1996 HARPARTAP STEEL LIMITED AUDITORS' REPORT We have audited the attached Balance Sheet of Harpartap Steel Limited as at 31st March, 1996. No Profit & Loss Account of the Company for the year ended as on that date has been prepared as the Company has not commenced any manufacturing, trading or other specified activities during the year. We report that: 1. 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. 2. 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 the books. 3. The Balance Sheet dealt with by this report is in agreement with the books of account. 4. In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the Schedule 'G' under the head "Expenditure During Construction Period Pending Allocation" as at 31st March, 1996 and subject to the notes thereon especially Note No. 5 regarding balance of loans, Sundry Creditors, Capital Advances & other advances, give the information required by the Companies' Act, 1956, in the manner so required and the Balance Sheet gives true and fair view of the state of affairs of the Company as at 31st March, 1996. For KALIA & CO., Chartered Accountants (ASHWANI KALIA) Proprietor Place : Chandigarh Dated : 30th November, 1996.