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Auditor Report of JTL Infra Ltd.

Mar 31, 2015

Report on the Standalone Financial Statements

We have audited the accompanying financial statements of M/S J T L INFRA Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 the 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. 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 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 subject to the notes to accounts.

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

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

c) In the case of the Cash Flow Statement, the Cash inflows and outflows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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

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

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 subject to deviation from Accounting Standard -6 due to the change in depreciation schedule as per Companies Act 2013. This fact is duly disclosed by management in notes to accounts.

(e) No such observation has been made which has an adverse effect on the functioning of the company.

(f) No director is disqualified from being appointed as a director under sub-section (2) of section 164.

(g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, No inadequacy has been found.

(h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note J to the financial statements

ii. No provision was required to be made by the company under the applicable laws or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;

iii. No amount was required to be transferred, to the Investor Education and Protection Fund by the Company

The Annexure referred to in our report to the members of JTL Infra Ltd. the Company') for the year Ended on 31-03-2015. We report that:

(i) (a) That the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

b) As explained to us the Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a reasonable intervals. In accordance with this programme, fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

(ii)(a) As explained to us, physical verification of inventory has been conducted at reasonable intervals by the management;

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

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories. The discrepancies noticed on physical verification of stocks as compared to book records were not material and have been properly dealt with in the books of account.

(iii) According to the information and explanations given to us, the Company has not granted any loans to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act,2013; and therefore paragraph 3(iii) of the Order is not applicable.

(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 with regard to purchase of fixed assets and sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

(v) The Company has not accepted any deposits from the public.

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

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.

b) According to the information and explanations given to us, the company was in Appeal before the Commissioner of Income Tax (Appeals) in respect of A.Y 2006-07, 2009-10, 2011-12 and 2012-13. However appeal in respect of AY 2006-07 & 2009-10 have been decided against the company and penalty proceedings under Section 271(1)(c) of Income Tax Act 1961 have been initiated against the company. However the company is of the opinion that no such penalty is leviable in the instant years therefore no provision for such penalty has been made in the books of Accounts. The amounts of the same are as under:

AY 2006-07 Rs.5,37,970/-

AY 2009-10 Rs.2,03,930/-

AY 2012-13 Rs. 47,460/-

(c) There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund. (viii) As evident from the records the company has no accumulated losses at the end of the financial year and it has not incurred cash losses in such financial year and in the immediately preceding financial year;

(ix) As per the information provided to us the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

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

(xi) As per the information provided, term loans were applied for the purpose for which the loans were obtained;

(xii) No fraud on or by the company has been noticed or reported during the year

Place: Chandigarh FOR S. KUMAR GUPTA & ASSOCIATES,

Date: 28.05.2015 CHARTERED ACCOUNTANTS

FRN :010069N Sd/-

CA Sunil Gupta

FCA, Prop.

(M No.085624)


Mar 31, 2014

We have audited the accompanying financial statements of J T L Infra Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss 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 of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

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

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.

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.

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 and Statement of Profit and Loss, dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956, read with 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.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of M/S J T L INFRA Limited on the accounts of the company for the year ended 31st March, 2014.

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:

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

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

(c) In our opinion and according to the information and explanations given to us, no substantial amount of fixed assets has been disposed off during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(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 the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly points (b) to (d) are not applicable.

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

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

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

(b) In our opinion, and according to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements referred to in (v)(a) above and exceeding the value of Rs 5 lakh with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income-tax, Sales-tax, Wealth tax, Service tax, and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Employees" State Insurance, Customs duty and Excise duty. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Income-tax, Sales-tax, Wealth tax, Service tax and other material statutory dues were in arrears as at 31 March 2014 for a period of more than six months from the date they became payable)

(b) According to the information and explanations given to us, there are no material dues of Wealth tax and Cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of Income tax, Excise, and Service tax, have not been deposited by the Company on account of disputes:

1. Excise & Service Tax matters regarding disallowance of CENVAT Credit in appeal before the Customs, Excise & Service tax Authorities at different levels. Rs. 19.39 Lacs

2. Income Tax Appeal CIT (A) Chandigarh Rs. 9.30 Lacs

10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

13. In our opinion and according to the information and explanations given to us, the Company is not a chit fund/ nidhi/ mutual benefit fund/society.

14. According to information and explanations given to us, the Company is not trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not any raised long term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.



For S. Kumar Gupta & Associates Chartered Accountants FRN: 010069N

Sd/- CA Sunil Gupta FCA, Partner M. No. : 085624

Place: Chandigarh Date : 30/05/2014


Mar 31, 2013

We have audited the accompanying financial statements of M/S JTL INFRA Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

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.

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.

Basis for 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 subject to the notes to accounts.

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 Profit and Loss Account, of the profit for the year ended on that date;

c) In the case of the Cash Flow Statement, the Cash inflows and outflows for the year ended on that date.

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, 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, comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956. Subject to the notes to account annexed to the Balance Sheet.

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.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of M/S J T L INFRA 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:

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

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

(c) In our opinion and according to the information and explanations given to us, no substantial amount of fixed assets has been disposed off during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(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 the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly points (b) to (d) are not applicable.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken any fresh loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. However, Loan amounting to Rs. Fifty Eight Lacs, seventy two thousand from Bhojia Cements Private Limited is subsisting.

(f) Terms of the rate of interest and other terms and conditions of Unsecured Loans taken by the company, are prima facie not prejudicial to the interest of the Company.

(g)Payment of the principal amount and interest are as per mutual agreement of parties.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per the management certification given to us, the transaction entered into by the company with parties covered u/s 301 of the Act exceeding five lacs rupees in a financial year is made at arm length''s price.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. (a) According to the records of the company, 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 to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities except instances of delay in depositing EPF & ESI. According to the information and explanations given to us there was EPF & ESI Payable for the months of May & June were not paid in time but these were paid with interest in the subsequent months.

(b) According to the information and explanations given to us by the management there are dues amounting to twenty seven lacs, seventy five thousand approx payable in respect of income tax, service tax, and excise duty which have not been deposited on account of disputes, which are currently under appeal.

10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

13. The Company is not a chit fund or a Nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is not trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has raised long term loans during the year for finance of Vehicles.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For S. Kumar Gupta & Associates

Chartered Accountants

FRN: 010069N

SD/-

CA Karn Deep Sood FCA,

Partner Membership

No. : 097669

Place: Chandigarh

Date: 30/05/2013


Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s JTL INFRA LIMITED, # 18-19, Sector 28C, CHANDIGARH as at 31st March, 2011 and the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report )(Amendment ) Order 2004 (together the 'Order'), issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956 ('the Act" ) , and on the basis of such checks as we considered appropriate, and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable to the Company.

4. Further to our comments in the annexure referred to 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 accounts required by law have been kept by the company so far as appears from our examinations of those books;

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

d) In our opinion the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956, to the extent applicable subject to notes on accounts annexed to Balance Sheet.

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 is disqualified as on 31st March, 2011 from being appointed as director under 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 explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India;

1) In the case of Balance Sheet, of the state of Affairs of the Company as at 31st March, 2011; and

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

ANNEXURE TO THE AUDIT REPORT

Referred to in paragraph 3 of our report of even date

1. a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

b) The fixed Assets have been physically verified by the management at reasonable intervals: no material discrepancies were noticed on such verification.

c) No substantial part of the fixed assets have been disposed off during the year. That is why it has not affected the going concern.

2. a) As reported to us, the inventory has been physically verified by the management at reasonable intervals.

b) The procedure of physical verification of inventory followed by management are adequate in relation to size of the company and the nature of its business: no material discrepancies were noticed in such procedures.

c) The company is maintaining proper records of inventory and no material discrepancies were noticed on such verification.

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 Act. Accordingly Sub Clauses (b) to (d) are not applicable.

(b) The Company has not received any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly Sub Clauses (f) & (g) are not applicable.

4. The company is having adequate internal control procedure 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.

5. a) According to the information and explanations given to us, particulars of Contract or Arrangement that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

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

6. As Explained and Reported the company has not accepted deposits from the public, Accordingly directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA or any other relevant provision of the Act and the rules framed there under, are not applicable.

7. The internal audit system of the company is commensurate with the size & volume of company.

8. Maintenance of cost records has been prescribed by the Central Govt. under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have broadly reviewed the books of accounts relating to material, labours and other items of cost maintained by the Company pursuant to the rules made by the Central Govt. for the maintenance of records u/s 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We are however, not required to make a detailed examination of the records with a view to determine, whether they are accurate or complete.

9. a) The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Service Tax , Excise Duty, Cess and any other statutory dues with the appropriate authorities.

b) There are no dues of sales tax/income tax/custom tax/wealth tax/cess that are pending on account of any dispute except as below:

Cenvat Credit disallowed is pending in appeals is as follows:

Rs. 20,49,691/- with Custom Excise & Sales Tax Appellate Tribunal, New Delhi.

Rs. 11,03,619/- with Commissioner Appeal, Chandigarh.

10. There are no accumulated losses at the end of the financial year and no cash losses have been incurred in the previous financial year or in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to a financial institution or bank.

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

13. The provisions of any special statute applicable to chit fund not applicable and Accordingly sub clauses (a ) to (d ) are not applicable.

14. Proper records of the transactions have been made by the company and shares and securities held by the company in its name.

15. The company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company.

16. The term loans taken by the company are applied for the purpose for which they were obtained.

17. As reported the funds raised on Short Term basis have not been used for long term investment.

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

19. No debenture has been issued by the company.

20. The management has not made any Public Issue of Shares during the year.

21. No fraud on or by the company has been noticed or reported during the year.

FOR S. KUMAR GUPTA & ASSOCIATES CHARTERED ACCOUNTANTS Regn No. 010069N

-sd- (CA SUNIL GUPTA) PARTNER

PLACE: CHANDIGARH DATED: 30/05/2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s JTL INFRA LIMITED, SCO 18-19, Sector 28C, CHANDIGARH as at 31st March, 2010 and the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order 2004 (together the 'Order'), issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956 ("the Act"), and on the basis of such checks as we considered appropriate, and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable to the Company.

4. Further to our comments in the annexure referred to 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 accounts required by law have been kept by the company so far as appears from our examinations of those books;

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

d) In our opinion the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956, to the extent applicable subject to notes on accounts annexed to Balance Sheet.

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 is disqualified as on 31st March, 2010 from being appointed as director under 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 explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India;

1) In the case of Balance Sheet of the state of Affairs of the Company as at 31st March, 2009; and

2) In the case of the Profit and Loss Account of the profit for the year ended on that date; and

ANNEXURE TO THE AUDIT REPORT

Referred to in paragraph 3 of our report of even date

1. a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

b) The fixed Assets have been physically verified by the management at reasonable Intervals: no material discrepancies were noticed on such verification.

c) No substantial part of the fixed assets have been disposed off during the year that is why it has not affected the going concern.

2. a) As reported to us, the inventory has been physically verified by the management at reasonable intervals.

b) The procedure of physical verification of Inventory followed by management are adequate in relation to size of the company and the nature of its business: no material discrepancies were noticed in such procedures.

c) The company is maintaining proper records of inventory and no material discrepancies were noticed on such verification.

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 Act.

Accordingly Sub Clauses (b) to (d) are not applicable, (e) The company taken Unsecured Loan of Rs. 34.00 Lacs from one party covered in the register maintained under section 301 of the Act.

4. The company is having adequate internal control procedure commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the safe of goods.

5. a) According to the information and explanations given to us, particulars of Contract or Arrangement that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

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

6. As Explained and Reported the company has not accepted deposits from the public, Accordingly directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA or any other relevant provision of the Act and the rules framed there under, are not applicable.

7. The internal audit system of the company is commensurate with the size & Volume of company.

8. Maintenance of cost records has been prescribed by the Central Govt under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have broadly reviewed the books of accounts relating to material, labours and other items of cost maintained by the Company pursuant to the rules made by the Central Govt for the maintenance of records u/s 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prime facie the prescribed accounts and records have been made and maintained. We are however, not required to make a detailed examination of the records with a view to determine, whether they are accurate or complete.

9. a) The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State insurance, Income-tax, Sales-tax, Service Tax, Excise Duty, Cess and any other statutory dues with the appropriate authorities.

b) There are no dues of sales tax/income tax/custom tax/wealth tax/cess that are pending on account of any dispute except as below:-

Cenvat Credit disallowed is pending in appeals is as follows:

Rs. 304466/- with Custom Excise & Sales Tax Appellate Tribunal, New Delhi

Rs. 438893/- with Commissioner Appeal, Chandigarh

10. There are no accumulated losses at the end of the financial year and no cash losses have been incurred in the previous financial year or in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to a financial Institution or bank.

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

13. The provisions of any special statute applicable to chit fund not applicable and Accordingly sub clauses (a) to (d) are not applicable.

14. Proper records of the transactions have been made by the company and shares and securities held by the company in its name.

15. The company has not given any guarantee for loans taken by others from bank or financial Institutions, the terms and conditions whereof are prejudicial to the interest of the company.

16. The term loans taken by the company are applied for the purpose for which they were obtained.

17. As reported the funds raised on Short Term basis have not been used for long term investment.

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

19. No debenture has been issued by the company,

20. The management has not made any Public issue of Shares during the year.

21. No fraud on or by the company has been noticed or reported during the year.

For S. KUMAR GUPTA & ASSOCIATES CHARTERED ACCOUNTANTS Regn No. 010069N



Sd/- (CA SUNIL GUPTA) PARTNER

PLACE: CHANDIGARH DATED: 10-07-2010


Mar 31, 2009

1. We have audited the attached Balance Sheet of M/s JTL INFRA LIMITED, # 18-19, Sector 28C, CHANDIGARH as at 31st March, 2009 and the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order 2004 (together the 'Order'), issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956 ("the Act"), and on the basis of such checks as we considered appropriate, and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable to the Company.

4. Further to our comments in the annexure referred to 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 accounts required by law have been kept by the company so far as appears from our examinations of those books;

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

d) In our opinion the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956, to the extent applicable subject to notes on accounts annexed to Balance Sheet.

e) On the basis of written representations received from the directors as on 31st March, 2008 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2008 from being appointed as director under 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 explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India;

1) In the case of Balance Sheet of the state of Affairs of the Company as at 31st March, 2009; and

2) In the case of the Profit and Loss Account of the profit for the year ended on that date; and



ANNEXURE TO THE AUDIT REPORT

Referred to in paragraph 3 of our report of even date

1. a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

b) The fixed Assets have been physically verified by the management at reasonable Intervals no material discrepancies were noticed on such verification.

c) No substantial part of the fixed assets have been disposed off during the year. That is why it has not affected the going concern.

2. a) As reported to us, the inventory has been physically verified by the management at reasonable intervals.

b) The procedure of physical verification of Inventory followed by management are adequate in relation to size of the company and the nature of its business: no material discrepancies were noticed in such procedures.

c) The company is maintaining proper records of inventory and no material discrepancies were noticed on such verification,

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 Act. Accordingly Sub Clauses (b) to (d) are not applicable,

(e) The company taken Unsecured Loan of Rs. 34.00 Lacs from one party covered in the register maintained under section 301 of the Act.

(f) Terms of the rate of interest and other terms and conditions of Unsecured Loans taken by the company are prima facie not prejudicial to the Interest of the company; and

(g) Payment of the principal amount and interest are as mutual agreement:

4. The company is having adequate internal control procedure commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the safe of goods,

5. a) According to the information and explanations given to us, particulars of Contract or Arrangement that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered,

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

6. As Explained and Reported the company has not accepted deposits from the public, Accordingly directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA or any other relevant provision of the Act and the rules framed there under, are not applicable.

7. The internal audit system of the company is commensurate with the size & Volume of company.

8. Maintenance of cost records has been prescribed by the Central Govt under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have broadly reviewed the books of accounts relating to material, labours and other items of cost maintained by the Company pursuant to the rules made by the Central Govt for the maintenance of records u/s 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prime facie the prescribed accounts and records have been made and maintained. We are however, not required to make a detailed examination of the records with a view to determine, whether they are accurate or complete.

9. a) The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State insurance, Income-tax, Sales-tax, Service Tax, Excise Duty, Cess and any other statutory dues with the appropriate authorities.

b) There are no dues of sales tax/income tax/custom tax/wealth tax/cess that are pending on account of any dispute.

10. There are no accumulated losses at the end of the financial year and no cash losses have been incurred in the previous financial year or in the immediately preceding financial year.

11 The company has not defaulted in repayment of dues to a financial Institution or bank.

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

13. The provisions of any special statute applicable to chit fund not applicable and Accordingly sub clauses (a) to (d) are not applicable.

14. Proper records of the transactions have been made by the company and shares and securities held by the company in its name.

15. The company has not given any guarantee for loans taken by others from bank or financial Institutions, the terms and conditions whereof are prejudicial to the interest of the company.

16. The term loans taken by the company are applied for the purpose for which they were obtained.

17. As reported the funds raised on Short Term basis have not been used for long term investment.

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

19. No debenture has been issued by the company,

20. The management has not made any Public issue of Shares during the year.

21. No fraud on or by the company has been noticed or reported during the year.

For S. KUMAR GUPTA & ASSOCIATES CHARTERED ACCOUNTANTS

Sd/- (SUNIL GUPTA) PARTNER

PLACE: CHANDIGARH DATED: 26.08.2009

 
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