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EVEREST KANTO CYLINDER LIMITED AUDITORS’ REPORT ON CONSOLIDATED FINANCIAL STATEMENTS To the Board of Directors Everest Kanto Cylinder Limited 1. We have audited the attached consolidated balance sheet of Everest Kanto Cylinder Limited (the “Company”) and its subsidiaries; hereinafter referred to as the “Group” (Refer Note 1 on Schedule U to the attached consolidated financial statements) as at 31st March, 2011, the related consolidated Profit and Loss Account and the consolidated Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These consolidated 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. We did not audit the financial statements of 6 subsidiaries (including 2 step down subsidiaries) included in the consolidated financial statements, which constitute total assets of Rs. 57,828 Lac and net assets of Rs. 39,619 Lac as at 31st March, 2011, total revenue of Rs. 42,158 Lac, net profit of Rs. 4,416 Lac and net cash flows amounting to Rs. 1,327 Lac for the year then ended. These financial statements and other financial information have been audited by other auditors whose reports have been furnished to us and our opinion on the consolidated financial statements to the extent they have been derived from such financial statements is based solely on the report of such other auditors. 4. We report that the consolidated financial statements have been prepared by the Company’s Management in accordance with the requirements of Accounting Standard (AS) 21 - Consolidated Financial Statements notified under sub-section 3C of Section 211 of the Companies Act, 1956. 5. Based on our audit and on consideration of reports of other auditors on separate financial statements and on the other financial information of the components of the Group as referred to above and to the best of our information and according to the explanations given to us, in our opinion, the attached consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the consolidated Balance Sheet, of the state of affairs of the Group as at 31st March, 2011; (b) in the case of the consolidated Profit and Loss Account, of the profit of the Group for the year ended on that date; and (c) in the case of the consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on that date. Mumbai 27 th May, 2011 For Dalal & Shah Firm Registration No. 102021W Chartered Accountants S.Venkatesh Partner Membership No. F-037942 Auditors’ Report on Consolidated Financial Statements Annual Report 2010-11 50
EVEREST KANTO CYLINDER LIMITED CONSOLIDATED BALANCE SHEET AS AT 31 ST MARCH, 2011 As at As at Schedule 31.03.2011 31.03.2010 (Rs. in Lac) (Rs. in Lac) SOURCES OF FUNDS Shareholders’ Funds Share Capital A 2,143.15 2,023.15 Reserves and Surplus B 73,665.03 60,069.35 75,808.18 62,092.50 Loan Funds Secured Loans C 18,457.01 25,759.91 Unsecured Loans D 18,689.04 24,394.90 37,146.05 50,154.81 Minority Interest – 24.45 Deferred Tax Liability (net) 200.50 1,088.15 TOTAL 113,154.73 113,359.91 APPLICATION OF FUNDS Fixed Assets E Gross Block 78,800.91 71,442.86 Less: Depreciation / Amortisation 22,752.76 16,978.55 Net Block 56,048.15 54,464.31 Capital Work In Progress 13,107.66 16,211.82 69,155.81 70,676.13 Investments F 3,452.13 449.22 Current Assets, Loans and Advances Inventories G 27,565.81 33,908.91 Sundry Debtors H 11,498.25 9,283.57 Cash and Bank Balances I 5,052.02 5,994.17 Other Current Assets J 875.39 521.97 Loans and Advances K 11,277.46 6,937.80 56,268.93 56,646.42 Less: Current Liabilities and Provisions Current Liabilities L 13,092.56 12,389.09 Provisions M 2,629.58 2,022.77 15,722.14 14,411.86 Net Current Assets 40,546.79 42,234.56 TOTAL 113,154.73 113,359.91 Statement of Significant Accounting Policies and Notes forming part of Accounts U As per our report of even date For DALAL & SHAH For and on behalf of the Board Firm Registration No. 102021W Chartered Accountants P.K. Khurana Chairman & Managing Director S. Venkatesh Chanda Makhija Thadani Bimal Desai P.M. Samvatsar Partner Company Secretary Chief Financial Officer Whole - Time Director Membership No. F-037942 Mumbai 27 th May, 2011 Annual Report 2010-11 Consolidated Balance Sheet 51
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