Management's Responsibility for the Standalone Financial Statements

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

Auditor's Responsibility

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial controls system over financial reporting and the 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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its profit and its cash flows for the year ended on that date.

Emphasis of Matters

We draw attention to the Note 27 to the financial statements as under:-

The Company has received the intimation from Insurer that it has approved the insurance claim; relating to free incident during the financial year 2010-11, for Rs.17160 thousand. For this claim the company had made provision of Rs. 33362 thousand. The company; not being satisfied with the claim approved by the insurer, has referred such matter to the appellate forum and the first appellate forum is arbitration. Company has received Interim Payment of Rs.12870 thousand during the financial year 2014-15,which has been credited to Insurance Claim Receivable.

Pending decision of the appellate forum; no provision for loss [the difference between the insurance claim as per books of account and claim approved by the insurer] has been made in the books of account. Adjustment if any, arising upon the settlement of claim will be made in the year when the insurance claim is finally settled.

Our opinion is not modified in respect of these matters.

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 term of Sub-Section (11) of Section 143 of the Act, we give in the Annexure a statement on the matters specified in the Paragraph 3 and 4 of the Order, to the extent applicable.

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

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

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

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

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

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

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements (Refer Note No. 26 and 27 to the financial statements)

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

iii. There was no amounts that was required to be transferred by the company to the Investor Education and Protection Fund .

Annexure to Independent Auditors' Report

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

As required by the Companies (Auditors' Report) Order, 2015 and according to the information and explanations given to us and on the basis of such checks as we considered appropriate, we state that in our opinion:-

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

(b) The management at the year-end has physically verified all the assets. No material discrepancy was noticed on such verification. The periodicity of the physical verification is reasonable having regard to the size of the company and nature of its assets.

(ii) (a) The management has made physical verification of the inventories at reasonable intervals.

(b) The procedures for 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 ) The company is maintaining proper record of the inventories. No material discrepancy was noticed on physical verification of the inventories.

(iii) The company has not granted any loan; secured or unsecured, to Companies, Firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, provisions of clause 3(iii) of the Companies (Auditors' Report) order 2015 are not applicable to the company.

(iv) There are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regards to the sale of goods and sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control system.

(v) The Company has not accepted deposits from the public. Accordingly, provisions of clause 3(v) of the Companies (Auditors' Report) order 2015 are not applicable to the company.

(vi) In respect of the activities carried on by the company, the maintenance of cost records has not been specified by the Central Government under sub section (1) of section 148 of the Companies Act, 2013. Accordingly, provisions of clause 3(vi) of the Companies (Auditors' Report) order 2015 are not applicable to the company.

(vii) During the year undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues applicable to the company have generally been deposited in time with the statutory authorities.

No undisputed amounts payable in respect of provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues applicable to the company were in arrear as at 31st March 2015 for a period of more than six months from the date they become payable.

(b) There are no material dues of income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and cess and other material statutory dues which have not been deposited on account of any dispute.

(c) During the year under audit no amount was required to be transferred to investor education and protection fund in accordance with the relevant provision of Companies Act, 1956 and rules made there under.

(viii) The company does not have accumulated losses. The company has not incurred cash losses during the financial year covered by our audit and during the immediately preceding financial year.

(ix) The Company has not defaulted in repayment of dues to banks. The company has neither borrowed funds from financial institutions nor issued debentures. Accordingly, the provisions of clause 3(ix) of the Companies (Auditors' Report) Order, 2015 in respect of repayment of dues to financial institutions and debenture holders are not applicable to the company.

(x) The company has not given guarantees for loans taken by others from banks or financial institutions. Accordingly, the provisions of clause 3(x) of the Companies (Auditors' Report) Order, 2015 are not applicable to the company.

(xi) The term loans raised by the company were applied for the purpose those were obtained.

(xii) According to the information and explanations given to us, no material fraud on or by the company has been noticed or reported during the year.

For A.K. ASSOCIATES

Chartered Accountants

(A.K.GUPTA)

PARTNER

Membership No. 16533

Firm's Registration No. 000596N

Place of Signature: NEW DELHI

Date: 29th May, 2015