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Auditor Report of Urja Global Ltd.

Mar 31, 2015

We have audited the accompanying Standalone Financial Statements of Urja Global Limited ('the Company'), which comprises the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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 Rule7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; Selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these 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, 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:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2015

b) In the case of the Statement of Profit and Loss, of the profit 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.

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 Act, we give in the Annexure a statement on the matters specified in the 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 account;

( 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 31 March 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 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 Auditor's) Rules, 2014, in our opinion and to the best of our information and according to the explanation given to us:

i. There were no pending litigations which would impact the financial position of the company.

ii. The company did not have any material foreseeable losses on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company.

Annexure to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the Standalone Financial Statements for the year ended 31 March 2015, we report that:

i (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The physical verification of Fixed Assets was conducted by the management at the year-end which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed during the year on such verification.

(c) There was no disposal of Fixed Assets during the year.

ii. (a) The inventories have been physically verified during the year by the management. In our opinion frequency of verification is reasonable.

(b) The procedure of physical verification inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of business.

( c) On the basis of 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 the book records were not material.

iii. The Company has not granted any loans, secured or unsecured to any bodies corporate, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013 ('the Act'). Accordingly, provisions of clauses 3(iii) of the Companies (Auditor's Report) Order, 2015 are not applicable to the company and hence not commented upon.

iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and sale of services. The activities of the Company do not involve purchase of inventory and the sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

v. The Company has not accepted any deposits from the public.

vi. The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the activity carried out by the Company.

vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year except the Income Tax by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees' state insurance and duty of excise. According to the information and explanations given to us there are undisputed amounts payable in respect of income tax amounting to Rs.1,68,77,292/- outstanding as at 31 March 2015 for a period of more than six months from the date they became payable

b) The Company doesn't have any disputed dues of Cales Tax, Income Tax, Wealth Tax, Excise Duty and Customs etc. which have not been deposited, except the Income Tax demand of Rs. 3,68,443/- for the A. Y. 2006-07 against which the company has filed an Appeal with CIT (A) VI, New Delhi.

viii. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

ix. The Company did not have any outstanding dues to Financial Institutions, Banks or Debenture holders during the year.

x. In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

xi. The Company did not have any term loans outstanding during the year.

xii. According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For P V R-N & Co. Chartered Accountants Firm's Registration No: 004062N

Pradeep Kumar Jindal Partner M.No: 082646

New Delhi, 27th May 2015


Mar 31, 2014

We have audited the accompanying financial statements of Urja Global Limited (hereinafter referred to as "the Company ), which comprises the Balance Sheet as at 31 March, 2014 and 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 accounting principles generally accepted in India, including the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with General Circular No. 8/2014Dated 4 th April 2014 issued by the Ministry of Corporate Affairs. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with 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 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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with General Circular No. 8/2014Dated 4 th April 2014 issued by the Ministry of Corporate Affairs.

e) On the basis of written representations received from the directors as on March 31st 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31st 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT OF EVEN DATE

(Referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date)

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report as under:

1. (a) The Company has maintained proper records of Fixed Assets showing full particulars, including Quantitative details and situation of fixed assets.

(b)The physical verification of the Fixed Assets was conducted by the management at the year end which is in our opinion is reasonable having regard to the size of the Company and nature of its Fixed Assets. No material discrepancies were noticed during the year on such verification.

(c) There was no disposal of Fixed Assets during the year.

2. (a) The inventories have been physically verified during the year by the management. In our opinion frequency of verification is reasonable.

(b)The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) 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 the book records were not material.

3. The Company has not granted / taken secured or unsecured loan to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

Accordingly, provisions of clauses 4(iii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company and hence not commented upon.

4. In our opinion and according to explanation given to us, there is adequate internal control procedure commensurate with the size of the company and the nature of its business for purchase of inventory, fixed assets and with regard of the sale of goods. During the course of our audit, no major weakness has been noticed.

5. Based on the audit procedures applied by us and according to information and explanations given to us by the management, we are of the opinion that there were no transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956.

6. The Company has not accepted deposits from public within the meaning of Sections 58A and 58AA of the Companies Act, 1956.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 to the Company.

9. (a) According to the information and explanations given to us by the company, the company is generally regular in depositing undisputed statutory dues with the appropriate authorities Sales Tax, Income Tax and other material dues applicable to the Company. According to the information and explanations given to us there are undisputed amounts payable in respect of Income Tax & TDS amounting to Rs. 95,38,924/-, outstanding as at 31 March, 2014 for a period of more than six months from the date they become payable.

(b)The Company doesn''t have any disputed dues of Sale Tax, Income Tax, Wealth Tax, Excise Duty and Customs etc. which have not been deposited, except the income tax demand of '' 3,68,443/- for the A. Y. 2006-2007 against which the Company has filed an Appeal with CIT (A) VI, New Delhi.

10. The Company has not accumulated losses during the year. It has not incurred any cash losses during the current financial year and in the immediately preceding financial year.

11. The Company has no dues payable to a financial institution or bank or debenture.

12. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi /mutual benefit fund/societies.

14. As informed and explained to us, the company has not dealt/traded in securities or debentures during the year.

15. According to the information and explanations given to us, the company has not given any guarantee for loan taken by its associates or subsidiaries from bank or financial institutions.

16. According to the information and explanations given to us, the Company did not have any term loan outstanding during the year.

17. On the basis of information received from the management and based on our examination of the Balance Sheet of the Company as at 31 March, 2014 we find that the funds raised on a short term basis have not been used for long term investment and vice versa.

18. On the basis of information received from the management we report that the company has not made preferential allotment of share to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company did not have any outstanding debentures during the year.

20. The Company has not raised monies by way of public issue during the year.

21. According to the information and explanations given by the Management, we report that no fraud on or by the Company has been noticed or reported during the year.

For PVR-N & Co. Chartered Accountants Firm Registration No: 004062N

Pradeep Kumar Jindal Partner M.No. 082646

New Delhi, 28 May, 2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Urja Global Limited (hereinafter referred to as "the Company ), which comprises the Balance Sheet as at 31st March, 2013 and 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 accounting principles generally accepted in India, including 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.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with 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 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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 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.

ANNEXURE TO THE AUDITORS'' REPORT OF EVEN DATE

(Referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date)

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report as under:

1.(a) The Company has maintained proper records of Fixed Assets showing full particulars, including quantitative details and situation of fixed assets.

(b) The physical verification of the Fixed Assets was conducted by the management at the year end which is in our opinion is reasonable having regard to the size of the Company and nature of its Fixed Assets. No material discrepancies were noticed during the year on such verification.

(c) There was no disposal of Fixed Assets during the year.

2.(a) The inventories have been physically verified during the year by the management. In our opinion frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) 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 the book records were not material.

3. The Company has not granted / taken secured or unsecured loan to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, provisions of clauses 4(iii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company and hence not commented upon.

4. In our opinion and according to explanation given to us, there is adequate internal control procedure commensurate with the size of the company and the nature of its business for purchase of inventory, fixed assets and with regard of the sale of goods. During the course of our audit, no major weakness has been noticed.

5. Based on the audit procedures applied by us and according to information and explanations given to us by the management, we are of the opinion that there were no transactions which needs to be entered in the register maintained under Section 301 of the Companies Act, 1956.

6. The Company has not accepted deposits from public within the meaning of Sections 58A and 58AA of the Companies Act, 1956.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 to the Company.

9.(a) According to the information and explanations given to us by the company, the company is generally regular in depositing undisputed statutory dues with the appropriate authorities Sales Tax, Income Tax and other material dues applicable to the Company. According to the information and explanations given to us there are undisputed amounts payable in respect of Income Tax & TDS amounting to Rs. 59,67,812/-, outstanding as at 31st March, 2013 for a period of more than six months from the date they become payable.

(b) The Company doesn''t have any disputed dues of Sale Tax, Income Tax, Wealth Tax, Excise Duty and Customs etc. which have not been deposited, except the income tax demand of Rs. 3,68,443/- for the A. Y. 2006-2007 against which the Company has filed an Appeal with CIT (A) VI, New Delhi.

10. The Company has not accumulated losses during the year. It has not incurred any cash losses during the current financial year and in the immediately preceding financial year.

11. The Company has no dues payable to a financial institution or bank or debenture.

12. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi /mutual benefit fund/societies.

14. As informed and explained to us, the company has not dealt/traded in securities or debentures during the year.

15. According to the information and explanations given to us, the company has not given any guarantee for loan taken by its associates or subsidiaries from bank or financial institutions.

16. According to the information and explanations given to us, the Company did not have any term loan outstanding during the year.

17. On the basis of information received from the management and based on our examination of the Balance Sheet of the Company as at 31st March, 2013 we find that the funds raised on a short term basis have not been used for long term investment and vice versa.

18. On the basis of information received from the management we report that the company has not made preferential allotment of share to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company did not have any outstanding debentures during the year.

20. The Company has not raised monies by way of public issue during the year.

21. According to the information and explanations given by the Management, we report that no fraud on or by the Company has been noticed or reported during the year.

For PVR-N & Co.

Chartered Accountants

Registration No: 004062N

Pradeep Kumar Jindal

Partner

M.No. 082646

New Delhi, 30th May, 2013


Mar 31, 2012

We have audited the attached Balance Sheet of Urja Global Limited as at 31st March 2012, and also the Profit & Loss Account and also the Cash Flow Statement of the company for the year ended on that date together with annexure 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.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on 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.

1) As required by the Companies (Auditor's Report) Order 2003, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2) Further to our comments in the annexure referred to in paragraph 1 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 purpose of our audit;

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appears from our examination of the books;

c) The said Balance Sheet, Profit and Loss account and Cash Flow Statement are in agreement with the books of accounts;

d) In our opinion the Balance Sheet and the Profit and Loss Account comply with the Accounting Standard referred it in sub Section (3C) of Section 211 of the Companies Act 1956;

e) On the basis of the written representation received from the Directors as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the Director is disqualified from being appointed as Director under clause (g) of sub-Section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the accounts read with the significant accounting policies and notes thereon, give the information required by the Companies Act,1956 in the manner so required and also give a true and fair view ;

i. In the case of Balance Sheet, of state of affairs of the company as at 31st March 2012;

ii. In the case of Profit & loss Account, of Profit for the year ended on that date; and

iii. In the case of cash flow statement of the cash flow for the year ended on that date.

Referred to in paragraph 1 of our report of even date,

1.(a) The Company has maintained proper records of Fixed Assets showing full particulars, including Quantitative details and situation of fixed assets.

(b) The physical verification of the Fixed Assets was conducted by the management at the yearend which is in our opinion is reasonable having regard to the size of the Company and nature of its Fixed Assets. No material discrepancies were noticed during the year on such verification.

(c) There was no disposal of Fixed Assets during the year.

2.(a) The inventories have been physically verified during the year by the management. In our opinion frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) 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 the book records were not material.

3. The Company has not granted / taken unsecured loans to / from 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 explanation given to us, there is adequate internal control procedure commensurate with the size of the company and the nature of its business for purchase of inventory, fixed assets and with regard of the sale of goods. During the course of our audit, no major weakness has been noticed.

5. Based on the audit procedures applied by us and according to information and explanations given to us by the management, we are of the opinion that there was no transaction need to be entered in the register maintained under Section 301 of the Companies Act, 1956.

6. The Company has not accepted deposits from public within the meaning of Sections 58A and 58AA of the Companies Act, 1956.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 to the Company.

9.(a) According to the information and explanations given to us by the company, the company is generally regular in depositing undisputed statutory due with the depositing authorities. According to the information and explanations given to us there are undisputed amounts payable in respect of Income Tax & TDS were outstanding as at 31st March, 2012 for a period of more than six months from the date they become payable.

(b) The Company doesn't have any disputed dues of Sale Tax, Income Tax, Wealth Tax, Excise Duty and Customs etc. which have not been deposited except the income tax demand of Rs. 368443/- for the A. Y. 2006-2007 against which the company has filed an Appeal with CIT (A) VI, New Delhi.

10. The Company has not accumulated losses during the year. It has not incurred any cash losses during the current financial year and in the immediate financial year.

11. In our opinion and according to the information and explanation given to us by the management we are of the opinion that the Company has not defaulted in the repayment of dues to financial institution or bank.

12. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi / mutual benefit fund/societies.

14. As informed and explained to us, the company has not dealt /traded in securities or debentures during the year.

15. According to the information and explanations given to us, the company has not given any guarantee for loan taken by its associates or subsidiaries from bank or financial institutions.

16. According to the information and explanations given to us, the Company did not have any term loan outstanding during the year.

17. On the basis of information received from the management and based on our examination of the Balance Sheet of the Company as at 31st March, 2012 we find that the funds raised on a short term basis have not been used for long term investment and vice versa.

18. On the basis of information receive d from the management we rep ort that the company has not made preferential allotment of share to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company did not have any outstanding debentures during the year.

20. The Company has not raised monies by way of public issue during the year.

21. According to the information and explanations given to us no fraud on or by the Company has been noticed or reported during the year.

As per our Report annexed

For PVR-N & Co.

Chartered Accountants

Sd/-

Place: New Delhi Pradeep Kumar Jindal

Date: 12.05.2012 Partner

M. No. - 082646


Mar 31, 2010

We have audited the attached Balance Sheet of Urja Global Limited as at 31st March 2010, and also the Profit & Loss Account of the said company for the year ended on that date together with annexure thereto.

These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on test basis, evi- dence 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.

1) As required by the Companies (Auditors Report) Order 2003, issued by the Central Govern- ment of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2) Further to our comments in the annexure referred to in paragraph 1 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 purpose of our audit;

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appears from our examination of the books;

c) The said Balance Sheet, Profit and Loss account and Cash Flow Statement are in agreement with the books of accounts;

d) In our opinion the Balance Sheet and the Profit and Loss Account comply with the Account ing Standard referred it in sub section (3C) of Section 211 of the Companies Act 1956;

e) On the basis of the written representation received from the Directors as on 31st March 2010 and taken on record by the Board of Directors, we report that none of the Director is disquali fied from being appointed as Director under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the accounts read with the significant accounting policies and notes thereon, give the information required by the Companies Act, 1956 in the manner so required and also give a true and fair view ;

i. In the case of Balance Sheet, of state of affairs of the company as at 31st March 2010; ii. In the case of Profit & loss Account, of Profit for the year ended on that date; and iii. In the case of cash flow statement of the cash flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

Referred to in paragraph 1 of our report of even date,

1. (a) The Company has maintained proper records of Fixed Assets showing full particulars, including Quantitative details and situation of fixed assets.

(b) The physical verification of the Fixed Assets was conducted by the management at the year end which is in our opinion is reasonable having regard to the size of the Company and nature of its Fixed Assets. No material discrepancies were noticed during the year on such verification.

(c) There was no disposal of Fixed Assets during the year.

2.(a) The inventories have been physically verified during the year by the management. In our opinion frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are rea- sonable and adequate in relation to the size of the company and nature of its business.

(c) 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 the book records were not material.

3. The Company has not granted / taken unsecured loans to / from 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 explanation given to us, there is adequate internal control procedure commensurate with the size of the company and the nature of its business for purchase of inventory, fixed assets and with regard of the sale of goods. During the course of our audit, no major weakness has been noticed.

5. Based on the audit procedures applied by us and according to information and explanations given to us by the management, we are of the opinion that there was no transaction need to be entered in the register maintained under section 301 of the Companies Act, 1956.

6. The Company has not accepted deposits from public within the meaning of sections 58A and 58AA of the Companies Act, 1956.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed for the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 to the Company.

9.(a) According to the information and explanations given to us by the company, the company is generally regular in depositing undisputed statutory due with the depositing authorities. Ac- cording to the information and explanations given to us there are no undisputed amounts payable in respect of Income Tax, Wealth tax, Sales Tax, Custom Duty and Excise Duty were outstanding as at 31st March, 2010 for a period of more than six months from the date they become payable.

(b) The Company doesnt have any disputed dues of Sale Tax, Income Tax, Wealth Tax, Excise Duty and Customs etc. which have not been deposited except the income tax demand of Rs. 368443/- for the A. Y. 2006-2007 against which the company has filed an Appeal with CIT (A) VI, New Delhi.

10. The accumulated losses of the company are not more than fifty percent of its net worth. It has not incurred any cash losses during the current financial year and in the immediate financial year.

11. In our opinion and according to the information and explanation given to us by the management we are of the opinion that the Company has not defaulted in the repayment of dues to financial institution or bank.

12. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi /mutual benefit fund/societies.

14. As informed and explained to us, the company has not dealt/traded in securities or debentures during the year.

15. According to the information and explanations given to us, the company has not given any guarantee for loan taken by its associates or subsidiaries from bank or financial institutions.

16. According to the information and explanations given to us, the Company did not have any term loan outstand- ing during the year.

17. On the basis of information received from the management and based on our examination of the Balance Sheet of the Company as at 31st March, 2010 we find that the funds raised on a short term basis have not been used for long term investment and vice versa.

18. On the basis of information received from the management we repot that the company has not made preferential allotment of share to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The Company did not have any outstanding debentures during the year.

20. The Company has not raised monies by way of public issue during the year.

21. According to the information and explanations given to us no fraud on or by the Company has been noticed or reported during the year.

As per our Report annexed

For P V R N & Co.

Chartered Accountants

Sd/-

Pradeep Kumar Jindal

Partner

M. No. - 082646

Place: New Delhi F. Regn. No.- 004062N

Date: 15.05.2010


Mar 31, 2009

We have audited the attached balance sheet of Commitment Capital Services Ltd, as at 31st March 2009, and also the Profit & Loss Account of the said company for the year ended on that date together with annexure thereto.

These financial statements are the responsibility of the companys management.

Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on 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.

1) As required by the companys (auditors report) order 2003, issued by the Central Government of India in terms of section 227(4a) of the companys act, 1956,we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2) Further to our comments in the annexure referred to in paragraph 1 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 purpose of our audit;

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appears from our examination of the books;

c) The balance sheet and the profit and loss account dealt with by this report are in agreement with the books of accounts;

d) In our opinion the balance sheet and the profit and loss account comply with the accounting standard referred it in sub section (3c) of section 211 of the companys act 1956;

e) On the basis of the written representation received from the directors as on 31 st March 2009 and taken on record by the Board of directors we report that none of the director is disqualified from being appointed as director under clause (g) of sub-section (1) of section 274 of the Companys Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us , the accounts read with the significant accounting policies and notes thereon, give the information required by the Companys Act,1956.in the manner so required and also give a true and fair view ;

i) In the case of Balance Sheet, of state of affairs of the company as at 31st March 2009. and

ii) In the case of Profit & loss Account, of 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.

ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE,

1. (a) The Company has maintained propei records showing full particulars including Quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the manar3tnent. No material Discrepancies were noticed during the year on such verification.

(c) There has been no sale of substantial part of the Fixed assets during the year And therefore, it does not affect the going concern assumption.

2. (a) the inventories have been physically verified during the year by the management. In our opinion frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) 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 the book records were not material.

3. The Company has not taken/given loans to the parties covered under section 301 of the Companys Act, 1956.

4. In our opinion and according to explanation given to us, there are adequate internal Controls Procedures commensurate with the size of the company and nature of its Business with regard to purchases of inventory, fixed assets and with regard to the Sale of goods. During the course of our audit, no major weakness has been noticed in The internal controls.

5. Based on the audit procedures applied by us and according to information and explanations given to us ,the transactions that need to be entered into the register maintained under section 301 have been so entered.

6. The provisions of sections 58A and 58AA of the Companies Act, 1956 are not applicable to company as no deposits were accepted during the year under audit.

7. In our opinion the company has an internal audit system commensurate with the size And nature of its business.

8. According to the records of the company, the company is regular in depositing with Appropriate authorities undisputed statutory dues including provident fund, investor Education protection fund employees state insurance, income tax, sales tax, wealth Tax, custom duty, excise duty, cess and other statutory dues applicable to it.

9. According to the information and explanations given to us no undisputed amount is Payable.

10. The accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and incurred cash loss immediately preceding financial year.

11. Based on our examination of documents and records, we are of the opinion that the company has maintained adequate records where the company has granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. The company has not given any guarantee for loans taken by others from banks or financial institutions.

13. The company has not raised any term loan therefore this clause is not applicable.

14. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment.

15. Based on our examination of records and the information provided to us by the management we report that the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

16. Based upon the audit procedures performed and information and explanations given to us by the management, we report that no fraud on or by the company has been noticed or reported to us by management.

For S. Suresh & Co.

Chartered Accountants

sd/- Place : New Delhi S. Suresh

Date : 25th May, 2009 Proprietor



 
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