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NSE: LT
BSE: 500510
BSE SENSEX Constituent
Conglomerate
Mumbai, Maharastra, India (1938)
Sren Kristian Toubro
Henning Holck-Larsen
L&T House, Ballard Estate,
Mumbai, Maharashtra, India
India, Middle East, East Asia and
Southeast Asia
K. Venkataramanan (CEO & MD)
A. M. Naik (Executive Chairman)
Construction
Heavy equipment
Electrical equipment
Power
Shipbuilding
Financial services
IT Services
US$ 15 Billion (2015)[1]
US$ 1.07 Billion (2014)[1]
US$ 952.638 Million (2013)[1]
US$ 26.188 Billion (2013)[1]
US$ 6.6818 Billion (2013)[1]
84,027 (Mar 2014)[2]
Technology, engineering,
construction, manufacturing
L&T Infotech, L&T Mutual Fund,
www.larsentoubro.com

To the Members of Larsen & Toubro Limited

Report on the standalone financial statements

We have audited the accompanying standalone financial statements of Larsen &
ToubroLimited ("the Company") which comprise the balance sheet as at 31 March 2015the
statement of profit and loss the cash flow statement for the year then ended and asummary of
the significant accounting policies and other explanatory information.
Managements responsibility for the standalone financial statements
The Companys board of directors is responsible for the matters stated in section134(5) of the
Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial
statements that give a true and fair view of the financialposition financial performance and
cash flows of the Company in accordance with theaccounting principles generally accepted in
India including the Accounting Standardsspecified under section 133 of the Act read with
Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes
maintenance of adequate accounting recordsin accordance with the provisions of the Act for
safeguarding the assets of the Companyand for preventing and detecting frauds and other
irregularities; selection andapplication of appropriate accounting policies; making judgments
and estimates that arereasonable and prudent; and design implementation and maintenance of
adequate internalfinancial controls that were operating effectively for ensuring the accuracy
andcompleteness of the accounting records relevant to the preparation and presentation ofthe
financial statements that give a true and fair view and are free from materialmisstatement
whether due to fraud or error.
Auditors responsibility
Our responsibility is to express an opinion on these standalone financial statementsbased on
our audit.
We have taken into account the provisions of the Act the accounting and auditingstandards
and matters which are required to be included in the audit report under theprovisions of the
Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified undersection
143(10) of the Act. Those Standards require that we comply with ethicalrequirements and
plan and perform the audit to obtain reasonable assurance about whetherthe financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe
disclosures in the financial statements. The procedures selected depend on theauditors
judgment including the assessment of the risks of material misstatement ofthe financial
statements whether due to fraud or error. In making those risk assessmentsthe auditor
considers internal financial control relevant to the Companyspreparation of the financial
statements that give a true and fair view in order to designaudit procedures that are
appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether
the Company has in place an adequate internal financialcontrols system over financial
reporting and the operating effectiveness of such controls.An audit also includes evaluating
the appropriateness of the accounting policies used andthe reasonableness of the accounting
estimates made by the Companys Directors aswell as evaluating the overall presentation of

the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us
the aforesaid standalone financial statements give the information requiredby the Act in the
manner so required and give a true and fair view in conformity with theaccounting principles
generally accepted in India of the state of affairs of the Companyas at 31 March 2015 and its
profit and its cash flows for the year ended on that date.
Report on other legal and regulatory requirements
1 As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the
central government of India in terms of sub-section (11) ofsection 143 of the Act we give in
the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.
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 bestof 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 theCompany
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 statementdealt with
by this report are in agreement with the books of account.
(d) In our opinion the aforesaid standalone financial statements comply with theAccounting
Standards specified under section 133 of the Act read with rule 7 of theCompanies
(Accounts) Rules 2014.
(e) On the basis of the written representations received from the directors as on 31March
2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31
March 2015 from being appointed as a director in terms of section164 (2) of the Act.
(f) With respect to the other matters to be included in the Auditors Report inaccordance with
rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of
our information and according to the explanations given to us: i. TheCompany has disclosed
the impact of pending litigations on its financial position in itsfinancial statements refer
notes I note (II) in Q(16) and Q(17) to the financialstatements; ii. The Company has made
provision as required under the applicable law oraccounting standards for material
foreseeable losses if any on long-term contractsincluding derivative contracts refer notes
C(II) D(IV) and Q(7)(a) to thefinancial statements; and iii. There has been no delay in
transferring amounts required tobe transferred to the Investor Education and Protection Fund
by the Company.

Mumbai May 30 2015

SHARP & TANNAN

Chartered Accountants
Firms Registration No.109982W
by the hand of
MILIND P. PHADKE
Partner
Membership No.33013

Annexure to the Independent Auditors report

(Referred to paragraph (1) under Report on other legal and regulatoryrequirements of our
report of even date)
1 (a) The Company is maintaining proper records to show full particulars
includingquantitative details and situation of all fixed assets.
(b) We are informed that the Company has formulated a programme of physicalverification of
all the fixed assets over a period of three years which in our opinionis reasonable having
regard to the size of the Company and nature of its assets.Accordingly the physical
verification of the fixed assets has been carried out bymanagement during the year and no
material discrepancies were noticed on suchverification.
2 (a) As explained to us inventories have been physically verified by management
atreasonable intervals during the year. In our opinion the frequency of such verificationis
reasonable.
(b) As per the information given to us the procedures of physical verification ofinventory
followed by management are in our opinion reasonable and adequate in relationto the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The discrepancies noticedon
verification between the physical stocks and the book records were not material.
3 According to the information and explanations given to us there are no companiesfirms and
other parties covered in the register maintained under section 189 of theCompanies Act 2013.
Accordingly paragraphs 3(iii)(a) and (b) of the Order are notapplicable.
4 In our opinion and according to the information and explanations given to us thereare
adequate internal control systems commensurate with the size of the Company and thenature
of its business for the purchase of inventory and fixed assets and for the sale ofgoods and
services. Further on the basis of our examination of the books and records ofthe Company
and according to the information and explanations given to us we haveneither come across
nor have been informed of any continuing failure to correct majorweaknesses in the aforesaid
internal control systems.
5 According to the information and explanations given to us the Company has notaccepted
deposits from the public and accordingly paragraph 3(v) of the Order is notapplicable.

6 We have broadly reviewed the books of account and records maintained by the Company
pursuant to the rules prescribed by the central government for the maintenance of cost records
under section 148(1) of the Companies Act 2013 in respect of all its manufacturing and
construction activities and are of the opinion that prima facie the prescribed accounts and
records have been made and maintained. The contents of these accounts and records have not
been examined by us.
7 (a) According to the information and explanations given to us and the records of the
Company examined by us in our opinion the Company is generally regular in depositing
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 as applicable with the appropriate authorities .According to the
information and explanations given to us there were no undisputed amounts payable in
respect of provident fund employees state insurance income-taxs ales-tax wealth tax service
tax duty of customs duty of excise cess and other statutory dues outstanding as at 31 March
2015 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and the records of the
Company examined by us the particulars of income-tax sales-tax wealth tax service tax duty
of custom duty of excise value added tax or cess as at 31 March 2015 which have not been
deposited on account of a dispute pending are as under:
Amount
Name of
Nature of the disputed dues
the statute
Central
Sales Tax
Act Local
Sales Tax
Acts and
Works

Contract
Tax Act

Taxability of sub-contractor turnover

rate of tax for declared goods interstate sales and non-submission of
forms

Period to
which the
Rs.
amount
crore*
relates

Forum where
disputes are
pending

1991-92
1995-96
1997-98
1999-2000
to 2005-06

Supreme Court

1986-87 to
2011-12

High Court

3.20

Dispute regarding question of law nonsubmission of forms classification

dispute tax deducted at source at lower
rate sales in transit high seas sales
260.26
labour turnover local VAT local WCT
rate of tax on declared goods and other
matters
Non-submission of forms classification 344.55
disputes disallowance of sales
occasioning import arbitrary demand
raised sub-contractors turnover
disallowed pumping and freight
charges inter-state sales turnover tax
deducted at source disallowed rates of
tax of declared goods classification

1987-88 to
1991-92
1994-95 to
2011-12

Sales Tax
Tribunal

dispute disallowance of WCT and other

matters
Forms submitted but rejected by
0.78
Assessing Officer

Non-submission of forms

13.92

Non-submission of forms disallowance

of sales in transit high seas sales sales 158.19
occasioning imports and other matters
Non-submission of forms additional
demands for pending forms rate of tax
dispute disallowance of branch transfer
sub-contractors turnover interest
986.17
demand on road permit disallowance of
sales in transit sales occasioning
imports and other matters
Non-submission of forms disallowance
of sales occasioning imports rate of tax 1.83
dispute and other matters
Non-submission of forms and dispute
related to sales in transit
The Central
Excise Act Dispute of excise duty on site mix
1944
concrete and PSC grinder
Service
Demand of excise duty on site
fabricated steel structures export rebate
Tax under
disallowance valuation disputes excise
Finance Act
duty on concrete mix made at site non1994
maintenance of separate records and
other matters
Disallowance of cenvat credit excise
duty refund short payment of service
tax excise duty on concrete mix made
at site service tax rate dispute and other
matters
Export rebate claim service tax on
commercial construction services
service tax liability against rate change
and penalty imposed for wrong

1.73

2008-09
1995-96
1997-98
2001-02 to
2004-05
2006-07 to
2012-13
1997-98
1999-2000
2001-02
2003-04 to
2011-12
1991-92
1992-93
1994-95
1996-97
1997-98
1999-2000
to 2013-14
1991-92
1992-93
1996-97 to
2005-06 and
2008-09
1994-95 to
2014-15

Commissioner
(Appeals)
Additional
Commissioner
(Appeals)

Joint
Commissioner
(Appeals)

Deputy
Commissioner
(Appeals)

Assistant
Commissioner
(Appeals)
Commercial
Tax Officer

0.27

1997-98

Supreme Court

565.06

1991-92
2001-02 to
2011-12

CESTAT

1.76

2006-07
2008-09 to Commissioner
2012-13 and (Appeals)
2014-15

42.48

2003-04
High Court
2005-06 and
2006-07

availment of cenvat credit

Demand of service tax including
penalty interest on lump-sum turnkey
jobs demand of penalty on late
15.24
payment of service tax and other
matters
Assessment under section 143(3) read
Income-tax with section 144C(13) and demand of
454.90
Act 1961
tax deducted at source on bank
guarantee charges and internet charges
Dispute regarding tax deducted at
0.05
source at lower rates

2004-05 to
2010-11

CESTAT

2007-08 to
2012-13

ITAT

2005-06

Commissioner
(Appeals)

*Net of pre-deposit paid in getting the stay/appeal admitted

(c) The amounts required to be transferred to the investor education and protectionfund in
accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules
made thereunder are transferred to such fund within time.
8 The Company has no accumulated losses as at 31 March 2015 and it has not incurredcash
losses in the financial year ended on that date or in the immediately precedingfinancial year.
9 According to the records of the Company examined by us and the information
andexplanations given to us the Company has not defaulted in repayment of dues to
anyfinancial institution or bank or debenture holders as at the balance sheet date.
10 In our opinion and according to the information and explanations given to us theterms and
conditions of guarantees given by the Company for loans taken by others frombanks or
financial institutions are prima facie not prejudicial to the interests of theCompany.
11 In our opinion and according to the information and explanations given to us on anoverall
basis the term loans have been applied for the purposes for which they wereobtained.
12 During the course of our examination of the books and records of the Companycarried out
in accordance with the generally accepted auditing practices in India andaccording to the
information and explanations given to us we have neither come across anyinstances of
material fraud on or by the Company noticed or reported during the year norhave we been
informed of such case by management.

Mumbai May 30 2015

SHARP & TANNAN

Chartered Accountants
Firms Registration No.109982W
by the hand of
MILIND P. PHADKE
Partner
Membership No.33013

To the Members of Larsen & Toubro Limited

Report on the standalone financial statements
We have audited the accompanying standalone financial statements of Larsen &
ToubroLimited ("the Company") which comprise the balance sheet as at 31 March 2015the
statement of profit and loss the cash flow statement for the year then ended and asummary of
the significant accounting policies and other explanatory information.
Managements responsibility for the standalone financial statements
The Companys board of directors is responsible for the matters stated in section134(5) of the
Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial
statements that give a true and fair view of the financialposition financial performance and
cash flows of the Company in accordance with theaccounting principles generally accepted in
India including the Accounting Standardsspecified under section 133 of the Act read with
Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes
maintenance of adequate accounting recordsin accordance with the provisions of the Act for
safeguarding the assets of the Companyand for preventing and detecting frauds and other
irregularities; selection andapplication of appropriate accounting policies; making judgments
and estimates that arereasonable and prudent; and design implementation and maintenance of
adequate internalfinancial controls that were operating effectively for ensuring the accuracy
andcompleteness of the accounting records relevant to the preparation and presentation ofthe
financial statements that give a true and fair view and are free from materialmisstatement
whether due to fraud or error.
Auditors responsibility
Our responsibility is to express an opinion on these standalone financial statementsbased on
our audit.
We have taken into account the provisions of the Act the accounting and auditingstandards
and matters which are required to be included in the audit report under theprovisions of the
Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified undersection
143(10) of the Act. Those Standards require that we comply with ethicalrequirements and
plan and perform the audit to obtain reasonable assurance about whetherthe financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe
disclosures in the financial statements. The procedures selected depend on theauditors
judgment including the assessment of the risks of material misstatement ofthe financial
statements whether due to fraud or error. In making those risk assessmentsthe auditor
considers internal financial control relevant to the Companyspreparation of the financial
statements that give a true and fair view in order to designaudit procedures that are
appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether

the Company has in place an adequate internal financialcontrols system over financial
reporting and the operating effectiveness of such controls.An audit also includes evaluating
the appropriateness of the accounting policies used andthe reasonableness of the accounting
estimates made by the Companys Directors aswell as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us
the aforesaid standalone financial statements give the information requiredby the Act in the
manner so required and give a true and fair view in conformity with theaccounting principles
generally accepted in India of the state of affairs of the Companyas at 31 March 2015 and its
profit and its cash flows for the year ended on that date.
Report on other legal and regulatory requirements
1 As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the
central government of India in terms of sub-section (11) ofsection 143 of the Act we give in
the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.
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 bestof 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 theCompany
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 statementdealt with
by this report are in agreement with the books of account.
(d) In our opinion the aforesaid standalone financial statements comply with theAccounting
Standards specified under section 133 of the Act read with rule 7 of theCompanies
(Accounts) Rules 2014.
(e) On the basis of the written representations received from the directors as on 31March
2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31
March 2015 from being appointed as a director in terms of section164 (2) of the Act.
(f) With respect to the other matters to be included in the Auditors Report inaccordance with
rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of
our information and according to the explanations given to us: i. TheCompany has disclosed
the impact of pending litigations on its financial position in itsfinancial statements refer
notes I note (II) in Q(16) and Q(17) to the financialstatements; ii. The Company has made
provision as required under the applicable law oraccounting standards for material
foreseeable losses if any on long-term contractsincluding derivative contracts refer notes

C(II) D(IV) and Q(7)(a) to thefinancial statements; and iii. There has been no delay in
transferring amounts required tobe transferred to the Investor Education and Protection Fund
by the Company.

Mumbai May 30 2015

SHARP & TANNAN

Chartered Accountants
Firms Registration No.109982W
by the hand of
MILIND P. PHADKE
Partner
Membership No.33013

Annexure to the Independent Auditors report

(Referred to paragraph (1) under Report on other legal and regulatoryrequirements of our
report of even date)
1 (a) The Company is maintaining proper records to show full particulars
includingquantitative details and situation of all fixed assets.
(b) We are informed that the Company has formulated a programme of physicalverification of
all the fixed assets over a period of three years which in our opinionis reasonable having
regard to the size of the Company and nature of its assets.Accordingly the physical
verification of the fixed assets has been carried out bymanagement during the year and no
material discrepancies were noticed on suchverification.
2 (a) As explained to us inventories have been physically verified by management
atreasonable intervals during the year. In our opinion the frequency of such verificationis
reasonable.
(b) As per the information given to us the procedures of physical verification ofinventory
followed by management are in our opinion reasonable and adequate in relationto the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The discrepancies noticedon
verification between the physical stocks and the book records were not material.
3 According to the information and explanations given to us there are no companiesfirms and
other parties covered in the register maintained under section 189 of theCompanies Act 2013.
Accordingly paragraphs 3(iii)(a) and (b) of the Order are notapplicable.
4 In our opinion and according to the information and explanations given to us thereare
adequate internal control systems commensurate with the size of the Company and thenature
of its business for the purchase of inventory and fixed assets and for the sale ofgoods and
services. Further on the basis of our examination of the books and records ofthe Company
and according to the information and explanations given to us we haveneither come across
nor have been informed of any continuing failure to correct majorweaknesses in the aforesaid

internal control systems.

5 According to the information and explanations given to us the Company has notaccepted
deposits from the public and accordingly paragraph 3(v) of the Order is notapplicable.
6 We have broadly reviewed the books of account and records maintained by the
Companypursuant to the rules prescribed by the central government for the maintenance of
costrecords under section 148(1) of the Companies Act 2013 in respect of all
itsmanufacturing and construction activities and are of the opinion that prima facie
theprescribed accounts and records have been made and maintained. The contents of
theseaccounts and records have not been examined by us.
7 (a) According to the information and explanations given to us and the records of
theCompany examined by us in our opinion the Company is generally regular in
depositingundisputed statutory dues including provident fund employees state insurance
income-taxsales-tax wealth tax service tax duty of customs duty of excise value added tax
cessand other material statutory dues as applicable with the appropriate authorities.According
to the information and explanations given to us there were no undisputedamounts payable in
respect of provident fund employees state insurance income-taxsales-tax wealth tax service
tax duty of customs duty of excise cess and otherstatutory dues outstanding as at 31 March
2015 for a period of more than six months fromthe date they became payable.
(b) According to the information and explanations given to us and the records of theCompany
examined by us the particulars of income-tax sales-tax wealth tax service taxduty of custom
duty of excise value added tax or cess as at 31 March 2015 which have notbeen deposited on
account of a dispute pending are as under:
Amount
Name of
Nature of the disputed dues
the statute
Central
Sales Tax
Act Local
Sales Tax
Acts and
Works

Contract
Tax Act

Taxability of sub-contractor turnover

rate of tax for declared goods interstate sales and non-submission of
forms

Period to
which the
Rs.
amount
crore*
relates

Forum where
disputes are
pending

1991-92
1995-96
1997-98
1999-2000
to 2005-06

Supreme Court

1986-87 to
2011-12

High Court

3.20

Dispute regarding question of law nonsubmission of forms classification

dispute tax deducted at source at lower
rate sales in transit high seas sales
260.26
labour turnover local VAT local WCT
rate of tax on declared goods and other
matters
Non-submission of forms classification 344.55
disputes disallowance of sales
occasioning import arbitrary demand

1987-88 to
1991-92
1994-95 to

Sales Tax
Tribunal

raised sub-contractors turnover

disallowed pumping and freight
charges inter-state sales turnover tax
deducted at source disallowed rates of
tax of declared goods classification
dispute disallowance of WCT and other
matters
Forms submitted but rejected by
0.78
Assessing Officer

Non-submission of forms

13.92

Non-submission of forms disallowance

of sales in transit high seas sales sales 158.19
occasioning imports and other matters
Non-submission of forms additional
demands for pending forms rate of tax
dispute disallowance of branch transfer
sub-contractors turnover interest
986.17
demand on road permit disallowance of
sales in transit sales occasioning
imports and other matters
Non-submission of forms disallowance
of sales occasioning imports rate of tax 1.83
dispute and other matters
Non-submission of forms and dispute
related to sales in transit

1.73

The Central
Excise Act Dispute of excise duty on site mix
0.27
1944
concrete and PSC grinder
Service
Demand of excise duty on site
fabricated steel structures export rebate
Tax under
disallowance valuation disputes excise
Finance Act
565.06
duty on concrete mix made at site non1994
maintenance of separate records and
other matters
Disallowance of cenvat credit excise
1.76
duty refund short payment of service
tax excise duty on concrete mix made
at site service tax rate dispute and other

2011-12

2008-09
1995-96
1997-98
2001-02 to
2004-05
2006-07 to
2012-13
1997-98
1999-2000
2001-02
2003-04 to
2011-12
1991-92
1992-93
1994-95
1996-97
1997-98
1999-2000
to 2013-14
1991-92
1992-93
1996-97 to
2005-06 and
2008-09
1994-95 to
2014-15

Commissioner
(Appeals)
Additional
Commissioner
(Appeals)

Joint
Commissioner
(Appeals)

Deputy
Commissioner
(Appeals)

Assistant
Commissioner
(Appeals)
Commercial
Tax Officer

1997-98

Supreme Court

1991-92
2001-02 to
2011-12

CESTAT

2006-07
Commissioner
2008-09 to (Appeals)
2012-13 and
2014-15

matters
Export rebate claim service tax on
commercial construction services
service tax liability against rate change
and penalty imposed for wrong
availment of cenvat credit
Demand of service tax including
penalty interest on lump-sum turnkey
jobs demand of penalty on late
payment of service tax and other
matters
Assessment under section 143(3) read
Income-tax with section 144C(13) and demand of
Act 1961
tax deducted at source on bank
guarantee charges and internet charges
Dispute regarding tax deducted at
source at lower rates

42.48

2003-04
2005-06 and High Court
2006-07

15.24

2004-05 to
2010-11

CESTAT

454.90

2007-08 to
2012-13

ITAT

0.05

2005-06

Commissioner
(Appeals)

*Net of pre-deposit paid in getting the stay/appeal admitted

(c) The amounts required to be transferred to the investor education and protectionfund in
accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules
made thereunder are transferred to such fund within time.
8 The Company has no accumulated losses as at 31 March 2015 and it has not incurredcash
losses in the financial year ended on that date or in the immediately precedingfinancial year.
9 According to the records of the Company examined by us and the information
andexplanations given to us the Company has not defaulted in repayment of dues to
anyfinancial institution or bank or debenture holders as at the balance sheet date.
10 In our opinion and according to the information and explanations given to us theterms and
conditions of guarantees given by the Company for loans taken by others frombanks or
financial institutions are prima facie not prejudicial to the interests of theCompany.
11 In our opinion and according to the information and explanations given to us on anoverall
basis the term loans have been applied for the purposes for which they wereobtained.
12 During the course of our examination of the books and records of the Companycarried out
in accordance with the generally accepted auditing practices in India andaccording to the
information and explanations given to us we have neither come across anyinstances of
material fraud on or by the Company noticed or reported during the year norhave we been
informed of such case by management.
SHARP & TANNAN
Chartered Accountants
Firms Registration No.109982W
by the hand of

Mumbai May 30 2015

MILIND P. PHADKE
Partner
Membership No.33013

Consolidated Balance sheet

Balance sheet