Balaji Industrial Corporation Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2014

I. Report on the Financial Statements

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

II. 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"), (which continues to be applicable in respect of section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs) 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.

III. Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'' 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 auditors consider 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 qualified audit opinion.

IV. Basis for Qualified Opinion

a) In respect of 9 accounts in various banks in the name of the Company, it has been represented that they are inoperative throughout the year. However, no bank statements / confirmation of balances were produced to us and hence we are unable to comment on the transaction, if any, passed through these accounts.

b) In respect Corporate Guarantees given in earlier years by the Company on behalf of Other Bodies Corporate, liability has devolved on the Company and recall notices have been served for Principle of Rs. 1,512.00 lakhs (P.Y. Rs.. 1,512.00 lakhs) and unquantified interest thereon. However, no provision is made in the Books for such liability and such non-provision is against the fundamental accounting principles of accrual, prudence and conservatism as per Accounting Standard-1 issued by the ICAI and also referred in section 211 (3C) of the Companies Act.

V. 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:

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

VI. Emphasis of Matter

We draw attention to Note No. 33 to the Financial Statements which state that the Company is in the process of creating a charge as required under Companies Act, 1956, for it''s land and buildings situated at Nellore for secured loans availed by the Company. Our opinion is not qualified in respect of this matter.

VII. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 (together "the Order"), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the 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. Except for the effects / possible effects of the matter described in the Basis for Qualified Opinion paragraph, 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 Act;

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 Act.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT OF BALAJI INDUSTRIAL CORPORATION LIMITED (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

Based on the information and explanations furnished to us and the books and records examined by us in the normal course of our audit, we report that to the best of our knowledge and belief:

i) In respect of its Fixed Assets:

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

(b) During the year, as per the program of physical verification of all its assets located at different places, the fixed assets have been physically verified in a phased periodical manner by the management, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. As explained to us, no material discrepancies have been noticed on such verification.

(c) No fixed assets were disposed off during the year so as to affect the going concern status of the Company.

ii) In respect of inventories of finished goods, work in process, raw materials, stores and spares:

(a) The Inventories have been physically verified by the management during the year. In our opinion the frequency of verification is reasonable.

(b) 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) The Company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical stock and the book records were not material and the same have been properly dealt with in the Books of Account.

iii) In respect of loans, secured or unsecured, from / to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

(a) The Company had taken unsecured loans from five parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount of loan involved during the year was ''. 3373.27 lakhs and the year-end balance of loans taken from such parties was Rs.. 1985.52 lakhs.

(b) In our opinion, although the Company has taken interest-free loans from five parties, the other terms and conditions on which loans have been taken from companies or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company

(c) During the year, the Company has not granted any loan to any party referred above nor any such loans were outstanding at the end of the year.

(d) Such loan is interest free and is without any terms for repayment and the same, in our opinion, is not prejudicial to the interests of the Company.

(e) In the absence of any terms, we are unable to comment on the regularity of repayment of principal amount and payment of interest.

iv) In respect of internal control procedures:

(a) The internal control system for sale of goods, purchase of fixed assets and services rendered by the Company are adequate and commensurate with the size of the Company and the nature of its business.

(b) The internal control system for purchase of stores, raw materials, plant & machinery, equipments and other assets, are adequate and commensurate with its size and nature of its business.

v) In respect of transactions that need to be entered into a register in pursuance of section 301 of the Companies Act:

(a) There are no contracts or arrangements during the year that need to be entered in the register.

vi) In respect of public deposits:

(a) The Company has not accepted any deposits from the public. Therefore, the provisions of section 58A and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975, are not applicable to the Company.

vii) In respect of internal audit system:

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

viii) In respect of cost records:

(a) According to the information and explanations given to us, the Central Government has prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act 1956, for steel products of the Company. We have broadly reviewed such records and are of the opinion that prima facie, the prescribed accounts have been made and maintained in general.

ix) In respect of statutory dues:

(a) The Company has been generally regular in depositing undisputed dues of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess, and other applicable statutory dues with the appropriate authorities during the year.

(b) Dues relating to Sales Tax/Excise Duty/Cess/Service Tax/Income Tax, which have not been deposited on account of disputes with the related authorities, are stated in the table below:

Name of the Period to Amount Forum where the Statute which the Rs. In Lakhs dispute is pending amount relates

Sales Tax 1993-94 3.95 A.P. High Court

Sales Tax 1994-95 6.15 A.P. High Court

Sales Tax 1999-00 5.39 STAT

Sales Tax (Paramount) 1993-94 17.20 A.P. High Court

Income tax 1999-00 8.28 C.I.T. (Appeals)

Income tax 2000-01 61.27 C.I.T. (Appeals)

Income tax 1996-97 192.33 A.P. High Court

Income tax 1997-98 23.67 A.P. High Court

Central Excise 1997-98 146.45 A.P. High Court

Central Excise 1998-99 2.13 A.P. High Court

x) I n respect of its losses:

a) The Company''s accumulated losses as at March 31,2014, as adjusted after taking into account the qualifications in the audit report to the extent the qualifications, are quantified are more than 50% of its net worth. The Company has incurred cash losses during the financial year ended on that date and in the immediately preceding financial year.

xi) in respect of repayment of dues to banks, financial institutions and debentures holders:

a) The Company has not defaulted in repayment of certain dues to financial institutions, banks and debenture holders.

xii) In respect of loans on the basis of security by way of pledge of shares, debentures and other securities:

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

xiii) In respect of applicability of any special statutes:

a) The Company is not a chit fund / nidhi / mutual benefit fund / society.

xiv) In respect of dealing in shares, securities, debentures and other investments:

a) The Company has not dealt / traded in shares, securities and debentures and other investments during the year.

xv) In respect of guarantees given for loans taken by others from banks or financial institutions:

a) The company has given guarantees for loan taken by others from banks or financial institutions and in our opinion the terms and conditions were not prejudicial to the interests of the company at the time when such guarantees were given.

xvi) In respect of utilization of term loans:

a) The Company has not raised any term loans from banks and / or financial institutions during the year.

xvii) In respect of utilization of funds raised on short-term basis:

a) On the basis of overall examination of the Balance Sheet of the Company, there are no funds raised on a short term basis which have been used for long term investment.

xviii) In respect of preferential allotment of shares:

a) According to the information and explanations given to us, during the period covered by our audit report, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix) In respect of security and charge created against debentures:

a) The Company has not issued any debentures during the year.

xx) In respect of public issues:

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

xxi) In respect of frauds:

a) In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the period that causes the financial statements to be materially misstated.

For M/s. P.A. REDDY & CO For M/s. CNGSN & ASSOCIATES Chartered Accountants Chartered Accountants Regn No.007368S Regn No.004915S

P. ASHOK REDDY C N GANGADARAN Partner Partner Membership No: 023202 Membership No: 011205

Place: Chennai Date : 27th May, 2014

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Mar 31, 2011

1. We have audited the attached Balance Sheet of "BALAJI INDUSTRIAL CORPORATION LIMITED" as at March 31, 2011, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor's Report) Order 2003 (CARO) issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement of the matters specified in paragraph4and5of the said order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, were port 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 it appears from our examination of the books.

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

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956,to the extent applicable and subject to:

(i) Non-Provision for actuarially ascertained liability for future payment of gratuity and leave encashment to employees, which is not in accordance with the Accounting Standard –15 issued by the Institute of Chartered Accountants of India ;

e. The company has defaulted in redemption of debentures for a period of more than one year. All the Directors are disqualified 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 Balance Sheet, Profit and Loss account and Cash Flow Statement read together with the schedules, the Notes and Accounting Policies give the information required by the Companies Act, 1956, in the manner so required, and in view of our Comments in paras (a)to(h) below:-

(a) Non provision for actuarially ascertained liability for future payment of gratuity and leave encashment to employees and the effect of such non provision could not be quantified in the absence of information;

b) Non provision of interest aggregating to Rs.3,978.70 lakhs (Previous Year Rs.5,896.86 lakhs) payable on loans from banks and financial institutions as a result of which the profit for the year is overstated by Rs.3,978.70 lakhs (profit of the previous year is overstated by Rs.5,896.86 lakhs) and the accumulated losses are understated by Rs.19,740.17 lakhs (previous year Rs.28,135.50 lakhs ) and the loans from banks and financial institutions are understated by the like amount;

c) In respect of 7 accounts in various banks standing in the name of the company, in the absence of detailed bank statements and confirmation of balances, we are unable to comment on the transactions, if any, passed through these accounts;

d) In respect of a deposit of Rs.2.40 lakhs (Previous Year Rs.2.40 lakhs) with IDBI Bank Ltd., (formerly United Western Bank Ltd.) in the absence of confirmation from the bank, we are of the view that full provision ought to have been made for doubtful recovery of the deposit and as a result of such non- provision, the profit for the year is overstated by Rs.2.40 lakhs (profit for the previous year is overstated by Rs.2.40 lakhs) and the accumulated losses are understated and the deposits are overstated by the like amount.

e) Non provision for hire purchase charges payable for the year aggregating to Rs.570.21 lakhs (previous year Rs.469.26 lakhs) and Rs.2,605.04 lakhs upto the current year (previous year Rs.2,034.83 lakhs) in respect of various hire purchase agreements entered into by the company, and as a result of such non provision, profit for the year is overstated by Rs.570.21 lakhs (profit for the year is overstated by Rs.469.26 lakhs), accumulated losses are understated by Rs.2,605.04 lakhs (previous year Rs.2,034.83 lakhs) and Secured Loans and Unsecured Loans are understated by Rs.2,605.04 lakhs (previous yearRs.2,034.83).

f) Non provision for the liability devolved on the Company being the Corporate guarantees given on behalf of other bodies corporate, where in recall notices have been served on the Company for principal of Rs.1,512.00 lakhs (Previous year 1,512.00 lakhs) and un quantified interest thereon, and as a result of such non provision the profit for the year is overstated by Rs.1,512.00 lakhs plus un quantified Interest there on (previous year - profit is overstated by Rs.1,512.00 lakhs un quantified interest) and the accumulated losses as at the end of the year are understated and the net current assets are overstated by Rs.1,512.00 lakhs plus un quantified interest. (Previous year Rs.1,512.00 lakhs plus un quantified interest)

g) Consequent to our Comments in paras (b),(e) and (f) above, the aggregate of loans from Banks and Corporates shown in Schedule-C of Rs.5,284.46 lakhs (Previous year Rs.8,727.43 lakhs), in our opinion, are not adequately secured and therefore in our view these loans should have been classified as unsecured loans.

h) Had our observation made as above been considered by the company, the loss for the current year ended March 31, 2011 would have been Rs. 5,862.54 lakhs (as against the reported profit figure of Rs. 200.77 lakhs), the accumulated losses would have been Rs. 91,384.04 lakhs (as against the reported figure of Rs. 67,524.43 lakhs), the net current assets would have been negative at Rs.3,100.71 lakhs (as against, the reported negative figure of Rs. 1,586.31 lakhs), the Secured/ unsecured loans, would have been at Rs. 45,961.79 lakhs as against the reported figure of Rs. 23,616.58 lakhs, the net worth would have been negative at Rs. 48,295.05 lakhs (as against the reported negative figure of Rs. 24,435.45 lakhs) and the EPS would have been of negative of Rs. 19.16 (as against the reported negative figure ofRs.7.67).

we are unable to express opinion on the true and fairness:-

- In the case of Balance Sheet, of the state of affairs of the Company as at March 31,2011 and

- In the case of the Profit and Loss Account, of the PROFIT For the year ended on that date.

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

Based on the information and explanations furnished to us and the books and records examined by us in the normal course of our audit, we report that to the best of our knowledge and belief.

i) In respect of its Fixed Assets:

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

b) During the year, as per the program of physical verification of all its assets located at different places, the fixed assets have been physically verified in a phased periodical manner by the management, which in our opinion is reasonable having regard to the size of the company and nature of its assets. As explained to us, no material discrepancies have been noticed on such physical verification.

c) No fixed assets were disposed off during the year so as to affect the going concern status of the company.(Refer para 4(f)(h)of our main report).

ii) In respect of Inventories of finished goods, work in process, raw materials and stores and spares:

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

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

c) The company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material and the same have been properly dealt within the book of account.

iii) 1) In respect of loans, secured or unsecured, granted by the company to companies, firms or other parties covered in the register maintained under section 301of the Companies Act, 1956 :

a) During the year, the company has not granted any loan to any party referred above nor any such loans were out standing at the end of the year.

2) In respect of the loans, secured or unsecured, taken by the company from companies, firms or other parties covered in the register maintained under section 301ofthe Companies Act, 1956:

a) The company has not taken any loan from new parties. In respect of an outstanding loan from such a party, the outstanding balance at the year end amounted to Rs.1910.40 lakhs and the maximum outstanding during the year amounted toRs.1910.40 lakhs.

b) Such loan is interest free and is without any terms for repayment and the same, in our opinion, is not prejudicial to the interests of the company.

c) In the absence of any terms, we are unable to comment on the regularity of repayment of principal amount and payment of interest.

iv) In respect of Internal Control system:

a) The internal control system for sale of goods, purchase of Fixed assets and services rendered by the company are adequate and commensurate with the size of the company and the nature of its business.

b) The internal control system for purchase of stores, raw materials, plant& machinery, equipments and other assets, are adequate and commensurate with its size and nature of its business.

v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956.

a) There are no contracts or arrangements during the year that need to be entered in the Register.

vi) In respect of acceptance of deposits from the Public :

a) The company has not accepted any deposits from the public. Therefore, the provisions of Sections 58A and 58AAof the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not Applicable to the Company.

vii) In respect of Internal Audit :

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

viii) In respect of maintenance of cost records :

a) According to the information and explanations given to us, the Central Government has prescribed maintenance of cost records under section 209(1)(d) of the Companies Act, 1956, for steel products of the Company. We have broadly reviewed such records and are of the opinion that prima facie, the prescribed accounts have been made and maintained in general.

ix) In respect of statutory dues:

a) The company has been generally regular in depositing undisputed dues of provident fund, Investor Education and protection fund, employees state Insurance, Wealth Tax, service tax, Customs duty, Excise duty, Cess and other applicable statutory dues with the appropriate authorities during the year.

b) There are undisputed income-tax amounts outstanding as at March 31, 2011 amounting to Rs.901.73 Lakhs (including interest) for a period of more than six months from the date they became payable. The details are as under:

Name of the Statute Nature of Dues Amount Period to which (Rs.in lakhs) amount relates

Income Tax Act Dividend Tax 17.62 1996-97

Income Tax Act Interest on Dividend Tax 36.45 1996-97

Income Tax Act Dividend Tax 43.17 1997-98

Income Tax Act Interest on Dividend Tax 78.93 1997-98

Income Tax Act Dividend Tax 36.63 1998-99

Income Tax Act Interest on Dividend Tax 58.19 1998-99

Income Tax Act Dividend Tax 161.14 1999-00

Income Tax Act Interest on Dividend Tax 220.52 1999-00

Income Tax Act MAT 100.89 1999-00

Income Tax Act Interest on MAT 148.19 1999-00

Total 901.73

c) Dues relating to sales tax/excise duty/cess/service tax/ Income tax, which have not been deposited on account of disputes with the related authorities, are stated in the table below:

Name of the Statute Period to which Amount Forum where the the amount relates Rs.In Lakhs dispute is pending

Sales Tax 1993-94 3.95 A.P. High Court

Sales Tax 1994-95 6.15 A.P. High Court

Sales Tax 1997-98 1.02 STAT

Sales Tax 1999-00 5.39 STAT

Sales Tax (Paramount) 1993-94 17.20 A.P. High Court

Income tax 1999-00 8.28 C.I.T. (Appeals)

Income tax 2000-01 61.27 C.I.T. (Appeals)

Income tax 1996-97 192.33 High Court

Income tax 1997-98 20.40 High Court

x) In respect of Accumulated Losses :

a) The Company's accumulated losses at March 31, 2011 are more than 50% of the net worth and the company has not incurred cash losses during the financial year ended on that date and in the immediately preceding year.

xi) In respect of repayment of dues to financial institutions, banks and/or debenture holders :

a) The Company has defaulted in repayment of certain dues to financial institutions, banks and debenture holders asunder.

Description Default continues from the year Amount (Rs. In lacs)

Debentures 2001-2002 2437.50

Banks 1999-2000 2743.22

Total 5180.72

xii) In respect of loans and advances granted by the company on the basis of security by way of pledge of shares, debentures and other securities:

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

xiii) In respect of applicability of special statutes :

a) The Company is not a chit fund or a nidhi/mutual benefit fund/society.

xiv) In respect of dealing or trading in shares, securities, debentures and other investments:

a) The company is not dealing in or trading in shares, securities, debentures and other investments.

xv) In respect of guarantees given by the company for loans taken by others from bank or financial institutions :

a) The company has given guarantees for loan taken by others from banks or financial institutions and in our opinion the terms and conditions were not prejudicial to the interests of the company at the time when such guarantees were given.

xvi) In respect of term loans :

a) The company has not raised any term loans from banks and /or financial institutions during the year.

xvii) In respect of utilisation of funds raised on short term basis for long term investments :

a) On an overall examination of the Balance Sheet of the company, we report that no funds raised on short term basis have been used for long term investment.

xviii) In respect of Preferential Allotment of shares :

a) According to the information and explanations given to us, during the period covered by our audit report, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301ofthe companies act, 1956.

xix) In respect of Debentures :

a) In respect of the Debentures issued, proper security by way of second charge on the assets of the Company, have been created.

xx) In respect of Public Issues :

a) During the period covered by our audit report, the company has not raised any money by way of public issues.

xxi) In respect of frauds :

a) No fraud nor by the company has been noticed or reported during the course of our audit.

For PA REDDY& CO For CNGSN &ASSOCIATES

Chartered Accountants Chartered Accountants

Firm Registration No.007368S Firm Registration No.004915S

P ASHOK REDDY C N GANGADARAN

Partner Partner

Membership No: 23202 Membership No: 11205

Place: Chennai Date : July 29, 2011