THAKUR, VAIDYANATH AIYAR & CO. PHONE: 2284 25 02, 2287 00 67 CHARTERED ACCOUNTANTS Fax No. 2204 63 86 NeW DELHI, MUMBAl, KOLKATA, PATNA, 11-B, Vatsa House, CHENNAI, CHANDIGARH AND SECUNDERABAD JANMABHOOMI MARG, Fort, LIMITED REVIEW REPORT To The Board of Directors \ Zenith Birla (India) Ltd Dalamal House, 1° Floor Jamnalal Bajaj Marg Nariman point, Mumbai- 400021 4. Introduction We have reviewed the accompanying statement of Standalone unaudited Financial results of Zenith Birla (India) Ltd, for the Quarter and Half year ended 30" September, 2015, except for the disclosure regarding "public shareholding and promoters and promoter Group Shareholding” Which have been traced from disclosures made by the Management and have not been audited 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 the Financial Statements based on our review. 2. Scope of Review We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ 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. Our review is limited primarily to inquiries of ‘company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and z accordingly, we do not express an audit opinion,3. Basis for Qualified Opinion As referred to in Note No.4 of the Notes accompanying the statement of Financial Results, the company has not provided interest during the quarter under review amounting to Rs.10.23 crores on certain bank outstandings which were classified as Nonperforming Assets during the earlier years The impact arising out of this is that loss is understated by the said amount and the loan outstandings are also understated to the same extent. 4. Conclusion Based on our review conducted as above with the exception of the matters described in the preceding paragraph and read further with notes forming integral part of the financial results, nothing has come to our attention that causes us to believe that the accompanying statement of standalone unaudited financial results prepared in accordance with applicable accounting Standards prescribed by section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules, 2014 and other recognized accounting practices and policis s has not disclosed 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 THAKUR, VAIDYANATH AIYAR & CO, CHARTERED ACCOUNTANTS Firm Registration No. 000038N a ee C.V.PARAMESWAR PARTNER Membership No. 11541 Place: Mumbai Date: 10.11.2015‘eNiTaUa (nouaeaeD eg offe Dlame! House 15 lor, 206 18. Mer, Nasir Pit, Mumba 400 021 (he (2902010 9600(C011773 ‘moo: en nezenthstectines com We: wi 28 steppes com e022 4616860 Fax 02222047815 Monufocturesof Bcc & Goloned Pes ‘aaa —Uraaod |“ eaiea [tema (pote operang sane otlincome tom operate) ‘ah oso aa ceo Z saa mea a et ap, ie ate a Z aa 5 ett on em ray ein ernie ai t t a |, — 75 6) — a — — 1 Pious mn capt wikis] a ft ar ——— 1 Aten aetna erra SES = Siesta “= = a ca eget =| a ae t ‘Se cca = — Tal —— fe at a : — | | : . ead 4 ll = = et ee 2 Gp Stoling t 8a ae E aaa — ana |— oa Tosa Ts sat a a + z el | oon = ae © wasoacomane = —— aaa a ]ores 1) Trek resus were revioned by the Aut Committee and approved by the Board of Decors meting held on 10h Noverbet, 2015, 2)me stettory Ausiors have caved ot ited revew ofthe above ests USUAL clause 41 ofthe Atng agreement a Fabel ther rosie repr rea 3} TheCompany operates asinge segment namely Pes and hence the sentinfrmaton snot funsned nthe above eu 4) Te company es ot povided intrest fr the quarter tothe extent of Re 1023 Cores onerous Which were sted as Non eroring 5 terest amounting R35 Cores for he quater an COE Btn by he comeaty ine coniered asincome, during te averte, due to teaiebity ot Beg cet, 16) The company tale lockout Kapalua November 2013 x 7) Consrnun of ans ly Site Bark nia has ken ation nde Sccuitsaton & Resansnuctn of Fuel Aes and Fnincons of Seams Inet Ae 2000 n February 2014 and aed yan the company repay he ot of Re 3 1 ews eons ne ceer. Tear commons fbuiks nove taken symbolic possesion an803 204 he movable sete Unepel 18) Mesame accountng poise flowed In preparation fhe franc sates as those followin the mos recent an sta 19) Previous wear Fiureshave bee esoupes/ recast wherever neces 10) The shareholders of he Company m he Annual General Meet eld on 17h Sete be, 2042 approved variation in utisbon of ollow on ube ‘flr proceedssothat Company ean aso wie ae prosaeds for manuacuing ef AM and EN pipes Chena oat shot oeson omer be deeées by Bond, Outs. 135001as 858036 acs wil be tle ram the united proceso puble wave and balance Fe SAG acl be from anuizes proces of GDReue he deta latin ol roceedea 9.3 cores gen heard __gasintoe “Amat be spent 1,00 00 [des Bing —— int ah Mechel Tassos) ssl fined mces Cong 8 dr te ond Pace: Mama! a Breen ovebe 2095 bineeronZENITH BIRLA (INDIA) LIMITED. Regd. Office : Delomal House, 1st floor, 206.8. Marg, Nariman Point, Mumbai - 400 022 iN: 129220MH1950PLC011773 emoil ID: zenith@zenithsteelpipes.com Web: www.zenithstee pipes.com Tel-022-66168400 Fax: 02222047835 Monufacturers of Black & Galvanized Pipes (Rs.in lacs) [As at 30th September 2015 (| Asat 31st March 2015 piles Pagers Unaudited) (Audited) ay [EQUITY AND LIABILITIES IShareholders’ funds (a) Share capital 13,128 13,128 (b}|Reserves and surplus (15,050) (14317) Money received against Share warrants ‘Sub-Total-Shareholders! Fund a2] (2.189) INon-current liabilities 4 (a) long-term borrowings 474 \ 73 (b} [Deferred tax liabilities (Net) 505 505 {ce} Jother Long-termiabilties 3219 1,203 (6) |Long-term provisions B45 1,007 Sub-Total-Non-Current Liabilities 4,233 4,453 [current liabilities la) |short-term borrowings 20,840 20,840 {b) [Trade payables 4474 3.017 (el other current liabilities 10,544 9675 (4) [Short-term provisions 478, 290, Sub-Total-Current Liabilities 36,336 33,822 ‘otal Equity and Liabilities] 38,707 37,086. 8) [ASSETS Non-current assets (a) |Fixed assets i) Tangible assets 9,415 965 (i Intangible assets 1,708 0 (ii) Capital Work in Progress 261 2,254 (0) |Non-current investments 761 261 (Long-term loans and advances 752 Sub-Total-Non-Current Assets 32,141 14a Current assets (a) |inventories 4,381 1317 |) [Trade receivables 41801 41,379 | fer Jeash and cash equivalents qi 37 (6) |Short-term loans and advances 23,263, 21,851 Sub-Total-Current Assets 26,565 24,648 Total Assets 38,707 37,086 Place : Mumbai Date 10th November, 2015 By Order of the Board ae (Harish Kori) DIRECTOR pin: 07133854