Vipul Limited ‘Vipul TechSquare Gol-Course Road, Sector-43 Gurgaon - 122 009 Vipul Tel: -91-124-406 5500 Fax: 91-124-406 1000 E-mail: nfo@vipulgroup in ww. vipulgroupin Ref, No. VIPUL/SEC/VC/FY2016-17/ May 30, 2016 1) The Secretary BSE Limited, (Equity Scrip Code: 511726) Corporate Relationship Department BSE Ltd (Scrip Code : 952788, 952859, 953019 and 953542) Debt Listing Department At: 15 Floor, New trading Ring, Rotunda Building, Phirozejecjeebhoy Towers, Dalal Street, Fort, Mumbai-400001 2) ‘The Manager (Listing) ‘National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (F); Mumbai-400051 Dear Sir, Sub: Outcome of Board Meeting This is to inform you, pursuant to the provisions of Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company at its meeting held today has considered and approved the annual audited financial results for the financial year ended March 31, 2016 (Standalone and Consodilated) along-with the Auditors Report thereon. In this connection, we are attaching the following documents: 1) Audited Annual Financial Results for the financial year ended March 31, 2016 (Standalone financials) 2) Auditors report with unmodified opinion on Standalone financials. 3). Declaration on Audit Report with unmodified opinion on Standalone financials, 4) Audited Annual Financial Results for the financial year ended March 31, 2016 (Consolidated financials) 5) Auditors report with modified opinion on consolidated financials 6) Statement on impact of Audit Qualifications (for audit report with modified opinion) on Consolidated financials. 7). Statement of assets and liability as on 31.03.2016. ‘The said board meeting commenced at 12:30 PM and concluded at 7.00 PM We request you to take the above on record Thanking You, ‘Yours faithfully for VIPUL LIMITED Registered Office : Regus Rectangle, Level 4, Rectangle 1, D4, Commercial Complex, Saket, New Delhi-110017 CIN Ne: t59250120021C167607404 8.405, YOGESHWAR BUILDING, M2, CONNAUGHT PLACE NEW DELHI - 110001 ‘CHARTEREDACCOUNTANTS TELEFAX: +91-11-41510952 E-mail: Ibjhadel@Ibjha.com Website : www Ibjha.com Ref No. SA~V-6R Independent Auditors’ Report on Quarterly Standalone Financial Results and Year to Date Standalone Financial Results of Vipul Limited To ‘The Board of Directors, Vipul Limited. ‘We have audited the accompanying standalone financial results of Vipul Limited (‘the Company’) for the quarter ended March 31, 2016 and the standalone financial results for the year ended March 31, 2016, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements) Regulation, 2015. The quarterly standalone financial results are the derived figures between the audited figures in respect of the year ended March 31, 2016 and the published year-to-date figures upto December 31, 2015 being the date of the end of the third quarter of the current financial year, which were subject to limited review. We have not reviewed the disclosures regarding ‘Public Shareholding’ and ‘Promoter and promoter Group Shareholding’, which have been traced from the disclosures made by the management. This financial results, which are the responsibility of the Company's management and approved by the Board of Directors, has been prepared on the basis of the related financial statements which is in accordance with the Accounting Standards prescribed under section 133 of the Companies Act,2013, as applicable and other accounting principles generally accepted in India . Our responsibility is to express an opinion ‘on these financial results based on our review of such financial statements, We conducted our audit in accordance with the Auditing Standards, issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain reasonable assurance about whether the financial results are free of material misstatement. An audit includes examining , on a test basis, evidence supporting the amounts disclosed in financial results. An audit also includes assessing the accounting principles used and significant estimates made by the management. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. (GF, Gilander House, 6, Netai Subhas Road, Kolkata - 700 001 Tel. 033-2242 <27T/5858/5407 Fax . 033-22302846 E-mail: Bjha@lbfa.com 311, Lok Cente, 3rd Foor, Marl Maroshi Roa, Marol Andheri (East), Mumbai 400 059 Tel 022-65188951, 65183047 Fax 022-66103004 E-mail Iphabom@lbha.comLBJbaeCo In our opinion and to the best of our information and according to the explanations given to us, the statement: i) is presented in accordance with the requirements of Regulation 33 of the SEB! ( Listing Obligations and Disclosure Requirements ) Regulation , 2015; and ji) gives a true and fair view in conformity with the aforesaid Accounting Standards and other accounting principles generally accepted in India of the net profit and other financial information of the company for the year ended 31" March,2016. Emphasis of matter We draw attention to the following matters in the Notes to the financial statements: a. Various claims and counter claims pending before the Arbitral Tribunal ( Refer Note 10.38 of the Financial Statements) b. Accounting of cumulative interest by the company ( Refer note no.39 of the Financial Statements), Our opinion is not modified in respect of the matters mentioned above. For L.B. Jha & Co. Chartered Accountants ‘irm’s Regn. No. 301088E Satyabrata Pat! NA Partner Membership No. 95080 Place: Gurgaon Dated: 30” May,20164048.405, YOGESHWAR BUILDING, M2, CONNAUGHT PLACE NEW DELHI - 110001 ‘CHARTEREDACCOUNTANTS. TELEFAX: +91-11-41510952 Ref No. SA-V-6R E-mail: bhadel@Ibjha.com Website : wwwibjha.com Independent Auditors’ Report on Quarterly Consolidated Financial Results and Year to Date Consolidated Financial Results of Vipul Limited To ‘The Board of Directors of Vipul Limited We have audited the accompanying Statement of Consolidated Financial Results of Vipul Limited and its subsidiaries (the Holding company and its subsidiaries together referred to as “the Group”) for the year ended March 31, 2016, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (( Listing Obligations and Disclosure Requirements) Regulation, 2015. This statement which is the responsibility of the Holding Company's management and approved by the Board of Directors, has been prepared on the basis of the related consolidated financial statements which is in accordance with the Accounting Standards, prescribed under section 133 of the Companies ‘Act, 2013, as applicable and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the statement. 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 results are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by the management. We believe that our audit provides a reasonable basis for our opinion Basis for Qualified Opinion In respect of the Financial Statements of Vipul SEZ Developers Private Limited, a subsidiary company of the Holding Company and audited by us, we have given the following qualified opinion: 1. The registration is pending for land measuring 10.03125 acres, valued at Rs.215,34,376/~. In the absence of registration this has been reflected as Advance for Land. 2. In absence of the confirmation of the advances given amounting to Rs.2,48,84,376/- ( including £s.215,34,376/- as stated in para 1 above } shown under Advances for land, we are unable to comment about the realisaibilty of the same. 3. The licenses for the Group Housing Development have expired during January'14 and January’16 respectively and in the absence of such renewed licenses we are unable to comment about the future use of such land for which such licenses have been obtained. (GFA, Gilander House, 6, Nelal Subhas Road, Kolkala - 700 OT Tel. 039-2242 427/5858/5407 Fax 03322902846 E-mail: bjha@bha.com 511, Lok Cente. 2rd Floor Mare! Mareshi Road, Maral, Ardhen (East), Mumbai 400 059 Tel. 022.65158051, 65183047 Fax .022-66103904 E-mal.Ibhabor@bjha comLBJbacCo 4, The External Development Charges and infrastructural Development charges alongwith the delayed payment surcharge, amounting to Rs.1268545153/-, have not been deposited and the Statutory ‘Authority has taken step to invoke the Bank Guarantee issued by Axis Bank Ltd. Pending invocation of ‘bank guarantee, we are unable to comment about the impact of the same in the Financial Statement of the company. 5. Rs.137492741/- shown in the books as Deposit lying with Department of Town and Country Planning, Govt. of Haryana is subject to confirmation. We did not audit the financial statements of four subsidiaries included in the consolidated quarterly financial results and consolidated year to date results, whose financial statements reflect total assets Rs.845762866/- as at March 31, 2016 as well as the total revenue of Rs.2214693/- as at March 31, 2016. ‘These financial statements have been audited by other auditors whose reports have been furnished to Us by the management and our opinion on the statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries are based solely on the reports of the other auditors. : In our opinion and to the best of our information and according to the explanations given to us these quarterly consolidated financial results as well as the consolidated year to date results: i. include the quarterly financial results and year to date of the following entities: URR Housing and Construction Pvt. Ltd. Ritwiz Builders and Developers Pvt. Ltd Entrepreneurs (Calcutta) Pvt. Ltd. Vipul Eastern Infracon Pvt. Ltd. Vipul Hospitality Ltd. Vipul Southern Infracon Ltd. United Buildwell Pvt. Ltd. High Class Projects Ltd. Vipul Lavanya Developers Ltd. Vipul SEZ Developers Pvt. Ltd KST Buildwell Pvt. Ltd, PKBK Bulildwell Pvt. Ltd. PKB Biuildcon Pvt. Ltd Bhatinda Hotels Ltd. Graphic Research Consultants (|) Pvt. Ltd. Vineeta Trading Pvt. Ltd. Abhipra Trading Pvt. Ltd. VSD Buildwell Pvt. Ltd, repoagcRy Based on our audit conducted above except in respect of matters stated in the paragraph on “Basis of Qualified Opinion” and to the best of our information and according to the explanations given to us these quarterly and year to date financial results: OO)LB)JbaeCo i, Have been presented in accordance with the requirements of Regulation 33 of the SEB! ( Listing Obligations and Disclosures Requirement) Regulations, 2015 in this regard; and li. Give a true and fair view of the consolidated net loss and other financial information for the quarter ended March 31, 2016 as well as the consolidated year to date results for the period from April 1, 2015 to March 31, 2016. Emphasis of Matter In respect of Vipul Limited, the Holding Company, we have drawn attention to the following: a. Various claims and counter claims pending before the Arbitral Tribunal. ( Refer Note No. 32 of the Financial Statement). b. Accounting of cumulative interest by the company. (Refer Note No.36 of the Financial Statements ). 2. In respect of Vipul SEZ Developers Private Limited, a subsidiary company , we have drawn attention to the following: a. Treatment of the Memorandum of Understanding executed on 13" Septemeber,2008 and the referral of the matter to the Arbitral Tribunal }; b. Treatment of the Capital Structuring of the Company and pending compliance with Reserve Bank of India ); c. Regarding the order passed by The Hon'ble High Court of Dethi based on the petition filed. Our opinion is not modified in respect of the above matters reported under “Emphasis of Matter”. For L.B. ha & Co. Chartered Accountants 'm’s Regn. 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ean fe apical | cea wate omega a ans necte te woak ta | afer al parte nce 10 set) the terms th | fics he acl ree re ot ere send er whch such | wen and nce any pono in respect sheen | wceraimale Seen bbe aban Seip ta erin ope rene of ey ete es | . erences See Ea Dereeet Chare a ntesrocert| Tee manapemet safe opine Tat wv prose | Peting ay dooand fem Be Ba Mc Caccee cicecrn the teuyed rayne | oqard ml Talons cing delayed. payment | Somequetl ec on ie Sansa eee we menamesects tee at tren | chm tas set teen prove inthe oni | rove ere mi ance fests Seavey Authorny has talon step vo omeners Ax) foal. npact fon ak ease ee tae ns tae | eters be Dect eer cerns the impact of the same in the Financial Inthe Doula aa Depot fing with | The management of te opinion ha ao provon te] Pending coalition ame (of required as these recovers fram Department of Town | Department ff Town end County tnd Coury Planing, Govt of Haryana t based on | Plaaning Gow of Hana, | sus sop othe Goverment Body A | coment fm ‘cou confirmation fom Departnent of Town and | resus wre not scene Planning, Govt of Haryana is awaited |Vipul Limited Vipul TechSquare Golf-Course Road, Sector-43 EEE Gurgaon - 122 008 Tel: -91-124-406 5500 Vipul Fax: 91-124-406 1000 E-mail : info@vipulgroup.in vwrvipulgroup.in Declaration on Audit Qualification [vide SEBI Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016] ‘We hereby confirm that there is no Audit Qualification with respect to the Audited Financial Results of the Company for the year ended March 31, 2016. Place: Gurgaon For Dated: May 30, 2016 ‘pul Vfimited fanaging Director Registered Office : Regus Rectangle, Level 4, Rectangle 1, D4, Commercial Complex, Saket, New Delhi-110017 ‘IN No: 65923012002P1C167607