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Auditor Report of Siddhartha Tubes Ltd.

Mar 31, 2015

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

Management's Responsibility for the Financial Statements

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

Auditors' Responsibility

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

We have taken into account the provision 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 thereunder.

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

Basis for Qualified Opinion

1. As stated in Note No. 10: - Fixed Assets. Company has made provision of depreciation following straight line method, which is not in accordance with the useful life mentioned in the Schedule II of Co. Act, 2013. The financial impact is that the Fixed Assets are overstated, Depreciation is understated and loss is understated to an extent of Rs.10.82 crore each.

2. As stated in Note No. 13 Note, the Company has concluded negotiated settlement dues with several lenders, and several installments have been paid to them till end March 2015. However, further installments remain payable as per the agreed schedule, and these lenders remain outstanding on the Company's Books. The said payments made up to 31/03/2015, viz Rs. 28.89 crore (Previous year Rs.25.97 crore) has been accounted for under Other Non Current Assets, and these will be adjusted / accounted for against the corresponding outstanding in Secured Loans after full repayment of the NSD amount, and receipt of No Dues Certificate from the respective Lender.

3. As stated in Note No. 36(b), the accounts of the Company have been prepared on going concern basis in spite of the fact that the Company has become a Sick Company under Sick Industrial Companies (Special Provisions) Act, 1985.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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, of the state of affairs of the Company as at March 31,2015 and its Loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

2 As required by Section 143(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 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 Cash Flow Statement dealt with by this Report are in agreement with the books of accounts.

(d) In our opinion, the aforesaid Financial Statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the Directors as on 31March, 2015, and taken on record by the Board, none of the Director is disqualified as on 31 March, 2015 from being appointed as a Director in terms of Section 164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditors 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 explanation given to us:

(i) The Company has disclosed the impact of pending litigations on its financial position in its Financial Statements at Note no.31.

(ii) The Company has not entered into any long-term contracts including derivative contracts for which there is any material foreseeable losses;

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

(Referred to in paragraph 1 under "Report on Other Legal and Regulatory Requirement "section of our report of even date) (i) In respect of Fixed Assets:

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

(b) Some of the Fixed Assets were physically verified during the year by the Management in accordance with a programmed of verification, which in our opinion, provides for physical verification of all the Fixed Assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification.

(ii) In respect of its inventories:

(a) We are informed that physical verification of inventory has been conducted at reasonable intervals during the year by the management. In our opinion the frequency of such verification is reasonable.

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

(c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification of inventory as compared to the book records.

(iii) The Company has not granted any Loans, Secured or Unsecured, to Companies, Firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and Fixed Assets and for the sale of goods and services and during the course of our audit we have not observed any major weakness in such internal control system.

(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 73 to 76 of the Companies Act, 2013 and the rules framed there under.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended and prescribed by the Central Government under sub-section (1) of the Section 148 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 the cost records with a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us, in respect of Statutory Dues;

(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, VAT Tax, Wealth Tax, Custom Duty, Excise Duty, and any other Statutory Dues with the appropriate Authorities.

(b) According to the information and explanation given to us, Statutory Dues under appeal at various forums aggregating to Rs.634.50 lakh are as under:

Si no Name of the Statute Nature of the Dues Period Amount

1 CESTA Excise & Custom 1998-99 1594141 2006-07 10000000

2007-08 5591632

2008-09 19242228

2009-10 1519095

2010-11 502635

2 Income Tax Income Tax 2009-10 25000000





Name of the Statute Forum where appeal / matter is pending CESTA CESTAT, New Delhi DGFT, New Delhi Commissioner Appeal

CESTAT, New Delhi

Commissioner Appeal

CESTAT, New Delhi

2 Income Commissioner Income Tax Appeal

Total 63449731



(c) The Company is not required to transfer any amount to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made there under.

(viii) As at 31st March 2014 the accumulated losses of the Company are more than fifty percent of its Net Worth. The Company has incurred an operating Cash Loss of Rs.1443.49 lacs for the year ended 31st of March 2015 (previous year loss of Rs.488.48 lacs).

(ix) In our opinion based on our Audit procedures & according to the information & explanation given to us, the Company has defaulted in repayment of Secured Dues aggregating to Rs.177.84 crores in respect of Financial Institutions and Banks.

(x) According to the information and explanation given to us, the Company has not given any Guarantee for loans taken by others from Banks or Financial Institutions.

(xi) In our opinion and according to the Information and explanations given to us, the Term Loans have been applied for the purposes for which they were raised.

(xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For Rakesh K. Jain & Associates.,

CHARTERED ACCOUNTANTS FRN - 011019C

RAKESH JAIN

PLACE INDORE PROPRIETOR

DATE : 19th September, 2015 M.NO.401098


Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

The Company''s 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 flow of the Company in accordance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 ("the Act") 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 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 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 the accounting policies used and the reasonableness of the accounting estimates made by the 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, subject to Note No. 13 & 36(b) regarding preparation of Accounts on a "Going Concern basis", 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, on the state of affairs of the Company as at 31 March, 2014:

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

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

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditors Report) Order, 2003 ("the Order") issued by the Central Government in terms of Section 227(4A) 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 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 Cash Flow Statement dealt with by this Report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in Section 211(3C) of the Act.

(e) On the basis of the written representations received from the Directors as on 31March, 2014, and taken on record by the Board, none of the Director is disqualified as on 31 March, 2014 from being appointed as a Director in terms of Section 274 (l)(g) of the Act.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT

Referred to in paragraph 1 of our report of even date

i) In respect of Fixed Assets:

a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

b) We are informed that major portion of the fixed assets have been physically verified by the management at regular intervals during the year, which in our opinion is''reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

c) The Company did not dispose off a substantial part of fixed assets during the year.

ii) In respect of Inventories

a) We are informed that physical verification of inventory has been conducted at reasonable intervals during the year by the management. In our opinion the frequency of such verification is reasonable.

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

c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification of inventory as compared to the book records.

iii. The Company has taken loan from persons falling under Section 301. The terms of the same are not prejudicial to the interest of the Company.

iv. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for purchase of inventory and fixed assets and for the sale of goods. Further during the course of audit we have not observed any major weaknesses in the internal control;

v. In respect of transactions covered under Section 301 of the Companies Act, 1956:

a) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that all the transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

b) These transaction have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder.

vii In our opinion the internal audit system of the Company is commensurate with its size and nature of its business.

viii The Central Government has prescribed the maintenance of Cost records under section 209 (1) (d) of the Companies Act 1956 in respect of manufacturing activities of the Company. We have broadly reviewed the cost records maintained by the Company and are of the opinion that prima-facie the prescribed accounts and records are made and maintained.

ix In respect of Statutory dues :

a) According to the records examined by us, the Company is generally regular in depositing undisputed Statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, VAT Tax, Wealth Tax, Custom Duty, Excise Duty and any other Statutory dues with the appropriate authorities,

b) According to the information and explanation given to us, Statutory dues under appeal at various forums aggregating to Rs.634.50 lacs are as under:

S. No Name of Nature of the Period Amount Forum where the Statute Dues appeal / matter is pending

1 CESTA Excise & Custom 1998-99 1594141 CESTAT, New Delhi

2006- 07 10000000 Add. DGFT, New Deihi

2007- 08 5591632 Commissioner Appeal

2008- 09 19242228 CESTAT, New Delhi

2009- 10 1519095 Commissioner Appeal

2010- 11 502635 CESTAT, New Delhi

2 Income Tax Income Tax 2009-10 25000000 Commissioner Income Tax Appeal Total 63449731

x) As at 31st March 2014 the accumulated losses of the Company are more than fifty percent of its net worth. The Company has incurred an operating cash Loss of Rs.488.48 lacs for the year ended 31st of March 2014 (previous year loss of Rs.1343.38 lacs).

xi) In our opinion based on our audit procedures & according to the information & explanation given to us, the Company has defaulted in repayment of Secured Dues aggregating to Rs. 180.77 crores in respect of Financial Institutions and Banks.

xii) In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company 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 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 are not applicable to the Company.

xv) According to the information and explanation given to us, the Company has not given any guarantee'' for loans taken by others from banks or financial institutions.

xvi) In our opinion & according to the information & explanation given to us on an overall basis, the term loans have been applied for the purpose for which they were raised.

xvii) According to the information and explanations 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 investments.

xviii) During the year the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956.

xix) The Company did not issue any debenture during the year.

xx) The Company has not raised any money by way of public issue during the year.

xxi) Based on audit procedures performed and information & explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For Rakesh K. Jain ft Associates.,

CHARTERED ACCOUNTANTS FRN - 011019C

RAKESH JAIN PROPRIETOR PLACE : INDORE M. NO.401098 DATE : 30th May, 2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of SIDDHARTHA TUBES LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s 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 flow of the Company in accordance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 ("the Act") 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 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 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 the accounting policies used and the reasonableness of the accounting estimates made by the 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, subject to Note No. 13 & 36(b) regarding preparation of Accounts on a "Going Concern braise", 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, on the state of affairs of the Company as at 31 March, 2013:

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

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

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditors Report) Order, 2003 ("the Order") issued by the Central Government in terms of Section 227(4A) 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 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 Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement Comply with the Accounting Standards referred to in Section 211(3C) of the Act.

(e) On the basis of the written representations received from the directors as on 31March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2013 from being appointed as a director in terms of Section 274 (l)(g) of the Act.

i) In respect of Fixed Assets:

a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

b) We are informed that major portion of the fixed assets have been physically verified by the management at regular intervals during the year, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

c) The Company did not dispose off a substantial part of fixed assets during the year.

ii) In respect of Inventories

a) We are informed that physical verification of inventory has been conducted at reasonable intervals during the year by the management. In our opinion the frequency of such verification is reasonable.

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

c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification of inventory as compared to the book records.

iii. The Company has taken loan from persons falling under Section 301. The terms of the same are not prejudicial to the interest of the Company.

iv. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for purchase of inventory and fixed assets and for the sale of goods. Further during the course of audit we have not observed any major weaknesses in the internal control;

v. In respect of transactions covered under Section 301 of the Companies Act, 1956:

a) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that all the transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

b) These transaction have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vii In our opinion the internal audit system of the Company is commensurate with its size and nature of its business.

viii The Central Government has prescribed the maintenance of Cost records under section 209 (1) (d) of the Companies Act 1956 in respect of manufacturing activities of the Company. We have broadly reviewed the cost records maintained by the Company and are of the opinion that prima-facie the prescribed accounts and records are made and maintained.

ix In respect of Statutory dues :

a) According to the records examined by us, the Company is generally regular in depositing undisputed Statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, VAT Tax, Wealth Tax, Custom Duty, Excise Duty and any other Statutory dues with the appropriate authorities,

b) According to the information and explanation given to us, Statutory dues under appeal at various forums aggregating to Rs.659.57 lacs are as under:

S. No Name of the Statute Nature of the Dues Period Amount Forum where appeal / matter is pending

1 CESTA Excise & Custom 1998-99 1594141 CESTAT, New Delhi

2006-07 10000000 Add. DGFT, New Delhi

2007-08 5591632 Commissioner Appeal

2008-09 19242228 CESTAT, New Delhi

2009-10 2316150 Commissioner Appeal

2010-11 502635 CESTAT, New Delhi

2012-13 1710250 Commissioner Appeal

2 Income Tax Income Tax 2009-10 25000000 Commissioner Income Tax Appeal

Total 65957036

x) As at 31st March 2013 the accumulated losses of the Company are more than fifty percent of its net worth. The Company has incurred cash Loss of Rs. 1343.38 lacs for the year ended 31st of March 2013 (previous year profit of Rs.230.53lacs).

xi) In our opinion based on our audit procedures & according to the information & explanation given to us, the Company has defaulted in repayment of secured dues aggregating to Rs.89.29 crores in respect of Financial Institutions and Banks.

xii) In our opinion and according to the information and explanation given to us. No loans and advances have been granted by the Company 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 provision of clause

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 are not applicable to the Company.

xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) In our opinion & according to the information & explanation given to us on an overall basis, the term loans have been applied for the purpose for which they were raised.

xvii) According to the information and explanation given to us on an overall examination of the Balance Sheet of the Company we are of the opinion that the Company has not utilized funds raised from short-term sources towards repayment of long- term borrowings and acquisition of fixed assets.

xviii) During the year the Company have not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956.

xix) The Company did not issue any debenture during the year.

xx) The Company has not raised any money by way of public issue during the year.

xi) Based on audit procedures performed and information & explanation given by the management, we report that no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For Rakesh K. Jain & Associates.,

CHARTERED ACCOUNTANTS

FRN - 011019C



RAKESH JAIN

PROPRIETOR

PLACE : INDORE M.NO.401098

DATE : 07-09-2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of SIDDHARTHA TUBES LIMITED, as at 31st March 2012 and also the Profit and Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. 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 the auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

3. As required by Companies (Auditors' 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' of India (the 'ACT') and on the basis of such checks of the books and records of the Company 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 Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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 purposes of our audit;

(ii) In our opinion, proper books of accounts, as required by law, have been kept by the Company so far as appears from our examination of the books of accounts of the Company;

(iii) The Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company;

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

(v) In our opinion and based on information and explanation given to us, none of the Directors is, as at 31st March, 2012, prima-facie disqualified 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 explanation given to us, the said financial statements, read together with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and present a true and fair view in conformity with the accounting principles generally accepted in India; subject to Note No. 13 & 37 (b) regarding preparation of Accounts on a "Going Concern basis".

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

And

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

c) in case of Cash flow statement of the Cash flows for the year ended on that date.



ANNEXURE TO AUDITOR'S REPORT

Referred to in paragraph 2 of our report of even date

i) In respect of Fixed Assets:

a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

b) We are informed that major portion of the fixed assets have been physically verified by the management at regular intervals during the year, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification

c) The Company did not dispose off a substantial part of fixed assets during the year.

ii) In respect of Inventories

a) We are informed that physical verification of inventory has been conducted at reasonable intervals during the year by the management. In our opinion the frequency of such verification is reasonable.

b) In our opinion and according to the information give to us, the procedures of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification of inventory as compared to the book records.

iii. The Company has taken loan from persons falling under Section 301. The terms of the same are not prejudicial to the interest of the Company.

iv. In our opinion and according to the information and explanation given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for purchase of inventory and fixed assets and for the sale of goods. Further during the course of audit we have not observed any major weaknesses in the internal control;

v. In respect of transactions covered under Section 301 of the Companies Act, 1956:

a) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that all the transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

b) These transaction have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder.

vii In our opinion the internal audit system of the Company is commensurate with its size and nature of its business.

viii The Central Government has prescribed the maintenance of Cost records under section 209 (1) (d) of the companies act 1956 in respect of certain manufacturing activities of the Company. We have broadly reviewed the cost records maintained by the Company and are of the opinion that prima-facie the prescribed accounts and records are made and maintained.

ix In respect of statutory dues :

a) According to the records examined by us the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, VAT Tax, Wealth Tax, Custom Duty, Excise Duty, and any other statutory dues with the appropriate authorities.

b) According to the information and explanation given to us, statutory dues under appeal at various forums aggregating to Rs.428.34 lakh are as under:

S. No Name of the Nature of the Period Amount Forum where appeal / matter is pending Statute Dues

1 CESTA Excise & Custom 1998-99 1594141 CESTAT, New Delhi

2004-05 3000000 Commissioner Appeal

2005-06 586755 CESTAT, New Delhi

2006-07 10000000 Add. DGFT, New Delhi

2007-08 5591632 Commissioner Appeal

2008-09 19242228 CESTAT, New Delhi

2009-10 2316150 Commissioner Appeal

2011-11 502635 CESTAT, New Delhi

Total 42833541

x) As at 31st March 2012 the accumulated losses of the Company are more than fifty percent of its net worth. The Company has incurred cash profit of Rs.230.53 lacs for the year ended 31st of March 2012 (previous year profit of Rs.215.22 lacs).

xi) In our opinion based on our audit procedures & according to the information & explanation given to us, the Company has defaulted in repayment of dues aggregating to Rs.232.24 crores in respect of Financial Institutions and Banks.

xii) In our opinion and according to the information and explanation given to us. No loans and advances have been granted by the Company 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 provision of clause 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 are not applicable to the Company.

xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) In our opinion & according to the information & explanation given to us on an overall basis, the term loans have been applied for the purpose for which they were raised.

xvii) According to the information and explanation given to us on an overall examination of the Balance Sheet of the Company we are of the opinion that the Company has not utilized funds raised from short-term sources towards repayment of long-term borrowings and acquisition of fixed assets.

xviii) During the year the Company have not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956.

xix) The Company did not issue any debenture during the year.

xx) The Company has not raised any money by way of public issue during the year.

xi) Based on audit procedures performed and information & explanation given by the management, we report that no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For: RAKESH K. JAIN & ASSOCIATES.,

CHARTERED ACCOUNTANTS

FRN-011019C

RAKESH JAIN

PLACE: INDORE PROPRIETOR

DATE: 07-09-2012 M.NO.401098


Mar 31, 2011

We have audited the attached Balance Sheet of SIDDHARTHA TUBES LIMITED, as at 31st March 2011 and also the Profit and Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. 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.

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

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

3. 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 purposes of our audit;

(ii) In our opinion, proper books of accounts, as required by law, have been kept by the Company so far as appears from our examination of the books of accounts of the Company;

(iii) The Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company;

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

(v) In our opinion and based on information and explanation given to us, none of the Directors is, as at 31st March, 2011, prima-facie disqualified 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 explanation given to us, the said financial statements, read together with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and present a true and fair view in conformity with the accounting principles generally accepted in India; subject to Note No. 7 & 11

(b) of Schedule 18 regarding preparation of Accounts on a "Going Concern basis".

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

And

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

c) in case of Cash flow statement of the Cash flows for the year ended on that date.

ANNEXURE TO AUDITOR'S REPORT

Referred to in paragraph 2 of our report of even date

i) In respect of

Fixed Assets:

a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

b) We are informed that major portion of the fixed assets have been physically verified by the management at regular intervals during the year, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification

c) The Company did not dispose off a substantial part of fixed assets during the year.

ii) In respect of Inventories

a) We are informed that physical verification of inventory has been conducted at reasonable intervals during the year by the management. In our opinion the frequency of such verification is reasonable.

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

c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification of inventory as compared to the book records.

iii. The Company has taken loan from persons falling under Section 301. The terms of the same are not prejudicial to the interest of the Company.

iv. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for purchase of inventory and fixed assets and for the sale of goods. Further during the course of audit we have not observed any major weaknesses in the internal control;

v. In respect of transactions covered under Section 301 of the Companies Act, 1956:

a) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that all the transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

b) These transaction have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under. vii In our opinion the internal audit system of the Company is commensurate with its size and nature of its business. viii The Central Government has prescribed the maintenance of Cost records under section 209 (1) (d) of the Companies Act 1956 in respect of certain manufacturing activities of the Company. We have broadly reviewed the cost records maintained by the Company and are of the opinion that prima-facie the prescribed accounts and records are made and maintained. ix In respect of Statutory dues :

a) According to the records examined by us, the Company is generally regular in depositing undisputed Statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, VAT Tax, Wealth Tax, Custom Duty, Excise Duty and any other Statutory dues with the appropriate authorities. b) According to the information and explanation given to us, Statutory dues under appeal at various forums aggregating to Rs.431.84 lacs are as under:

S. No Name of the Statute Nature of the Dues Period Amount Forum where appeal / matter is pending

1 CESTA Excise & Custom 1996-97 350000 M.P. High Court, Bench Indore

1998-99 1594141 CESTAT, New Delhi

2004-05 3000000 Commissioner Appeal

2005-06 586755 CESTAT, New Delhi

2006-07 10000000 Add. DGFT, New Delhi

2007-08 5591632 Commissioner Appeal

2008-09 19242228 CESTAT, New Delhi

2009-10 2316150 Commissioner Appeal

2010-11 502635 CESTAT, New Delhi

Total 43183541

x) As at 31st March 2011 the accumulated losses of the Company are more than fifty percent of its net worth. The Company has earned cash profit of Rs.210.68 lacs for the year ended 31st of March 2011 (previous year loss of Rs. 76.44 Lacs).

xi) In our opinion based on our audit procedures & according to the information & explanation given to us, the Company has defaulted in repayment of dues aggregating to Rs.199.40 crores in respect of Financial Institutions and Banks.

xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company 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 provision of clause

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 are not applicable to the Company.

xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

xvi) In our opinion & according to the information & explanation given to us on an overall basis, the term loans have been applied for the purpose for which they were raised.

xvii) According to the information and explanation given to us on an overall examination of the Balance Sheet of the Company we are of the opinion that the Company has not utilized funds raised from short-term sources towards repayment of long- term borrowings and acquisition of fixed assets.

xviii) During the year the Company have not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956.

xix) The Company did not issue any Debenture during the year.

xx) The Company has not raised any money by way of public issue during the year.

xxi) Based on audit procedures performed and information & explanation given by the management, we report that no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For RAJENDRA RAJPOOT & CO.,

CHARTERED ACCOUNTANTS

FRN - 09196C

RAKESH JAIN

Partner

PLACE : INDORE M.NO 401098

DATE : 07-09-2011


Mar 31, 2010

We have audited the attached Balance Sheet of SIDDHARTHA TUBES LIMITED, as at 31st March 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. 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.

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

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

3. 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 purposes of our audit;

(ii) In our opinion, proper books of accounts, as required by law, have been kept by the Company so far as appears from our examination of the books of accounts of the Company;

(ill) The Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company;

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

(v) In our opinion and based on information and explanation given to us, none of the Directors is, as at 31st March, 2010, prima-facie disqualified 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 explanation given to us, the said financial statements, read together with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and present a true and fair view in conformity with the accounting principles generally accepted in India; subject to Note Nos 8 & 12 (b) of Schedule 18 regarding payments made under settlements reached with lenders and preparation of Accounts on a "Going Concern basis".

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

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

c) in case of Cash flow statement of the Cash flows for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

Referred to in paragraph 2 of our report of even date

i) In respect of Fixed Assets:

a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

b) We are informed that major portion of the fixed assets have been physically verified by the management at regular intervals during the year, which in our opinion Is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification

c) The Company did not dispose off a substantial part of fixed assets during the year.

ii) In respect of Inventories

a) We are informed that physical verification of inventory has been conducted at reasonable intervals during the year by the management. In our opinion the frequency of such verification is reasonable.

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

c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification of inventory as compared to the book records.

iii. The Company has taken loan from persons falling under Section 301. The terms of the same are not prejudicial to the interest of the Company.

iv. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for purchase of inventory and fixed assets and for the sale of goods. Further during the course of audit we have not observed any major weaknesses in the internal control;

v. In respect of transactions covered under Section 301 of the Companies Act, 1956:

a) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that all the transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

b) These transaction have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vii In our opinion the internal audit system of the Company is commensurate with its size and nature of its business.

viii The Central Government has prescribed the maintenance of Cost records under section 209 (1) (d) of the Companies Act 1956 in respect of certain manufacturing activities of the Company. We have broadly reviewed the cost records maintained by the Company and are of the opinion that prima-facie the prescribed accounts and records are made and maintained.

ix In respect of Statutory dues :

a) According to the records examined by us, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, VAT Tax, Wealth Tax, Custom Duty, Excise Duty, and any other Statutory dues with the appropriate authorities.

b) According to the information and explanation given to us, Statutory dues under appeal at various forums aggregating to Rs.428.21 lacs are as under:

S. No Name of the Statute Nature of the Dues Period Amount Forum where appeal / matter is pending

1 CESTA Excise & Custom 1996-97 350000 M.P. High Court, Bench Indore

1998-99 1594141 CESTAT, New Delhi

2002-03 148222 CESTAT, New Delhi

2004-05 3000000 Commissioner Appeal

2005-06 586755 CESTAT, New Delhi

2006-07 10000000 Add. DGFT, New Delhi

2007-08 5591632 Commissioner Appeal

2008-09 19242228 CESTAT, New Delhi

2009-10 2308150 Commissioner Appeal

Total 42821128

x) As at 31st March 2010 the accumulated losses of the Company are more than fifty percent of its net worth. The Company has earned cash profit of Rs.76.44 lacs for the year ended 31st of March 2010 (previous year loss of Rs. 4.98 Crores).

xi) In our opinion based on our audit procedures & according to the information & explanation given to us, the Company has defaulted in repayment of dues aggregating to Rs.222.87 crores In respect of Financial Institutions and Banks.

xii) In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company 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 nidhl mutual benefit fund/ society. Therefore the provision of clause 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 are not applicable to the Company.

xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

xvi) In our opinion & according to the information & explanation given to us on an overall basis, the term loans have been applied for the purpose for which they were raised.

xvii) According to the information and explanation given to us on an overall examination of the Balance Sheet of the Company we are of the opinion that the Company has not utilized funds raised from short-term sources towards repayment of long- term borrowings and acquisition of fixed assets.

xviii) During the year the Company have not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956.

xix) The Company did not issue any Debenture during the year.

xx) The Company has not raised any money by way of public issue during the year.

xxi) Based on audit procedures performed and information . & explanation given by the management, we report that no fraud on or by the Company has, been noticed or reported during the year that causes the financial statements to be materially misstated.

For RAJENDRA RAJPOOT & CO.,

CHARTERED ACCOUNTANTS

RAKESH JAIN

PARTNER

PLACE : INDORE M.NO.401098

DATE : 07-09-2010



 
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