KAMDHENU ISPAT LIMITED - Securities and Exchange Board of India
KAMDHENU ISPAT LIMITED - Securities and Exchange Board of India
KAMDHENU ISPAT LIMITED - Securities and Exchange Board of India
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The <strong>Board</strong> <strong>of</strong> Directors<br />
Kamdhenu Ispat Ltd.<br />
5/2 Punjabi Bagh Exn.<br />
New Delhi<br />
FINANCIAL INFORMATION<br />
Auditors Report<br />
We have examined <strong>and</strong> found correct the Audited Accounts <strong>of</strong> Kamdhenu Ispat Ltd for the past five financial years<br />
ended on March 31 2001, 2002 2003, 2004, 2005 being the last date up to which the accounts <strong>of</strong> the Company have<br />
been made up <strong>and</strong> audited by us. We have also examined <strong>and</strong> found correct the accounts <strong>of</strong> the company for the<br />
period from April1,2005 to August 31,2005 prepared <strong>and</strong> approved by the <strong>Board</strong> <strong>of</strong> Directors <strong>of</strong> the company.At the<br />
date <strong>of</strong> signing this report, we are not aware <strong>of</strong> any material adjustment, which would affect the result shown by<br />
these accounts drawn up in accordance with the requirements <strong>of</strong> Part II <strong>of</strong> Schedule II to the Companies Act, 1956.<br />
In accordance with the requirements <strong>of</strong> Paragraph B (1) <strong>of</strong> Part II <strong>of</strong> Schedule II to the Companies Act, 1956 (the<br />
Act), <strong>and</strong> the <strong>Securities</strong> <strong>and</strong> <strong>Exchange</strong> <strong>Board</strong> <strong>of</strong> <strong>India</strong> (Disclosure <strong>and</strong> Investor Protection) Guidelines, 2000 (SEBI<br />
Guidelines) for the purpose <strong>of</strong> the Offering Memor<strong>and</strong>um as aforesaid, we report that:<br />
a. The restated pr<strong>of</strong>its <strong>of</strong> the Company for the period from April1,2005 to August 31,2005 <strong>and</strong> financial years<br />
ended March 31 2005, 2004 2003, 2002, 2001 are as set out in Annexure I to this report. These pr<strong>of</strong>its have<br />
been arrived at after charging all expenses including depreciation <strong>and</strong> after making such adjustment <strong>and</strong><br />
regroupings as in our opinion are appropriate <strong>and</strong> more fully described in the Significant Accounting Policies <strong>and</strong><br />
Notes on Account appearing in Annexure III <strong>and</strong> IV respectively to this report.<br />
b. The restated assets <strong>and</strong> liabilities <strong>of</strong> the Company as at August 31, 2005, March 31 2005, 2004 2003, 2002,<br />
2001 are as set out in Annexure II to this report after making such adjustments <strong>and</strong> regroupings as in our opinion<br />
are appropriate <strong>and</strong> more fully described in the Notes on Accounts appearing in Annexure IV to this report.<br />
c. We have examined the cash flow statement relating to the Company for the period from April 1,2005 to August<br />
31,2005 <strong>and</strong> financial years ended 31st March 2005 <strong>and</strong> 31March, 2004 appearing in Annexure V to this report.<br />
d. The rates <strong>of</strong> dividends paid by the Company in respect <strong>of</strong> the financial years ended March 31 2005 2004, 2003,<br />
2002 <strong>and</strong> 2001 are as shown in Annexure VI to this report.<br />
e. We have examined the following financial information relating to the Company <strong>and</strong> as approved by the <strong>Board</strong> <strong>of</strong><br />
Directors for the purpose <strong>of</strong> inclusion in the Offer document:<br />
1. Performance Ratios as appearing in Annexure VII to this report<br />
2. Capitalization Statement as at 31 March 2005 as appearing in Annexure VIII to this report<br />
3. Statement <strong>of</strong> tax shelters as appearing in Annexure IX to this report<br />
4. Details <strong>of</strong> other income as appearing in Annexure X to this report<br />
5. Details <strong>of</strong> sundry debtors as appearing in Annexure XI to this report<br />
6. Details <strong>of</strong> loans <strong>and</strong> advances made to persons or Companies in whom/in which Directors are interested as<br />
appearing in Annexure XII to this report<br />
7. Details <strong>of</strong> unsecured loans as appearing in Annexure XIII to this report<br />
8. Details <strong>of</strong> secured loans as appearing in Annexure XIV to this report<br />
9. Details <strong>of</strong> transactions with related parties as appearing in Annexure XV to this report<br />
10. Details <strong>of</strong> aggregate value <strong>and</strong> market value <strong>of</strong> quoted investments as appearing in Annexure XVI to this report<br />
11. Details <strong>of</strong> expenditure incurred on the project as appearing in Annexure XVII to this report<br />
12. Details <strong>of</strong> qualifications appearing in the audit Report as given in Annexure XVIII to this report<br />
13. Details <strong>of</strong> changes in Significant Accounting Policies as given in Annexure XIX to this report<br />
In our opinion the above financial information <strong>of</strong> the Company read with Significant Accounting Policies <strong>and</strong> Notes<br />
on Account attached in Annexure III & IV respectively to this report, after making adjustments <strong>and</strong> regroupings as<br />
considered appropriate has been prepared in accordance with paragraph B (1) Part II <strong>of</strong> Schedule II <strong>of</strong> the Act <strong>and</strong><br />
the SEBI Guidelines.<br />
This report is intended solely for your information <strong>and</strong> for inclusion in the Offer document in connection with the<br />
specific Public Offer <strong>of</strong> equity shares <strong>of</strong> the Company <strong>and</strong> is not to be used, referred to or distributed for any other<br />
purpose without our written consent.<br />
For S.Singhal &Co.<br />
Chartered Accountants<br />
Partner<br />
(R.K. Gupta )<br />
Membership No. 73846<br />
Date: 30.09.2005<br />
Place: Bhiwadi<br />
71