Mar 31, 2015
We have audited the accompanying financial statements of IITL PROJECTS
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2015, the Statement of Profit and Loss, the Cash Flow Statement
for the year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies(Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 ("the
Order") issued by the Central Government in terms of Section 143(11) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 3.25(a) to
the financial statements;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date to the members of IITL
PROJECTS LIMITED on the financial statements for the year ended 31st
March, 2015)
(i) Having regard to the nature of the Company''s business/activities/
results during the year, clauses (v)regarding acceptance of deposits
from public and (xi) regarding application of the term loans, of the
Order are not applicable to the Company.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all the
fixed assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, having regard to the nature of inventory, the procedures
of physical verification by way of verification of title deeds, site
visits by the Management and certification of extent of work completion
by competent persons, are reasonable and adequate in relation to the
size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iv) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under Section 189 of the Act.
(v) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory and fixed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
(vi) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Records and Audit) Rules, 2014,
as amended and prescribed by the Central Government under Sub-Section
(1) of Section 148 of the Act and are of the opinion that prima facie
the prescribed cost records have been made and maintained. We have,
however, not made a detailed examination of the cost records with a
view to determine whether they are accurate or complete.
(vii) According to the information and explanations given to us, in
respect of statutory dues and other dues:
(a) The Company has been regular in depositing undisputed dues
including Provident Fund, Employees'' State Insurance, Income- tax,
Sales Tax, Wealth Tax, Service Tax,Duty of Customs, Duty of Excise,
Value Added Tax, Cess and other statutory dues applicable to it with
the appropriate authorities.
(b) There were no undisputed amount payable in respect of Provident
Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax,
Service Tax,Duty of Customs, Duty of Excise, Value Added Tax, Cess and
other statutory dues in arrears as at 31st March, 2015 for a period of
more than six months from the date they became payable.
(c) According to the records of the Company, there are no dues of
Income-tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise,
Value Added Tax and Cess which have not been deposited as on 31st
March, 2015 on account of disputes.
(d) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company in accordance
with the relevant provisions of the Companies Act, 1956 and rules made
thereunder.
(viii) The accumulated losses of the Company at the end of financial
year are less than fifty percent of its net worth and the Company has
not incurred cash losses during the financial year under audit but had
incurred cash losses in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institution.
(x) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
and financial institutions.
(xi) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Registration No. 117365W)
Uday M. Neogi
Partner
Mumbai : 30th May, 2015 (Membership No. 30235)
Mar 31, 2014
We have audited the accompanying financial statements of IITL PROJECTS
LIMITED ("the Company"), which comprise the Balance Sheet as at
31st March, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified underthe Companies
Act, 1956 ("the Act") (which continue to be applicable in respect
of Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate
Affairs) and in accordance with the accounting principles generally
accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. 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 comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Company''s internal control. An audit also
includes evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by the
Management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Companyasat31st March,2014;
(b) in the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("the Order") issued by the Central Government in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate
Affairs).
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of Section 274(1) (g) of
the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under "Report on Other Legal and
Regulatory Requirements" section of our report of even date)
(i) Having regard to the nature of the Company''s business/activities/
result/transactions etc., clauses (i)(c) regarding disposal of fixed
assets, (vi) regarding acceptance of deposits from public, (xi)
regarding default in repayment of dues to banks, financial institutes
and debenture holders, (xii) regarding granting of loans and advances
on the basis of securities, (xiii) regarding chit fund, nidhi/ mutual
benefit fund/societies, (xiv) regarding dealing or trading in
securities, debentures and other investments (xv) regarding guarantees
given by the Company, (xvi) regarding application of the term loans,
(xviii) regarding preferential allotment of shares, (xix) regarding
creation of security for debentures issued and (xx) regarding end use
of money raised by public issues, of Para 4 of "the Order" are not
applicable to the Company during the year.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all the
fixed assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of inventory:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iv) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
underSection 301 oftheAct.
In respect of loans, secured or unsecured, taken by the Company from
companies, firms or other parties covered in the Register maintained
underSection 301 oftheAct, according to the information and
explanations given to us:
(a) The Company has taken loans aggregating Rs. 100,000,000 from one
party during the year. At the year-end, the outstanding balances of
such loans taken aggregated Rs. 100,000,000 (one party) and the maximum
amount involved during the year was Rs. 100,000,000 (one party).
(b) The rate of interest and other terms and conditions of such loans
are, in our opinion, prima facie not prejudicial to the interest of the
Company.
(c) The payments of principal amounts and interest in respect of such
loans are regular/ as perstipulations.
(v) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory and fixed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
(vi) To the best of our knowledge and according to the information and
explanations given to us, there are no contracts or arrangements
referred to in Section 301 oftheAct exceeding Rs. 500,000 during the
year, which needed to be entered in the Register maintained underthe
said Section.
(vii) In our opinion, the internal audit functions carried outduring
the year by a firm of Chartered Accountants appointed by the Management
have been commensurate with the size of the Company and the nature of
its business.
(viii) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1) (d) of the
Act and are of the opinion that prima facie the prescribed cost records
have been made and maintained. We have, however, not made a detailed
examination of the cost records with a view to determine whether they
are accurate or complete.
(ix) According to the information and explanations given to us, in
respect of statutory dues and other dues:
(a) The Company has been regular in depositing undisputed dues,
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Wealth Tax, Customs Duty,
Sales Tax, Service Tax and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amount payable in respect of Provident
Fund, Investor Education and Protection Fund, Employees'' State
Insurance, Income-tax, Wealth Tax, Customs Duty, Sales Tax, Service Tax
and other material statutory dues in arrears as at 31st March, 2014
fora period of more than six months from the date they became payable.
(c) Details of dues of Income Tax, Customs Duty and Excise Duty which
have not been deposited as on 31st March, 2014, on account of dispute
are given below:
Statute Nature Forum where Period to Amount
of Dues Dispute is which the involved
pending amount (Rs.)
relates
The Income- Income- Income-tax A.Y. 167,267
tax Act,1961 tax Appellate 2006-07
Tribunal
(x) The accumulated losses of the Company at the end of financial year
are less than fifty percent of its net worth. However, the Company has
incurred cash losses during the financial year under audit as well as
in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the yearfor long- term investment.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Registration No. 117365W)
Uday Neogi
Partner
Mumbai : 19th May, 2014 (Membership No. 30235)
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying fnancial statements of IITL PROJECTS
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2013, the Statement of Proft and Loss and the Cash Flow
Statement for the year then ended and a summary of the signifcant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
fnancial statements that give a true and fair view of the fnancial
position, fnancial performance and cash fows of the Company in
accordance with the Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956 ("the Act") and in accordance with the
accounting principles generally accepted in India. This responsbility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the fnancial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors'' Responsbility
Our responsbility is to express an opinion on these fnancial statements
based on our audit. 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 comply with the ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the fnancial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the fnancial statements. The
procedures selected depend on the auditor''s judgement, including the
assessment of the risks of material misstatement of the fnancial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presenatation of the fnancial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accountig estimate made by the Management, as
well as evaluating the overall presentation of the fnancial statements.
We believe that the audit evidence we have obtained is suffcient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid fnancial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the State of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Proft and Loss of the loss of the
Company for the year ended on that date and
(c) in the case of the Cash Flow Statement, of the cash fows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) of
the Act, we give in the Annexure a statement on the matters specifed in
paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Proft and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the Balance Sheet, the Statement of Proft and Loss
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualifed as on 31st March, 2013
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
For DELOITTE HASKINS & SELLS Chartered Accountants
(Registration No. 117365W)
Z. F. Billimoria
Partner
Mumbai, 14th May, 2013 (Membership No. 42791)
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" section of our
report of even date)
(i) Having regard to the nature of the Company''s business/activities/
result/transactions etc., clauses (i)(c) regarding dispose of fxed
assets, (vi) regarding acceptance of deposits from public, (xi)
regarding default in repayment of dues to banks, fnancial institutes
and debenture holders, (xii) regarding granting of loans and advances
on the basis of securities, (xiii) regarding chitfund, nidhi/mutual
beneft fund/societies, (xiv) regarding dealing or trading in
securities, debentures and other investments (xv) regarding guarantees
given by the Company, (xvi) regarding application of the term loans,
(xviii) regarding preferential allotment of shares, (xix) regarding
creation of security for debentures issue and (xx) regarding end use of
money raised by public issues, of Para 4 of "the Order" are not
applicable to the Compnay during the year.
(ii) In respect of its fxed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fxed assets.
(b) The fxed assets were physically verifed during the year by the
Management in accordance with a regular programme of verifcation which,
in our opinion, provides for physical verifcation of all the fxed
assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verifcation.
(iii) In respect of its inventory:
(a) As explained to us, the inventories were physically verifed during
the year by the Management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verifcation of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verifcation.
(iv) The Company has not granted any loans, secured or unsecured, to
companies, frms or other parties covered in the Register maintained
under Section 301 of the Act.
In respect of loans, secured or unsecured, taken by the Company from
companies, frms or other parties covered in the Register maintained
under Section 301 of the Act, according to the information and
explanations given to us:
(a) The Company has taken loans aggregating Rs. 30,000,000 from one party
during the year. At the year-end, the outstanding balances of such
loans taken aggregated Rs. 102,651,178 (one party) and the maximum amount
involved during the year was Rs.102,651,178 (one party).
(b) The rate of interest and other terms and conditions of such loans
are, in our opinion, prima facie not prejudicial to the interest of the
Company.
(c) The payments of principal amounts and interest in respect of such
loans are regular / as per stipulations.
(v) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory and fxed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
(vi) To the best of our knowledge and according to the information and
explanations given to us, there are no contracts or arrangements
referred to in Section 301 of the Act exceeding Rs. 500,000 during the
year, which needed to be entered in the Register maintained under the
said Section.
(vii) In our opinion, the internal audit functions carried out during
the year by a frm of Chartered Accountants appointed by the Management
have been commensurate with size of the Company and the nature of its
business.
(viii) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the Act
and are of the opinion that prima facie the prescribed cost records
have been maintained. We have, however, not made a detailed examination
of the cost records with a view to determine whether they are accurate
or complete.
(ix) According to the information and explanations given to us, in
respect of statutory dues and other dues:
(a) The Company has been regular in depositing undisputed dues,
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Wealth Tax, Customs Duty, Sales
Tax, Service Tax, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident
Fund, Investor Education and Protection Fund, Employees'' State
Insurance, Income-tax, Wealth Tax, Customs Duty, Sales Tax, Service
Tax, Cess and other material statutory dues in arrears as at 31st
March, 2013 for a period of more that six months from the date they
became payable.
(c) Details of dues of Income Tax, Cutoms Duty, Excise Duty and Cess
which have not been deposited as on 31st March, 2013 on account of
disputes are given below:
Statute Nature Forum where Period to Amount of Dues Dispute is which
the in- pending amount volved relates (Rs.)
The Income-Tax Income-Tax Income-Tax A.Y. 167,267
Act,1961 Appellate Tribunal 2006-07
(x) The accumulated losses of the Company at the end of fnancial year
are less than ffty percent of its net worth. However, the Company has
incurred cash losses during the fnancial year under audit as well as in
the immediately preceding fnancial year.
(xi) In our opinion and according to the information and explanations
given to us and on an overall examination on the Balance Sheet, we
report that funds raised on short-tem basis have not been used during
the year for long-term investment.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and on material fraud
on the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Registration No. 117365W)
Z. F. Billimoria
Partner
Mumbai: 14th May, 2013 (Membership No. 42791)
Mar 31, 2012
1. We have audited the attached Balance Sheet of IITL PROJECTS LIMITED
("the Company") as at 31st March, 2012, the Statement of Profit and
Loss and the Cash Flow Statement of the Company for the year ended on
that date, both annexed thereto. These financial statements are the
responsibility of the Company's Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. Without qualifying our opinion, we invite attention to Notes 2.9
and 2.19 regarding balances in current account and share of profits
(net) in joint venture partnership firms audited by other auditors
whose report have been furnished to us by the Management of the Company
and our opinion is based solely on such audited financial statements.
4. As required by the Companies (Auditor's Report) Order, 2003 (CARO)
issued by the Central Government in terms of Section 227 (4A) of the
Companies Act, 1956, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
5. Further to our comments in the Annexure referred to in paragraph 4
above and read with paragraph 3 above, we report that:
(i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) in our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
(iii) the Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account;
(iv) in our opinion, the Balance Sheet, the Statement of Profit and
Loss and the Cash Flow Statement dealt with by this report are in
compliance with the Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956;
(v) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(b) in the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
6. On the basis of the written representations received from the
Directors as on 31st March, 2012 taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of Section
274(1)(g) of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 4 of our report of even date)
(i) Having regard to the nature of the Company's
business/activities/result, transactions etc., clauses (i)(c), (vi),
(xi), (xii), (xiii), (xiv), (xv), (xvi), (xviii), (xix) and (xx) of
CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all the
fixed assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iv) The Company has not granted any loan, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under Secti on 301 of the Companies Act, 1956.
In respect of loans, secured or unsecured, taken by the Company from
companies, firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, according to the
information and explanations given to us:
(a) The Company has taken loan of Rs.117,000, 000 from the holding
company during the year. At the year-end, the outstanding balance of
such loan taken is Rs. 70,000, 000 and the maximum amount involved
during the year was Rs.115,000,000.
(b) The rate of interest and other terms and conditions of such loan
are, in our opinion, prima facie not prejudicial to the interests of
the Company.
(c) The payments of principal amounts and interest in respect of such
loans are regular/ as per stipulations.
(v) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory and fixed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
(vi) To the best of our knowledge and according to the information and
explanations given to us, there are no contracts or arrangements
referred to in Section 301 of the Companies Act, 1956 exceeding Rs. 5
lakhs during the year, that needed to be entered in the Register
maintained under the said Section.
(vii) In our opinion, the internal audit functions carried out during
the year by a firm of Chartered Accountants appointed by the Management
have been commensurate with size of the Company and the nature of its
business.
(vii) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine they are accurate or complete.
(ix) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has been generally regular in depositing undisputed
dues, including Provident Fund, Income-tax, Sales Tax, Service Tax,
Cess and other material statutory dues applicable to it with the
appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Sales Tax, Service Tax, Cess and other material statutory dues in
arrears as at 31st March, 2012 for a period of more that six months
from the date they became payable.
(c) Details of dues of Income-tax which have not been deposited as on
31st March, 2012 on account of disputes are given below:
Statute Nature Forum where Period to Amount
of Dues Dispute is
pending which the involved
amount relates (Rs.)
The
Income-Tax Income-Tax Income-Tax A.Y 2006-07 167,267
Act,1961 Appellate
Tribunal
(x) The accumulated losses of the Company at the end of financial year
are less than fifty percent of its net worth. However, the Company has
incurred cash losses during the financial year under audit as well as
in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us and on an overall examination on the Balance Sheet, we
report that funds raised on short-tem basis have not been used during
the year for long-term investment.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Registration No. 117365W)
Z. F. Billimoria
Partner
Mumbai, May 23, 2012 (Membership No. 42791)
Mar 31, 2010
1. We have audited the attached Balance Sheet of INDO GREEN PROJECTS
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Companys Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 (CARO)
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) in our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
(iii) the Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) in our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
with the Accounting Standards referred to in Section 211(3C) of the
Companies Act, 1956;
(v) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2010;
(b) in the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31 st March, 2010 taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of Section
274( 1) (g) of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our
report of even date)
(i) Having regard to the nature of the Companys business/activities/
result, transactions etc., clauses (i)(c), (iv), (vi), (viii), (xi),
(xii), (xiii), (xiv), (xv), (xvi), (xviii), (xix) and (xx) of CARO are
not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all the
fixed assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) The Company does not have any inventories as at the balance sheet
date since they are being directly delivered to the contractors on
procurement and, therefore, the question of reporting on physical
verification at reasonable intervals, procedures of physical
verification of inventories were reasonable and adequate and
discrepancies noticed on physical verification does not arise. On the
basis of our examination of records of inventories, in our opinion, the
Company has maintained proper records of such inventories.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory and fixed assets and the sale of services.
During the course of our audit, we have not observed any major weakness
in such internal control system.
(v) In respeci of contracts or arrangements entered in the Register
maintained in pursuance of Section 301 of the Companies Act, 1956, to
the best of our knowledge and belief and according to the information
and explanations given to us:
(a) The particulars of contracts or arrangements referred to Section
301 that needed to be entered in the Register maintained under the said
Section have been so entered.
(b) Where each of such transaction is in excess of Rs.5 lakhs in
respect of any party, the transactions have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time, except in respect of payments made for
certain services for which comparable quotations are not available
owing to their nature and in respect of which we are unable to comment.
(vi) In our opinion, the internal audit functions carried out during
the year by a firm of Chartered Accountants appointed by the Management
have been commensurate with the size of the Company and the nature of
its business.
(vii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Income-tax, Sales Tax, Service Tax,
Cess and other material statutory dues applicable to it with the
appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Sales Tax, Cess and other material statutory dues in arrears as at 31
st March, 2010 for a period of more than six months from the date they
became payable, except for Provident Fund dues of Rs. 234,962 which
have been paid subsequently.
(c) Details of dues of Income-tax, Sales Tax, Service Tax and Cess
which have not been deposited as on 31 st March, 2010 on account of
disputes are given below:
Statute Nature of Dues Forum where
Dispute Period to which Amount
involved
is pending the amount
relates (Rs.)
Income-tax
Appellate
Tribunal
The Income
-tax Act,
1961 Income-tax (Appeals) A.Y. 2006-07 222,079
(viii) The Company does not have accumulated losses. However, the
Company has incurred cash losses during the financial year under audit
but has not incurred cash losses in the immediately preceding financial
year.
(ix) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the yearforlong-term investment.
(x) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and on the Company
has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Registration No. 117365W)
Z. F. Billimoria
Partner
(Membership No. 42791)
MUMBAI, 29th May, 2010