Zi TITAGARH 6 February, 2017 1. National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai-400051 2. BSE limited Phitoze Jeejeebhoy Towers, Dalal Street, Mumbai-40000) Dear Sirs, Sub: Unaudited Financial Results ~ Q3 FY 2016-17 Pursuant to the Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015, we enclose herewith Unaudited Financial Resulls of the Company for the quarter and nine month ended 31 December, 2016 along with Limited Review Report for the even period Please take this on record Thanking you, Yours faithfully, For TITAGARH WAGONS LIMITED Qhokook Authorized Signato Enclosed: As stated above TITAGARH WAGONS LIMITED CIN: L27320WBI997PLCO84819 Registered & Corporate Office: Titararh Towers, 756 Anandapur, E. M. Bypass, Kolkata - 700 107, India Phone : +91 33 4019 0800 | Fax: + 91 33 4019 0823 | Email : Info@titagarh.in | Web: www-titagarh.inS.R. BATLIBOI & Co. LLP rd Floor block © Chartered Accountants iKokate"700 026, Inia Tel : +91 33 6615 2400 Fax :491 33 6615 2750 Limited Review Report Review Report to The Board of Directors Titagarh Wagons Limited We have reviewed the accompanying statement of unaudited financial results of Titagarh Wagons Limited (‘the Company’) for the quarter ended December 31, 2016 and year to date from April 1, 2016 to December 31, 2016 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No, CIR/CFD/FACI62/2016 dated July 5, 2016. 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 Statement based on our 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 Statement is free of material misstatement. A review is limited primarily to inguiries 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, prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement. We have not audited or reviewed the accompanying financial results and other financial information for the three months and the year to date period ended December 31, 2015, which have been presented solely based on the information compiled by Management and has been approved by the Board of Directors, For S.R. BATLIBOI & CO, LLP Membership No.: 058652 Place: Kolkata Date: February 6, 2017AECISERED OFFICE 756, ANANOADUR,EM-BYPASS, KOLKATA - 700107 STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND RINE MONTHS PERIOD ENDED DECEMBER 31,2016 oo) Thawed | Unauated | Urausted | Unaudited | —Unaudaaa (Refer Noe (eter Note 8 [cre sue sucoes| soce1s7] —garseo] —aseasan] —aaarz9 [ar omer opeating incre 7 ear 72504 “159 [ott income rom operations (nt) asers0] 0321] soso] 2635033] 2463264 2 [espencer Jo) cos of aw mate &comporets consumed soaseo] cossao] —zaseze]—sessres| —t5sz0s0 by cnressevDecrease i iments feiss gos workin cass] aasar| saan] aes ea] Progress and stk in ade fo cos ot tore a spares consumes sso] graze vssst| — rgeasa} 77022 [2 pecesting na other machining charges écucng contact | 53502] 55409, cme] rama] rasta Libor ergs) J) rower ae ue vsaas| ae asso] rassar] tear: Ih erctoye benesemense sare] san3e sz] tame] tara J.) sie Oy, az — sezse| zaasr| —s26ran se? I) osprecition and amerisatin epee zsor| 2021 25723 Tisae 1672 }) omer eperses eros) ease nsas] —aauers]—2asa2 fra xpenser easoss| so0szs¢] roaraaz | as.zosos| 2sanuse 3 Jrrort/ 04 trom operation before ther Income, hance costs | ts671] 32517] erzan] asa | s.26090 fata 0-2) 4 foteeicame arios| sone soos] —sacise]—aysare 5 foot before finance costs and tves (eA) start] anos] qanan] 211020 wore 6 frnsce cons suas] 7253 134s zor 050 7 Pro btore exceptional ems anc Taxes (5-6 asi] ose] ag] 142632 10.28 8 fecestona tems (7283 9. Jorote kom Ordinary Activites before Tones (78) asm | woos] rorsn]—sazats 028 10 fravempenses 5) Creat ox using tein ose yen lr ote 5) ass 2s Delores ox ere (oe) son) 23576, ozs] 3659 1980 11 fret prot tom ordinary sctvies after tanes 10) wreas} — s2a7e carn] 12201 a8 12 othor comprehensive income net of) er] asso! 1260 ‘or 239 13 [Total compreesive zome (11+12) sas] aoazs car] 120088 nar 14 fradup ewiy rar canta za0aze] 2aceas] —aaorsa| — aanaze| area free vv 2.21 eocn 15 leanings per shore (not annualised) “aise 028 ons 003] 106 ou ites 028 as 003] 105 ox a orUSERID OPEL, ANANDAPLR PAS KOUTA T0017 Tena aS SURRTER TIO TINE WONTHS PERIOD Daw] Spas | bast} boca De Travated | Cauaned | —Unsuated | —Urawanea | —Unewated eter Note 8) (Refer tote 8) 1 fseoment revenue rst) Js) Wogns er cones sao] near] aszzz4] —2oasssi| 22607 Je) spocatsasequments a ages vss] unas rasa] sieaza] 118806 2) Ober ey 15401 3334 rea let sales) Income fom opecstons 356730 | Tose: | sense | —ras033 | arene 2 [segment resuts (oft / (a8) before taxa Interest) |) vscons & coaches (ncding een! ou) sas) mist nisse] sense 53800 J). Soeatsedeaupments& snopes zaras| —22sa5 327 ‘e037 cess] ly ones ars] 923} 3500] casi] e004 fost raise) 97899 a2] aszaas 25425 tess aay sce come - Net 03633] aesan] arses) aoa 17479 I uratoeabie expert et fico sess] asz34 eszat| 150803 36876 [Total prot before taxes, “est | vena | ors] taza T0078 2 segment acete Ly” wagon 8 couches sussoso] 21y02%0] azar] s4ssnzo| — axz0rr| Jc) Specalsedeauipments 8 oidges seiass| 71583] asmasr| saree] asios7 Jo ots razast| raosse] —agats7] yazan | aanrsr| [) unaiocates as0ss2| _aassra| _aouosso| —assasse]_srense otal Segment Assets we7o3st | 300034] —esszaso| —oazosst| ea 2289 4. oomentibiies Js wagons coaches ssoorz| ssesea] reuse] esonra|—araeae lb) Species Equipment & sides 2s0se6 | 27248 erzo3| 250506 si2a3 la ones sass] 13872 ssis2 11455 ei [2 unatoctes sesore| 35575| soars] sesoral__ 550876 [ota segment Liter I TasoosT | —ii.s2s7| ta 7364s| —tasooa7| —TaraeasREGISTERED OFFICE - 756, ANANDAPUR, EM. BYPASS, KOLKATA 700167 1 The Company hos adopted Ins Accounting Standards (nd AS Hom Agel 7, 2016 end accor Rese Src ces have been pepe’ in accordance withthe rection and measurement pipes ls down i he ed AS 34 nein Feast Raporing pesrbed uder scion 133 othe Compares Ac 2073 ea wth he elon res sue thereunder ana the the acceung pipes gery seeped inna Fnac et fa the petads presented nae ben prepared in accrdance withthe recognition and measirement pce of ns AS 34 ‘There ia posity tat het quately franc ets may eae aust Lore eeptng te Sin AS ani seterents of ad or the yar ended Marcy 31, 2017 de to changes i the franca eparig equremantsssing ‘rom new o reveed andes or weepretatons Hue By MCR or changes in me seo ne of mre optna xenon om il etoepecive appicton ocean nd AS ae pets undead AS 10, 2 Operating segments ses on he Company’ Osis hve been ides a “Wagers & Cosh" Speci Equipments & Bdge" and “Other Segment "Othes cori of micelaneous anes he esr rth mang machineries stip balding ee 3 Reconicton betwen nad resus previous repo eleed to a “Previous GAAP) ad Ind AS (long wth ima of merger a fee in ote 4) forte quater and ine months ped ene 3st Oncor 2015 96 unger cquaerer | mons st Parteusee a Jet rat oder Pens GAA er TH 1a ec apse on acount of AS TG [oret of expected rect ss on nana 5 Be WAS 105 (a re are nom) To aa (after ncome aesred on det ctegry fc sets peace share luda at below mate FR 1536 T2087 fata perng 8 109 Ti [Gusontee cone screed on rane gaan 7006 so fb Tour 728 B20 ess: Austen on acount of OA 7 Picton gan on employee defined beri bigatan lan agnied Oe Conprenoave ee" 3 rd Ts a TH] far unton of onard conc a par od AST T=) 1 1) fecoring of tan 3 wave a por nd AS 7a 73645] ab Total 25s [ ass.) (Ges) EROS oh Sou SEGRE TH eset o loses of svbsitars merges pusua0i Te Scheme Of sraiarien ned mnie & aa] aa (Reveal of erent tax prion de to Benet of ses on mere of bse : B70 fsb Tout ral Gana [ngs of lve taxon above eens a 639 NetPro aor tx under in AS (long wih pact of merse G57] 38 Jscusrat gan on erpioyee dened beet cbigation pls ecognaed in Other Captive Reame WF 1259 18 hss Fai vaation of meena otal comprehensive income under ind AS wale 4 Dating the quer ended 30 June 2016 the Honble High Court of Caleta has scene the Scheme of amulgamation ofthe whaly med ‘ubridares naraly Cinco Equity Holongs Priate Umit and Tago Marne Uied (alorgwah i two vol owned suber companies Le Corporates snpyad Prat Lire and Tins Mae Enarpies Uta) wth Tagarh Wapore Umtse puro tothe poner of Secor 381 to 5334 ane oterapbiale prosans of he Companies Act 1956, Te cartig te copy ofthe tld Ode se Ueen rece a lsd wth the Regi of Companies, West engl on T3th ly 2016 thus mag he Scheme elect Sine he apointed dite of he Scheme watt Ap 2015 the ef of amalgamation has ban consid in the Books evospetvey a et he requvements of In A 103, '5 Curent forte quae nd nine months period ended isnt of MAT ca eta There ware no exceptional tame dung the quire and nine morths pod ended 3st December 2016. 7. The Company es formed ant Vertue Company Mate Tag Unardge Preduts o t wts Matie SAS, Fane on anany 2d, 2017 to ary the busness of manachens mvkting and etng Matte pane bigs, ubdges, nd ther aulinyprosicts |The fanclresuts and her ancl information forthe quarter and eine mons pod ended Stt Oocmber 2015 hive been comple by the management 35 por Ind AS ater mang necessary adustnets to etaize tat the Srancl rests provide 9 true and far view of the ress a ecordance with Ind AS. Tiina hae nek been subject fo ay tented ove Bue. 9 The show sondlone franc rests forthe quer ended Dec 31, 2016 hve bean cevned by the Aut Cente ond approved bythe Boo ef Directors at ter metings ald on Febuay 6 2017. he ted review of hee rests ries unr Reguston 23 o th Sb! tng ODIgsten oA ed pot ae.S.R. BATLIBOI & Co. LLP 32s Rr eee CCharteres Accountants ikikate 700 016, nda Tel = 491 33 6615 3400 Fax : #91 33 6615 3750 Limited Review Report Review Report to ‘The Board of Directors Titagarh Wagons Limited 1, We have reviewed the accompanying statement of unaudited consolidated financial results of Titagarh Wagons Limited Group comprising Titagarh Wagons Limited (‘the Company’) and its subsidiaries (together, ‘the Group’), for the quarter ended 31" December, 2016 and year to date from April 1, 2016 to December 31, 2016 (the "Statement attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2016, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016. This Statement is the responsibility of the Company's management and has been approved by the Board of Directors. Our responsibilty is to issue a report on the Statement based on our 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 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 Statement is 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. 3, We draw attention to note no. 6(a) of the financial results regarding certain claims of a subsidiary Company amounting to Rs. 3,952.35 lacs (Rs. 3,952.35 lacs as at March 31, 2016), which has been considered good of recovery by the management, Although the management is hopeful to recover the claims in full, pending final decision of the Court, we are unable to comment on its recoverability including consequential impact that may arise in this regard in these consolidated financial results. This had also caused us to qualify our audit opinion on the consolidated financial statements for the year ended March 31, 2016 and limited review report for the quarter ended ‘September 30, 2016. 4, We did not review assets of Rs. 171,632.86 lacs as at December 31, 2016 and revenues of Rs. 76,471.33 lacs for the nine months period ended December 31, 2016, included in the accompanying unaudited consolidated financial results relating to subsidiaries, whose financial information have been reviewed by the other auditors and whose reports have been furnished to Us. Our conclusion on the unaudited year to date financial results, in so far as it relates to such subsidiaries is based solely on the reports of the other auditors. 6. Based on our review conducted as above and on consideration of reports of other auditors on the unaudited separate quarterly financial results and on the other financial information of the components, except for the possible effects of our observations in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited consolidated financial results prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards prescribed under Section 133 ‘of the Companies Act, 2013, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/FACI62/2016 dated July 5, 2016, ineluding the manner in which it is to be disclosed, or that it contains any material misstatement.S.R. BATLIBOI & Co. LLP Chartered Accountants 6. We have not audited or reviewed the accompanying consolidated financial results and other financial information for the three months and the year to date period ended December 31, 2015, which have been presented solely based on the information compiled by Management and has been approved by the Board of Directors. For S.R. BATLIBOI & CO. LLP ICAI Firm registration number: 301003&/E300005 Place: Kolkata Date: February 6, 2017TH AGARH WAGONS UMATED CORPORATE REGISTERED OFFICE. 756, ANANDAPUR, EM-SYPASS, KOLKATA - 700107 STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2026 aT Co SL, | PARTICUTARS QURETERENDED TIRE ONTHS ENDED No, Dest Sept30 Dest, Dees DecsT 2016 2016 ed 2036 2015 Unaudited | unaudited | unaucied Urausites | Uraucited | eaternote 6 | ReferNote: 12 | Refer ote: 6 1 income from operations 5) Gross Saeyincome rom Operations azman| —aogsrse| —arasees] —aosmias6] es our b) other Operating income 20681 30092 10563 ‘anos ‘3aR62 otal income fam operations (ne) sooo] —atiseso} —27a6aae] 10773170] 65 ass.a3 2 fespenses J) Consumption of Raw Mates, Components ee 2194659 sssr7or| —reiaa60] —seaers2] —sa6ac J) changes in reetoris of fried goods, work-in-progress and 247308 reon! —ge7ess] 993562 iso7] seleobe scraps fo Consumption stoves spares 88262 93663] 32632 2209.38 229749 [2) Jab processing & machining charges 138733 assies| — aaae] 433795, 23490 Jo) Power and ue! ‘a9 ‘6601 '33520] 198187 1196200 f)Employee Denes expense 523952 4sae0s] soos} assasa9]uise129 bel Duty St698 886 sos) 157751, sae? fh} Depreciation and amonisaton expense isso. azsia3] 070s] assase 279892 Other expenses| 220350 zsvres| 292046] 799278 28009 otal Expenses (ato) 3663757| 3912089] 2.95334 roaao2sa| 7.28705 2 |Peoi/ (Loe) from Operations before Other Income Finance costs 136205, zoe) — (9ea8e) 362016] 2751224 exceptional tems (2-2) 4 foterincome 59290 609.26 sere] aazare 494375 5 Pri (Loss) before Finance costs and Exceptional tems (344) 1.95535 2sz6a7|—aziio) 575730, 9253 6 Finance costs 9224 637.5 3392| 214017 412806 17 foros) after finance cost but before Exceptional tems (5-6) 1,063.11 198922] @sso2) 3.1733 (93553 « fexcepional tems (Refer Note SC} : zoo] areal 32500] aise 9 [Prost (Loss) rom ordinary activities before Taxes 7-8) oss aestz2} 240] 3.28223] «.oe707] 10 |Taxespenses f) CurercTax tncting relating co earler years) (Refer Note 10) 3467 1130325 33470 a7s.0. sae fs) Detered tex charge (cred) isa. (2s30n} na} 1638 2035] 21 [NetProft/ Loss) tom ordinary actives ater Taxes (9-10) 59873 i398] aa9n] _rsaare| 248] [reibusabieto shareholders ofthe Company 51276 san} 38a) —ssz98] ooze non Contrling Interest 3557 s27|___assia) 33a] (24605) 132 [Drier Comprehensive Income as Tz 731 TZ ez 13 [NetProft/ (Loss) rom ordinary activites after Taxes 11-12) 5990 roars] 3207] 154526 a.2i0.2] rbutable to are halders of the Company sagan rror| orzo] 155769 (969.34] lon Controlling interest $879 re] 30a) 243] (24079) a Proidup tauty Shove Copter EL Tae2e] 230788 [382 230755] Face value RS.2/-each). 45 [Eamings Per Share of Rs. 2/-eachyinot annualised) asc (Rs) ose an (08s 134 aos] * Dikted Rs) ase an ass} au (05) tg ase EE woTT RERRA WRCONS TIES ‘CORPORATE & REGISTERED OFFICE- 756, ANANDAPUR, EM-BYPASS, KOLKATA - 700107 SEGMENTW/SE REVENUE RESULTS AND CAPITAL EMPLOYED TEAST SL] PaRTICOTARS URRTERENSED. TINE MONTHS ENED NO. Deca Sep, Dea, Dec3i, Dean, 2016 2016 2015 2016 2015 Uunauates | goaded | Unauie Unaudited [unaudited [unaudited | quran, tea 1 [segment Reverse [wagons Coaches 3630535 3993578] avzoraz] —roigzeae] ——_exsoree J Specahsee Equipments & Bridges 10552 1234 73 e034 1188 86 J) ores 24815 2878 1270 Gaa98 3088 fses/Income rom Operations sauda2 | ——araseso | —a7a6a6 | —Tarrsi0| — esas 2 JSeqment Rests Proft/ Loss) before tox and interest) 5) wagons 8 Coaches asreaa 265803 seer] agaoug 108028 b) Specisized quinmert & Bidges 24748 22825 3237 98937 ssi] other arm asa] (4755) 55034] asa] frat 1185361 zzsi| sam) sa8ase 10882 | tterest nets 30464 15042 sa7e 5383 sais} fi Unatocabe expenciture ne of ncome 495.86 46573 asosi| 150808 136877 [rere Prose oss beter tax 063.11 Te6iz | ——6e240)| ——~3.292.13 | 1.96707] 23 segment Assets 5) Wagons & coaches zas7sao| 22562953] 19223039] 22578680] 19228038 fb) Speciaised Equipments & Bidges salgee yass7s] —3ss057| S188 353057 f) Others 432297 805920] 263530] 43297 453830 3) Unallocated aseis3s| 246088] _zoarma| _asseeas|_aoay7ae otal 25118680. | —353.315.40| za. z7aa0 | 25118680] 22177440 4 segment Lsbttes fy Wagons coaches ezeazs6] re7ozas| aszzsa76] —aszenase] 12228376 [Species touipments& Bridges 250586 7272848 ‘za 250586 ‘1283 others S258 31378] e108 52908 1461308 [2 Unatocates sacoss 335923] 553071 586083 553371 fora a7is2a78| 175 5032 | 10 19838 | 71. S749 | — a Toe oo a Watt ye“THAGRER WAGONS UTES (CORPORATE & REGISTERED OFFICE- 756, ANANDAPUR.EM-BYPASS, KOLKATA - 700107 ote: 1 The consolidated unauted resus neue resus of olowing subsiiases/ step doun subsides namely: Cmmco Limited (Cinco), Ttagath Wagone AFR TWA, “Tage Fires Acer SpA CTA) (consoideted wef lth uly 2028), Ttagath Singapore Pte Lmtd (TSPL), Taga Cepia Pate Lites (TCP ane Tagarh Agrca ‘rate tmitas (TAP) coleciveleeted ta "he Group" 2 The Compary hes adopted nian Accounting Standards (he! AS) om Ape 1, 2006 ane accorngly these consoldetad financial resus have been prepared in accordance wit the recogntion and measurement principles ad dw nthe Ind AS 3 interim firanda Reporsng prescribes under section 1330! he Companies Act 2033 read with he relevant rules issue thereunder ard the other accounting principles general cceptea in Inca, Fanci esis fr the al the periods presented haveboeen prepared in accordance with the recogaition and measurement pencpes of INS AS 36, ‘There i a possiblity that these quarry consolidted nancial rele may require adjustment before preparing the fl Ind AS fnancal statements 6 of and fr the year ended Match 31, 2017 due o changes inthe fnancaleporing requiem using Hom new or reused standard or interpretations sued by MCR or enanges in ‘the use of one or more optional exemption rom ful retrospective aplication of certain ND AS s permitted under IND AS 10, 3 Reconclation between financial results previously reported (teed o 35 "Previous GAAP") ancl Ind AS (along wit impact of merger refer note SD forthe quater and nine months ended 31st December 2015 36 Under Reiniacs ‘quarren | NINE MONTHS ENDED, ENDED, st Particulars Dec3T, Dec3T. 2015 2015, PT under Previous AP ae a “as TEST] [Gar Tas Rajon on acount TMG {_Feverst of are tax pono To Trandial year 205-To 9 TWH de To ent TORT on IE OF SIDTTEE 7 7 Ti) Ne ctr a asa accounted Ta We GUGM Tomar Ton OT Whe eTPEO CAT nd Mpa TINO AS Be] Taz fsjstments [Rocrtess: Austen Ona EAS Tar valaton of forward cemnate commas oz po POASTOD TSA SEB TRE AS asians pea To Te RIRDAy Tea Wanted W NON CONTOTS TATE Bel ay ‘HY [rie oT product Geeloprnan ost wrongly captalied as angie wet ever Net of Sepredaion Tver ESE TTD5 ‘GY ROUTING OT Eee Rare Benes ax perIND ASE was IH} ‘By [Rear gan On employee Gained Baneht GBT Gaon lan CagARES Ota Comprehenaie one spar ND AS TS Bl aH isa Tota G83 wa] ft Bro (or tx) under nd AS along wh Tapa OT eG waa) 35052] uaa gah on ergy Gerd Baral GBIgaton plan COQHT=RG HOt COMBTERETAVE ETE Sa} Esa sernd AS 13 otal comprehensive carve under Ind AS or wea3a 4 Operating segments based on the Company's products have been identiied as Wagons & Cosches “Speciised Equipments & Bridges” and “Other. Segment "Others" corssts of mscelancous buses ike heavy earth mowing machineries, sip bing ete '5 The Auctos in ther audit report onthe consolidated Shanda statements forthe year ended March 31,2016 have commented upon the folowing: (A) Incase of Cinco, non recovertilty of sim of Rs 3952.35 lacs rece rom Inc always, in the aforesid matte the arbitration award has been upheld agelnst ‘the Company and the Compary has fled an appeal inthe Hoa’le Delhi High Cour against the sad aration awaré which's pending agjudeaton. The management 'shopetl to recover these ean fl (©) Incase of TAPL, recognition of ein indirect expenses including expenses on busines and market development amounting to Rs 87925 lacs was capitalised asa part ‘of ntngibe assets underdevelopment onthe basis thatthe project has ot started commercalpreducion The management has now witen of thes expenses by Je ‘aptaling te intangible asset by hat amount (€) Incase of Cimmco, there was pending legal disput witha subcontractor relating to thei dues amounting to Rs 252585 lcs icing interest of Rs 1,721.63 las on which an arbitration award nas been passed against the company and was apocale agaist by the compary. In elation to the above a setlementsgreement was entered into withthe said party during the previous quar pursuant to which an amount of Rs 325 lacs was pais a ul nd fal settlement of al ther dues The sald Strout war decane aro exceptional tem dung the previous are el yperr qoTHTRGATT WRCONS TED (CORPORATE & REGISTERED OFFICE” 756, ANANDAPUR EM-BYPASS, KOLKATA - 700107 Notes Continued {©} Duting the quarer ended 30th June 2016, the Hon'ble High Cout of Cale has sanctioned the Scheme of amalgamation ofthe whaly cwned subsidiaries namely Ceo Equity Holings Private Unite arc Titagarh Marne Limite (alongwith ts two wholly owned subsiiay companies, Covporates Shipyard Private Umated tnd Times Motine Enterprises Limtes) with Tapers Wagons Lited pursuant to the provisions of Sections 291 to 394 and ether appicabe provisions of the Compares Act 1986, The certed tue copy af the said order nas been received an fied withthe Registrar of Companies, West Bengal on 23th July 2016 thus makng the Scheme efecive, Since, the appointed date ofthe Scheme was Ist Api 2015, the elect of emalgamation hasbeen considered inthe books retrospectively 3s pet the eaurerens of ng AS 103, Incase of TFA. as per the business purchase agreement wit he Estr2ocinty administration Fema Taspon SA), few ofthe balances were subject othe "Neting” adjustment process which has concluded during the curent quarter an necessary adjustment arising ut of the above netting process hasbeen considered in these ‘onsokdoted financial ests, © 6 Thelnd AS consolidated financial results and ather Fanci inioraton forthe quater ended 31 Decembe: 2015 and nine months ended 31 December 2015 have been compiled by the management ater maleng necessary acjstmerts to give ae and far eew ofthe ress in accorcance with Ind AS. Thi information has not been subicted to anvlinted review of oud 7 incase of Cimenco, a8 on 32s March 2016, more than SI ofthe Company's peak net worth during the four anil yeas immedately precasing the tran yar ended 3tst March 2026 has eroded, Pursuant to the provisions of Secon 23) ofthe Sek Indusial Companies (Special Provisions) Ac, 1985, the reper fontimating the above erosion of ne: wort hasbeen fled with Boar for Industral and Francia Reconstruction (BFA) ater aking necessary approval fom the Board of ecto (on 2nd Septeriber 2016 and rom the srarehoders ofthe Compary atthe extraordinary genera meetings held on September 29,2036, |8. The Compary has formed 2 Joint Vertue Company’Matiere Tagarh Unix Products Pt La with Matlere SAS, France on January 2nd, 2037 to cary the business of rmarufecturin, marketing and sling pons bridges unibrdges and other union acct, 9 Incase of Cimmco Limited the Board of Decors of the Company at its meeting held on September 8, 016 has approved 2 Scheme of Amalgamation ofits fellow ‘ubsidary Ttagath Agico Private Liited with tin terms of the provisions of Sections 391 to 394 and ather appicabe provisions of the Companies Act 1956 and Companies Act 2013 tothe extent applcble, subject to necessety approvals. The Company isin process of of ebtaning necessary prove frm various concerned autores and pending such approvals no acjstment hasbeen mace m these consoldated franca resus. 30 Incase o Thagath Wagons Limite, te Coren tax forthe quate and ine months ended is et of MAT creat entitlement. 11. The arent ane months period ended 33st December 2016 isnot comparable with the crrespencing nine months due to aquistion of business of Fema Tesport SPAin TEA wat 14th uly 2015, 412 The above consolidated franca ests forthe ne months ended 51st December 2016 have been reviewed bythe Aust Commitee and approved bythe Board of Dioctors at ther meetings held on February 05, 2027 The ite reviaw of these consolidated franca results as reuited under Regulation 33 ofthe SEB (Usting ‘obligation and Discosure requirements) Regulations 2015, ad been completed ty the statutory audtr of the Company. rerandobenttnt oy Oo ~ nis Kae a umes Grononane pete Aca cminas sen, wor wt Or