KANAKDHARA STEEL LIMITED
We have audited the attached Balance Sheet of Kanakdhara Steel Limited as
at 31st March, 1995 and the Profit and Loss Account for the year ended 31st
March, 1995 annexed thereto, and report that:
1. Further we report that :-
a) 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.
b) 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 such books.
c) The Balance Sheet and the Profit and Loss Account referred to in this
report are in agreement with the books of a Account.
d) In our opinion. and to the best of our information and according to the
explanations given to us the said accounts read together with the
accounting policies and Notes thereon in Schedule 12 and subject to Note
No. 14 relating to non provision of interest amounting to Rs. 195.72 lacs
on loans from parties consequent to which the loss is shown lower by
Rs.195.72 and read in particular with Note No. 8 relating to non creation
of a Debenture Redemption Reserve Fund, Note No.12 relating to approval
from the Department of Company Law Affairs for transaction with a Private
Limited Company, Note No.13 regarding the pending conversion of loan to
equity and Note No. 15 relating to the outstanding from the Debtors give
the information as required by the Companies Act, 1956. in the manner so
required and give a true and fair view:
(i) In the case of Balance Sheet, of the state of affairs of the Company as
at 31st March, 1995, and
ii) In the case of the Profit and Loss Account, of the loss for the year
ended on that date
For Thakur Vaidyanath Aiyar & Co.
C. V. PARMESWAR
Date : 14th August, 1995.