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Stone India Ltd.

BSE: 522085 | NSE: | Series: NA | ISIN: INE290C01015 | SECTOR: Electric Equipment

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Stone India is not traded on BSE in the last 30 days

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Stone India is not listed on NSE

Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

We have audited the attached Balance Sheet of Stone India Limited (the Company) as at 31st March, 2012 and also the Profit & Loss Account of the Company for the year ended on that date, annexed thereto and the cash flow statement for the year ended on that date. These 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.

We 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 any material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis of our opinion.

1 . As required by the Companies (Auditor's Report) Order, 2003 (the order) as amended by the Companies (Auditor's Report)(Amendment) Order, 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956 (the Act) and according to the information and explanations given to us and on the basis of such checks as we considered appropriate, we state that:

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

b) As explained to us, the fixed assets of the Company are physically verified by the management over a phased manner, which we consider reasonable considering the size of the Company and nature of its assets. As explained to us such verification has been carried out by the management and the necessary reconciliation with the book records was under progress at the year end.

c) In our opinion, during the year, the company has not disposed off substantial part of its fixed assets.

ii) a) The inventory has been physically verified by the management during the year. In our opinion and according to the information and explanations given to us, the frequency of verification, wherever carried out, is reasonable.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion, the Company has maintained proper records of its inventory and the discrepancies between the physical stock and book records were not material.

iii) Except for the advances on account of various costs incurred for undertaking Rail Runner and Biomass project by two subsidiaries, as per the records of the company, it has not taken/granted any loans, secured or unsecured, to any companies, firms or other parties covered in the Register maintained under Section 301 of the Act. Advances given to subsidiaries are in the nature of contribution towards the project and is therefore long term and strategic in nature.

iv) Having regard to the fact that comparative quotations are not available in respect of certain items of special nature purchased during the year, in our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) (a) According to the information and explanations provided to us, particulars of the contracts or arrangement referred to in Section 301 of the Act have been entered in the register required to be maintained under that section.

(b)In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contracts or arrangements entered into the register maintained under Section 301 of the Act and exceeding five lacs in respect of any party during the year, have been made at prices which are resonable having regard to the prevailing market prices at the relevant time.

vi) The Company has not received or accepted any deposits during the year.

vii) The Company has an internal audit system which covers certain specific areas of operations/processes and therefore the scope thereof needs to be enlarged and the system followed needs to be further strengthened.

viii) On the basis of the records produced, we are of the opinion that prima facie the cost records and accounts prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956 have been maintained. However, we have not carried out any detailed examination of such records with a view to determine whether they are accurate or complete.

ix) a) According to the information and explanations given to us and as per the records of the Company, the Company except for ESI as mentioned in Note No. 9(c) of the financial statements, tax deducted at source, Income Tax, excise duty, Professional Tax and sales tax where there were delays in depositing the dues to appropriate authorities is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Professional Tax, Wealth tax, Custom Duty, Cess and other material statutory dues applicable to it. However, according to the information and explanations given to us, there is no undisputed amounts payable in respect of these which were in arrears, as at 31st March 2012 for a period of more than six months from the date they became payable.

b) According to information and explanations given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute except as given below:

Statute Nature Forum where Period to Amount of Tax dispute is which in '000 pending related

West Bengal Sales Tax Revisional 2004-05 1430 Sales Tax Board Act, 1995

West Bengal Sales Tax Additional 2008-09 2198 Value Added Commissioner Tax, 2003

Central Sales Sales Tax Revisional 2003-04 2004-05 3071 Tax Act, 1954 Commissioner and 2005-06

Central Sales Sales Tax Additional 2008-09 322 Tax Act, 1954 Commissioner

Income Tax Income Tax Appeal to be A.Y. 2006-07 1348 Act, 1961 filed in the High Court

x) The Company does not have any accumulated losses at the end of the financial year. The Company has not incurred cash losses in the current financial year and in the immediately preceding financial year.

xi) According to the information and explanation given to us, the Company has not defaulted in repayment of dues to banks and financial institutions.

xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) 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 said order are not applicable to the company.

xiv) The Company is not dealing / trading in securities.

xv) According to information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) As per the information and explanations given to us and based on the documents and records produced to us in respect of fresh term loan raised during the year, the Company has been applied for the purpose for which they were raised.

xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the company, we report that funds raised on short-term basis have not been used for long-term investments.

xviii) The Company has not made any preferential allotment of shares to parties and companies required to be covered in the register maintained under section 301 of the Act.

xix) The Company does not have any outstanding debentures during the year.

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

xxi) During the course of our examination of books of accounts carried out in accordance with generally accepted auditing practices in India, we have neither come across any incidence of fraud on or by the company nor have we been informed of any such case by the management.

2. Attention is invited to the following Notes as given in the financial stetements regarding:

(a) Rental demands on the Company amounting to Rs. 228.97 lacs, pending decision of the Court exact status of liability is presently not ascertainable. (Note 9(a))

(b) Payment of managerial remuneration amounting to Rs. 5043 ('000) (including Rs. 3161 ('000) for the year) is subject to approval of the Central Government. (Note 23(a))

3. We further report that overall impact with respect to the Notes given in paragraph (2) above cannot be ascertained and commented upon by us.

4. Further to the 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) The Balance Sheet, the Profit & Loss Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(c) 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 the books;

(d) In our opinion, the Statement of Profit & Loss Account, Balance Sheet and Cash Flow Statement prepared by the Company comply with the various Accounting Standards referred to in Sub-section 3(c) of Section 211 of the Act;

(e) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors of the Company is disqualified as on 31st March 2012 from being appointed as a director under Section 274(1)(g) of the Act;

(f) In our opinion and to the best of our information and according to the explanations given to us, subject to our remarks as given in para 2 above whereby as given in para 3 above, we are unable to ascertain and indicate the impact thereof on these accounts and Note 8(a) to the financial statements regarding non availability of details relating to Micro, Small and Medium Enterprise Development Act, 2000 and read together with the other notes thereon, these accounts 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 Balance Sheet, of the State of Affairs of the Company as at 31st March, 2012;

(b) in the case of Profit & Loss Account, of the profit for the year ended on that date; and

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

For Lodha & Co.

Chartered Accountants

Firm ICAI Registration No. : 301051E

H. S.Jha

Place : Kolkata Partner

Date : 4th May, 2012 Membership No. 55854