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Auditor Report of Nicco Corporation Ltd.

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





 
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