Mar 31, 2018
INDEPENDENT AUDITOR''S REPORT ON STANDALONE FINANCIAL STATEMENTS
TO THE MEMBERS OF
NOIDA TOLL BRIDGE COMPANY LIMITED
1. We have audited the accompanying standalone Ind AS financial statements of NOIDA TOLL BRIDGE COMPANY LIMITED) ("the Company"), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and the statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information.
MANAGEMENTS RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
2. 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 and presentation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and change in the equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
AUDITOR''S RESPONSIBILITY
3. Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
4. In conducting 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 and the Order issued under section 143(11) of the Act.
5. We conducted our audit of standalone Ind AS financial statements 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 standalone Ind AS financial statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. 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 standalone Ind AS financial statements.
7. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
OPINION
8 In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 including the Ind AS, of the state of affairs of the Company as at March 31, 2018, and its loss (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.
EMPHASIS OF MATTER
9. We draw attention to note no. 30 to the Audited Financial Results in which, pending the outcome of the Company''s appeal before the Hon''ble Supreme Court against the order of the Hon''ble High Court of Allahabad, stalling the levy and collection of toll fee, based on a legal opinion, the Board has placed reliance on the provisions of the Concession Agreement relating to compensation and other recourses and taken a stand that the underlying value of the intangible and other assets is not impaired. Our opinion is not modified in respect of this matter.
OTHER MATTERS
10. The comparative financial information of the Company for the year ended March 31, 2017, included in these standalone financial results, have been audited by the predecessor auditor. The report of the predecessor auditor on the comparative financial information dated May 26, 2017, expressed an unmodified opinion.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
11. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A" a statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable.
12. 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 including Other Comprehensive Income, and the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of accounts.
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
(g) 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 the pending litigations on its financial position in its standalone Ind AS financial statements -Refer Note 32 to standalone Ind AS 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.
For N. M. Raiji & Co. |
|
Chartered Accountants |
|
(Firm''s Reg No. 108296W) |
|
CA. Vinay D. Balse |
|
Place: Camp: Noida |
Partner |
Date: May 21, 2018 |
(Membership No. 039434) |
ANNEXURE-A TO THE INDEPENDENT AUDITORS''REPORT
THE ANNEXURE REFERRED TO IN THE INDEPENDENT AUDITORS'' REPORT TO THE MEMBERS OF THE COMPANY ON THE STANDALONE IND AS FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) As per the information and explanations given to us, fixed assets have been physically verified by the Management at reasonable intervals and no discrepancy was noticed.
(c) According to the information and explanations given to us, the Company does not own any freehold immovable properties and lease / sub -lease deeds of leasehold land are registered with Appropriate Authorities.
(ii) As per the information and explanations given to us, inventories are physically verified during the year by the management. In our opinion, the frequency of such verification is reasonable. No material discrepancies were noticed on physical verification.
(iii) The Company has granted loans to Companies covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act''), in respect of which:
a) In our opinion terms and conditions on which the loans have been granted to the bodies corporate listed in the register maintained under Section 189 of the Act were not prima facie, prejudicial to the interest of the Company.
b) In the case of loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the principal and interest as stipulated.
c) There are no overdue amounts in respect of the loan granted to a body corporate listed in the register maintained under section 189 of the Act.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act 2013, in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
(v) The Company has not accepted deposits during the year and does not have any unclaimed deposits as at March 31, 2018 and therefore, the provisions of the clause 3 (v) of the Order are not applicable to the Company.
(vi) The Company is not required to maintain cost records pursuant to the Rules made by the Central Government under section 148 of the Act. Thus, reporting under clause 3(vi) of the Order is not applicable to the Company.
(vii) a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales-Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Goods & Services Tax, Cess and any other statutory dues applicable to it with the appropriate authorities during the year.
According to the information and explanations given to us, no undisputed amount is payable as at March 31, 2018, for a period of more than six months from the date they became payable.
b) According to the information and explanations given to us, there are no dues of Income Tax, Wealth Tax, Sales Tax, Services Tax, Duty of Custom, Duty of Excise and Value Added Tax and other material statutory dues which has not been deposited with the appropriate authorities on account of any dispute other than as given below:
Name of the Statute |
Nature of the dues |
Amount (in Lacs) |
Period to which the amount relates |
Forum where dispute is pending |
Income Tax |
Income Tax |
101,81.75* |
AY 2007-08 |
Pending to be filed before ITAT |
Income Tax |
Income Tax |
129,73.83* |
AY 2008-09 |
Pending to be filed before ITAT |
Income Tax |
Income Tax |
141,90.24 |
AY 2009- 10 |
Pending to be filed before ITAT |
Income Tax |
Income Tax |
151,09.81 |
AY 2010-11 |
Pending to be filed before ITAT |
Income Tax |
Income Tax |
158,65.45 |
AY 2011-12 |
Pending to be filed before ITAT |
Income Tax |
Income Tax |
175,88.74* |
AY 2012-13 |
Pending to be filed before ITAT |
Income Tax |
Income Tax |
189,36.55* |
AY 2013-14 |
Pending to be filed before ITAT |
Income Tax |
Income Tax |
291,56.23 |
AY 2014-15 |
Pending to be filed before ITAT |
'' Net of amount paid under protest
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to banks and financial institutions during the year.
(ix) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause 3 (ix) of the Order is not applicable to the Company.
(x) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud by the Company or no material fraud on the Company by its officers or employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us and based on our examination of records of the Company, the Company has complied with the requisite provisions of the Section 197 read with Schedule V to the Companies Act, 2013. It may be noted that no managerial remuneration has been paid / provided by the Company in view of losses incurred.
(xii) To the best of our knowledge and belief and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone Ind AS financial statements, as required by the applicable accounting standards.
(xiv)According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause 3 (xiv) of the Order is not applicable to the Company.
(xv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company. Accordingly, clauses (xv) of the Order is not applicable to the Company.
(xvi) To the best of our knowledge and belief, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For N. M. Raiji & Co. |
|
Chartered Accountants |
|
(Firm''s Reg No. 108296W) |
|
CA. Vinay D. Balse |
|
Place: Camp: Noida |
Partner |
Date: May 21, 2018 |
(Membership No. 039434) |
ANNEXURE - B TO THE INDEPENDENT AUDITORS'' REPORT
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 ("THE ACT")
We have audited the internal financial controls over financial reporting of Noida Toll Bridge Company Limited ("the Company") as of March 31, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
AUDITORS'' RESPONSIBILITY
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For N. M. Raiji & Co. |
|
Chartered Accountants |
|
(Firm''s Reg No. 108296W) |
|
CA. Vinay D. Balse |
|
Place: Camp: Noida |
Partner |
Date: May 21, 2018 |
(Membership No. 039434) |
Mar 31, 2016
TO THE MEMBERS OF NOIDA TOLL BRIDGE COMPANY LIMITED REPORT ON THE STANDALONE FINANCIAL STATEMENTS
We have audited the accompanying standalone financial statements of Noida Toll Bridge Company Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss, the Cash Flow Statement, and a summary of the significant accounting policies and other explanatory information for the year then ended.
MANAGEMENTâS RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation and presentation of these standalone 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 of 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.
AUDITORâS RESPONSIBILITY
Our responsibility is to express an opinion on these standalone 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 there under.
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. 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 standalone financial statements.
OPINION
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, 2016, and its profit and its cash flows for the year ended on that date.
EMPHASIS OF MATTER
We draw attention to Note 2(b) and 26 of the standalone financial statement wherein significant elements of the financial statements have been determined based on management estimates (which in turn are based on technical evaluations by independent experts). These include
a. Intangible Assets covered under service concession arrangements carried at Rs. 53,736 lacs (75% of the total assets), the useful lives and the annual amortization thereof;
b. Provision for Overlay carried at Rs.1229 lacs in respect of intangible assets covered under service concession arrangements;
Our opinion is not modified in respect of these matters.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure A, a statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable.
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 accounts.
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, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ; and
g. 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 litigation on its financial position in its financial statement- Refer note 27 to 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.
The Annexure referred to in Independent Auditorsâ Report to the members of the Company on the financial statements for the year ended 31 March 2016
1. a. The Company is generally maintaining proper records showing full particulars including quantitative details and situation of fixed assets.
b. As per the information and explanations given to us, fixed assets have been physically verified by the Management at reasonable intervals, and no discrepancy was noticed.
c. According to the information and explanations given to us, the Company does not own any freehold immovable properties and lease/sub-lease deeds of leasehold land are registered with Appropriate Authorities.
2. As per the information and explanations given to us, inventories have been physically verified at reasonable interval during the year by the Management. The discrepancies noticed on verification between the physical stock and book records are not material and have been properly dealt with in the books of accounts.
3. In our opinion and according to the information and explanation given to us, the Company has not granted any loan, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act 2013.
4. In our opinion and according to the information and explanations given to us, the Company has not given/ make any loan, investment, guarantee and security and accordingly provisions of section 185 and 186 of the Act are not applicable.
5. According to the information and explanations given to us the company has not accepted deposits.
6. We have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.
7. a. According to the information and explanations given to us, the company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues applicable to it with the appropriate authorities during the year.
There were no undisputed amounts payable on account of the above dues in arrears as at March 31, 2016 for a period of more than six months from the date they became payable.
b. According to the information and explanation given to us, there is no due on account of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax which have not been deposited on account of dispute other than as given below:
Name of the statue |
Nature of the dues |
Amount (Rs.) |
Period to which the amount relates |
Forum where Dispute is pending |
Income tax |
Income tax |
10368,29,250* |
AY 2007-08 |
CIT(A) |
Income tax |
Income tax |
13031,70,199* |
AY 2008-09 |
CIT(A) |
Income tax |
Income tax |
17673,73,598* |
AY 2012-13 |
CIT(A) |
Income tax |
Income tax |
1964,655,280 |
AY 2013-14 |
CIT(A) |
Income tax |
Income tax |
301,604 |
AY 2008-09 |
Deputy Commissioner of Income |
Income tax |
Income tax |
17,282,600 |
AY 2011-12 |
Deputy Commissioner of Income |
Income tax |
Income tax |
47,466,710 |
AY 2014-15 |
Deputy Commissioner of Income |
* Net of amount paid under protest
8. As per the information and explanation given to us, the Company has not defaulted in repayment of loans or borrowing to banks and financial institutions during the year.
9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
10. According to the information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
11. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
12. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
13. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
14. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
16. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
For Luthra & Luthra
Chartered Accountants
Reg. No. 002081N
Amit Luthra
Place: Noida Partner
Date: May 03, 2016 M.No: 85847
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Noida Toll Bridge Company Limited ("the Company"), which comprise the
Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss,
the Cash Flow Statement, and a summary of the significant accounting
policies and other explanatory information for the year then ended.
Management's Responsibility for the Standalone 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 and presentation of these standalone 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 of 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 standalone
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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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.
Emphasis of Matter
Without qualifying our opinion, we draw attention to Note 2(b) of the
standalone financial statement wherein significant elements of the
financial statements have been determined based on management estimates
(which in turn are based on technical evaluations by independent
experts). These include
a. Intangible Assets covered under service concession arrangements
carried at Rs. 56,715 lacs (87% of the total assets), the useful lives
and the annual amortisation thereof;
b. Provision for Overlay carried at Rs. 1058 lacs in respect of
intangible assets covered under service concession arrangements; 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 of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013, we give in
the Annexure a statement on the matters specified in paragraph 3 and 4
of the Order, to the extent applicable.
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 accounts
d) In our opinion, the aforesaid standalone 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 statement- Refer note 27 to
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 INDEPENDENT AUDITORS' REPORT
(Statement on the matters specified in Companies (Auditor's Report)
Order, 2015)
1. a. The Company is generally maintaining proper records showing
full particulars including quantitative details and situation of fixed
assets.
b. As per the information and explanations given to us, fixed assets
have been physically verified by the Management at reasonable
intervals, and no discrepancy was noticed.
2. a. As per the information and explanations given to us,
inventories have been physically verified at reasonable interval during
the year by the Management
b. The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c. On the basis of our examination, we are of the opinion that the
company is maintaining proper records of inventory. The discrepancies
noticed on verification between the physical stock and book records are
not material and have been properly dealt with in the books of accounts
3. In our opinion and according to the information and explanation
given to us, the Company has not granted any loan, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 189 of the Companies Act 2013. Consequently,
requirement of clauses (iiia) and (iiib) of the paragraph 3 of the
order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of fixed assets and inventory and for the sale of
services. We have not observed any continuing failure on the part of
the company to correct major weakness in internal control system.
5. According to the information and explanations given to us the
company has not accepted deposits.
6. According to the information and explanation given to us, the
Central Government has prescribed the maintenance of cost records u/s
148(1) of the Companies Act, 2013. On the basis of certificate from the
cost accountants certifying the maintenance of cost records, we are of
the opinion that prima-facia, the Company has made and maintained the
same to the extent applicable. We have broadly reviewed the books of
account and records maintained by the Company. We have, however, not
made detailed examination of these records with the view to determine
that whether they are accurate and complete.
7. a. According to the information and explanations given to us, the
company is regular in depositing undisputed statutory 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 any other statutory dues applicable to it with the
appropriate authorities during the year.
There were no undisputed amounts payable on account of the above dues
in arrears as at March 31, 2015 for a period of more than six months
from the date they became payable.
b. According to the information and explanation given to us, there is
no due on account of income tax, sales tax, wealth tax, service tax,
duty of customs, duty of excise, value added tax or cess which have not
been deposited on account of dispute other than as given below:
Name of the Nature of the Amount (Rs.)
statue dues
Income tax Income tax 1098,775,300
Income tax Income tax 1345,883,580
Income tax Income tax 1842,477,440
Income tax Income tax 301,604
Income tax Income tax 17,282,600
Income tax Income tax 47,466,710
Name of the
Statute Period to which Forum where
the amount
relates Dispute is pending
Income tax AY 2007-08 CIT(A)
Income tax AY 2008-09 CIT(A)
Income tax AY 2012-13 CIT(A)
Income tax AY 2008-09 Assistant Commissioner of
Income Tax
Income tax AY 2011-12 Deputy Commissioner of
Income
Income tax AY 2014-15 The Company is in process of
filing rectification application
c. According to the information and explanation given to us, no amount
is required to be transferred to investor education and protection fund
in accordance with the relevant provisions of the Companies Act, 1956
and rules made thereunder.
8. The company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year and in the immediately preceding financial year.
9. In our opinion and as per the information and explanation given to
us, the Company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders.
10. As per the information and explanation given to us, the company
has not given any guarantee for loans taken by others from bank or
financial institutions.
11. In our opinion and according to the information and explanation
given to us, the Company has applied the term loan for the purpose for
which the loan was obtained.
12. Based upon the audit procedures performed and information and
explanations given by the management, no fraud on or by the company has
been noticed or reported during the year.
For Luthra & Luthra
Chartered Accountants
FRN: 002081N
Amit Luthra
Place : Noida Partner
Date : April 30, 2015 M.No: 85847
Mar 31, 2014
We have audited the accompanying financial statement of Noida Toll
Bridge Company Limited (Âthe CompanyÂ) which comprises the Balance
Sheet as at March 31,2014, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
ManagementÂs Responsibility for the Financial Statements
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 under the Companies Act, 1956 (Âthe
ActÂ) read with the General Circular 15/2013 dated September 13, 2013
of the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013. 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.
AuditorÂs Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have conducted our audit in
accordance with standards on Auditing issued by the Institute of
Chartered Accountants of India. 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 of
material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 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 entity''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by 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.
Emphasis of Matter
Without qualifying our opinion, we draw attention to Note 2(b) of the
financial statement wherein significant elements of the financial
statements have been determined based on management estimates (which in
turn are based on technical evaluations by independent experts). These
include
a. Intangible Assets covered under service concession arrangements
carried at Rs. 5,688 million (88% of the total assets), the useful lives
and the annual amortisation thereof;
b. Provision for Overlay carried at Rs. 147.95 million in respect of
intangible assets covered under service concession arrangements;
Opinion
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:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014; and
ii. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date.
iii. In the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies'' Auditors Report Order, 2003, as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
(the ''Order''), issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in the said Order,
to the extent applicable to the company.
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
such books;
(c) the Balance Sheet and Statement of Profit and Loss dealt with by
this report are in agreement with the books of account;
(d) in our opinion, the Balance Sheet and the Statement of Profit and
Loss dealt with by this report comply with the Accounting Standards
notified under the Companies Act, 1956 read with the General Circular
15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013.
(e) On the basis of written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors are disqualified as at 31st March 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORSÂ REPORT (Statement on the matters specified
in Companies'' Auditors Report Order, 2003)
1. a. The Company has generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. As per the information and explanations given to us, fixed assets
have been physically verified by the Management during the year, and no
discrepancy was noticed in such verification.
c. The company has not disposed off substantial part of fixed assets
during the year.
2. a. As per the information and explanations given to us, inventories
have been physically verified at reasonable interval during the year by
the Management.
b. The procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
c. On the basis of our examination, we are of the opinion that the
company is maintaining proper records of inventory. The discrepancies
noticed on verification between the physical stock and book records are
not material and have been properly dealt with in the books of
accounts.
3. According to the information and explanation given to us, the
Company has not taken / granted any secured or unsecured loan from / to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for toll
collection. We have not observed any failure on the part of the company
to correct major weakness in internal control system.
5. As per the information and explanation given to us, there are no
transactions that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956.
6. According to the information and explanations given to us the
company has not accepted deposits from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. a. According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the company is
regular in depositing undisputed statutory dues including provident
fund, investor education and protection fund; employees state
insurance, income tax, sales tax, wealth tax, service tax, cess and any
other statutory dues with the appropriate authorities. There are no
arrears of outstanding statutory dues outstanding as at 31 March, 2014
for a period of more than six months from the date they became payable.
b. According to the information and explanation given to us, there is
no due on account of provident fund, investor education and protection
fund; employees state insurance, income tax, sales tax, wealth tax,
service tax, cess which has not been deposited on account of dispute.
9. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year and in the immediately preceding financial year.
10. As per the information and explanations given to us, the company
has not defaulted in the repayment of dues to any financial institution
or bank or debenture holders in accordance with the terms and
conditions of the CDR approval for debt restructuring.
11. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12. As per the information and explanations given to us, the company
has not given any guarantee for loans taken by others from bank or
financial institutions, the terms and conditions whereof are
prejudicial to the interest of the company.
13. As per the information and the explanation given to us, term loans
were applied for the purpose for which the loans were obtained.
14. In our opinion and as per the information and the explanation given
to us, fund raised on short- term basis has not been used for long-term
investment.
15. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies'' Act 1956.
16. The company has created securities in respect of debentures issued.
17. The company has not raised money by public issue during the year.
18. Based upon the audit procedures performed and information and
explanations given by the management, no fraud on or by the company has
been noticed or reported during the year.
19. The other clauses i.e. (viii), (xiii) and (xiv) of the order are
not applicable to the Company.
For Luthra & Luthra
Chartered Accountants
Reg. No. 002081N
Amit Luthra
Place : Noida Partner
Date : April 28, 2014 M. No. 85847
Mar 31, 2013
We have audited the accompanying financial statement of Noida Toll
Bridge Company Limited ("the Company") which comprises the Balance
Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
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 referred to in sub-section (3C) of Section 211
of the Companies Act, 1956 ("the Act"). 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have conducted our audit in
accordance with standards on Auditing issued by the Institute of
Chartered Accountants of India. 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 of
material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by 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.
Emphasis of Matter
Without qualifying our opinion, we draw attention to Note 2(b) of the
financial statement wherein significant elements of the financial
statements have been determined based on management estimates (which in
turn are based on technical evaluations by independent experts). These
include
a. Intangible Assets covered under service concession arrangements
carried at Rs. 5,699 million (85% of the total assets), the useful lives
and the annual amortisation thereof;
b. Provision for Overlay carried at Rs. 154.50 million in respect of
intangible assets covered under service concession arrangements.
Opinion
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:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013; and
ii. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date.
iii. In the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies Auditors Report''s Order, 2003, as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
(the ''Order''), issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in the said Order,
to the extent applicable to the Company.
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
such books;
(c) the Balance Sheet and Statement of Profit and Loss dealt with by
this report are in agreement with the books of account;
(d) in our opinion, the Balance Sheet and the Profit and Loss Account
dealt with by this report comply with the Accounting Standards referred
to in sub-section (3C) of Section 211 of the Companies Act, 1956 to the
extent applicable.
(e) On the basis of written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors are disqualified as at March 31, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 3 of our report of even date)
1. a. The Company has generally maintained proper records showing
full particulars including quantitative details and situation of fixed
assets.
b. As per the information and explanations given to us, fixed assets
have been physically verified by the Management during the year, and no
discrepancy was noticed in such verification.
c. The Company has not disposed of substantial part of fixed assets
during the year.
2. a. As per the information and explanations given to us,
inventories have been physically verified at reasonable interval during
the year by the Management.
b. The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c. On the basis of our examination, we are of the opinion that the
Company is maintaining proper records of inventory. The discrepancies
noticed on verification between the physical stock and book records are
not material and have been properly dealt with in the books of
accounts.
3. According to the information and explanation given to us, the
Company has not taken/granted any secured or unsecured loan from/to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for toll
collection. We have not observed any failure on the part of the Company
to correct major weakness in internal control system.
5. As per the information and explanation given to us, there are no
transactions that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956.
6. According to the information and explanations given to us the
Company has not accepted deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. a. According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing undisputed statutory dues including provident
fund, investor education and protection fund; employees state
insurance, income tax, sales tax, wealth tax, service tax, cess and any
other statutory dues with the appropriate authorities. There are no
arrears of outstanding statutory dues outstanding as at March 31, 2013
for a period of more than six months from the date they became payable.
b. According to the information and explanation given to us, there is
no due on account of provident fund, investor education and protection
fund; employees state insurance, income tax, sales tax, wealth tax,
service tax, cess which has not been deposited on account of dispute.
9. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year and in the immediately preceding financial year.
10. As per the information and explanations given to us, the Company
has not defaulted in the repayment of dues to any financial institution
or bank or debenture holders in accordance with the terms and
conditions of the CDR approval for debt restructuring.
11. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12. As per the information and explanations given to us, the Company
has not given any guarantee for loans taken by others from bank or
financial institutions, the terms and conditions whereof are
prejudicial to the interest of the Company.
13. As per the information and the explanation given to us, term loans
were applied for the purpose for which the loans were obtained.
14. Fund raised on short-term basis has not been used for long-term
investment.
15. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Ac, 1956.
16. The Company has created securities in respect of debentures
issued.
17. The Company has not raised money by public issue during the year.
18. Based upon the audit procedures performed and information and
explanations given by the management, no fraud on or by the Company has
been noticed or reported during the year.
19. The other clauses i.e. (viii), (xiii) and (xiv) of the order are
not applicable to the Company.
For Luthra & Luthra
Chartered Accountants
Reg. No. 002081N
Akhilesh Gupta
Place : Noida Partner
Date : May 01, 2013 M. No. 89909
Mar 31, 2012
1. We have audited the attached Balance Sheet of Noida Toll Bridge
Company Limited as at 31st March 2012, the Profit and Loss Account and
the Cash Flow Statement 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 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 misstatements. 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 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 (Auditor's Report) Order, 2003, as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004
(the 'Order'), issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in the said Order,
to the extent applicable to the company.
4. Further to our comments in the Annexure referred to above, 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 and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(d) in our opinion, the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(e) On the basis of written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors are disqualified as at 31st March 2012, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
(f) in our opinion and according to the information and 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:
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012
ii. In the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii. In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
1. a. The Company has generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. As per the information and explanations given to us, fixed assets
have been physically verified by the Management during the year, and no
discrepancy was noticed in such verification.
c. The company has not disposed off substantial part of fixed assets
during the year.
2. a. As per the information and explanations given to us, inventories
have been physically verified at reasonable interval during the year by
the Management.
b. The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c. On the basis of our examination, we are of the opinion that the
company is maintaining proper records of inventory. The discrepancies
noticed on verification between the physical stock and book records are
not material and have been properly dealt with in the books of
accounts.
3. According to the information and explanation given to us, the
Company has not taken / granted any secured or unsecured loan from / to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for toll
collection. We have not observed any failure on the part of the company
to correct major weakness in internal control system.
5. As per the information and explanation given to us, there are no
transactions that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956.
6. According to the information and explanations given to us the
company has not accepted deposits from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. a. According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the company
is regular in depositing undisputed statutory dues including provident
fund, investor education and protection fund; employees state
insurance, income tax, sales tax, wealth tax, service tax, cess and any
other statutory dues with the appropriate authorities. There are no
arrears of outstanding statutory dues outstanding as at 31 March, 2012
for a period of more than six months from the date they became payable.
b. According to the information and explanation given to us, there is
no due on account of provident fund, investor education and protection
fund; employees state insurance, income tax, sales tax, wealth tax,
service tax, cess which has not been deposited on account of dispute.
9. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year and in the immediately preceding financial year.
10. As per the information and explanations given to us, the company
has not defaulted in the repayment of dues to any financial institution
or bank or debenture holders in accordance with the terms and
conditions of the CDR approval for debt restructuring.
11. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12. As per the information and explanations given to us, the company
has not given any guarantee for loans taken by others from bank or
financial institutions, the terms and conditions whereof are
prejudicial to the interest of the company.
13. As per the information and the explanation given to us, term loans
were applied for the purpose for which the loans were obtained.
14. Fund raised on short- term basis has not been used for long-term
investment.
15. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies' Act 1956.
16. The company has created securities in respect of debentures
issued.
17. The company has not raised money by public issue during the year.
18. Based upon the audit procedures performed and information and
explanations given by the management, no fraud on or by the company has
been noticed or reported during the year.
19. The other clauses i.e. (viii), (xiii) and (xiv) of the order are
not applicable to the Company.
For Luthra & Luthra
Chartered Accountants
Reg. No. 002081N
Akhilesh Gupta
Place : Noida Partner
Date : April 23, 2012 (M. No. 89909)
Mar 31, 2011
1. We have audited the attached Balance Sheet of Noida Toll Bridge
Company Limited as at 31st March, 2011, the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date, both annexed
thereto. These fnancial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on
these fnancial statements based on our audit.
2. 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
fnancial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the fnancial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall fnancial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004
(the 'Order'), issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specifed in the said Order,
to the extent applicable to the company.
4. Further to our comments in the Annexure referred to above, 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 and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(d) in our opinion, the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
(e) On the basis of written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors are disqualifed as at 31st March, 2011, from
being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
(f) in our opinion and according to the information and 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:
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011
ii. In the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii. In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of our report of even date)
1. a) The Company has generally maintained proper records showing full
particulars including quantitative details and situation of fxed
assets.
b) As per the information and explanations given to us, fxed assets
have been physically verifed by the Management during the year, and no
discrepancy was noticed in such verification.
c) The Company has not disposed off substantial part of fxed assets
during the year.
2. a) As per the information and explanations given to us, inventories
have been physically verifed at reasonable interval during the year by
the Management.
b) The procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
c) On the basis of our examination, we are of the opinion that the
Company is maintaining proper records of inventory. The discrepancies
noticed on verification between the physical stock and book records are
not material and have been properly dealt with in the books of account.
3. According to the information and explanation given to us, the
Company has not taken/granted any secured or unsecured loan from/to
companies, frms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fxed assets and for toll
collection. We have not observed any failure on the part of the company
to correct major weakness in internal control system.
5. As per the information and explanation given to us, there are no
transactions that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956.
6. According to the information and explanations given to us the
Company has not accepted deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing undisputed statutory dues including provident
fund, investor education and protection fund; employees state
insurance, income tax, sales tax, wealth tax, service tax, cess and any
other statutory dues with the appropriate authorities. There are no
arrears of outstanding statutory dues outstanding as at 31st March,
2011 for a period of more than six months from the date they became
payable.
b) According to the information and explanations given to us, there is
no due on account of provident fund, investor education and protection
fund; employees state insurance, income tax, sales tax, wealth tax,
service tax, cess which has not been deposited on account of dispute.
9. The Company does not have accumulated losses at the end of the
fnancial year. The Company has not incurred cash losses during the
fnancial year and in the immediately preceding fnancial year.
10. As per the information and explanations given to us, the Company
has not defaulted in the repayment of dues to any fnancial institution
or bank or debenture holders in accordance with the terms and
conditions of the CDR approval for debt restructuring.
11. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12. As per the information and explanations given to us, the Company
has not given any guarantee for loans taken by others from bank or
fnancial institutions, the terms and conditions whereof are prejudicial
to the interest of the Company.
13. As per the information and the explanation given to us, term loans
were applied for the purpose for which the loans were obtained.
14. Fund raised on short-term basis has not been used for long-term
investment.
15. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies' Act, 1956.
16. The Company has created securities in respect of debentures
issued.
17. The Company has not raised money by public issue during the year.
18. Based upon the audit procedures performed and information and
explanations given by the management, no fraud on or by the Company has
been noticed or reported during the year.
19. The other Clauses i.e. (viii), (xiii) and (xiv) of the order are
not applicable to the Company.
For Luthra & Luthra
Chartered Accountants
Reg. No. 002081N
Akhilesh Gupta
Place: Noida Partner
Date : April 21, 2011 M. No. 89909
Mar 31, 2010
1. We have audited the attached Balance Sheet of Noida Toll Bridge
Company Limited as at 31st March 2010, the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date, both annexed
thereto. These financial statements are the responsibility of the
CompanyÃs Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. 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 misstatements. 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 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, as
amended by the Companies (AuditorÃs Report) (Amendment) Order, 2004
(the Order), issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in the said Order,
to the extent applicable to the company.
4. Further to our comments in the Annexure referred to above, 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 and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(d) in our opinion, the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(e) On the basis of written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors are disqualifed as at 31st March 2010, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
(f) in our opinion and according to the information and 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:
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010
ii. In the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii. In the case of the Cash Flow Statement, of the cash fows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our report of even date)
1. (a) The Company has generally maintained proper records showing
full particulars including quantitative details and situation of fixed
assets.
(b) As per the information and explanations given to us, fixed assets
have been physically verified by the Management during the year, and no
discrepancy was noticed in such verification.
(c) The company has not disposed off substantial part of fixed assets
during the year.
2. (a) As per the information and explanations given to us,
inventories have been physically verified at reasonable interval during
the year by the Management.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination, we are of the opinion that the
company is maintaining proper records of inventory. The discrepancies
noticed on verification between the physical stock and book records are
not material and have been properly dealt with in the books of
accounts.
3. According to the information and explanation given to us, the
Company has not taken / granted any secured or unse- cured loan from
/to companies, firms or other parties covered in the register
maintained under Section 301 of the Com- panies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control proce- dures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for toll
collection. We have not observed any failure on the part of the company
to correct major weakness in internal control system.
5. As per the information and explanation given to us, there are no
transactions that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956.
6. According to the information and explanations given to us the
company has not accepted deposits from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the company
is regular in depositing undisputed statutory dues including provident
fund, investor educa- tion and protection fund; employees state
insurance, income tax, sales tax, wealth tax, service tax, cess and any
other statutory dues with the appropriate authorities. There are no
arrears of outstanding statutory dues outstand- ing as at 31 March,
2010 for a period of more than six months from the date they became
payable.
(b) According to the information and explanation given to us, there is
no due on account of provident fund, investor education and protection
fund; employees state insurance, sales tax, wealth tax, service tax,
cess which has not been deposited on account of dispute.
9. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year and in the immediately preceding financial year.
10. As per the information and explanations given to us, the company
has not defaulted in the repayment of dues to any financial institution
or bank or debenture holders in accordance with the terms and
conditions of the CDR approval for debt restructuring.
11. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12. As per the information and explanations given to us, the company
has not given any guarantee for loans taken by others from bank or
financial institutions, the terms and conditions whereof are
prejudicial to the interest of the company.
13. As per the information and the explanation given to us, term loans
were applied for the purpose for which the loans were obtained.
14. Fund raised on short-term basis has not been used for long-term
investment.
15. The company has not made any preferential allotment of shares to
parties and companies covered in the register main- tained under
section 301 of the Companiesà Act, 1956.
16. The company has created securities in respect of debentures
issued.
17. The company has not raised money by public issue during the year.
18. Based upon the audit procedures performed and information and
explanations given by the management, no fraud on or by the company has
been noticed or reported during the year.
19. The other clauses i.e., (viii), (xiii) and (xiv) of the order are
not applicable to the Company.
For Luthra & Luthra
Chartered Accountants
Reg. No. 002081N
Akhilesh Gupta
Place : Noida Partner
Date : April 28, 2010 M. No. 89909