 (iii) (b) to (d) of the Order are not applicable.

e. During the year, the Company had taken an unsecured loan, from a Company, covered in the register maintained under section 301 of the Companies Act, 1956 amounting to Rs 50 lacs which has been repaid during the year. In respect of the said loan, the maximum balance outstanding during the year was Rs. 50 Lacs.

f. In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which the loan has been taken from the Company referred to in paragraph 4(iii)(e) above, is not, prima facie, prejudicial to the interest of the Company.

g. According to the information and explanations given to us, the Company has been regular in repayment of principal amount as stipulated and has been regular in payment of interest.

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 purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal controls. Attention is invited to the matters stated in Note No. 24, Schedule 14.

5) a. In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In respect of transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 in respect of any party, the same have been made at prices which are reasonable having regard to the prevailing market prices or at prices for which similar transactions have been made with other parties, except for transactions of special nature where comparable alternative quotations were not available or where a comparison of prices could not be made since there were no similar transactions with other parties.

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

7) In our opinion and according to the information and explanations given to us, the Company has an internal audit system commensurate with its size and nature of its business.

8) We are informed that the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for any products manufactured by the Company.

9) a. The Company is generally regular in depositing undisputed statutory dues, including the Provident Fund, Investor Education and Protection Fund, Employees State insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues with the appropriate authorities. The following are the outstanding statutory dues as at the last day of the financial year which were outstanding for a period of more than six months from the date they became payable.

Particulars Amount (Rs. in Lakhs)

Service Tax 2.20

Professional Tax 0.67

b. According to the records of the Company as at 31st March 2011, the following are the particulars of disputed dues on account of Income Tax, Sales Tax, Service Tax, Custom Duty and Excise Duty matters which have not been deposited.

Name of the Statute Nature of Dues Amount Forum where (Rs. in Lakhs) dispute is pending.

The Andhra Pradesh Works Contract 19.78 Assistant Commissioner of Sales Tax General Sales Tax Act, Tax (Appeals) Kanchipuram

1956

TheTamil Nadu General Sales Tax 120.73 Deputy Commissioner (CT) Sales Tax

Sales Tax, 1959. Appellate Tribunal, Chennai.

The Central Sales Tax Sales Tax 0.33 Deputy Commissioner of Sales Tax,

Act, 1956 & Bombay 2005-06 Mazgaon, Mumbai. Sales Tax Act, 1956

The Central Sales Sales Tax Asst. 155.96 Jt. Commissioner of Sales Tax

Tax Act, 1956 Year 2002-03 (Appeal)

The Central Sales Tax Sales Tax Asst. 138.66 Jt. Commissioner of Sales Tax

Act, 1956 Year 2003-04 (Appeal)

The Bombay Sales Sales Tax Asst. 211.78 Jt. Commissioner of Sales Tax

Tax Act, 1956 Year 2003-04 (Appeal)

Central Excise Act Service Tax 5.52 Deputy Commissioner & Asst.

Commissioner of Central Excise

Central Excise Act Central Excise 170.98 Commissioner & Asst. Comm. of Central Excise

10) The Company has no accumulated losses as at 31st March, 2011 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11) In our opinion and according to the information and explanations given by the Management, during the year there is no default in the repayment of dues to any financial institutions or banks.

12) In our opinion and according to the information and explanations given by the Management, the Company has not granted any loans and advances on the basis of security by way of pledge of Shares, Debentures or any other security.

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

14) In our opinion, the Company is not dealing or trading in "shares, securities, debentures and any other investments. Therefore, the provisions of clause 4(xiv) of the Order are not applicable.

15) In our opinion and according to the information and explanations given by the management, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

16) On the basis of the records examined by us, and relying on the information compiled by the Company for co-relating the funds raised to the end use of the Term Loan, we state that the Company has, prima facie, applied the Term Loan for the purpose for which it was obtained.

17) According to the information and explanations given to us, and on an overall examination of the financial statements and after placing reliance on the reasonable assumptions made by the Company for classification of Short term and Long term usage of the funds, we are of the opinion that, prima facie, no funds raised on short term basis have been utilized for long term investment.

18) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19) According to the information and explanations given to us, the Company has not issued any debentures during the year

20) The Company has not made any public issues during the year.

21) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.



For Sorab S. Engineer & Co. Chartered Accountants

Firm Registration No. 110417W

C. A. N. D. Anklesaria Partner

Membership No. 10250

Mumbai: 6th May, 2011.


Mar 31, 2010

We have audited the attached Balance Sheet of JOSTS ENGINEERING COMPANY LIMITED as at 31st March 2010, the Profit and Loss Account and also the Cash Flow statement for the year ended on that date both annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the 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.

1) As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us;

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

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by this report comply with the mandatory 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 said Directors are 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) Subject to our comments in Annexure referred to in Paragraph 1 above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :-

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

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

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

ANNEXURE TO THE AUDITORS REPORT Referred to in paragraph 1 of our Report of even date.

i. a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification, which in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c) According to the information and explanations given to us, the Company has not disposed off substantial part of its fixed assets during the year.

ii. a) The inventory has been physically verified by the management during the year other than inventory lying with certain third parties in respect of which confirmations have been obtained. In our opinion, the frequency of verification is reasonable.

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

c) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii. a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the clauses 4(iii) (b) to (d) of the Order are not applicable.

e) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the clauses 4(iii) (f) and (g) of the Order are not applicable.

iv. 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 purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal controls. Attention is invited to the matters stated in Note No.24, Schedule 14.

v. a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In respect of transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 in respect of any party, the same have been made at prices which are reasonable having regard to the prevailing market prices or at prices for which similar transactions have been made with other parties, except for transactions of special nature where comparable alternative quotations were not available or where a comparison of prices could not be made since there were no similar transactions with other parties.

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

vii. In our opinion and according to the information and explanations given to us, the company has an internal audit system commensurate with its size and nature of its business.

viii. We are informed that the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for any products manufactured by the company.

ix. a) The Company is regular in depositing undisputed statutory dues, including the Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues with the appropriate authorities and there are no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they became payable.

b) According to the records of the Company as at 31st March 2010, the following are the particulars of disputed dues on account of Income Tax, Sales Tax, Service Tax, Custom Duty and Excise Duty matters which have not been deposited:

Name of the Statute Nature of Dues Amount Forum where (Rs. in Lakhs) dispute is pending.

The Andhra Pradesh Works Contract 19.78 Assistant Commiss -ioner of Sales Tax General Sales Tax, Tax (Appeals) Kanchi -puram 1956

Maharashtra Sales Tax Sales Tax 0.33 Jt. Commissioner of Sales Tax (MST) (Appeals), Maharashtra.

Service Tax Service Tax 5.52 Deputy Commissioner & Assistant Commissi -oner of Central Excise

Central Excise Central Excise 170.98 Commissioner & Assis -tant Commissioner of Central Excise.

TheTamil Nadu General Sales Tax 120.73 Deputy Commissioner (CT) Sales Tax Sales Tax, 1959. Appellate Tribunal, Chennai.

x. The company has no accumulated losses as at 31st March, 2010 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

xi. In our opinion and according to the information and explanations given by the Management, during the year there is ne default in the repayment of dues to any financial institutions or banks.

xii. In our opinion and according to the information and explanations given by the Management, the company has not granted any loans and advances on the basis of security by way of pledge of Shares, Debentures or any other security.

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

xiv. In our opinion, the Company is not dealing or trading in shares, securities, Debentures and any other investments. Therefore, the provisions of Clause 4(xiv) of the Order are not applicable.

xv. In our opinion and according to the information and explanations given by the management, the company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi. On the basis of the records examined by us, and relying on the information compiled by the company for co-relating the funds raised to the end use of the Term Loan, we state that the Company has, prima facie, applied the Term Loan for the purpose for which it was obtained.

xvii. According to the information and explanations given to us, and on an overall examination of the financial statements and after placing reliance on the reasonable assumptions made by the Company for classification of Short-term and Long-term usage of the funds, we are of the opinion that, prima facie, no funds raised on short-term basis have been utilized 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 not issued any debentures during the year.

xx. The company has not made any public issues during the year.

xxi. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the year.

For Sorab S. Engineer & Co. Chartered Accountants

C. A. N. D. Anklesaria

Partner

Membership No. 10250 Mumbai: 4th May, 2010. Firm Registration No.110417W

 
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