ఆడిటర్ నివేదిక Bombay Wire Ropes Ltd.

Mar 31, 2025

We have audited the Standalone financial statements of Bombay Wire Ropes Limited (“the Company”), which comprise
the Balance Sheet as at 31st March 2025, the statement of Profit and Loss, (including Other Comprehensive Income),
the statement of changes in equity and the statement of Cash Flows for the year then ended and notes to the financial
statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to
as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and
give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act, (“Ind
AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,
2025, and its profit (including OCI) , Changes in Equity and its Cash Flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (“SA”s)
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report.

We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants
of India (“ICAI” together with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty related to Going Concern

We draw attention to Note no. 22.1 in the Financial Statement, which states that the Company has discontinued its operations
and hence company’s ability to continue as going concern has cease to exists. Accordingly, fundamental going concern
assumption of Going Concern has not been followed while preparation and presentation of Financial Statements.

Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements and Auditors’ report thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Annual Report, but does not include the standalone financial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report the fact. We have nothing to report
in this regard.

Managements Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the
Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial
position, financial performance, (changes in equity) and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the accounting Standards specified under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial
statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company’s Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.

2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing
our opinion on whether the company has adequate internal financial controls system in place and the operating
effectiveness of such controls.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

4. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our Auditor’s Report. However, future events or conditions may cause the Company to cease to continue as a
going concern.

5. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone Financial Statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work an
in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial
statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2020 (“The Order”), issued by the Central Government of India in
terms of Section 143(11) of the Act, We enclose in the “Annexure A”, a statement on the matters specified in paragraphs 3
and 4 of the order, to the extent applicable.

As required by Section 143(3) of the Act, we report that:

1. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.

2. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books

3. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes
in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of accounts.

4. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under
Section 133 of the Act.

5. On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a director in
terms of Section 164 (2) of the Act.

6. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in “Annexure B”. Our report expressed an unmodified
opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to
Standalone Financial Statements.

7. With respect to other matters to be included in the Auditor’s Report in accordance with the requirements of section 197
(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given
to us, the remuneration paid by the Company to its Directors during the year is in accordance with the provisions of
section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under section 197(16) which
are required to be commented upon by us.

8. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:

• The Company has disclosed the impact of pending litigations on its financial position in its financial statements -
Refer Note no. 21.1 to the Financial Statements

• The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

• There were no amounts which were required to be transferred to the Investor Education and Protection Fund by
the Company.

• The Management has represented that, to the best of it’s knowledge and belief, as disclosed in the notes to the
accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign
entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

• The Management has represented, that, to the best of it’s knowledge and belief, as disclosed in the notes to
accounts, no funds have been received by the Company from any person(s) or entity(ies), including foreign
entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company
shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

• Based on the audit procedures that has been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub clause (i) and (ii)
of Rule 11(e), as provided under h (iv) (a) and (b) above, contain any material misstatement.

• The Company has not declared any dividend during the current financial year ended March 31,2025.

• With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to
the explanations given to us:

• Based on our examination which included test checks, the Company has used Tally accounting software for
maintaining its books of account for year ended March 31, 2025, which have the feature of recording audit
trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in
the respective software. Further, during the course of our audit we did not come across any instances of audit
trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory
requirements for record retention.

For Batliboi & Purohit
Chartered Accountants
Firm Registration Number:101048W

Gaurav Dhebar
Partner

Place: Mumbai Membership No. 153493

Date: 15^th April, 2025 UDIN : 25153493BMHYFQ5730

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Mar 31, 2024

To the Members of Bombay Wire Ropes Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the Ind AS Standalone financial statements of Bombay Wire Ropes Limited (“the Company”), which comprise the Balance Sheet as at 31st March 2024, the statement of Profit and Loss, (including Other Comprehensive Income) and statement of Cash Flows and Statement of changes in equity for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and its profit (including OCI) , Changes in Equity and its Cash Flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.

We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty related to Going Concern

We draw attention to Note no. 19.1 in the Financial Statement, which states that the Company has discontinued its operations and hence company’s ability to continue as going concern has cease to exists. Accordingly, fundamental going concern assumption of Going Concern has not been followed while preparation and presentation of Financial Statements.

Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements and Auditors’ report thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report the fact. We have nothing to report in this regard.

Managements Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, (changes in equity) and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

4. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor’s Report. However, future events or conditions may cause the Company to cease to continue as a going concern.

5. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2020 (“The Order”), issued by the Central Government of India in terms of Section 143(11) of the Act, We enclose in the “Annexure A”, a statement on the matters specified in paragraphs 3 and 4 of the order, to the extent applicable.

As required by Section 143(3) of the Act, we report that:

1. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

2. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books

3. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of accounts.

4. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

5. On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

6. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

7. With respect to other matters to be included in the Auditor’s Report in accordance with the requirements of section 197 (16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its Directors during the year is in accordance with the provisions of section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under section 197(16) which are required to be commented upon by us.

8. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

• The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Notes to the financial statements

• The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

• There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

• The Management has represented that, to the best of it’s knowledge and belief, as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

• The Management has represented, that, to the best of it’s knowledge and belief, as disclosed in the notes to accounts, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

• Based on the audit procedures that has been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub clause (i) and (ii) of Rule 11(e), as provided under h (iv) (a) and (b) above, contain any material misstatement.

• The Company has not declared any dividend during the current financial year ended March 31, 2024.

• With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

• Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023.

Based on our examination which included test checks, the Company has used Tally accounting software for maintaining its books of account, which has a feature of recording audit trail (edit log) facility. This feature has been enabled by the Company on 04th of December, 2023 and the same has operated for all relevant transactions recorded in the respective software post this date. For the remaining period from 1st April, 2023 to 3rd December, 2023, there were no logs maintained in terms of the audit trail.

Further, for the period of audit for Financial Year 2023-24 where audit trail (edit logs) facility was enabled for the respective software, we did not come across any instances of audit trail feature being tampered with.

For Batliboi & Purohit Chartered Accountants

Firm Registration Number:101048W

Gaurav Dhebar

Place: Mumbai Partner

Date: 25th April, 2024 Membership No. 153493

UDIN : 24153493BKCTOG4377

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Mar 31, 2014

We have audited the accompanying financial statements of Bombay Wire Ropes Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the general circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Company''s (Auditors Report) (Amendment) Order, 2004, ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanation 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 these books;

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

e) on the basis of written representations received from the Directors as on March 31, 2014, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

Statement referred to in our Report of even date to the members of Bombay Wire Ropes Limited on the financial statements for the year ended 31st March, 2014.

i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The Company has a policy of verifying its fixed assets every year which is reasonable having regard to the size of the Company. As explained to us, physical verification has been carried out and no discrepancies were observed between the book records and the verification at the end of the year.

ii) (a) The Company does not hold any inventory at the end of the year and therefore provisions of Clause

(ii) of paragraph 4 of the Order are not applicable to the Company.

iii) (a) (i) The Company has not given unsecured loans during the year to a company covered in the register maintained under section 301 of the Act.

(ii) In our opinion, the rate of interest and other terms and conditions of loans given by the Company are not prejudicial to the interest of the Company.

(iii) In respect of the said loans, terms of repayment is on demand including interest. The Company has not exercised the option.

(b) (i) The Company has not taken any unsecured loans during the year from a company covered in the register maintained under section 301 of the Act and therefore provisions of Clause (iii) of paragraph 4 of the Order are not applicable to the Company.

(iv) In our opinion, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

v) (a) In our opinion, and according to the information and explanation given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under the said section.

(b) In our opinion, and according to the information and explanation given to us, there are no transactions made in pursuance of contracts or arrangements entered into the register as per section 301 of the Act and exceeding the value of rupees five lakhs in respect of any party during the year, which have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi) The Company has not accepted any deposit within the meaning of section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

vii) In our opinion, the internal control system of the Company is commensurate with the size of the Company and nature of its business and there is no internal audit system.

viii) (a) According to the information and explanation given to us and according to books and records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues as applicable with the appropriate authorities. There were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable.

(b) Details of dues of Income tax, property tax, Municipal Corporation of Greater Mumbai, which have not been deposited on account of matters pending before appropriate authorities is as under:

Name of the statute Nature of Period to which Amount in Dues pertain Rs. Income Tax Act, 1961 Property Tax Assessment 32,64,089 Year 1988-89 (Deposited Rs.21,59,608)

Municipal Corporation Property Tax 1.4.2004 to 13,15,419 of Greater Mumbai 31.3.2012 (Deposited 13,15,419

Lease Rent 14.12.2000 Not payable under onwards Ascertainable Undertaking/ Indemnity Bond

Name of the statute Forum(Where the dispute is pending)

Income Tax Act, 1961 Hon''ble Bombay High Court.

Municipal Corporation MCGM of Greater Mumbai MCGM ix) The Company does not have accumulated losses but has incurred cash loss during the year.

x) The Company has not borrowed any funds from banks and/or financial -institution and has not issued any debentures.

xi) The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Society are not applicable to the Company.

xii) In our opinion, and according to the information and explanations given to us, the Company has invested during the year in mutual funds. The Company has maintained proper records of transactions and contracts in respect of investments in shares and securities and timely entries have been made therein. All shares, securities and other investment are held by the Company in its own name.

xiii) The Company has not given any guarantee for any loan taken by others from banks or financial institutions.

xiv) The Company has not obtained any term loan during the year. On the basis of our examination and according to the information and explanations given to us, the term loans have been applied for the purpose for which the loans were obtained.

xv) On the basis of our examination, and according to the information and explanation given to us, the Company has not raised any short-term or long-term funds.

xvi) The Company has not made any preferential issue of shares.

xvii) The Company has not issued any debentures and therefore, the provisions of Clause (xix) of paragraph 4 of the Order are not applicable to the Company.

xviii) The Company has not raised any money by public issue during the year covered by our audit report.

xix) In our opinion, and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially mis-stated.

xx) Other clauses of the said Order are not applicable to the Company

SINGHI & COMPANY 9th Floor, Twin Towers, Chartered Accountants Lokhandwala Complex, F. R. No. 110283W Andheri (West), Mumbai - 400 053. Maharashtra, India. (Praveen Kumar Singhi) Partner Dated : 30th June, 2014 Membership No. 51471

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Mar 31, 2012

1. We have audited the attached Balance Sheet of Bombay Wire Ropes Limited as at 31st March, 2012 and also the statement of Profit & Loss and the statement of Cash Flow for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the financial statements based on our audit.

2. We have conducted our audit in accordance with 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. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956 (the Act), and on the basis of such checks of the books and records of the Company as we considered appropriate, and according to the information and explanations given to us, we give in the Annexure to this report, a statement on the matters specified in paragraph 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, 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 the examination of the books.

(c) The Balance Sheet and the statement of Profit & Loss and the statement of Cash Flow dealt with by the Report are in agreement with the books of account.

(d) In our opinion the Balance Sheet and the statement of Profit & Loss and the statement of Cash Flow dealt with by the Report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956, to the extent possible as the Company has closed down its wire rope unit as referred to in Note No. 24(4).

(e) Based on the representations made by all the directors which were taken on record by the Board of Directors of the Company, the directors did not have any disqualifications as on 31st March, 2012 referred to in clause (g) of sub section (1) of section 274 of Companies Act, 1956.

(f) Despite accumulated losses and consequent total erosion of equity and inadequate liquidity, accounts have been compiled on a going concern basis.

(g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes thereon, and subject to the notes as follows :

(i) Regarding non-provision of sales tax liability amounting to Rs. 5,64,672/- (previous year Rs. 5,64,672/-) as referred to in Note No. 24(A) 1(b).

(ii) Regarding income tax liability amounting to Rs. 32,64,089/- (previous year Rs. 32,64,089/-) not provided for pending disposal of appeal pending before the Bombay High Court as referred to in Note No. 24(A) 1(e).

(iii) The Company has non moving stock amounting to Rs. 83,06,366/- i.e. finished goods of Rs. 19,95,356/-, goods-in-process Rs. 62,64,496/- and stock of scrap of Rs. 46,514/- of its wire rope unit since 1993-94. Though the wire rope unit of the Company has been closed, the company has not made any provision for diminution in quality and value of its aforesaid stock.

(iv) The Company has capital work in progress of Rs. 1,50,000/- as per Note No. 8 of its fixed assets, The asset should be revalued as per market value. However, the assets have not yet been put to use since 2000-01.

(v) The Company has not complied with certain terms of the listing agreement during the year.

(vi) Regarding non-provision of depreciation as per Accounting Standard AS-6 of total accumulated arrears of depreciation of Rs. 6,83,901/- including for the year Rs. 2,27,967/- resulting in understatement of results for the year and overstatement of fixed assets give the information required by the Companies Act, 1956 (as amended) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(1) In case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2012;

(2) In case of the statement of Profit & Loss, of the Loss (subject to the aforesaid notes) of the company for the year ended on that date and

(3) In case of the Cash Flow Statement, of the cash flows of the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

As referred to in paragraph 3 of the Auditors' Report of even date to the members of BOMBAY WIRE ROPES LIMITED on the financial statements for the year ended 31st March, 2012, we report that :

1. (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) The Fixed Assets of the Company have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion, the frequency of verification is reasonable.

(c) The Company, alongwith its erstwhile developer as a confirming party, had entered into an agreement with a developer for grant of development rights in the land owned by the Company. The said agreement was thereafter terminated by the Company on certain grounds and the dispute arising thereof was referred to arbitration. The Arbitral Tribunal vide its Award dated 15th June, 2011 had set aside the said termination and directed the Company, as well as the confirming party, to execute a conveyance of the property in favour of the developer against receipt of the balance consideration against the agreement alongwith interest thereon. Based on expert legal advice, the Company had challenged the said Award in the Hon'ble High Court of Bombay. The appeal of the Company has been admitted and the matter remains pending for further consideration by the Court.

In the meantime, the possession of the property continues to remain with the Company, and the confirming party, and as no development whatsoever has commenced thereon, the part amount received from the developer continues to be shown under "Current Liabilities & Provisions" and the land and building(s) thereon also continue to be included under "Fixed Assets" having regard to para 11 of Accounting Standard (AS)-9 under which revenue cannot be recognized until significant risks and rewards of ownership has been transferred.

2. The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable.

3. Loans of Rs. 2,07,31,966/- were received by the Company in previous years. The maximum amount involved during the year on this account is Rs. 2,69,86,966/- and the balance of loan at the end of year is Rs. 2,69,86,966/-, which has been entered in the register maintained u/s 301 of Companies Act, 1956. The rate of interest and other term of loan are not prejudicial to the interest of Company.

4. There are adequate internal control procedures followed by the Company.

5. The Company has not accepted any deposits from the public during the year.

6. There is no internal audit system in the organization looking to the size of business activities being carried out.

7. As informed to us by the Company, the maintenance of cost records has not been prescribed by the Central Government of India under Section 209(1) (d) of The Companies Act, 1956 for the Company.

8. According to the information and explanation given to us, the amount payable in respect to disputed sales tax and income tax as on 31.03.2012 for a period more than six months is as stated below:

Name of the Statute Nature of Dues Amount in Rs. Year

Income Tax Act Income Tax # 32,64,089.00 1988-89

Sales Tax Act Sales Tax * 5,64,672.00 1984-85

1985-86

1986-87

# The dispute is pending before the Bombay High Court. Meanwhile, an amount of Rs. 21,59,608/- has been deposited with the tax department against the above disputed amount.

* The Sales Tax Tribunal by its order dated 6-1-2001 has remanded back the matter to DC Appeals where it remains pending for consideration.

9. According to the information and explanations given to us and according to the book and records of the Company examined by us, in our opinion, the Company is generally regular is depositing undisputed statutory dues including provident fund, investor education and protection fund, income-tax, sales-tax, wealth tax, service tax, customs duty, excise duty, cess and other materials statutory dues as applicable with the appropriate authorities except for TDS amounting to Rs. 3,68,752/- and VAT amounting to Rs. 45,010/- which remain to be paid.

10. The Company has accumulated losses amounting to Rs. 10,86,91,429/- and the same is more than fifty percent of net worth. The company has incurred cash losses of Rs. 78,35,226/- in current year ended on 31.03.2012.

11. In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provision of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments, Accordingly, the provision of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company.

15. According to the information and explanations given to us, the Company has not given guarantees for loans taken by others from a bank or a financial institution.

16. The Company has not obtained any term loan during the year. In our opinion, and according to the information and explanations given to us, the term loans outstanding at the beginning of the year were utilised for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term purposes.

18. The Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Companies Act 1956.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud by the Company noticed or reported during the year nor have been informed of any such case by the management.



FOR SINGHI & COMPANY Chartered Accountants F. R. No. 110283W

(Praveen Kumar Singhi) Partner Membership No. 51471

9th Floor, Twin Towers, Lokhandwala Complex, Andheri (West), Mumbai - 400 053. Maharashtra, India.

Dated : 29th June, 2012

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Mar 31, 2010

We have audited the attached Balance Sheet of BOMBAY WIRE ROPES LIMITED as on 31st March, 2010 and the Profit & Loss Account and Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with auditing standards generally accepted in India. These 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 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.

We report that:

As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure hereto statement on the matters specified in Paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to in paragraph above

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 the Companies Act, 1956 (as amended) have been kept by the Company so far as appears from our examination of such books.

c) The Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by the report are in agreement with the books of accounts.

d) The Company has complied with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India as specified under Section 211 (3C) of the Companies Act, 1956, to the extent possible as the Company has closed down its wire rope unit, as referred in Note No. 6 in Schedule K.

e) In our opinion and based on information and explanation given to us, none of the Directors are disqualified as on 31st March, 2010 from being appointed as Directors in term of clause (g) of Sub - Section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and based on information and explanation given to us, the said accounts together with and subject to the notes as follow :-

i) regarding non-provision of sales tax liability amounting to Rs. 5,64,672.00 (P.Y. Rs. 5,64,672.00) as referred to in Note No. A1 (b) in Schedule K

ii) regarding income tax liability amounting to Rs. 32,64,089.00 not provided for pending disposal of appeal pending before Bombay High Court, as referred to in Note No. A1 (e) in Schedule K

iii) The Company is having non moving stocks since 1993-94 amounting to Rs. 83,06,366 i.e. finished goods of Rs.19,95,356, goods-in-process Rs. 62,64,496 and stock of scrap of Rs. 46,514, the company declared a lock out in 1993 which continued upto September 2006 & there after wire rope unit is completely closed.

However the company has not made any provision for the same.

iv) the Company is having capital work-in-progress of Rs.1,50,000 as per schedule F of its Fixed Asset. The asset should be revalued as per new market value, however the asset is not yet been put to use since 2000-01.

v) the Company has not complied with certain terms as per clause 41 of the listing agreement during the year.

vi) regarding non - provision of depreciation as per Accounting Standard - 6 for the A.Y. 2009-10 Rs. 2,27,967 & A.Y. 2010-11 Rs. 2,27,967 resulting in understatement of results for the year and over statement of fixed assets and towards the possible loss, if any, on account of diminution in quality and value of the inventory and impairment of assets as referred to in note no. A 6 in schedule K and read with note no. A4, A5 and other notes in Schedule K give the information as required by the Companies Act, 1956 (as amended) in the , manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

1) In case of the Balance Sheet of the state of affairs of the Company as at 31 st March 2010;

2) In case of the Profit & Loss Account, of the Loss (subject to aforesaid notes) of the Company for the year ended on that date and

3) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2010 OF BOMBAY WIRE ROPES LIMITED

On the basis of the information and explanation furnished to us, the books and records examined by us in the normal course of audit and to the best of our knowledge and belief we report that: *

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

(b) As certified by Management, during the year the fixed assets have been verified and no discrepancies have been noticed.

(c) In the financial year 2005-06 the Company had entered into an agreement with a Developer for grant of development rights on the land to the extent owned by the company, the aforesaid agreement has been terminated by the company on certain grounds and the dispute has been refered to arbitration as per the order of the Honble Bombay High Court in a suit filed by the developer for specific performance of the agreement. The arbitration process has commenced but has not been completed till date. Refer Note No. A(4) Schedule K.

2. The Management has not physically verified the stock of finished goods, spare parts and raw material during the years.

3. The Company has not taken any interest free loans from any party during the year 2009-10, listed in the register maintained under Section 301 of the Companies Act 1956 and such loans are not prejudicial to the interest of the Company.

4. There are adequate internal control procedures followed by the Company.

5. There are advances received against goods from New India Export Pvt. Ltd amounting Rs. 1,21,61,966 during the year, which has been entered in the register pursuant to Section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public during the year.

7. There is no internal audit system in the organization looking to the size of business activities being carried out.

8. As informed to us by the Company, the maintenance of cost records has not been prescribed by the Central Government of India under Section 209(1) (d) of The Companies Act 1956 for the Company.

9. According to the information and explanation given to us, the amount payable in respect to Sales Tax & Income Tax as on 31.03.10 for a period more than six months and in respect to disputed amount towards income tax and sales tax as stated below :

Name of the Statute Nature of Dues Amount in Rs. Year

Income Tax Act Income Tax # 32,64,089.00 1988-89

Sales Tax Act Sales Tax* 5,64,672.00 1985-86

1986-87

# Bombay High Court, an amount of Rs. 21,56,742.00 has been deposited with the authority against the above disputed amount.

* By order dated 6-1-2001 Tribunal has remanded back the matter to DC Appeals.

10. The Company has accumulated losses during the year for amount Rs. 9,44,97,899 and the same is more than fifty percentage of net worth and Company has also incurred cash losses in current year ended on 31.03.2010 Rs. 40,07,946.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanation given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a nidhi mutual benefit fund / society. Therefore, the provision of clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments, Accordingly, the provision of clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

15. According to the information and explanations given to us, the Company has not given guarantees for loans taken by others from bank or financial institutions.

16. The Company has not obtained any term loan during the year. In our opinion and according to the information and explanations given to us, the term loans outstanding at the beginning of the year were utilised for the purposes for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term purposes.

18. The Company has not made any preferential allotment of shares during the year to parties & companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud by the Company, noticed or reported during the year nor have been informed of such case by the management.



For SINGHI & COMPANY 9th Floor, Twin Towers, Chartered Accountants

Lokhandwala Complex, Andheri (W) F. R. No. 110283 W

Mumbai - 400 053 PRAVEEN KUMAR SINGHI

Partner Dated : the 26th July, 2010 M. No. 51471