Finally, posting it here. Went through lot troubles to get the stuff in place. As I really did not understand what each clause in the class file meant, most of the time was spend messing up the page layout and features. Thankful to Department of Communication Technology, Aalborg University, for sharing the IES report class, which I obtained from here.
Download the modified report class from here and the TeX file from here.
The TeX file contains references to a bibliography too. You could easily try and hack.
Posting right after the mini project interim presentation. The project is basically a computer vision system, which recognizes the license plate from an image of a vehicle. The entire team was talking different parts. I can proudly say this is perhaps my first perfect beamer presentation using LaTeX. You can get the document here.
Happy to share the LaTeX source file here.