PRATOUSTRIES UTED sgt. Yue 8, praj wun CRS cS RO, RENN PONE 7 ke ase som | sinare, | oman | oman | consent | stent "| thea tonea taia| thiea | Tau Ta saat Oe tet eet | io oA EOE RGN ORTON HET 7eus| — ee | on —ss| ese] — ca fe gantin aos Ta ea SET 2a sa aT aS Hi a a ie fi fe + i a a carer] soggy name [na Ta ee el see een = aa = + Tea cts angry ne ceed nite tt ahr raat en fe of mig Apna Testo a Tremenda Cotas nents sa strc mig eos 2 Dacyurone opps ws tet wcrc er ed MeN 2 Te Cangas nd Pore grt { tmsurannreuttoe wnepeaosniteonConpn/ Vise aio nfand ah ts ot BSE eS {cnr anes30n opener 218 mgr acide 8 aya wt cngay ry Sana nts and it ‘Srouyeanrrcingn types ns nara 0% why wset20n Spr 2%5 heen Neale tan oad Rw ung suarente epntr 208 cgay tan 43029 ey narrow EOP ee wae ae RETO wy a 5 Ste Sn ost to begat eaten Spa 205 naam ae ae * i em | sar | Mea | : Gena | na | Tinea | al Tae |M/s P.G. BHAGWAT HEAD OFFICE ‘CHARTERED ACCOUNTANTS Suite 101-102 ‘Orchard! Dr. Pai Marg, Baner, Pune- 411045 Tel. (0}:020-27290771,27291772,27291773, Fax: 020-27290774 Email: pgbhagwat@vsnl.com Web: vrwrw.pgbhagwatca.com ‘The Board of Directors, Praj Industries Ltd. Limited Review Report We have reviewed the accompanying statement of unaudited financial results (“The Statement”) of Praj Industries Ltd. and its Subsidiaries (collectively known as the Group) for the period ended 30" September, 2015, attached herewith, being submitted by the company pursuant to the requirement of Clause 41 of the Listing Agreement issued by the Securities and Exchange Board of India (Listing Agreement). The disclosures regarding ‘Public Shareholding’ and ‘Promoter and Promoter Group Shareholding’ which have been traced from disclosures made by the management and have not been reviewed by us. ‘This statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, Engagements to Review Financial Statements issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion, ‘We did not review the financial results of five subsidiaries whose financial results reflect total assets of Rs.329.792 Mn. as at 30" September, 2015 and total revenues of Rs.183.706 Mn. for six months then ended, the company’s share of such assets and revenues being Rs.329.792 Mn, and Rs.183,706 Man. respectively. The results of these subsidiaries are based on the financial results of these entities as certified by the management which are neither audited nor have been subjected to a Limited Review. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices, and policies has not disclosed the information required to be disclosed in terms of Clause 41 of the Listing Agreement including the manner in which it is to be disclosed, or that it contains any material misstatement. For M/s.P.G.Bhagwat Chartered Accountants igh Regn. No. 101118W W- M.No. 47235 Pune: 29" October, 2015.Regd. of. “PRAJTOWER" SNO.2748 27872, BuUIRKAR CHOWN INJEWADI ROAD, HMJEWADL, PUNE 41 087 pray a — = eS ee el eI ‘Win aes cs Tims | a i e aa aire: ae aa ane co ie a a oe ain ator ae SEN wa az HE] eee eee eate Ez} 2 ai cco = xd — ——— a 7g z HE Tz] ae a —— roel eee acento ee of. el eee eee =i ea a ae oo =a —— —— — a = a SEE can peacee es ee = = + ee ‘Fasustas te Ganpary vce opm maine tne ove ruta rnc Semin tops he Sao men ssn son son Game “Cano prt mera erence Engrg ms me fa ot tg Aart Ta est wee 9 Pt ‘yuan weeps enti re nner cane a coer HUE, “Tamotsu rte sore pwad wai Congr Nob vam ard ao en Wet ESE SE Dogma enn peer 20, carve een 2 gy hss ac ong Piety Sein apn Ra674soue Meat Peddie wn ns conpan/s trangia ity Stone Unt ana ok ween Oh Spt 2 Dena wn enn 09 Spe 28, Gagay on 99 oy nett ange une COO se xon nor on 4727p ay hw ‘Como use ana a rh ual your 0S Sper, 208 weed ie Target —T vara arse Sane | SEE | PORE aon ae] Tea an Sia] Sat “tet tet et “So fet tet tsa tet 25EER FST USTED FONE, RESUS FORTHE GOARTER ANG WAL ERR ENED OH OTH SPEER TE,M/s .G. BHAGWAT HEAD OFFICE ‘CHARTERED ACCOUNTANTS Suite 101-102 ‘Orchard! Dr, Pai Marg, Baner, Pune- 411045 Tel. (0): 020-27290771,27291772,27291773 Fax: 020-27290774 Email: pghhagwat@vsnl.com Web: www. pgbhagwatca.com The Board of Directors, Praj Industries Ltd Limited Review Report We have reviewed the accompanying statement of unaudited financial resuits of Praj Industries Ltd. for the period ended 30" September, 2016 ( ‘the Statement’) except for the disclosures regarding ‘Public Shareholding’ and ‘Promoter and Promoter Group Shareholding’ which have been traced from disclosures made by the management and have not been reviewed by us. This statement is the responsibilty of the Company's Management and has been approved by the Board of Directors. Our responsibilly Is to issue a report on these financial statements based on our We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, Engagements fo Review Financial Statements issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as ‘to whether the financial statements are free of material misstatement. A review is limited primary to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not lsclosed the information required to be disclosed in terms of Clause 41 of the Listing Agreement including the manner in which itis to be disclosed, or that it contains any material misstatement. For Mis.P.G.Bhagwat Chartered Accountants Firm Regn. No. 1011180