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Auditor Report of OCL Iron & Steel Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of OCL Iron and Steel Limited as at 31st March 2014, which comprises the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"), read with General Circular 15/2013 dated 13 September 2013, issued by 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 aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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 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") as amended issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956; read with General Circular 15/2013 dated 13 September 2013, issued by 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 INDEPENDENT AUDITOR''S REPORT REFERRED TO IN POINT 1 OF PARAGRAPH 5 OF OUR REPORT OF EVEN DATE OF OCL IRON AND STEEL LIMITED FOR THE YEAR ENDED 31st March 2014

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

(b) As explained to us, fixed assets, according to the practice of the Company, have been physically verified by the management at reasonable intervals. In our opinion, the frequency of physical verification of fixed assets is reasonable having regard to the size of the company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.

(c) During the year, the company has not disposed off any of the fixed assets and the going concern status of the company is not affected.

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

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

(c) In our opinion, the company has maintained proper records of inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material & the same have been properly dealt with in the books of account.

(iii) (a) The Company, during the year under report, has granted loan and advances to one of its subsidiary covered in the register maintained under Section 301 of the Companies Act, 1956.

1. During the year Company has granted loan aggregating Rs. 6820.00 lacs the balance at the end of the year & the maximum amount involved during the year was Rs. 13625.00 lacs.

2. In our opinion & according to the information & explanations given to us, the rate of interest, where-ever applicable & other terms & conditions are not prima-facie prejudicial to the interest of the company.

3. In respect of the loan granted to its subsidiaries, the loan is interest free & being repayable on demand are not overdue.

(b) According to the information and explanations given to us, 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 provisions of clause 4(iii) (e) to (g) of the Order are not applicable to the Company and hence not commented upon.

(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 inventories, consumable stores, fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangement referred to in section 301 of the act has been entered in the register required to be maintained under section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies act, 1956 & exceeding the value of Rs. 5.00 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.

(vi) The company has not accepted public deposits within the meaning and provisions of sec 58A and 58AA of the companies Act, 1956.

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

(viii) The Central government has prescribed maintenance of cost accounting records under section 209 (1) (d) of the Companies Act, 1956. However, we are neither required to carry out nor have carried out any detailed examination of such accounts & records.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) The disputed statutory dues aggregating to Rs 1620.70 lacs, which have not been deposited on account of matters pending before appropriate authorities are as under:

S.No Name of the Nature of Period to which Statute Dues it relates

1. Central Sales Tax CST 2002-03

2. Central Sales Tax CST 2004-05

3. Orissa VAT VAT 2005-06

4. Orissa VAT VAT 2006-07

5. Central Sales Tax CST 2006-07

6. Orissa Entry tax State Entry tax 2002-03

7. Orissa Entry tax State Entry tax 2006-07

8. Orissa Entry Tax State Entry Tax 2007-08

9. Central service tax Service Tax 2008-10

13. Central Service Tax Service Tax 2006-07 To 2011-12

14. Central Excise Tax CENVAT 2005-06

15. Central Sales Tax CST 2010-11

16. Cst/Oet CST/OET 2005-06

17. Orissa Vat VAT 2007-08

18. Orissa Vat VAT 2009-10

19. Central Sales Tax CST 2011-12

20. Central Sales Tax CST 2007-10

21. Orissa Entry Tax State Entry Tax

22. Orissa Vat VAT 20011-13

23. Central Sales Tax CST 2011-13

23. Orissa Entry Tax State Entry Tax

Total 1620.70





S.No Name of the Forum where Amount Statute dispute is pending (in Lacs)

1. Central Sales Tax Orissa Sales Tax Tribunal 1.00

2. Central Sales Tax Orissa Sales Tax Tribunal 79.33

3. Orissa VAT Addl. Commisioner of Sales Tax, Orissa, Cuttack 117.89

4. Orissa VAT Addl. Commisioner of Sales Tax, Orissa, Cuttack 36.17

5. Central Sales Tax Commisioner of Sales Tax, Orissa, Cuttack 8.98

6. Orissa Entry tax Orissa Sales Tax Tribunal 0.08

7. Orissa Entry tax Addl. Commisioner of sales Tax, Orissa, Cuttack 3.05

8. Orissa Entry Tax Commisioner of Sales Tax, Orissa, Cuttack 23.55

9. Central service tax Commissioner, Commissionerate Office, Bhubaneswar 275.73

13. Central Service Tax Addl. Commissioner, (Adjn.) Commissionerate Office, Bhubaneswar 30.00

14. Central Excise Tax Asst. Commissioner, Division Office 1.59

15. Central Sales Tax Dy.commissioner Of Sales Tax 209.84

16. Cst/Oet Sto 4.24

17. Orissa Vat Commissioner Of Sales Tax, Orissa 6.57

18. Orissa Vat Addl. Commissioner Of Sales Tax,Orissa Cuttack 25.01

19. Central Sales Tax Addl. Commissioner Of Sales Tax, Orissa Cuttack 139.91

20. Central Sales Tax Commissioner Of Sales Tax, Orissa Cuttack 33.64

21. Orissa Entry Tax Commissioner Of Sales Tax, Orissa Cuttack 4.07

22. Orissa Vat Addl. Commissioner Of Sales Tax,Orissa Cuttack 37.67

23. Central Sales Tax Addl. Commissioner Of Sales Tax, Orissa Cuttack 561.80

23. Orissa Entry Tax Commissioner Of Sales Tax, Orissa Cuttack 20.58

Total 1620.70

(x) The company has not any accumulated losses at the end of the financial year 31st March, 2014. And it has not incurred any cash losses in current financial year and immediately preceding financial year.

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

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

(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause of 4(xiii) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors'' Report) Order, 2003 (as amended) are not applicable to the company.

(xv) The company has not given guarantees for credit facilities taken by others from Banks or Financial Institutions, the terms and conditions thereof are not prejudicial to the interest of the company.

(xvi) According to the information and explanation given to us, in our opinion, term loan availed by the company were, prima facie, applied by the company during the year under report for the purpose for which the term loans were obtained, other than temporary deployment pending applications.

(xvii) According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment and no long term funds have been used to finance short term assets except permanent working capital.

(xviii) During the year, the company has not made any Preferential allotment of shares to the parties and companies covered in the register maintained under section 301 of the Act.

(xix) The company has not issued any debentures during the year and therefore the question of creating security / charge does not arise.

(xx) According to information and explanation given to us and the records of the company examined by us, the Company has not raised any money by public issue during the year.

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

For A.C Gupta & Associates Chartered Accountants

Sd/- (A.C. GUPTA)

Place : New Delhi Partner Dated : 29th May, 2014 Membership No. 8565 Firm Regd. No. 008079N


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of OCL Iron and Steel Limited as at 31st March 2013, which comprises the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the financial Statements

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

Auditor''s Responsibility

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

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

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

Opinion

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

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 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") as amended issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

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

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.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT REFERRED TO IN POINT 1 OF PARAGRAPH 5 OF OUR REPORT OF EVEN DATE OF OCL IRON AND STEEL LIMITED FOR THE YEAR ENDED 31st March 2013

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

(b) As explained to us, fixed assets, according to the practice of the Company, have been physically verified by the management at reasonable intervals. In our opinion, the frequency of physical verification of fixed assets is reasonable having regard to the size of the company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.

(c) During the year, the company has not disposed off any of the fixed assets and the going concern status of the company is not affected.

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

(b) The procedure for 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) In our opinion, the company has maintained proper records of inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material & the same have been properly dealt with in the books of account.

(iii) The Company, during the year under report, has granted secured loan to one of its subsidiary covered in the register maintained under Section 301 of the Companies Act, 1956.

a) The balance at the end of the year & the maximum amount involved during the year was Rs. 6805.00 lacs.

b) In our opinion & according to the information & explanations given to us, the rate of interest, where-ever applicable & other terms & conditions are not prima-facie prejudicial to the interest of the company.

c) In respect of the loan granted to its subsidiaries, the loan is interest free & being repayable on demand are not overdue.

(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 inventories, consumable stores, fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangement referred to in section 301 of the act has been entered in the register required to be maintained under section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies act, 1956 & exceeding the value of Rs. 5.00 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.

(vi) The company has not accepted public deposits within the meaning and provisions of sec 58A and 58AA of the companies Act, 1956.

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

(viii) The Central government has prescribed maintenance of cost accounting records under section 209 (1) (d) of the Companies Act, 1956. However, we are neither required to carry out nor have carried out any detailed examination of such accounts & records.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) The disputed statutory dues aggregating to Rs1000.65 lacs, which have not been deposited on account of matters pending before appropriate authorities are as under:

S. No Name of the Nature of Period to which Statute Dues it relates

1. Central Sales Tax CST 2002-03

2. Central Sales Tax CST 2004-05

3. Orissa VAT VAT 2005-06

4. Orissa VAT VAT 2006-07

5. Central Sales Tax CST 2006-07

6. Orissa Entry tax State Entry tax 2002-03

7. Orissa Entry tax State Entry tax 2006-07

8. Orissa Entry Tax State Entry Tax 2007-08

9. Central service tax Service Tax 2008-10

13. Central Service Tax Service Tax 2006-07 To 2011-12

14. Central Excise Tax Cenvat 2005-06

15. Central Sales Tax Cst 2010-11

16. Cst/Oet Cst/Oet 2005-06

17. Orissa Vat Vat 2007-08

Name Forum where Amount dispute is pending (in Lacs)

Central Sales Tax Orissa Sales Tax Tribunal 1.00

Central Sales Tax Orissa Sales Tax Tribunal 79.33

Central Sales Tax Addl. Commisioner of Sales Tax, Orissa, Cuttack 117.89 Addl. Commisioner of

Central Sales Tax Sales Tax, Orissa, Cuttack 36.17 Commisioner of

Central Sales Tax Sales Tax, Orissa, Cuttack 8.98 Central Sales Tax Orissa Sales Tax Tribunal 0.08

Addl. Commisioner of Central Sales Tax Sales Tax, Orissa, Cuttack 3.05 Commisioner of

Central Sales Tax Sales Tax, Orissa, Cuttack 23.55

Commissioner,Commissionerate Central Sales Tax office, Bhubaneswar 275.73 Addl. Commissioner, (Adjn.) Commissionerate Office, Bhubaneswar 30.00

Central Sales Tax Asst. Commissioner, Division Office 1.59

Central Sales Tax Dy.commissioner Of Sales Tax 209.84

Central Sales Tax Sto 4.24

Commissioner Of Central Sales Tax Sales Tax, Orissa 6.57

(x) The company has not any accumulated losses at the end of the financial year 31st March, 2013. And it has not incurred any cash losses in current financial year and immediately preceding financial year.

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

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

(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause of 4(xiii) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors'' Report) Order, 2003 (as amended) are not applicable to the company.

(xv) The company has not given guarantees for credit facilities taken by others from Banks or Financial Institutions, the terms and conditions thereof are not prejudicial to the interest of the company.

(xvi) According to the information and explanation given to us, in our opinion, term loan availed by the company were, prima facie, applied by the company during the year under report for the purpose for which the term loans were obtained, other than temporary deployment pending applications.

(xvii) According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment and no long term funds have been used to finance short term assets except permanent working capital.

(xviii) During the year, the company has not made any Preferential allotment of shares to the parties and companies covered in the register maintained under section 301 of the Act.

(xix) The company has not issued any debentures during the year and therefore the question of creating security / charge does not arise.

(xx) According to information and explanation given to us and the records of the company examined by us, the Company has not raised any money by public issue during the year.

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

For A.C Gupta & Associates

Chartered Accountants Sd/-

(A.C. GUPTA)

Place:New Delhi Partner

Dated: 30th May, 2013 Membership No. 8565

Firm Regd. No. 008079N


Mar 31, 2012

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

We conducted our audit in accordance with auditing standards generally accepted in India (Indian GAAP). 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.

As required by the Companies (Auditors' Report) Order, 2003 (as amended) by the companies (Auditors' Report) (amended) 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, we enclose in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the said order.

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

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

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

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

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

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

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE OF OCL IRON AND STEEL LIMITED FOR THE YEAR ENDED 31st March 2012

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

(b) As explained to us, fixed assets, according to the practice of the Company, have been physically verified by the management at reasonable intervals. In our opinion, the frequency of physical verification of fixed assets is reasonable having regard to the size of the company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.

(c) During the year, the company has not disposed off any of the fixed assets and the going concern status of the company is not affected.

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

(b) The procedure for 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) In our opinion ,the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material & the same have been properly dealt with in the books of account.

(iii) The Company, during the year under report, has not granted/taken any loans secured or unsecured to/from the Companies and joint ventures, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventories, consumable stores, fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangement referred to in section 301 of the act has been entered in the register required to be maintained under section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies act, 1956 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.

(vi) The company has not accepted public deposits within the meaning and provisions of sec 58A and 58AA of the companies Act, 1956.

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

(viii) The Central government has prescribed maintenance of cost accounting records under section 209 (1) (d) of the Companies Act, 1956. However we are neither required to carryout nor have carried out any detailed examination of such accounts and records.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) The disputed statutory dues aggregating to Rs1000.65 lacs, which have not been deposited on account of matters pending before appropriate authorities are as under:

S. No Name of the Statute Nature of Period to which Dues it relates

1. Central Sales Tax CST 2002-03

2. Central Sales Tax CST 2004-05

3. Orissa VAT VAT 2005-06

4. Orissa VAT VAT 2006-07

5. Central Sales Tax CST 2006-07

6. Orissa Entry tax State Entry tax 2002-03

7. Orissa Entry tax State Entry tax 2006-07

8. Orissa Entry Tax State Entry Tax 2007-08

9. Central service tax Service Tax 2008-10

13. Central Service Tax Service Tax 2006-07 To 2011-12

14. Central Excise Tax Cenvat 2005-06

15. Central Sales Tax Cst 2010-11

16. Cst/Oet Cst/Oet 2005-06

17. Orissa Vat Vat 2007-08

18. Orissa Vat Vat 2009-10

19. Central Sales Tax Cst 2011-12

20. Central Sales Tax Cst 2007-10

21. Orissa Entry Tax State Entry Tax

Total

Name of the Statute Forum where Amount dispute is pending (in Lacs)

Central Sales Tax Orissa Sales Tax Tribunal 1.00

Central Sales Tax Orissa Sales Tax Tribunal 79.33

Orissa VAT Addl. Commisioner of Sales Tax, Orissa, Cuttack 117.89

Orissa VAT Addl. Commisioner of Sales Tax, Orissa, Cuttack 36.17

Central Sales Tax Commisioner of Sales Tax, Orissa, Cuttack 8.98

Orissa Entry tax Orissa Sales Tax Tribunal 0.08

Orissa Entry tax Addl. Commisioner of Sales Tax, Orissa, Cuttack 3.05

Orissa Entry Tax Commisioner of Sales Tax, Orissa, Cuttack 23.55

Central Service tax Commissioner, Commissionerate Office, Bhubaneswar 275.73

Central Service tax Addl. Commissioner, (Adjn.) Commissionerate Office, Bhubaneswar 30.00

Central Excise Tax Asst. Commissioner, Division Office 1.59

Central Sales Tax Dy.commissioner Of Sales Tax 209.84

Cst/Oet Sto 4.24

Orissa Vat Commissioner Of Sales Tax, Orissa 6.57

Orissa Vat Addl. Commissioner Of Sales Tax, Orissa Cuttack 25.01

Central Sales Tax Addl. Commissioner Of Sales Tax, Orissa Cuttack 139.91

Central Sales Tax Commissioner Of Sales Tax, Orissa Cuttack 33.64

Orissa Entry Tax Commissioner Of Sales Tax, Orissa Cuttack 4.07

Total 1000.65

(x) The company has not any accumulated losses at the end of the financial year 31st March, 2012. And it has not incurred any cash losses in current financial year and immediately preceding financial year.

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

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

(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause of 4(xiii) of the Companies (Auditors' Report) Order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors' Report) Order, 2003 (as amended) are not applicable to the company.

(xv) The company has not given guarantees for credit facilities taken by others from Banks or Financial Institutions, the terms and conditions whereof are not prejudicial to the interest of the company.

(xvi) According to the information and explanation given to us, in our opinion, term loan availed by the company were, prima facie, applied by the company during the year under report for the purpose for which the term loans were obtained, other than temporary deployment pending applications.

(xvii) According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment and no long term funds have been used to finance short term assets except permanent working capital.

(xviii) During the year, the company has not made any Preferential allotment of shares to the parties and companies covered in the register maintained under section 301 of the Act.

(xix) The company has not issued any debentures during the year and therefore the question of creating security / charge does not arise.

(xx) According to information and explanation given to us and the records of the company examined by us, the Company has not raised any money by public issue during the year.

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

For & on behalf of

A.C Gupta & Associates

Chartered Accountants

Sd/-

(A.C. GUPTA)

Place : New Delhi Partner

Dated : 3rd September, 2012 Membership No. 8565

Firm Regd. No. 008079N


Mar 31, 2011

We have audited the attached Balance Sheet of OCL Iron and Steel Limited as at 31st March 2011 , the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India (Indian GAAP). 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.

As required by the Companies (Auditors' Report) Order, 2003 (as amended) by the companies (Auditors' Report) (amended) 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, we enclose in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the said order. >

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

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

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

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

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

(v) On the basis of written representations received from the directors, as on 31st March 201 land 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 a director in terms of clause (g) of sub-section(l) of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE OF OCL IRON AND STEEL LIMITED FOR THE YEAR ENDED 31st March 2011

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation offixed assets.

(b) As explained to us, fixed assets, according to the practice of the Company, have been physically verified by the management at reasonable intervals. In our opinion, the frequency of physical verification of fixed assets is reasonable having regard to the size of the company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.

(c) During the year, the company has not disposed off any of the fixed assets and the going concern status of the company is not affected.

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

(b) The procedure for 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) In our opinion ,the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material & the same have been properly dealt with in the books of account.

(iii) The Company, during the year under report, has not granted / taken any loans secured or unsecured to / from the companies and joint ventures, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size ofthe Company and the nature of its business with regard to purchase of inventories, consumable stores, fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangement referred to in section 301 of the act has been entered in the register required to be maintained under section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies act, 1956 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.

(vi) The company has not accepted public deposits within the meaning and provisions of sec 58A and 58AA of the companies Act, 1956.

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

(viii) The Central government has prescribed maintenance of cost accounting records under section 209 (1) (d) of the Companies Act, 1956. We have broadly reviewed the accounts and records of the company in this connection and are of the opinion that prima facie, the prescribed accounts and records have been properly maintained.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) The disputed statutory dues aggregating to Rs. 644.57 lacs, which have not been deposited on account of matters pending before appropriate authorities are as under:

S. No Name of the Statute Nature of Period to which Forum where Amount Dues it relates dispute is pending (in Lacs)

1. Central Sales Tax CST 2002-03 Orissa Sales Tax Tribunal 1.00

2. Central Sales Tax CST 2004-05 Orissa Sales Tax Tribunal 79.33

3. Orissa VAT VAT 2005-06 Addl. Commisioner of

Sales Tax, Orissa,

Cuttack 117.89

4. Orissa VAT VAT 2006-07 Addl. Commisioner of

Sales Tax, Orissa,

Cuttack 36.17

5. Central Sales Tax CST 2006-07 Addl. Commisioner of

Sales Tax, Orissa,

Cuttack 8.98

6. Orissa Entry tax State Entry tax 2002-03 Orissa Sales Tax

Tribunal 0.08

7. Orissa Entry tax State Entry tax 2006-07 Addl. Commisioner of

Sales Tax, Orissa,

Cuttack 3.05

8. Central Sales Tax CST 2009-10 Addl. Commisioner of

Sales Tax, Orissa,

Cuttack 23.34

9. Central service tax Service Tax 2008-10 Commissioner,

Commissionerate

Office, Bhubaneswar 137.86

10. Central Excise Tax CENVAT 2005-2009 Dy. Commissioner,

Division Office 4.96

11. Central Excise Tax CENVAT 2009-10 Dy. Commissioner,

Division Office 4.76

12. Central Excise Tax CENVAT 2008-09 Addl. Commissioner,

Commissionerate

Office, Bhubaneswar 9.17

13. Central Excise Tax CENVAT 2008-09 Asst. Commissioner,

Division Office 2.31

14. Central Excise Tax CENVAT 2005-06 Asst. Commissioner,

Division Office 1.59

15. Central Sales Tax CST 2010-11 Dy. Commissioner Of

Sales Tax 209.84

16. CST/OET CST/OET 2005-06 STO 4.24

Total 644.57

(x) The company has not any accumulated losses at the end of the financial year 31st March, 2011. And it has not incurred any cash losses in current financial year and immediately preceding financial year.

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

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

(xiii) In our opinion, the Company is not a chit fund or a nidhi/ mutual benefit fund / society. Therefore, the provisions of clause of 4(xiii) of the Companies (Auditors' Report) Order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors' Report) Order, 2003 (as amended) are not applicable to the company.

(xv) The company has not given guarantees for credit facilities taken by others from Banks or Financial Institutions, the terms and conditions whereof are not prejudicial to the interest of the company.

(xvi) According to the information and explanation given to us, in our opinion, term loan availed by the company were, prima facie, applied by the company during the year under report for the purpose for which the term loans were obtained, other than temporary deployment pending applications.

(xvii) According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment and no long term funds have been used to finance short term assets except permanent working capital.

(xviii) During the year, the company has not made any preferential allotment to the parties and companies covered in the register maintained under section 301 of the Act.

(xix) The company has not issued any debentures during the year and therefore the question of creating security / charge does not arise.

(xx) According to information and explanation given to us and the records of the Company examined by us, the Company has issued and allotted 5,30,05,000 2% Non Cumulative Redeemable Preference Shares to be redeemed at premium.

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

For & on behalf of

A. C Gupta & Associates

Chartered Accountants

Sd/-

A.C. GUPTA

Place : New Delhi Partner

Dated : 3rd- September 2011 Membership No. 8565








Mar 31, 2010

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

We conducted our audit in accordance with auditing standards generally accepted in India (Indian GAAP). 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.

As required by the Companies (Auditors Report) Order, 2003 (as amended) by the companies (Auditors Report) (amended) 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, we enclose in the annexure, a statement on the matters specified in paragraph 4 and 5 of the said order.

Further to our comments in the annexure referred to above, we report that:

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

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

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

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

(v) 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 a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

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

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE OF OCL IRON AND STEEL LIMITED FOR THE YEAR ENDED 31st March 2010.

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

(b) As explained to us, fixed assets, according to the practice of the Company, have been physically verified by the management at reasonable intervals. In our opinion, the frequency of physical verification of fixed assets is reasonable having regard to the size of the Company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.

(c) During the year, the company has not disposed off any of the fixed assets and the going concern status of the company is not affected.

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

(b) The procedure for 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) In our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material & the same have been properly dealt with in the books of account.

(iii) The Company, during the year under report, has not granted / taken any loans secured or unsecured to /from the companies and joint ventures, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventories, consumable stores, fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangement referred to in section 301 of the act has been entered in the register required to be maintained under section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies act, 1956 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.

(vi) The company has not accepted public deposits within the meaning and provisions of sec 58A and 58AA of the Companies Act, 1956.

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

(viii) The Central government has prescribed maintenance of cost accounting records under section 209 (1) (d) of the Companies Act, 1956. We have broadly reviewed the accounts and records of the company in this connection and are of the opinion that prima facie, the prescribed accounts and records have been properly maintained.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) The disputed statutory dues aggregating to Rs. 267.69 lacs, that have not been deposited on account of matters pending before appropriate authorities are as under:

S.No Name of the Statute Nature of Period to which Dues it relates

1. Central Sales Tax CST 2002-03

2. Central Sales Tax CST 2004-05

3. Orissa VAT VAT 2005-06

4. Orissa VAT VAT 2006-07

5. Central Sales Tax CST1 2006-07

6. Orissa Entry tax State Entry tax 2002-03

7. Orissa Entry tax State Entry tax 2006-07

S.No Name of the Statute Forum where Amount dispute is pending (in Lacs)

1. Central Sales Tax Orissa Sales Tax Tribunal 1.00

2. Central Sales Tax Orissa Sales Tax Tribunal 79.32

3. Orissa VAT Addl. Commisioner of

Sales Tax, Orissa, Cuttack 117.89

4. Orissa VAT Addl. Commisioner of

Sales Tax, Orissa, Cuttack 49.32

5. Central Sales Tax Addl. Commisioner of

Sales Tax, Orissa, Cuttack 14.98

6. Orissa Entry tax Orissa Sales Tax Tribunal 0.08

7. Orissa Entry tax Addl. Commisioner of 5.10

Sales Tax, Orissa, Cuttack

Total 267.69



(x) As five years have not lapsed since the registration of the company, the provisions of clause 4 (x) of the Companies (Auditors Report) Order are not applicable.

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

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

(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause of 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the company.

(xv) The company has not given guarantees for credit facilities taken by others from Banks or Financial Institutions, the terms and conditions whereof are not prejudicial to the interest ofthe company.

(xvi) According to the information and explanation given to us, in our opinion, term loan availed by the company were, prima facie, applied by the company during the year under report for the purpose for which the term loans were obtained, other than temporary deployment pending applications.

(xvii) According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment and no long term funds have been used to finance short term assets except permanent working capital.

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

(xix) The company has not issued any debentures during the year and therefore the question of creating security / charge does not arise.

(xx) According to information and explanation given to us and the records of the company examined by us, the Company has not raised any money by public issue during the year.

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



For & on behalf of A. C Gupta & Associates Chartered Accountants

Sd/- A.C. GUPTA Place : New Delhi Partner Dated : 13th August 2010 Membership No. 8565



 
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