Mar 31, 2015
The accompanying summary financial statements, which comprise the
summary Balance Sheet as at March 31, 2015, the summary statement of
Profit & Loss, and Cash Flow Statement for the year ended, and related
notes, are derived from the audited financial statements of Nicco
Corporation Limited for the year ended March 31, 2015. Those financial
statements, and the summary financial statements, do not reflect the
effects of events that occurred subsequent to the date of our report on
those financial statements. The summary financial statements do not
contain all the disclosures required by the Accounting Standards
referred to in section 133 of the Companies Act, 2013 ("the Act")
[applied in the preparation of the audited financial statements of
Nicco Corporation Limited]. Reading the summary financial statements,
therefore, is not a substitute for reading the audited financial
statements of Nicco Corporation Limited.
2. Management's Responsibility for the Summary Financial Statements.
Management is responsible for the preparation of the audited financial
statements in accordance with [Accounting Standards referred to in
section 133 of the Companies Act, 2013 ("the Act") and accounting
principles generally accepted in India].
3. Auditor's Responsibility
Our responsibility is to express an opinion on the summary financial
statements based on our procedures, which were conducted in accordance
with Standard on Auditing (SA) 810, "Engagements to Report on Summary
Financial Statements" issued by the Institute of Chartered Accountants
of India.
4. Basis of qualified opinion
a) Retention of net deferred tax asset of Rs 5085.13 lacs which
includes recognition of deferred tax against unabsorbed loss and
unabsorbed depreciation up to 31.03.2011 of the assumptions of virtual
certainty of future taxable profit to realise the asset based on
evidence derived from possible approval by BIFR of its proposed
rehabilitation package. We are unable to comment on recognition of
relevant asset.
b) Pending redemption of 21,83,000 no of cumulative preference shares
of 100 each.
5. Qualified Opinion
In our opinion the summary financial statements derived from the
audited financial statements of Nicco Corporation Limited for the year
ended March 31, 2015 except for possible effect of the matter referred
to in '4' above, are fair summary of those financial statements, in
accordance with Accounting Standards referred to in of section 133 of
the Companies Act, 2013 ("the Act") and accounting principles generally
accepted in India.
For G. BASU & CO.
Chartered Accountants
R. No 301174E
(P BAGCHI)
Partner
Membership No. 051524
Basu House
3, Chowringhee Approach,
Kolkata-700 072
Dated, the 19th day of May, 2015.
Mar 31, 2014
The accompanying summary financial statements, which comprise the
summary balance sheet as at March 31, 2014, the summary statement of
profit & loss, and cash now statement for the year then ended, and
related notes, are derived from the audited financial statements of
Nicco Corporation Limited for the year ended March 31, 2014. The
summary financial statements do not contain all the disclosures
required by the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 ("the Act") [applied in the
preparation of the audited financial statements of Nicco Corporation
Limited]. Reading the summary financial statements, therefore, is not a
substitute for reading the audited financial statements of Nicco
Corporation Limited.
Management''s Responsibility for the Summary Financial Statements.
Management is responsible for the preparation of the audited financial
statements in accordance with [Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 ("the
Act") and accounting principles generally accepted in India].
Auditor''s Responsibility
Our responsibility is to express an opinion on the summary financial
statements based on our procedures, which were conducted in accordance
with Standard on Auditing (SA) 810, "Engagements to Report on Summary
Financial Statements" issued by the Institute of Chartered
Accountants of India. .
Opinion
In our opinion the summary financial statements derived from the
audited financial statements of Nicco Corporation Limited for the year
ended March 31, 2014 are fair summary of those financial statements, in
accordance with Accounting Standards referred to in subsection (3C)
of section 211 of the Companies Act. 1956 ("the Act") and accounting
principles generally accepted in India, subject to our inability to
comment on prudence of deferred tax recognition on unabsorbed loss and
depreciation. Besides preference shares are overdue for redemption.
For G. BASU & CO.
Chartered Accountants
R. No 301174E
(S. LAHIRI)
Partner
Membership No. 051717
Basu House
3, Chowringhee Approach,
Kolkata-700 072
Dated, the 16th day of May, 2014.
Mar 31, 2013
The accompanying summary financial statements, which comprise the
summary balance sheet as at March 31, 2013, the summary statement of
profit & loss, and cash flow statement for the year then ended, and
related notes, are derived from the audited financial statements of
Nicco Corporation Limited for the year ended March 31, 2013. Those
financial statements, and the summary financial statements, do not
reflect the effects of events that occurred subsequent to the date of
our report on those financial statements. The summary financial
statements do not contain all the disclosures required by the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act") [applied in the preparation of the
audited financial statements of Nicco Corporation Limited]. Reading the
summary financial statements, therefore, is not a substitute for
reading the audited financial statements of Nicco Corporation Limited.
Management''s Responsibility for the Summary Financial Statements.
Management is responsible for the preparation of the audited financial
statements in accordance with [Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act")
and accounting principles generally accepted in India].
Auditor''s Responsibility
Our responsibility is to express an opinion on the summary financial
statements based on our procedures, which were conducted in accordance
with Standard on Auditing (SA) 810, "Engagements to Report on Summary
Financial Statements" issued by the Institute of Chartered Accountants
of India.
Basis of qualified opinion
The Company continues to retain net deferred tax asset of Rs 5085.13
lacs which includes recognition of deferred tax against part of it''s
unabsorbed loss & unabsorbed depreciation on the assumption of virtual
certainty of future taxable profit to realize the asset based on
evidence derived from possible approval by BIFR of it''s proposed
rehabilitation package. We are unable to comment on recognition of
relevant asset. Besides part of preference shares are overdue for
redemption.
Qualified Opinion
In our opinion the summary financial statements derived from the
audited financial statements of Nicco Corporation Limited for the year
ended March 31, 2013 except for possible effect of the matter referred
to in ''4'' above, are fair summary of those financial statements, in
accordance with Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 ("the Act") and accounting
principles generally accepted in India.
For G. BASU & CO.
Chartered Accountants
R. No :- 301174E
S. LAHIRI
Partner
Membership No. 051717
Basu House
3, Chowringhee Approach,
Kolkata-700 072
Dated, the 12th day of August, 2013
Mar 31, 2012
The accompanying summary financial statements, which comprise the
summary balance sheet as at March 31, 2012, the summary statement of
profit & loss, and cash flow statement for the year then ended, and
related notes, are derived from the audited financial statements of
Nicco Corporation Limited for the year ended March 31, 2012. Those
financial statements, and the summary financial statements, do not
reflect the effects of events that occurred subsequent to the date of
our report on those financial statements. The summary financial
statements do not contain all the disclosures required by the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act) [applied in the preparation of the
audited financial statements of Nicco Corporation Limited. Reading the
summary financial statements, therefore, is not a substitute for
reading the audited financial statements of Nicco Corporation Limited.
Management's Responsibility for the Summary Financial Statements.
Management is responsible for the preparation of the audited financial
statements in accordance with [Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act)
and accounting principles generally accepted in India].
Auditor's Responsibility
Our responsibility is to express an opinion on the summary financial
statements based on our procedures, which were conducted in accordance
with Standard on Auditing (SA) 810, "Engagements to Report on Summary
Financial Statements" issued by the Institute of Chartered
Accountants of India.
Opinion
In our opinion the summary financial statements derived from the
audited financial statements of Nicco Corporation Limited for the year
ended March 31, 2012 are fair summary of those financial statements, in
accordance with Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 ("the Act) and accounting
principles generally accepted in India, subject to our inability to
comment on prudence of deferred tax recognition on unabsorbed loss and
depreciation. Besides preference shares are overdue for redemption.
For G. BASU & CO.
Chartered Accountants R. No 301174E
S. LAHIRI
Partner
Membership No. 051717
Basu House .
3, Chowringhee Approach,
Kolkata-700 072
Dated, the 31st day of July, 2012
Mar 31, 2010
We have audited the attached Balance Sheet of Nicco Corporation Ltd. as
at 31st March, 2010 and Profit & Loss Account and Statement of Cash
Flow for the year ended on that date annexed thereto. These financial
statements are the responsibilities of the Companys Management. Our
responsibility is to express an opinion on these financial statements
based on.our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes,
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
We have relied on management assertion of virtual certainty of future
taxable profit and admissibility of part of loss referred to in note
B(V) schedule 23 for the purpose of recognition of deferred tax asset.
We, subject to note no. XXIV schedule 23 on pending redemption of
Preference Shares, hereby report that
(i) As required by the Companies (Auditors Report) Order 2003 issued
by the Central government in terms of Section 227(4A) of the Companies
Act, 1956, we enclose herewith in the annexure a statement of the
matters specified therein.
(ii) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of
audit.
(iii) In our opinion, proper books of accounts, as required by law have
been kept by the Company so far as appears from our examination of
books of accounts.
(iv) The Balance Sheet and Profit and Loss Account dealt with by this
Report are in agreement with the books of accounts.
(v) Balance Sheet and Profit & Loss Account have been prepared in due
compliances of Accounting Standards referred to in sub section (3C) of
Section 211 of Companies Act, 1956.
(vi) On the basis of written representations received from the
Directors as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors of the Company is
disqualified for the office of the Director within the meaning of
Section 274(1 )(g) of the Companies Act, 1956.
(vii) In our opinion and according to the information and explanations
given to us, the said accounts read with notes appearing in schedule 23
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 Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2010
(b) In the case of Profit and Loss Account, of the Loss for the year
ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT (As referred to in para I of the said
report of even date)
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets in respect
of all its locations.
2. The fixed assets have been physically verified by the Management at
all locations at reasonable intervals. No material discrepancies
between book records and the physical inventories have been noticed on
such verification.
3. Fixed Assets disposed of during the year has not been substantial
enough to affect the going concern of the Company.
4. The inventories have been physically verified at reasonable
intervals by the management.
5. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
6. On the basis of our examination of the records of inventory, we are
of the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and book records were not material and have been
properly dealt with in the books of account.
7. The Company has not granted any Loans secured or unsecured to any
Company, Firm and Other party covered in the register maintained in
pursuance to section 301 of the Act 1956.
8. The Company has not obtained any loan, secured or unsecured, from
any company, firm other party covered in the register maintained under
section 301 of the Act.
9. 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 for
purchase of inventory and fixed assets and on the sale of goods and
services. During the course of our audit no major weakness has been
noticed in the internal control system. We have not observed any
failure on the part of the Company to correct major weakness in
internal control system.
10. (a) Based on audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 of Companies Act, 1956 have been so
entered.
(b) According to information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the registers maintained under section 301 of the Act during the year
have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time.
11. In our opinion and according to information and explanations given
to us the Company has complied with the provisions of section 58A and
58AA or any other relevant provision of Act and rules framed there
under. No order has been passed against the Company by Company Law
Board or National Company Law Tribunal or any court or any other
tribunal or RBI.
12. In our opinion the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
13. On the basis of records produced we are of the opinion that prima
facie cost records and accounts prescribed by the Central Government
under section 209(i)(d) of the Companies Act, 1956 in respect of
products of the Company covered under the rules under said section have
been maintained. However we are neither required to carry out nor have
carried out any detailed examination of such accounts and records.
14. (a) According to information and explanations given to us the
Company is depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education and protection fund,
employees state insurance, income tax, sales tax, service tax, wealth
tax, custom duty, excise duty, cess and other statutory dues to the
extent applicable to it. There has been no arrear of outstanding
statutory dues on these accounts which have been outstanding for more
than six months on the date of balance sheet from the date they became
payable.
(b) Contingent dues on account of Sales Tax / Income Tax / Excise Duty
/ Entry Tax disputed by the Company and not being paid, vis-a-vis
forums where such disputes are pending are mentioned below :
Nature of the
Statute Nature of Due Amount Forum where dispute is
pending
(Rs/
Lacs)
Sales Tax Sales Tax 192 Cuttack High Court
226.08 Asst. Commissioner of
sales Tax
29.25 Tribunal Sales Tax
10.40 Commissioner of
Commercial Taxes -
Baripada
475.29 Commissioner of
Commercial Taxes -
Baroda
Central Excise Central 0.24 Calcutta High Court
Excise
667.02 Asst. Commissioner of
Central Excise
Income Tax Income Tax 27.59 Orissa High Court
Service Tax Service Tax 79.76 Commissioner of Service
Taxes - Kolkata
13.52 Commissioner of Service
Taxes - CuttackThere
There has been no contingent dues on account of wealth tax, custom
duty, cess or other statutory dues which have not been paid on account
of dispute.
15. Accumulated loss of the Company is more than fifty percent of its
net worth. The Company has sustained cash loss during the year and in
the preceding year.
16. Based on the audit procedures and on the information and
explanations given by the management, we are of the opinion that the
Company has no default on the date of balance sheet in repayment of
dues to any financial institution, bank or debenture holder as
restructured by C DR.
17. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures or other securities.
However loans granted to employees are generally secured by mortgage /
hypothecation of assets for which adequate records / documents are
maintained.
18. The Company has maintained proper records of transaction of
Shares, Debentures and other investments dealt in by it and timely
entries have been made therein. Investments are held in Companys own
name except for those pending transfer in companys name.
19. The Company has given guarantee for loan taken by subsidiary
company from bank and terms and conditions thereon are not prima-facie
prejudicial to the interest of the Company.
20. During the year the Company has not taken any fresh term loan.
21. According to information and explanations given to us no short
term fund has been used for long term investment during the year.
22. The Company has made preferential allotment of shares to the
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year, basis of which was not
prejudicial to the interest of the Company.
23. The Company has created necessary security duly charged against
Debentures issued / renewed.
24. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company, has been noticed or reported during the course of our
audit.
25. Other clauses of the order are not applicable to the Company.
For G. BASU & CO.
Chartered Accountants
R. No :- 301174E
S. LAHIRI
Partner
Membership No. 051717
BASU HOUSE
3, Chowringhee Approach,
Kolkata-700 072
Dated, the 21st day of May, 2010