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Auditor Report of Vipul Ltd.

Mar 31, 2015

We have audited the accompanying Standalone Financial Statements of Vipul Limited which comprise the Balance Sheet as at March 31, 2015 and the Statement of Profit and Loss and Cash Flow Statement (collectively called Financial Statements) for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

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

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Companies Act, 2013, the accounting and auditing standards and the matters which are required to be included in the audit report under the provisions of the Companies Act, 2013 and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Companies Act, 2013. 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 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 and fair presentation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether operating the company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the company as at 31st March, 2015, and its loss and its cash low for the year ended on that date:

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143 (3) of the Companies Act, 2013, we report that:-

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

b. in our opinion proper books of account as required by law have been kept by the Company so far as it 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 aforesaid standalone financial statements comply with the Accounting Standards referred to in section 133 of the Companies Act, 2013, read with Rule 7 of the Companies ( Accounts) Rules, 2014;

e. On the basis of the written representations received from the Directors as on 31st March, 2015 and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of section 164 (2) of the Companies Act, 2013.

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 explanations given to us:

1. The company has disclosed the impact of pending litigations on its financial position in its financial statements. (Refer Note No.34).

2. The company has made provision, as required under the applicable law or accounting standards, for the material foreseeable losses, if any, on long term- contracts.

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

Annexure referred to in paragraph 1 of our report on Other Legal and Regulatory Requirements of even date to the members of Vipul Limited

I a. The company is maintaining proper records

showing full particulars including quantitative details and situation of its fixed assets.

b. The company has a programme for physical veriication of fixed assets at periodic intervals by which the fixed assets are verified in a phased manner. In accordance with this programme certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the company and the nature of its business.

II. a. The management has conducted physical verification of inventories consisting of project materials lying with the contractors and finished stocks at reasonable intervals during the year.

b. The procedure of physical verification of the inventory followed by the management is reasonable and adequate in relation to the size of the company and its nature of business.

c. The company is maintaining proper records of inventory and no material discrepancy was noted on such physical verification.

III. In the case of interest free unsecured loan granted to a wholly owned subsidiary company covered in the register maintained under section 189 of the Companies Act, 2013, the terms of arrangement do not stipulate any repayment schedule and the loan is repayable on demand. Accordingly, paragraphs 3 (iii)(a) and (b) of the order are not applicable to the company for repayment of principal and interest.

IV. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system during the course of the audit neither has been informed by the management.

V. According to the information and explanations given to us and the expert opinion obtained by the company, in our opinion the company has not accepted any deposits within the meaning sections 73 to 76 of the Companies Act, 2013 and the rules framed thereunder.

VI. We have broadly reviewed the books of account maintained by the company specified by the Central Government for the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013,related to the construction of buildings /structures and other related activities and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

VII. a. The Company is generally regular in depositing

with appropriate authorities undisputed statutory dues including Provident Fund, Income Tax and Works Contract Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty, Cess etc., as applicable. According to the information and explanations given to us, no undisputed amounts payable in respect there of were in arrears as at 31.03.2015 for a period of more than six months from the date they become payable.

b. According to the information and explanations given to us, there are no dues relating to Sales Tax, Wealth Tax, Service Tax, Income Tax, etc. which have not been deposited on account of any dispute except as mentioned below:

Name of the Nature of Amount Financial Forum where statue Dues (Rs.) year for dispute is which the pending amount relates

Service Tax Service 1,610,821 2003-04 & Joint Commissioner, (Finance Tax 2004-05 Service Tax, Act, 1994) Demand New Delhi

Income Tax Income Tax 17,53,982 2003-04, Income Tax Act, 1961 Demand 2004-05 & Appellate Tribunal, 2008-09 New Delhi

Orissa Value VAT 11,224,682 2009-10 High Court of Added Tax Demand Orissa, Act, 2004 Cuttack

c. According to the information and explanations given to us and the records of the company examined by us, the amounts which were required to be transferred to Investor Education and Protection Fund during the year in accordance with the provisions of section 205C of the Companies Act,1956 and the rules made thereunder has been transferred to such fund within time.

VIII. The company does not have any accumulated losses at the end of the financial year ended 31st March, 2015. The company has incurred cash losses during the current year but not in the immediately preceding previous year.

IX. According to the information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

X. According to the information and explanations given to us, the Company has given corporate guarantee for loans taken by others from the financial institutions. The terms and conditions whereof are not prejudicial to the interest of the company.

XI. In our opinion and according to the information and explanations given to us, on an overall basis, the term loans were applied for the purpose for which the loans were obtained during the year.

XII. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.

For L. B. Jha & Co.

Chartered Accountants

Firm's Reg. No.- 301088E

Sd/- (Bhaskar Auddy) Partner Membership Number: 53770 Place: Gurgaon

Date : May 30, 2015


Mar 31, 2014

We have audited the accompanying financial statements of Vipul Limited which comprise the Balance Sheet as at March 31,2014 and the Statement of Profit and Loss and Cash Flow Statement for the year ended March 31,2014 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 auditor''s judgement, 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 entity''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 suffcient and appropriate to provide a basis for our audit opinion.

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 227 (3) of the Act, we report that:- a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

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

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in 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, 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.

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

ANNEXURE TO THE AUDITORS'' REPORT VIPUL LIMITED (Referred to our report of even date)

I a. The company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets.

b. The company has a programme for physical verifcation of fixed assets at periodic intervals. In our opinion, the period of verifcation is reasonable having regard to the size of the company and the nature of its assets and no material discrepancies were noticed on such verifcation.

c. The company has not disposed of any substantial part of its fixed assets.

II. a. The management has conducted physical verifcation of inventories consisting of project materials lying with the contractors and fnished stocks at reasonable intervals during the year.

b. In our opinion, the procedures of physical verifcation of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the inventory record, in our opinion, the company is maintaining proper records relating to the kind of inventories owned by the company. No discrepancies were noticed on such physical verifcation.

III. a. The Company has not granted any loan to the companies/firms or other parties covered in the register maintained under Section 301 of the Act.

b. 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 Act.

IV. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and for sale of goods and services. Further on the basis of our examination of the books and records of the company and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the internal control systems.

V. Transactions that need to be entered in the register maintained under Section 301 of the Act:

a. Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the contracts or arrangements referred to Section 301 of the Act which need to be entered in the register to be maintained under that Section during the year have been so entered.

b. In our opinion, the transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

VI. The Company has not accepted deposits during the year from the public within the meaning of the provisions of Sections 58A and 58AA of the Act or any other relevant provision of the Act and rules made there under.

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

VIII. We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1)

(d) of the Act, related to the construction of buildings /structures and other related activities and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

IX. a. The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Income Tax and Works Contract Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty, Cess etc., as applicable.

b. According to the information and explanations given to us, no undisputed amounts payable in respect there of were in arrears as at 31.03.2014 for a period of more than six months from the date they become payable.

c. According to the information and explanations given to us, there are no dues relating to Sales Tax, Wealth Tax, Service Tax, Income Tax, etc. which have not been deposited on account of any dispute except as mentioned below:

Name of the Nature of Amount (Rs.) Financial Forum where statue Dues year for dispute is which the pending amount relates

Service Tax Service 1,610,821 2003-04& Joint Commissioner, (Finance Tax 2004-05 Service Tax, Act, 1994) Demand New Delhi

Income Tax Income Tax 1,051,083 2008-09 Income Tax Act, 1961 Demand Appellate Tribunal, New Delhi

X. The company does not have accumulated losses as at the end of the financial year nor has it incurred cash losses in the current financial year, or in the immediately preceding financial year.

XI. In our opinion and according to information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions or bank on debenture holders as at the Balance Sheet date.

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

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual benefit Fund/ Societies are not applicable to the company.

XIV. In our opinion, the company is not dealing or trading in shares, securities, debentures or other investments.

XV. According to the information and explanations given to us and the records examined by us, the company has given corporate guarantee for loan taken by one of its subsidiary company from financial institution. The terms and conditions of such corporate guarantee are prima facie not prejudicial to the interest of the company.

XVI. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purposes for which they were obtained.

XVII. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion no funds raised on short term basis have been used for long term investment.

XVIII. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act, 1956.

XIX. No debentures have been issued by the company and hence, the question of creating securities or charge in respect thereof does not arise.

XX. During the year, the company has not raised any money by way of Public issues.

XXI. Based upon the audit procedures performed by us, to the best of our knowledge and belief and according to the information and explanations given to us by the management, no fraud on, or by the company, has been noticed or reported during the year.

For L. B. Jha & Co. Chartered Accountants Firm''s Reg. No.- 301088E

Sd/- (Bhaskar Auddy) Partner Membership Number: 53770 Place: Gurgaon Date: May 29, 2014


Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibility forthe 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 auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

a. in the case of the Balance Sheet of the state of affairs of the Company as at March 31, 201 3;

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 the Cash Flow Statement, of the cash flow for the year ended on that date.

Report on Other Legal and Regulatory Reqirements

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

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

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

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

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in 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, 201 3, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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

ANNEXURE TO THE AUDI TORS'' REPORT VIPUL LIMITED

(Referred to our report of even date)

I a. The company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets.

b. The company has a programme for physical verification of fixed assets at periodic intervals. In our opinion, the period of verification is reasonable having regard to the size of the company and the nature of its assets and no material discrepancies were noticed on such verification.

c. The company has not disposed of any substantial part of its fixed assets.

II. a. The management has conducted physical verification of inventories consisting of project materials lying with the contractors and project finished stocks at reasonable intervals during the year.

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

c. On the basis of our examination of the inventory record, in our opinion, the company is maintaining proper records relating to the kind of inventories owned by the company. No discrepancies were noticed on such physical verification.

III. a. The Company has not granted any loan to the companies/firms or other parties covered in the register maintained under Section 301 of the Act.

b. 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 Act.

IV. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and for sale of goods and services. Further on the basis of our examination of the books and records of the company and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the internal control systems.

V. Transactions that need to be entered in the register maintained under section 301 of the Act:

a. Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that there are no contracts or arrangements referred to section 301 of the Act which need to be entered in the register to be maintained under that section during the year.

VI. The Company has not accepted deposits during the year from the public within the meaning of the provisions of sections 58A and 58AA of the Act or any other relevant provision of the Act and rules made there under.

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

VIM. We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1) (d) of the Act, related to the construction of buildings / structures and other related activities and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

IX. a. The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Income Tax and Works Contract Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty, Cess etc., as applicable.

b. According to the information and explanations given to us, no undisputed amounts payable in respect there of were in arrears as at 31.03.2013 for a period of more than six months from the date they become payable except for External Development Charges payable under The Haryana Development and Regulation of Urban Areas Act,1975 read with the Rules amounting Rs.1683.60 lakhswhich is outstanding for a period of more than six months as at 31.3.2013.

c. According to the information and explanations given to us, there are no dues relating to Sales Tax, Wealth Tax, Service Tax, Income Tax, etc. which have not been deposited on account of any dispute except as mentioned below:

Name of the Nature of Amount (Rs.) Financial Forum where statue Dues year for dispute is which the pending amount relates

Service Tax Service 1,610,821 2003-04 & Joint Commissioner, (Finance Tax 2004-05 Service Tax, Act, 1994) Demand New Delhi

Income Tax Income Tax 9,947,369 2007-08, Commissioner of Act, 1961 Demand 2008-09 & IncomeTax & 2009-10 (Appeals) & Income Tax Appellate Tribunal, New Delhi

X. The company does not have accumulated losses as at the end of the financial year nor has it incurred cash losses in the current financial year, or in the immediately preceding financial year.

XI. In our opinion and according to information and explanations given to us, the company has not defaulted in repayment of dues to any

financial institutions or bank on debenture holders as at the Balance Sheet date.

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

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/ Societies are not applicable to the company.

XIV. In our opinion, the company is not dealing or trading in shares, securities, debentures or other investments.

XV. According to the information and explanations given to us and the records examined by us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purposes for which they were obtained.

XVII. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion no funds raised on short term basis have been used for long term investment.

XVIII. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act, 1956.

XIX. No debentures have been issued by the company and hence, the question of creating securities or charge in respect thereof does not arise.

XX. During the year, the company has not raised any money by way of Public issues.

XXI. Based upon the audit procedures performed by us, to the best of our knowledge and belief and according to the information and explanations given to us by the management, no fraud on, or by the company, has been noticed or reported during the year.

For L. B. Jha & Co. Chartered Accountants

Firm Reg. No.- 301088E

Sd/ -

(Bhaskar Auddy)

Partner

Membership Number: 53770

Place: Gurgaon

Date: May 28, 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of VIPUL LIMITED as at 31st March, 2012, the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended on that date annexed thereto, collectively hereinafter referred to as financial statements, which we have signed under reference to this report. These financial statements are the responsibility of the Company management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors Report) Order, 2003, as amended, hereinafter referred to as "Order, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (the Hct) 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 annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred in paragraph 3 above, we report that:

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

b. In our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from our examination of such books.

c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company.

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss and the 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 to the extent applicable.

e. On the basis of written representations received from the Directors of the company 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.

f. In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

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

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

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

ANNEXURE TO THE AUDITORS' REPORT VIPUL LIMITED

(Referred to in paragraph 3 of our report of even date)

I a. The company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets.

b. The company has a programme for physical verification of fixed assets at periodic intervals. In our opinion, the period of verification is reasonable having regard to the size of the company and the nature of its assets and no material discrepancies were noticed on such verification.

c. The company has not disposed of any substantial part of its fixed assets.

II. a. The management has conducted physical verification of inventories consisting of project materials lying with the contractors and project finished stocks at reasonable intervals during the year.

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

c. On the basis of our examination of the inventory record, in our opinion, the company is maintaining proper records relating to the kind of inventories owned by the company. No discrepancies were noticed on such physical verification.

III. a. The Company has not granted any loan to the companies/firms or other parties covered in the register maintained under Section 301 of the Act.

b. 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 Act.

IV. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and for sale of goods and services. Further on the basis of our examination of the books and records of the company and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the internal control systems.

V. Transactions that need to be entered in the register maintained under section 301 of the Act:

a. Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to section 301 of the Act, have been entered in the register to be maintained under that section.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Act and exceeding the value of Rs.5 lakhs 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 deposits during the year from the public within the meaning of the provisions of sections 58A and 58AA of the Act or any other relevant provision of the Act and rules made there under.

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

VIII. We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1) (d) of the Act, related to the construction of buildings / structures and other related activities and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

IX. a. The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Income Tax and Works Contract Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty, Cess etc., as applicable.

b. According to the information and explanations given to us, no undisputed amounts payable in respect thereof were in arrears as at 31.03.2012 for a period of more than six months from the date they become payable.

c. According to the information and explanations given to us, there are no dues relating to Sales Tax, Wealth Tax, Service Tax, Income Tax, etc. which have not been deposited on account of any dispute except as mentioned below:

Name of the Nature of Amount (Rs.) Financial Forum where statue Dues year for dispute is which the pending amount relates

Service Tax Service 1,610,821 2003-04 & Joint Commissioner, (Finance Tax 2004-05 Service Tax, Act, 1994) Demand New Delhi

Income Tax Income Tax 346,905,087* 2004-05, Commissioner of Act, 1961 Demand 2005-06, Income Tax 2007-08 & (Appeals) & 2008-09. Income Tax Appellate Tribunal, New Delhi

* Net of Rs. 213,587,562/- paid under protest.

X. The company does not have accumulated losses as at the end of the financial year nor has it incurred cash losses in the current financial year, or in the immediately preceding financial year.

XI. In our opinion and according to information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions or bank or debenture holders as at the Balance Sheet date.

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

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/ Societies are not applicable to the company.

XIV. In our opinion, the company is not dealing or trading in shares, securities, debentures or other investments.

XV. According to the information and explanations given to us and the records examined by us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purposes for which they were obtained.

XVII. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion no funds raised on short term basis have been used for long term investment.

XVIII. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act, 1956 during the year.

XIX. No debentures have been issued by the company and hence, the question of creating securities or charge in respect thereof does not arise.

XX. During the year, the company has not raised any money by way of Public issues.

XXI. Based upon the audit procedures performed by us, to the best of our knowledge and belief and according to the information and explanations given to us by the management, no fraud on, or by the company,has been noticed or reported during the year.

For L. B. Jha & Co.

Chartered Accountants

Firm Reg. No.- 301088E

(Bhaskar Auddy)

Partner

Membership Number: 53770

Place: New Delhi

Date: August 14, 2012


Mar 31, 2011

1. We have audited the attached Balance Sheet of VIPUL LIMITED as at 31st March, 2011 and the related Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto, collectively hereinafter referred to as financial statements, which we have signed under reference to this report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor's Report) Order, 2003, as amended, hereinafter referred to as "Order", issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (the 'Act') and on the basis of such checks 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 said Order.

4. Further to our comments in the Annexure referred in paragraph 3 above, and read with notes and accounts and Significant Accounting Policies as perschedule- 14, we report that:

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

b. In our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from our examination of these books;

c. The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company;

d. In our opinion, the Balance Sheet, Profit and Loss Account and the 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 to the extent applicable;

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

f. In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the significant accounting policies and notes to accounts stated in Schedule-14 thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

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

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

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

ANNEXURE TO THE AUDITORS' REPORT VIPUL LIMITED (Referred to in paragraph 3 of our report of even date)

I a. The company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets.

b. The company has carried out the physical verification of the assets during the year in accordance with the phased programme. The system of verification was found to be adequate and no material discrepancies were noticed on such verification.

c. The company has not disposed of any substantial part of its fixed assets.

II. a. Project materials are charged off to project cost

as and when they are handed over to the contractors. On the basis of material reconciliation at the end of the contract, stocks are accounted for in the books, on the basis of return of excess stocks by the contractors. The management has conducted physical verification of inventories consisting of project materials lying with the contractors and project finished stocks at reasonable intervals.

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

c. On the basis of our examination of the record for inventory, in our opinion, the company is maintaining proper records relating to the kind of inventories owned by the company. No discrepancies were noticed on such physical verification.

III. a. The Company has not granted any loan to the companies/firms or other parties covered in the register maintained under Section 301 of the Act.

b. 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 Act.

IV. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and for sale of goods and services. Further on the basis of our examination of the books and records of the company and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control systems.

V a. According to the information and explanations given to us, we are of the opinion that the transactions those need to be entered into the register under Section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us, the transactions during the year in pursuance of contracts or arrangements and exceeding an aggregate of Rs.5 lakhs in respect of any party and these have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

VI. The Company has not accepted deposits during the year from the public within the meaning of the provisions of sections 58A and 58AA of the Companies Act, 1956 or any other relevant provision of the Act and rules made there under.

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

VIII. The Central Government has not prescribed the maintenance of any cost records under section 209(1) (d) of the Companies Act, 1956 for any of the products of the company.

IX. a. The Company is generally regular in depositing

with appropriate authorities undisputed statutory dues including Provident Fund, Income Tax, Works Contract Tax, Wealth tax, Service Tax, Sales Tax, Customs Duty and Excise Duty, Cess etc., as applicable.

b. According to the information and explanations given to us, no undisputed amounts payable in respect there of were in arrears as at 31.03.2011 for a period of more than six months from the date they become payable except wealth tax amounting Rs. 28,399/-.

c. According to the information and explanations given to us, there are no dues relating to Sales Tax, Wealth Tax, Service Tax, Income Tax, etc. which have not been deposited on account of any dispute except as mentioned below:

Name of the Nature of Amount (Rs.) Financial Forum where Statute Dues year for dispute is which the pending amount relates Service Tax Service 16,10,821 2003-04& Joint (Finance Tax 2004-05 Commissioner, Act,1994) Demand Service Tax, New Delhi. Income Tax Income Tax 37,50,50,555* 2004-05, Commissioner Act, 1961 Demand 2005-06 & of Income Tax, 2007-08 (Appeals) & Income Tax, Appellate Tribunal, New Delhi

* Net of Rs. 15,27,50,000/-, paid under protest.

X The company has no accumulated losses as at 31.03.2011 in the books and it has not incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year.

XI. In our opinion and according to information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions or bank on debenture holders as at the Balance Sheet date.

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

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/ Societies are not applicable to the company.

XIV. In our opinion, the company is not dealing or trading in shares, securities, debentures or other investments.

XV. According to the information and explanations given to us, the company has not given any corporate guarantee for loan taken by others.

XVI. In our opinion and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purposes 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, in our opinion no funds raised on short term basis have been used for long term investment.

XVIII. 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 during the year.

XIX No debentures have been issued by the company and hence, the question of creating securities or charge in respect thereof does not arise.

XX During the year, the company has not raised any money by way of Public issues.

XXI. On the basis of our examination and according to the information and explanations given to us, no fraud, on or by the company, has been noticed or reported during the year. For L. B. Jha & Co.

Chartered Accountants

Firm Regd. No. 301088E

Sd/-

(Satyabrata Pati) Place: Gurgaon Partner

Dated: August 9,2011 Membership Number: 95080

 
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