Registered Office & Works: Plot No. 428/2, Phase |, Industrial Area, Siltara, Raipur - 493111, Chhattisgarh, India HIRAL GODAWARI POWER & ISPAT REF: GPIL/NSE&BSE!20116/2803 Date: 28.05.2016 To, |. The Listing Department, The Corporate Relation Department, The National Stock Exchange Limited, ‘The Stock Exchange, Mumba Exchang Plaza, Bandra Kurla Compley, 1* Floor, Rotunda Buildin Bandra (E), MUMBAI 400051 Dalal Street, MUMBAI ~ 400 001 Dear Sirs, n of Audited Standalone & Cons Financial Results for the quarter and year ended 31" March, 2016 BSE Security Code : 532734 Sub: Outcome of Board Meeting and Subi ‘A meeting of the Board of Directors of Godawari Power and Ispat Limited (“GPIL”) was held on today (i.e.28" May, 2016) at Corporate Office of the Company at Second Floor, Hira Arcade, Near New Bus Stand, Pandri, Raipur, Chhattisgarh We are closing herewith the pu wuant to Regulation 33 of SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015, the Audited Standalone and Consolidated Financial Results of the ‘Company along with the Audit Reports of the Statutory Auditors on the Standalone and Consolidated Fiancial the Companby for the quarter and year ended on 31% March, 2016. Pursunat to SEBI circular no.CIR/CFDICMD/36/2016 issued on May 27, 2016, we hereby declare that the Stautory Auditors of the Company have expressed their Unmodified Opinions with Emphasis of Matter in respect of Audited Standalone and Consolidated Financial Statement for the year ended on 31% March, 2016. The meeting of the directors were commenced at 11:30 AM and concluded on 3:15 PM. Kindly disseminate the information on the official website of the exchange for the information of all members of the Exchange and Investors. Thanking you, ‘Yours faithfully, For GODAWARI POWER AND ISPAT LIMITED ete << - Y.C. RAO COMPANY SECRETARY Encl: As Above Godawari Power & Ispat Limited ‘An 1SO 9001:2008, ISO 14001:2004 & OHSAS 18001:2007 certified company CIN L27106CT1999PLCO13756 P. +91 71 4082333, F: +91 771 4082234 Corporate address: Hira Arcade, Near New Bus Stand, Pandri, Raipur - 492001, Chhattisgarh, Indio P: +91 771 4082000, F: +91 771 4057601 ‘www. godawaripowerispat.com, www-hiragroup.comeS HIRD GODAWARI POWER & ISPAT teuncm STATEMENT OF STANDALONE AUDITED RESULTS FOR THE GUARTER AND YEAR ENDED 387 MARCH 206 Sta AOE [ver somone emma use| st2ee|aeaea| seman] ses ecm weg tee Teco wom Opn wae] uae] was | an | 7 |eeoore scones conned sours) zaise|—sonea|_ tome] tar 9 esc cnr wn] me] 20) en] rchner von tet th wing a cine ts] caee] sn] ram] ton Jnenyr St nea wes] ss) exe) wae] aren nner epmes mo] 2e| nel ann| ss) | ool eel mel me] ee Kom an conan via aa a aTHTT | gaa] vasa] ema _var| ta rn em oo an] aa] ena tc Ln a Sa rT cb TOR | aso] ane] ere] wean) ee ftmatS26) mans may 1 [ten on ay carn ZED wa] asl an] wala] TT feta ay in wes) ae] owes] en] yao] en [13 parrots or ra ET) Gao] ase eee] 1 Pes nw a ae ve RE ea anL en] ew] re] ae Se Sean ea Rect Rs OTR =almal von teen] 79) eon] cas] [stacey aT eon zon] 670] aan] as] se esouet toa) 670] oan cos] wae 7 nS ov a OIE : oe Tr rt Seve Conp Ren SCR ora] Xo Godawari Power & Ispat Limited ‘An {$0 9001:2008, SO 14001:2004 & OHSAS 18001: 2007 certified company CIN 127106CT1999P.C013756 Registered Office & Works: Plot No. 428/2, Phase |, Industrial Areo, Siltaro, Raipur - 493111, Chhattisgarh, India P: +91 771 4082333, F: +91 771 4082234 Corporate address: Hira Arcade, Near New Bus Stand, Pandri, Raipur - 492001, Chhattisgarh, India P: +91 771 4082000, F: +91 771 4057601 wor godawaripowerispat.com, wwrw.hiragroup.comSo RAR GODAWARI POWER & ISPAT a crores -EiUENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE GUARTER AND YEAR ENDED 151 WAR 2 ‘agent Reve T Ne sevens om Opertons Sra) ane wey) sss) Tasos F [Seamer Rese ar met ance Cras as} ae] wn] seco] eee 5 festa empores eras secs Sagres) [un atc capa froze] ora] qaiza] oz) “Tyne above reauts woe reviewed by the Aud Commitee nis meeting held on 27h May 2016 and approved by Board of Drectrs is ‘neeting ned on 28h May 2016 2 The Niner! Resoutce Department Gort of Chhatsgar. has levied royalty on on Ore ning onthe basis of ates apocable fx he ‘gnes! grades cf ton Ore. The Company has, however powded amount ct royaty raya on he bass oatesappicabe to arent pees Site re procucad and aepched Pursuant oa wt pation fd bythe comeary the Renorable Mah cout of Chatisgah has Tope ha compar’ cntenton of arg tyson rales appeal er especive grades and dicted manng parent to make tun attecament cf oylypayble However the mining department Nad preted afeview peal belore tne double beh of honoree hiptcout of Chhstsgarh spats the order. Thsrevaw appeal hasbeen asmissad bythe bench ani the honorable cout has dete he ees otcrmen to ake ine tech sssessront win seasonabe ime. Re-eeeessmert of ably s under process by mining depriment ‘Reine purod of depute and atscserent of current satay Curative amount ot excess yay of Rs 43.25 Crores upto 2103 1 (Rs 12.05 Crores upto 3162 15) shown as vance royalty and cares to Balance Sheet 13 The company was lot tvee Coa locks. Naka, Mavanpur (Nr) & Madanpur (Sout in he Slate of Cnhattar n consort ‘itn otter compares twough JV Company. nama Chhateparh Captve Coal Ming Lid Homever, te sid Coal Blocks cous not stat “pevstons new of ponders of carina admnaatve apeevais The alocaton of ead Coa Blocks stanoscaneted by vue of he rae: Sated Septombor 24,2014 passod by the Hone Supreme Cout The Company hs tendered 116.274 no of Eauty shores to JY Company under the Buy Back ofr made dung te yar Consequeny the investment n equity shares he JV Company ot Hs 6 3 Corea cn tat arch 2015 sand reduced to Re 4 Groves as on starch, 2076 However, consequent to th Buy Back of shaves, theres ro change m the seage of shares Maing by JV Memoers in he JV Company. No prowson fx mpament ne value of recathonin te ov Company has been made i vow of ay feaaaten cl amount invested upon embursment of cost inure byte Comb oma Kure atotecs of te sé eat lock and tha easton of coin een asets ldo accordingly the prowsion or {henparment inthe value cf nvesment ay, sell be made as ard when the amount of actual oss determined. 44 The Company nas aug the year sald rt anche of 550,000 equity shares of Rs 10 each bing 281% of ota pass capt Ms Thus Far aloys Lined (WPAt) and consenuanty Ina Company sheetoiang n HFAL has eduoed fom 1,004,000 egy shares {51 20% to 9491 000 eauty shares (48 45%) ana accorangy HFAL ceased 0 Be subsidiary of GPL. {The Comapey has dung the year si fst vanche of 18 00,000 Optonaly Converse Cumulative Pretrence Shares (OCCPS) a Rs. 100! ocx nel ns Godawat Green Enagy Lnned (GGEL-A Subsry Company) Consequently. the Company shareholding nthe BECnS Set er suced tom 49.00 000 OGLPS to 31:00.000 OCCRS ot Rs 100 each The GGEL 1s cominued to be Subsisary (Company of Si 1 Dusnp te your, the Income Tax Deparment nas conauced a sazch operation U's 132 of te Income Tax Ac. 1961 Dung the course of earch he venous docoments ang ecard nave been seed by them and physica veriation of socks was aio condcted Py rue apes ont Th cgny Sint ae areas as wap. For i oon aby 1 Tho igus fo the quater ended 3108 18 & 31.0918 are be batznang gues botwwen uted fours respect fl finance year ard the pulsed yeorto date figures up to thr quar ofthe nancial yar 2015-16 1 Ratos nave bean computes a olows: 1) Deol Eauly Roto. Term Loane and Cebentue/Sharoirs Fund | OSCR = Earning befor intrest and depreciton bat afer ta eteest on arm fans & debentures + pnp repayment of term loans an debentures) 1 ISCR = Earning before interest, depreciation & tax interest expenses 19 The previous yeariperod have be egroupediearanged wrerever found necessary Pace Ripue Godawari Power & Ispat Limited Date: 28052048, 150 9001:2008, ISO 14001:2004 & OHSAS 18001:20 CIN L27106CT1999RLCO13756 Registered Office & Works: Plot No. 428/2, Phase |, Industrial Areo, Silt P: +91 771 4082333, F: +91 771 408% Corporate address: Hira Arcade, Near New Bus Stand, Pandri, Raip\ P: +91 771 4082000, F : +91 771 4057601 www.godawaripowerispat.com, www hiragroup.comee -HIRA- = GODAWARI POWER & ISPAT AUDITED STATEMENT OF ASSETS & LIABILITIES AS ON 31ST MARCH ‘2016 (Rs. Cr) Particulars STAND ALONE Sr. No. 34.3.2016 34.3.2015 ‘Audited Audited ‘A [EQUITY AND LIABILITIES 1 |Shareholders’ funds (a) Share Capital 32.76 32.76 (b) Reserves and Surplus 724.12 787.50 (©) Money received against share warrants : : ‘Sub-total - Shareholders’ funds 756.87 20.26 2 [Share application money pending allotment a : 3 |Non-current liabilities (a) Long-term borrowings 841.24 775.08 (b) Deferred tax liabilities (net) 41.42 63.34 (c) Other long-term liabilities 237 2.98 (d) Long-term provisions 3.83 2.89 ‘Sub-total - Non-current liabilities 888.85 844.30 4 |Current fiabilities (@) Short-term borrowings 276.99 258.62 (b) Trade payables 431.46 427.48 (c) Other current liabilities 255.12 173.09 (d) Short-term provisions 0.23 5.80 ‘Sub-total - Current liabilities 963.80 865.20 TOTAL - EQUITY AND LIABILITIES 2609.53 2529.75 B [ASSETS 1 |Non Current assets (a) Fixed assets 1513.68 1453.32 (b) Non-current investments 273.53 294.18 (c) Deferred tax assets (net) - - (d) Long-term loans and advances 3.44 451 (e) Other non-current assets = 15.66 ‘Sub-total - Non-current assets 1790.64 4767.66 2 |Current assets (a) Current investments - S (b) Inventories 400.12 317.54 (c) Trade receivables 89.89 116.42 (d) Cash and cash equivalents 72.11 39.04 (e) Short term loans and advances 256.77 289.09 (f) Other current assets - - ‘Sub-total - Current assets 818.89 762.09 TOTAL - ASSETS: 2609.53 2529.75 For and on behalf of Board of Direct Place: Raipur Date: 28.05.2016 Godawari Power & Ispat Limited| ‘An ISO 9001:2008, ISO 14001:2004 & OHSAS 18001:2007 8 CIN L27106CT1999PLCO13756 Registered Office & Works: Plot No. 428/2, Phase |, Industrial Area, Siltara, Raipur = 493111, Chhattisgarh, Indio P: +91 771 4082333, F: +91 771 4082234 Corporate address: Hira Arcade, Near New Bus Stand, Pandri, Raipur - 492001, Chhattisgarh, Indio P: +91 771 4082000, F: +91 771 4057601 wwew.godawaripowerispat.com, www-hiragroup.comOPSinghania & Co. CHARTERED ACCOUNTANTS 105 CHAMBERS, FLOOR, 6-CENTRAL AVENUE, ‘CHOUBE COLON, RAIPUR ~492001(C.6.) NDIA PHONE: 0771. 4081236; FAK: 0771-4051216 Emaitopsinghania.co@pmlicom INDEPENDENT AUDITORS’ REPORT ‘TO THE BOARD OF DIRECTORS OF GODAWARI POWER & ISPAT LIMITED 1. We have audited the accompanying Statement of Standalone Financial Results of GODAWARI POWER & ISPAT LIMITED ("the Company”) for the year ended March 31, 2016 ("the Statement”), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared on the basis of the related financial statements which are in accordance with the Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement. 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 plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement. An audit includes examining, on a test basis, evidence supporting amounts disclosed in the Statement. An audit also includes evaluating the appropriateness of the accounting poli estimates made by the Management, as well as evaluating the overall presentation of the Statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit of s used and the reasonableness of the significant accounting 2. Emphasis of Matter. We draw attention to the following matters in the Notes to the financial results: Note no.3 which describes the uncertainty related to investments in Joint Venture Company where the allotted coal block has also been cancelled. No impairment loss has been booked in anticipation that the realizable value of the assets of the JV shall be more than the value of investment of the company. Impact is presently not ascertainable and as such cannot be commented upon by us. Our opinion is not qualified in respect of these matters.3. In our opinion and to the best of our information and according to the explanations given to us, the Statement; (i) __ is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; and (ii) gives a true and fair view in conformity with the aforesaid Accounting Standards and other accounting principles generally accepted in India of the net profit and other financial information of the Company for the year ended 31% March, 2016. 4. The Statement includes the results for the Quarter ended 31* March, 2016 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. For OPSINGHANIA & CO. (ICAI Firm Regn. Ng Charter (saniay si PARTNER Raipur, 28.05.2016So WIRAR GODAWARI POWER & ISPAT rast - eamcions fe re vioaame | stream [ simaew | ata | oes |snersumuconton opens tc) swoce| —ense|sara5] somes] zat Tot con ra Owen at sa] aa) eas) oa) lrimcasestesc rice wea] seas] oar] ur [echt vert tna ot wtinoper nana ea) cass] zea] + lets rem opr ars cirnconn tac oa weoeTOS | ang] azo ure] mae Ke) " + a am ys BOR Tare caw ep cai ees |e ae [ios ay ar ra ot a so ep eco sees ace TT fem 28 (ssn + [ono oy acts oe (7 8) ia] aean] earn nom] roe +: eon oases aera) (a9] een] wean] cossu) 07> 1 a ron tribe pnd ey] goannas) esa te an iota a Ten - ve ete war) ssn arn) owae) wet vous tween] oors|__ in| __aasn| 20 Godawari Power & Ispat Limited ‘An SO 9001:2008, 150 14001:2004 & OHSAS 180012007 cerifed company ‘CIN L27 106CT1999LC013756 Registered Office & Works: Plot No. 428/2, Phase |, Industrial Area, Siltara, Raipur - 493111, Chhattisgarh, India P:+91 771 4082333, F: +91 771 4082234 Corporate address: Hira Arcade, Near New Bus Stand, Pandri, Raipur - 492001, Chhattisgarh, India P: +9171 4082000, F: +91 771 4057601 www godawaripowerispat.com, www-hiragroup.comBe HIRAL [ern Sep eeos a i fre] amea| “as lc unatcae Cota igozu| aa] “aas|_“gaan|__waas "The above ests ware reviewed bythe Aus Comite ios meeting hal on 271 May 2016 end approved by Sou of vectors sting 2. Tne beta Resource Deparmert. Govt of Chats, has levies oy on ron Ore ming one bass fates applet or ne est gatos orn Oe. Th Company has, However proves sou ot yal Payal the asso aes aca o aetet rato fon Cre ‘rodced and dsatced Pursvart to a wt pelo led byte company, the horerate righ cout Chaar has ued te companys enon of caging vyatyon aos appcable fo teapedive gases ans ected irng dapat o mae teh assert aH) payale Nonevs te ning Sepaent Nad prctered 3 evew ape teeetecaule bench af honorable hgh cout of Cmnatega agent ‘Seorer Ts reven appea hs ben demise oy te tench ong theRaneade coun Mas Sree ie Site Goverment mate esh [Steeramort inn reasoabie me fe-atretaren olay une’ process by mg deparment he prod ot sapse and sense’ ‘rer apy. Curciave amour of exces yay oR 225 Crowes opo3 1 (Re44 05 Crespo 9 09 18) ahown as oavanee ‘oyaty and caries o aance Shes, 2 Tne company was alte Wve Goal Boks 2. Naka Madanpr Non) 5 Masargr (Sou) ne State of CInatsgan in corso wth iter camines Dough WV Comparyrarly Chvaispah Ceaive Cal inn Lis However the sd Cos Bucs oud ret lat operant ‘ew of pnaoncy of cetan earnaaive approvals The aleaton oso Cal Slack sands canceled by vite ofthe Ora’ te Septem 26°2014 passed y the Hole Super Cou The Campaty Mes levee 114.27 no of Egat ses to JV Caran nda the uy Sack ‘er made rhe your Consequerty, he nvstartn equty sates he Ju Campsny of Re O31 ores as on st Mares 2019 tan ‘etuces io Ra Cotes as on STs March, 2016 Monever cnweruct ots Guy Sask shares ere sto cnange nthe age anaes hot by JV Members inthe JV Company ho rove or imparmet isthe value of veserartin he JV Company fas been mae ew ot ly realssten of suet vested upon rerarserre’ of cost neues by he Carga arn re attos of esd col Back ae the 4 Tne Company has aur ne yes sete ety shares in essary Company Ml Hira Feta Ally Limtes a coreaquet ine Company nas became an aescnate Company an acrarngl the crore ls Hea Ferro lye Lmtd ae contared ae an art2t0 9 ‘outa ngod at Maren 2016in Be coscldatn pects, nde Ut etn gues ur en ou” dou 1st Maen, 2076 ate net {Tne Comapny hae dug ne yer sl tt rahe of 18.00.00 Opnaly Caner Curie Preference Shares {OCP} o Rs 00: ached nls. Gocanar Green Enegy tte (GGEL: A Subsisary Conpany) Consequerty te Companys shareoldng ithe OCCPS of ‘Geel fae racuces wom 4900 000 OECPS to 5.00000 OCCA at 10 each The GGEL i coninsesia we Subesary Company ot GP, {6 T%e Companys suosisary. Mis. Aes Stels ted ns suspend the reduction acy since Cecamber. 2015. aon Ore Pelt Partin Ors cue to urtaveurable mare Scena. The al roast Washes proaut has rested ne desea nora margin em th oto ‘predution Tha Company amano heatel cron along atetve ways a mgrove he rlabiny Breve he pera 7 On sutaciny companies (nancial rests have bee consoled {urn te your the come Tax Deparment has candied a search peaton Us 132 of te cae Tax Act 1961 Outing te couse of serch ‘Fe vrousdocamen ana vous have Seen sae by bem on yal verison seks wes ao conducted by nsepenert arcs Speen Tecarpary oe reticent nt age meee eon thay anys temas ahr 1 Thetgees othe quater ended 3103.16 3.0.15 af e alco utes between aud ues respect ffl marca yea ns he bined year date gues up hed quar ofere nae your 20156. 10 Ratos nave been computes flows _3) Det uty Ratio Term Loan an DeserueSharholere Fund 2) OSCR = Earning blr test and precision bu arta ete! On em oars & debentures + pnp repayment fm loss ard ‘Gebers 5) ISGR = Earning bear meres, deprociton & tax terest expences ‘A 180 9001:2008, 60 14001:2004 & OHSAS 18001: CIN L27106CT1999RLC013756 Registered Office & Works: Plot No. 428/2, Phase I, Industrial Area, Sil Pe +91 771 4082333, F: +91 771 4082234 ra Arcade, Neor New Bus Stand, Pandr, Roipur - 492001, Chhattisgarh, India P: +91 71 4082000, F: +91 771 4057601 www godewaripowerispat.com, www-hiragroup.com Corporate addresHIRA- a7 GODAWARI POWER & ISPAT AUDITED STATEMENT OF ASSETS & LIABILITIES AS ON 31ST MARCH'2016 (Rs.cr) CONSOLIDATED YEAR ENDED Sr No Particulars 31.03.2016 31.03.2016 Unaudited ‘Audited [EQUITY AND LIABILITIES 1 |Shareholders’ funds (a) Share Capital 22.76 32.76 () Reserves and Surplus 792.29 891.65 (c) Money received against share warrants : Sub-total - Shareholders’ funds 325.04 924.44 2. |Share application money pending allotment : : 3. [Minority interest 703.42 167.42 4 |Non-current liabilities (a) Long-term borrowings 4,369.25 1,409.44 (b) Deferred tax liabilities (net) 37.01 83.51 (c) Other long-term liabilities 237 2.98 () Long-term provisions 4.24 457 Sub-total - Non-current liabilities 7412.87 7500.50 5 |Current liabilities (a) Short-term borrowings O86 374.05 () Trade payables 441.47 482.83 (©) Other curtent liabilities 357.84 291.85 () Short-term provisions 0.26 137 Sub-total - Current liabilities 7,140.23 7,156.08 TOTAL - EQUITY AND LIABILITIES 3,481.56, 3,748.11 a [ASSETS 1 [Non Current assets (a) Fixed assets 2612.31 2,589.79 (b) Goodwill on consolidation é : (c) Non-current investments 108.07 66.38 () Deferred tax assets (net) ° (e) Long-term loans and advances 5.00 20.65 () Other non-current assets 0.64 47.60 ‘Sub-total - Non-current assets 2,626.01 7,694.42 2 |Current assets (@) Current investments 0.23 062 (b) Inventories 431.10 419.22 (c) Trade receivables 103.91 155.90 (d) Cash and cash equivalents 98.14 105.25 (e) Short term loans and advances 221.77 370.98 ) Other current assets 0.40 173 Sub-total - Current assets 355.55 7,053.69 TOTAL - ASSETS 3,481.56 3748.41 For and on behalf of Board of Director ? BL. Agrawal Managing Direetor pony \\ for - 493111, Chhattisgarh, Indio Place: Raipur Date: 28.05.2016 petewert Perec e beet 1001:2008, ISO 14001:2004 & OHSAS 1800 CIN L27106CT199901C013756 Registered Office & Works: Plot No. 428/2, Phase |, Industrial Area, Silta P: +91 771 4082333, F: +91 771 4082234 Corporate address: Hira Arcade, Near New Bus Stand, Pandri, Raipur - 492001, Chhattisgarh, India P:+91 771 4082000, F: +91 771 4057601 www. godawaripowerispat.com, wivw.hiragroup.comOPSinghania & Co. CHARTERED ACCOUNTANTS 105 CHAMBERS, 15" FLOOR, 6-CENTRAL AVENUE, ‘CHOUBE COLON, RAIPUR —#92001(.6.) INDIA PHONE: 0771 4081236; FAX: 0771-4061216 Emaikopsinghania.co@pmal.com INDEPENDENT AUDITORS’ REPORT ‘TO THE BOARD OF DIRECTORS OF GODAWARI POWER & ISPAT LIMITED 1. We have audited the accompanying Statement of Consolidated Financial Results of GODAWARI POWER & ISPAT LIMITED (‘the Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates and jointly controlled entities, for the year ended March 31, 2016 ("the Statement”), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This statement, which is the responsibility of the Holding Company's Management and approved by the Board of Directors, has been prepared on the basis of the related consolidated financial statements which are in accordance with the Accounting Standards prescribed under Section 133 of the Companies Act, 2013, as applicable, and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement. 2. 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 plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement. An audit includes examining, on a test basis, evidence supporting amounts disclosed in the Statement. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the significant accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 3. Emphasis of Matter We draw attention to the following matters in the Notes to the financial results: Note no.3 which describes the uncertainty related to investments in Joint Venture Company where the allotted coal block has also been cancelled. No impairment loss has been booked in anticipation that the realizable value of the assets of the JV shall be more than the value of investment of the company. Impact is presently not ascertainable and as such cannot be commented upon by us. Our opinion is not qualified in respect of these matters.(a) The Statement and other financial information include the Holding Company's proportionate share in jointly controlled assets of Rs. 9.77 crore, liabilities of Rs. 0.05 crore and expenditure of Rs. 0.86 crore. (b) Financial statements of certain subsidiaries which reflect total assets of Rs, 1088.35 crore as at March 31, 2016 and total revenues of Rs. 269.03 crore for the year then ended, have been audited by us and financial statements of certain associates in which the share of loss (net) of the Group is Rs. 2.42 crore have been audited by us. (c)_ We did not audit the financial statements of certain associates in which the share of loss of the Group is Rs.1.89 crore. These financial statements have been unaudited and certified by the management. Our opinion on the Statement is not modified in respect of the above matters with regard to our reliance on the work done and the reports of the other auditors and the financial statements certified by the Management. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors referred to in paragraph 4 above, the statement : a. Includes the results of entities as given below ist of Subsidiarie: Ardent Steel Limited, Godawari Green Energy Limited, Godawari Energy Limited, Godawari Clincker & Cement Limited, Godawari Integrated Steel (India) Limited and Krishna Global & Minerals Limited. List of Associates and Joint Ventures: Raipur Infrastructure Company Limited, Chhattisgarh Captive Coal Mining Limited, Godawari Natural Resources Limited, Chhattisgarh Ispat Bhumi Limited, Hira Ferro Alloys Limited and Jagdamba Power & Alloys Limited. b. is presented in accordance with the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; and ¢. gives a true and fair view in conformity with the aforesaid Accounting Standards and7. The Statement includes the results for the Quarter ended March 31, 2016 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. For OPSINGHANIA & CO. (ica (Sanjay PARTNER Raipur, 28.05.2016