Mar 31, 2014
We have audited the accompanying financial statements of NCC Finance
Limited ("the CompanyÂ), which comprise the Balance Sheet as at
March 31, 2014 and 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 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 ActÂ). 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 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, but not for the purpose of expressing an opinion on
the effectiveness of the companies 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.
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 loss 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.
Emphasis of Matter:
We draw attention to the Note No.13 to the financial statements with
regard to the preparation of financial statements on a going concern
basis. The company has discontinued its finance business.
Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
OrderÂ) 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 matter 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, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
STATEMENT REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE
i. The Company does not have any fixed assets. Hence the provisions of
Clause 4(i) (a), (b) and (c) of the Companies (Auditor''s Report)
Order, 2003 are not applicable.
ii. The Company had no inventory during the year. Hence the provisions
of clause 4(ii)(a), (b) and (c) of the Companies (Auditor''s Report)
Order, 2003 are not applicable to the company.
iii. According to the information and explanations given to us, the
company has neither granted nor taken any loans, secured or unsecured
to / from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act 1956. Hence,
provisions of Clause 4(iii) (b), (c), (d), (e), (f) and (g) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
iv. According to the information and explanations given to us and in
our opinion, the company during the year has neither purchased any
inventory or fixed assets nor sold any good or services. Hence,
reporting on internal control systems and major weaknesses in such
internal control systems as stated in clause (iv) of the Companies
(Auditor''s Report) Order, 2003 does not arise.
v. According to the information and explanations given to us and in
our opinion, the company has not entered into any contracts or
arrangements with the companies, firms or other parties entered in the
register maintained in pursuance of Section 301 of the Companies Act,
1956.
vi. According to the information and explanations given to us, the
company has not accepted any deposits from the public.
vii. There is no internal audit system in vogue for the period covered
by the audit.
viii. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under clause (d) of sub-section (1) of section 209 of the
Act for any of the products / activities of company.
ix. (a) The company is generally regular in depositing undisputed
applicable statutory dues with the appropriate authorities. At
present, the provisions of Provident Fund, Investor Education and
Protection Fund, Employee''s State Insurance, Income Tax, Sales Tax,
Wealth tax, Service tax, Customs duty, Excise duty, Cess are not
applicable. According to the information and explanations given to us,
no undisputed amounts payable in respect of aforesaid dues were
outstanding as at 31st March 2014 for a period of more than six month
from the date they became payable.
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no dues on account of
Income Tax, Sales Tax, Wealth Tax, Service tax, Customs duty, Excise
duty, Cess and other statutory dues as at 31st March 2014 which have
not been deposited on account of any dispute.
x. Accumulated losses as at March 31, 2014 have exceeded the paid up
equity share capital of the company. The company has incurred cash
losses during the financial year covered by our audit and the
immediately preceding financial year.
xi. The company has not taken any loans from financial institutions or
banks.
xii. In our opinion and according to the information and explanations
given to us, company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
xiii. In our opinion, the company is not a Chit Fund or a Nidhi or
Mutual Benefit Fund / Society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
xiv. In our opinion and according to the information and explanations
given to us, the company does not deal or trade in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
xv. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
xvi. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any term loans during the year. Further, there are no term loans
outstanding at the beginning of the year. Therefore, provisions of
clause 4(xv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we are of
the opinion that the company has not utilized short term funds for
long term purposes.
xviii. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the Register maintained under Section 301 of
the Act. Therefore, the provisions of clause 4(xviii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
xix. According to the information and explanations given to us, the
company has not issued any debentures. Therefore, the provisions of
Clause 4(xix) of the Companies (Auditor''s Report) Order, 2003, are not
applicable to the Company.
xx. The Company has not raised any money by public issue during the
year. Therefore, the provisions of clause 4(xx) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
xxi. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the
company has been noticed or reported during the year.
For M Bhaskara Rao & Co.
Chartered Accountants
Firm''s Registration Number: 000459S
V K Muralidhar
Partner
Membership Number: 201570
Place : Hyderabad
Date : May 26, 2014
Mar 31, 2011
We have audited the attached Balance Sheet of NCC Finance Limited as at
March 31, 2011 and also the Profit and Loss account and the Cash Flow
Statement for the year ended on that date 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.
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 a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditor's Report) Order, 2003, as
amended, issued by the Central Government of India, in terms of
Sub-section (4A) of Section 227 of the Companies Act, 1956 (the ÃActÃ),
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 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 appears from our examination of
those books.
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
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 Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the Act.
(e) We draw attention to the Note No.2 in the Notes on accounts
relating to preparation of financial statements on a going concern
basis. The company has discontinued its finance business. The
accumulated losses as at 31st March, 2011 have almost eroded the net
worth of the company. These factors along with the other matters
setforth in Note No.2 raise substantial doubt that the company will be
able to continue as a going concern.
(e) In our opinion and based on the information and explanations given
to us and written representations received from the Directors as on
March 31, 2011 and taken on record by the Board of Directors, we report
that none of the Directors is disqualified as on March 31, 2011 from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Act.
(f) Subject to Para (e) above, in our opinion, and to the best of our
information and according to the explanations given to us, the said
accounts read together with notes on accounts and the significant
accounting policies, give the information required by the act 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 Balance Sheet, of the state of affairs of the
company as at March 31, 2011.
(ii) In the case of the Profit and Loss Account, of the loss for the
year ended on that date, and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
STATEMENT REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE
1. The Company does not have any fixed assets. Hence the provisions of
Clause 4(i) (a), (b) and (c) of the Companies (Auditor's Report) Order,
2003 are not applicable.
2. The Company had no inventory during the year. Hence the provisions
of clause 4(ii)(a), (b) and (c) of the Companies (AuditorÃs Report)
Order, 2003 as amended are not applicable to the company.
3. According to the information and explanations given to us, the
company has neither granted nor taken any loans, secured or unsecured
from / to Companies firms are other parties covered in the Register
maintained under section 301 of the Companies Act, 1956. Hence, the
provisions of Clause 4(iii) (b), (c), (d), (e), (f) & (g) of the
Companies (AuditorÃs Report) Order, 2003 are not applicable to the
company
4. 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 nature of its business with regard to
purchase of inventory, fixed assets, and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct any major weaknesses in internal
controls.
5. In respect of contracts or arrangements entered in the register
maintained in persuance of Section 301 of the Companies Act, 1956 to
the best of our knowledge and belief and according to the information
and explanations given to us.
(a) Ther are no contracts or arrangements referred to Insection 301 of
the Companies Act, 1956 that need to be entered in the register
maintained under the section.
(b) In our opinion, there are no transactions exceeding the value of
rupees five lakhs in respect of any party during the year.
6. According to the information and explanations given to us, the
company has not accepted any deposits from the public.
7. There is no internal audit system in vogue for the period covered
by the audit.
8. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under clause (d) of sub-section (1) of section 209 of the
Act for any of the products / activities of company.
9. (a) The company is generally regular in depositing undisputed
statutory dues including Provident fund, Investor Education and
Protection Fund, EmployeeÃs State Insurance, Income Tax, Sales Tax,
Wealth tax, Service tax, Customs duty, Excise duty, Cess and other
statutory dues with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of aforesaid dues were outstanding as at 31st March 2011 for
a period of more than six month from the date they became payable.
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no dues on account of
Income Tax, Sales Tax, Wealth Tax, Service tax, Customs duty, Excise
duty, Cess and other statutory dues as at 31st March 2011 which have
not been deposited on account of any dispute.
10. The company has accumulated losses eroding almost of its networth
as on 31st March 2011 and it has incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
11. The company has not taken any loans from financial institutions or
banks.
12. In our opinion and according to the information and explanations
given to us, company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the company is not a Chit Fund or a Nidhi or Mutual
Benefit Fund / Society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 as amended are not
applicable to the company.
14. In our opinion and according to the information and explanations
given to us, the company does not deal or trade in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of the Companies (Auditor's Report) Order, 2003 as amended are
not applicable to the company.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any term loans during the year. Further, there are no term loans
outstanding at the beginning of the year. Therefore, provisions of
clause 4(xv) of the Companies (Auditor's Report) Order, 2003 as amended
are not applicable to the company.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, we are of the
opinion that the company has not utilized short term funds towards
acquisition of fixed assets.
18. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the Register maintained under Section 301 of
the Act. Therefore, the provisions of clause 4(xviii) of the Companies
(Auditor's Report) Order, 2003 as amended, are not applicable to the
company.
19. According to the information and explanations given to us, the
company has not issued any debentures. Therefore, the provisions of
Clause 4(xix) of the Companies (AuditorÃs Report) Order, 2003, as
amended, are not applicable to the Company.
20. The Company has not raised any money by public issue during the
year. Therefore, the provisions of clause 4(xx) of the Companies
(Auditor's Report) Order, 2003 as amended are not applicable to the
company.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year.
for M.BHASKARA RAO & CO.,
CHARTERED ACCOUNTANTS
FIRM REGISTRATION NO: 000459S
V.K.MURALIDHAR
PARTNER
Membership No. 201570
Place : Hyderabad
Date : 26.05.2011
Mar 31, 2010
We have audited the attached Balance Sheet of NCC Finance Limited as at
31st March, 2010 and also the Profit & Loss Account and the Cash flow
statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the companys management
Our responsibility is to express an opinion on these financial
statements based on our audit.
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 a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors Report) Order, 2003,as
amended, issued by the Central Government of India, in terms of Section
227 (4-A) of 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 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 appears from our examination of those
books.
c) The Balance Sheet, Profit & Loss Account and Cash flow statement
dealt with by this report is in agreement with the books of account.
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
flow statement dealt with by this report complies with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956.
e) We draw attention to the Note No.2 in the Notes on accounts
relating to preparation of financial statements on a going concern
basis. The company has discontinued its finance business. The
accumulated losses as at 31st March, 2010 have almost eroded the net
worth of the company. These factors along with the other matters set
forth in Note No.2 raise substantial doubt that the company will be
able to continue as a going concern.
f) In our opinion and based on the information and explanations given
to us and written representations received from the directors, as on
31st March, 2010 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on 31 st March
2010 from being appointed as a Director in terms of Clause (g) of
sub-section (T) of section 274 of the Companies Act, 1956.
g) Subject to Para (e) above, in our opinion, and to the best of our
information and according to the explanations given to us, the said
accounts read with notes on accounts and the significant accounting
policies, give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view in conformity with
accounting principles generally accepted in India:
i) In the case of the Balance Sheet, of the
. State of affairs of the Company as at 31 st
March 2010.
ii) In the case of the Profit & Loss Account, of the Loss for the year
ended on that date; and
iii) In the case of the Cash Flow Statement, of the Cash flows for the
year ended on that date.
STATEMENT REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
2 The company had no inventory during the year. Hence the provisions of
Clause 4 (ii) (a),(b) and (c) of the Companies (Auditors Report)
Order, 2003, as amended, are not applicable to the Company.
3. (a) According to the information and explanation given to us, the
company had not granted any
unsecured Inter Corporate Deposit, which was covered in the register
maintained under section 301 of the Companies Act, 1956.
(b) According to the information and explanation given to us, the
company has not taken any loans, secured or unsecured from companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.Therefore, the provisions of Clause
4(iii) (e), (f) and (g) of the Companies (Auditors Report) Order,
2003,as amended, are not applicable to the Company
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct any major weaknesses in internal
controls.
5. (a) In our opinion and according to the information and explanation
given to us, the transaction that
needed to be entered into the register maintained under section 301 of
the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which arc
reasonable having regard to prevailing market prices at the relevant
time.
6. According to the information and explanation given to us, the
company has not accepted any deposits from the public.
7. There is no internal audit system In vogue for the period covered
by the audit.
a In our opinion and according to the information and explanations
given to us, the central Government has not prescribed the maintenance
of cost records under Section 209 (1) (d) for any of the products I
activity of the company.
9. (a) The company is generally 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,Custom Duty, Excise Duty,Cess and other
statutory dues with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were out standing as at 31 st March
2010 for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues on account of
Income Tax, Sales Tax, Wealth Tax, Service tax, Customs Duty, Excise
Duty, Cess and other statutory dues as at 31 st March 2010 which have
not been deposited on account of any dispute.
10. The company has accumulated losses eroding almost of its net worth
as of 31 st March 2010. However, it has not incurred cash losses during
the financial year covered by our audit and the immediately preceding
financial year.
11. The Company has not taken any loans from financial institutions or
banks.
12. In our opinion and according to the information and explanations
given to us, the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or a Nidhi or
Mutual Benefits Fund I Society.Therefore, the provisions of Clause
4(xiii) of the Companies (Auditors Report) Order, 2003, as amended,
are not applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the company does not deal or trade in shares, securities,
debentures and other investments. Therefore, the provisions of Clause
4(xiv) of the Companies (Auditors Report) Order, 2003, as amended, are
not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any term loan during the year. Further there are no term loans
outstanding at the beginning of the year.Therefore,the provisions of
Clause 4(xvi) of the Companies (Auditors Report) Order, 2003, as
amended, are not applicable to the Company.
17. According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the company, we are of the
opinion that the Company has not utilized short-term funds towards
acquisition of fixed assets.
18. According to the information and explanations given to us, 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.Therefore, the provisions of Clause 4(xviii)
of the Companies (Auditors Report) Order, 2003, as amended, are not
applicable to the Company.
19. According to the information and explanation given to us, the
company has issued no debentures. Therefore, the provisions of Clause
4(xix) of the Companies (Auditors Report) Order, 2003, as amended, are
not applicable to the Company.
20. The company has not raised any money by public issues during the
year. Therefore, the provisions of Clause 4(xx) of the Companies
(Auditors Report) Order, 2003, as amended, are not applicable to the
Company.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year.
for M/s. M. Bhaskara Rao & Co.,
Chartered Accountants
Ch. RAJA RAO
Partner
Place: Hyderabad
Date: May 12,2010 Membership No.7465
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article