1s/02 2015 21:11 PAX 912267973509 Petron Engineering Construction Limited ep fc. Stk Chaers, Sion Tomtny Roa, chem Manat 420071 ‘tyuet 2-8 209 rater 4G appanage sh ASPEN ATER ‘002 STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2014 BY | sr SIGNED FOR IDENTIFICATION B oe Lp JUMBAL estas Faas ator Tetris taeda add ir] Seas | Tava Tacomas] Toa | Hara fae Pen |e aie | aa | “eae comet | ntntne | centeg | cooutny | cooetes 7 hae ent i) ecu eo om persis (ae eer oe RS ra] nas] ease] ance] secon] arse 1 Mopatnacone ate tea aa as et} — maar] —ara7 Tee I cate bnconned ang) aa reo] ass 9 Staaten : 2 ‘ z 1S Stem roa] ate| sec] talh (6 Eanes etre ES] in| i) a {8 Sopetinsed aan pee ie Me Re) tks {foie Bee nl on a meni min} a a + Fry om perme bee Oe nem ans cena en tom wm} om| oe] ten] ate 4 Surheene m= " mu] w]e iS «Sri om dary aes sore Phe ond ” a eps ‘Exceptional items ™ * * 1 ¢ Ramee ne maa! as] ae] tae FRITS pomerduy atest Fans at are uw = a 7 ee Exceptional items ves Geo) “ ern) ¢ begins ten : 5 SSP de om rary schist wa} cen} om] aim in 15 Sect in om ordinary cer arte vin] soa) {cle Ss 5 xpos peed in| tal a! oa] * sn 3 deere ohn " we 1 Sag pr Shahar trie (3) Basan shos et trom mee] fs) a] GR) ia i eaancansorstanano.one | ? parame oe aenior|— aoaaer zor | mies tly Aas 7a (See etc osu ol etl lng tpn poner | air sae o " o vs " wi Stars se ctl thomsen) st wa st ” a | om Steumconed cise susans| saan | saan) saan] suman) sven “Sects roma mr va none | saa | eam ee ee Stas of to bcp theca) rasta __revrs] agra raar] _raarn| naar eT [5 ES OR CORETANTE eee rtp tn Qa ' Fork ernst “ Dien Soy Se ae q eerste etedtGurer qAsede eOTo chile PAA DLecBiIiSa00 BEERON Tho shove ancl rests have envied bythe Au Cosme and then approve yt B008 odo rcs ath spect metgs eld onthe 2851 Febraay, 2015 2 the company is primary engaged ce buses of "agosto rocreent& Construction and operates in a ate uses sept tad on he mae af the products and even te rikrana etn ete Accordingly thew Sea ress have been prepared thst segeat '3-‘The tnt pret eampany bag uncon ancl spor eter rg he werking ep! ap, any, up 3th ue 2015. “4 AVendor od tes winclngup ptton ats the Compeny for on-payment of debe de afer avg raed demand of 53.277 on the Company. “Te Division Bere of Hone High Court Bambu has yssed an rir on ne 26,2044 an Tals According he papmen’s re bg ease by the Company hee the Comp to py Rs 250s (i 26 equ meth stale) We AUG weve, consesing he merits of he ese ore hang and ase or eg pinion Stained by the mages oe fhe aby wi acu onthe Compay a he Books oF scouts rn December 1, 20:4 5 bung she garter ened Soper 3, 2:4 the Canpny ns eis the estate revo, cn and prot ree porns ding he coor of th pede aco of Folohptio ofthe contra nur ss per te requenent fhe ens ongto ner ree eich rcate ener peo Azcrdnly, th total sch eater prod astens which re debe 9 the Statement of Profit nt around canton he gt mch were det ress yon he COMIN? Leen ops he Int foe sepa acd ener 3204 ma prot rte sateen December 1.204 9 RS. 888s aN espe as or ite ost prio ned Dceba 1 bosa iy #359825 ine The company hao lodged eins correspon 6 Pursuant tothe Corpses At 2023 (he Ac" he ramet tse on th to these cons Tse wi expend as and whe seed. of has reesaese the sei Nef ined att. Consequey,he depres charge forthe ae cae 9, sa14 and Deenber 3, 034 roe nth nde Decee 3:, 2054 wos fae ees hr by Re A is Re 20987 ac nd Re, 20154 ace respecte cordance with the Ay the “Mesingvauc ae tned nats aa Apr 5201 Se precited ver te ese resale of the aed ase nd whee the est ra gue aa ou ota at, earn also th fe arts aber ting he resdal val bas bets aust to he retained crcings, Cnsequety the Fetsind earings bac beeniorease by 828657 lacs Net of Defred Tox R294 ns. 1 The previous period / yeu urea have been regrouped make hes co pb whe cco ped / year gre wherever acer. 1 ‘The Auditors have commented on ‘Ruditors Qualification “Company's Response [i Tepea af cera Conon we a Dasober 31, 2018, Wad eceabirs ad abil Levert 1257s fe af rosie and mbiianon advance af Rs 4739 Lacs) an RS jas lat espccvely are dau of cctry ashes cortratsare uncer suspension [delayed so the bates eceable fromthe castes are subset to na onfrato Soe to pending sestitions Siar he tae pyabies to vets ta espe: of neo te sowe mentones suspended corny reanrded m he books ard mle ageezte Re NTs La ves suet o ugastoe and fal enetravn, (bth abswace of aH [intentions a pean fia outcome ofthe regteator, we ae unable te ete on Kn ams may receivable /pyabe In respect of contract andthe consequent impae f acy, om he reputed result for the quarter eased Deroet 31, 2016 am ones srs a ails a ht Ste, Ou aul porto the racial ee forth eas ende arch 3, 2022 and March 3, 2014 as wel mcr review reports hl Jurors ened fone 80.2013, Septmiber3C, 2018, Deserber 31, 20723u0e 26 2018 a \feptmicr 302014 were modem respeerfthe above mati, Ti Ganpany fas Feces wren communion in Nay 1038 Fon the Ate] faring their nem to rove te nega plc (he gst pate uestment i the] ten) whieh seal 6 compte whic ad ts tmpoary end acne lin com ection. natal lara Paci const As she commit, lve eastomer is perestenty endeavoring et ruled egy snfision fom suet [ayo nw voor to evens ny doa finan lorie Apt a the bore ete, te [re a ate been ror bythe tp enrestivs of the eso In essans. Titty the wus ie thoi rape the Yai of trade reeables ar [noe revene the maagement hereby forms Tint the sent oustanding te Monn of cade setouts is duly conned bythe estomer a6 payable wie te fle revenues a ine form ef waned wavs ad voor, most of whe lve manatee he sagen caret of eoney in de course fr reapuce afte cee nung revenue ofater contrac the compan] SS oegting wih ices ants copfier a ealsadon of hase rceabe, father tie coats poable sha be eject to one recoacon of the wor stn he ui pet and co be acral artatad yer enegortlon open ftartofthe waar ether, ae theca may IVS TSpor a he Copan Ts roan ever oF RT ac (OT eae pOS) n [sc overruns ning due to design shang ard eay in completion on certain contrac ero chan des fustaer acetone a espec of hsm Det the bea [itt colon avd resveabity of the sai amounts wn ae nae to commento te [Smounte uitmay recevable in cespect of thee contacts incang commequetl [Susomern tay the ny be egued inti regard ane cersequentil apa fn, 0 ‘epored rest forthe guar eed December 31,2014 ad correspunding sets 28 al eur aud reer nthe ania statements forthe ear ened arch 3, 2014 and x fs eps for the quarter ended Decne 51, 2013 [ne 30,2018 a Sete 39, ove weve medied in respect of the above mater arte, the company as cecopng Jrvcracs at Re 4 Lac ane arent guar, om cout of cost everrns ring det [dcige change enzo interpretation arvesand day in cogltion on certain setae Jans incur opin should nt ave been segue ine absence of necesy cht |ocersfestonernxptnce resp’ of sae asthe sae aso no im erode we [ine revenue rocopeon principles sat out On the Acounong Standard AS 7 Const Jenssen ecoangy te vevenue fr te quater prot forthe quarter ad ules reve i smb 3,2004 auld [aver by Re Hracament confer of cong he recone oomis ako? compicoon eoding fortalies in due course of sme. Therefor thee wll 2 be any mt on Jeperted profit for the quarter ard period endee 3ist Decber, 2034 and on responding assets asta de frre ae contac provitens ome of he cortrecs for as agaist extended [ny aepm-etermined ates per orth as menoned inthe snc [Pee Gvspany ha ged clams fore exended ty. Te Company snot with lin ccnts ond conden of esowion of thse cams. Mbt, 130 February 2015 ‘SIGNED FOR IDENTIFICATION BY SRBC &COLLP ALTse 201s Stile PAA SheeG rai sold BEERON SRBC&COLILP 25 Senapai Sapat Mrn Bader (west Chartered Accountants Wmba460 028, nota Tet +31 22 6192 0000 Fae 991 226192 1000 Limited Review Report Review Report to Tho Board of Directors Petron Enginearing Construction Limited Introduction ‘We have reviewed the accompanying statement of unaudited fhancial resuls of Petron Engineering Constructon Limited (the Company) for the quarter ended December 31, 2014 (the ‘Statement, except for the disclosures Tegarding Public Shareholding’ and ‘Promoter and Promoter'Group Shareholding’ which have been traced from {iselosutes made by the management and have not been reviewed by us, This Stlement isthe responsi ofthe Companys management and has been approved by the Board of Dvectors! committe of Boerd of Directors. Our Tesponsiiliy is to issue a report on the Staloment based on our review. ‘Scope of Review 2. We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, Review of interim Financial information Performed by the independent Audior of the Ently issued by the Institute of Chartered ‘Accountents of India, This standard requires that we plan and perform the review to obtain moderate assurance a fo whether the Statement is free of material misstatement. A review is lrited primatly 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 aucit and accordingly, we do not express an audit opinion, Basis for qualified conclusion 3. Inrespect of certain contracts, as at December 31, 2014, trade receivables and unbiled revenue of Rs, 1,257 Lacs (net of provisions and mobilzation advance of Rs. 4239 Lacs) and Rs. 766 Lace respectively ere cout of recovery a8 the said contracts are under suspension or re delayed andthe balances receivable rom the customers are eubjee fo final conmalion due to pending negotiatons, Silay, the trade payables fo vendors in respect of one ofthe above ‘mentioned suspended contract as recorded in the boaks and which aggregate to Rs. 1,473 Lacs are aso subject (0 ‘negotiations and final corfimation nthe absence of such confimations and pending fina autcome of the negotiations, we are unable fo comment upon the amounts ultimately recevablefpayable in respect of this contact and the consequential impact, any, onthe reported result forthe quarter ended December 31,2014 and corresponding assels ‘and Fables as at that date. Our alt report on the fnancal statements for the years ended March 31, 2013 and March 31, 2014 as well as aur review reports for the quartars ended June 20, 2013, September 30, 2013, December 3, 2013, Jne 30, 2014 and September 30,2014 were modified in respect of the above matter 4 We resort thatthe Company has recognized revenue of Rs. 3091 lcs (Curing ealer periods) on cost vemuns arising dhe to deen changes and delay in completion on certsin contacts, without change orderetustomer ecceptane it ‘respect ofthe same, Duo fo the uneartanty over uitmae colecton and recoverebiy of the sald mounts, wo are tnebie to comment on the amounis utnately receivable in respect of these contacts inluding. consequent adjustments, any, thet may be required in this regard and consequent impec, Hany, on the reported resul or fhe duerter ended December 31, 2014 and coresponding assets as at that date, Our aut report on the Financial statements forthe yesr ended March 31, 2014 ard cur review reports forthe quarter ended December 31,2019, une 30, 2014 and September 30,2014 were mode in respect ofthe above matter. Further, the company hes recognized tevenues of Rs: 437 Lacs inthe cunt quater, on account of cost ovens arising due lo design changes, contact intepretaton issues and delay in completion on certain contacts, which im our opinion, should ret have been ‘ecogrized in the absence of necessary change ordersiustomer acceptance in respect ofthe same as the same ako not accordance withthe revenue recognition principles set out nthe Accounting Slanderd AS ? Construction Contracts. Accortingly the revenue forthe quar, proft forthe quarter and unbifed revenue balance as at December 31,2074 woukd be loner by Rs. 437 Lacs Go08Tse S018 Sti 1B PAA ShecG rai song BEERON 005 SRBC&COLLP (Chartered Accountants Petron Engineering Construction Limited Limited Review forthe quarter ended December 31, 2014 Page 2of 2 Qualified Conclusion 5. Based on our review conducted as above, except forthe effects of the matter stated jn para 4 and except for the possible effects ofthe maters stated in para 3 and para 4 above, nothing has come to our attention tat causes us to believe that the accompanying Statement of unaudited financial results prepared in accordance with recognition and ‘measurement principles laid down in Accounting Standard 25 “Interim Financial Reporting”, specified under the Companies Act, 1956 (which are deemed to be applicable as per section 133 of the Companies Act, 2013, read with Tule 7 of the Companies (Accounts) Rules, 2014) and other recognised accounting practices and policies has not disclosed the information requirad to be disclosed in terms of Ciause 41 ofthe Listing Agreement incuding the manner in which its to be disclosed, or thatt contains any material misstaement. Emphasis of Mattor 6. We draw attention to Note No. 4 in quarterly financial results, which describes the uncertainty related to the outsome of the winding up peiiton filed against the Company by a vendor, more fully described therein. Our conclusion is not ‘ualtied in respect ofthis mater For$RBC&COLLP ICAI Firm registration number: 3249825 ‘Chartered Accountants ‘per Shyamsundar Pachisla Partner Membership No. 49237 Pace: Mumbai Date: 13 February 2015