Mar 31, 2015
We have audited the accompanying financial statements of Nu Tek India
Limited ("the Company") which comprise the balance sheet as at 31st
March, 2015, the statement of profit and loss, Cash Flow Statement for
the year ended and a summary of significant accounting policies and
other explanatory information.
Management's Responsibility for the 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 of these financial statements that give a true and fair
view of the financial position, financial performance and cash flow 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 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 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 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 accounting policies used and the reasonableness of
the accounting estimates made by the Company's directors, as well as
eva luating 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 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 Flow 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 Companies Act 2013, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
2. As required by section 143(3) of the Act and Companies (Audit and
Auditors) Rule 2014, 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) In our opinion, there are no adverse observations and comments on
the financial transactions of the matters which have adverse effect on
the functioning of the Company
f) On the basis of the written representations received from the
directors as on March 31,2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2015,
from being appointed as a director in terms of Sub-Section 2 of Section
164 of the Companies Act, 2014.
g) In our opinion, there are no qualifications, reservation or adverse
remark relating to maintenance of accounts and other matter connected
therewith.
h) 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 does not have any pending litigations which would impact
its financial position.
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
The annexure referred to in our Independent Auditors' Report to the
members of the company on the standalone financial statements for the
year ended 31st March, 2015, We report that:
1) In respect of its fixed assets
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) As explained to us all the assets have been physically verified by
the management at regular interval. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
2) The company does not have any physical inventory at the reporting
period, thus the paragraph 3(ii) of the Order is not applicable.
3) The Company has not granted unsecured loans to companies, firms or
other parties covered in the register maintained under section 189 of
the Companies Act 2013 and accordingly, the provisions of clause (iii)
of paragraph 3 of the Order 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. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in such internal control system.
5) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits from the public.
Thus the provision of clause (v) of paragraph 3 of the Order are not
applicable to the company.
6) In our opinion and according to the information and explanation
given to us, the requirements for maintenance of cost records pursuant
to the companies (Cost records and Audit) Rules, 2014 specified by the
Central Government of India under section 148 of the Companies Act,
2013 are not applicable to the Company for the year under audit.
7) According to the information and explanation given to us and the
books of account examined by us, in respect of Statutory Dues
(a) The Company is not 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 with the appropriate
authorities. There is arrears of outstanding statutory dues as at the
last day of the financial year concerned for a period of more than six
months from the date they became payable.
Name of the Statute Amount (in Lakhs) Period to which dues relates
VAT 1.44 F/ Y 2013-14
- F/ Y 2014-15
WCT 6.71 F/ Y 2013-14
- F/ Y 2014-15
CST 0.05 F/ Y 2013-14
0.13 F/ Y 2014-15
Provident Fund* 1.87 F/ Y 2013-14
13.30 F/ Y 2014-15
Employee State Insurance* 17.70 F/ Y 2013-14
18.66 F/ Y 2014-15
Professional Tax 1.47 F/ Y 2013-14
0.13 F/ Y 2014-15
Welfare Fund 0.84 F/ Y 2013-14
0.03 F/ Y 2014-15
* Provident Fund and Employee State Insurance includes both Employer's
and Employee's Contribution. The above amount do not include interest
and other dues as may be payable on account of no payment/delay on
account of any disputes.
(b) According to information and explanation given to us, there are no
material dues on account of income tax or sales tax or wealth tax or
service tax or duty of customs or duty of excise or value added tax or
cess, which have not been deposited on account of any dispute.
(c) According to information and explanation given to us, there is no
amount which 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 covered by the audit and in the immediately preceding
financial year.
9) In our opinion and according to information and explanations given
to us, the Company did not any outstanding dues to a financial
institutions or bank or debenture holders during the year of audit.
10) In our opinion and according to information and explanations given
to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
11) In our opinion and according to information and explanations given
to us, the Company has not taken any term loan during the year.
12) 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 SUMAN JEET AGARWAL & CO
Chartered Accountants
(FRN: 011945N)
Suman Jeet Agarwal
Partner
Membership No: 091017
Place: New Delhi
Date: 30.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of Nu Tek India
Limited, which comprise 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.
Management''s Responsibility for the Financial Statements
The Company''s 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 read with the general Circular 15/2013 dated 13th
September,2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act 2013 and in accordance with the
accounting principles generally accepted in India. 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 Company''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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 of
the company for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company 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 section
227(4A) 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 notified under
the Act read with the General Circular 15/2013 dated 13th September,
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
as on March 31, 2014, 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 section 274(1) (g) of Act.
Annexure to Independent Auditors'' report
Referred to in Paragraph 1 under the heading of "report on other
legal and regulatory requirement" of our report of even date.
1. In Respect of its fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner. In
accordance with this programme, certain fixed assets were verified by
the management during the year 2013-14 and no material discrepancies
were noticed on such verification.
(c) In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
(a) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion, the Company has maintained proper records of its
inventories. As explained to us no material discrepancy noticed on
physical verification of inventories as compared to book records.
3. 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 Act. Therefore, the
provision of Clause 4(iii)[(b),(c),(d), (f) and (g) of the said Order
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 the nature of its business, for the
purchase of inventories & fixed assets and payment for expenses & for
sale of goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in the
internal controls system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956.
(a) According to the information and explanations given to us, we are
of the opinion that the particulars of all contracts or arrangements
that need 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 explanations
given to us, the transaction made in pursuance of such contracts or
arrangements and exceeding the value of Rupees Five Lakhs in respect of
any party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956. Accordingly, the
provisions of clause 4(vi) of the order are not applicable.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. We have broadly reviewed the books of accounts maintained by the
Company in respect of products where, pursuant to the rules made by the
Central Government of India, the maintenance of cost records has been
prescribed under Clause [D] of sub-section [1] of section 209 of the
Act, and are of the opinion that, prima facie, the prescribed accounts
and records have been made and maintained. We have not, however, made
a detailed examination of the records with a view to determine whether
they are accurate or complete..
9. (a) The Company is not regular in depositing undisputed statutory
dues including Provident Fund, Employees'' State Insurance,
Income-tax, Sales-tax, Wealth Tax, and Service Tax & Works Contract
Tax. According to the information provided to us, there is no amount,
which is required to be disclosed in Investors Education and Protection
Fund. Company is regular in paying other statutory dues as applicable
to it and any other statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us there
were following undisputed statutory dues as on 31st of March, 2014 for
a period of more than six months from the date they became payable.
Name of the Statute Amount ('' in Lakhs.) Period to which
dues relates
Provident Fund 0.33 2013-14
TDS 16 2013-14
0.71 2012-13
Professional Tax
0.47 2013-14
0.39 2012-13
Welfare fund
0.28 2013-14
130 2012-13
Service Tax
161 2013-14
The above amount do not include interest and other dues as may be
payable on account of No payment /delay in payment of statutory dues.
(c) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has no accumulated losses as at the end of the
financial year and it has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
11. In our opinion the company has not defaulted in repayment of dues
to financial institution, bank or debenture holders. Accordingly, the
provisions of clause 4 (xi) of the Order are not applicable to the
company.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provisions of Clause 4(xii) of the Order are not
applicable to the Company.
13. According to information and explanations given to us, the company
is not a chit fund or nidhi / mutual benefit fund / society therefore,
the provision of the clause 4(xiii) of the Order are not applicable to
the Company.
14. The Company has maintained proper records of the transaction and
contracts in respect of dealing or trading in shares, securities,
debentures and other investment and timely entries have been made
therein. All shares, securities, debenture, and other investments have
been held by the company in its own name.
15. In our opinion, and according to the information and explanations
given to us. The Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
Accordingly the provisions of Clause 4(xv) of the Order are not
applicable.
16. According to the information and explanation given to us, in our
opinion, the term loans have been applied for the purposes for which
they were raised.
17. The Company has not raised any loans on short term basis.
Accordingly the provisions of Clause 4(xvii) of the Order are not
applicable to the Company.
18. The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the company act, 1956 during the year. Accordingly, the
provisions of clause 4 (xviii) of the order is not applicable to the
Company.
19. The Company has neither issued nor had any outstanding debentures
during the year. Accordingly the clause 4(xix) of the order is not
applicable to the company.
20. The Company has not raised any money by public issues during the
year. Accordingly the provisions of Clause 4(xx) of the Order are not
applicable to the Company.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For SUMAN JEET AGARWAL & Co.
Chartered Accountants
[Suman Jeet Agarwal]
Partner
Place: New Delhi
Date : 30th May, 2014
M. No. : 091017
Firm Registration No. : 011945N
Mar 31, 2012
We have audited the attached Balance Sheet of M/s Nu Tek India Limited,
as at 31st March, 2012 and also the Profit and Loss account for the
year ended on that date and the Cash Flow Statement of the company 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 principals used and significant estimate made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by Companies (Auditor's Report) order, 2003 as amended by
Companies ( Auditor' Report Amendment) order 2004, 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 paragraphs 4 & 5 of the said order. The
Annexure forms part of report.
Subject 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 to 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
such books.
(C) The Company's Balance Sheet and Profit and Loss account and cash
flow statement dealt with by this report are in agreement with the
books of accounts.
(D) In our opinion, the Balance Sheet and 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 Companies Act, 1956
(E) On the basis of written representations received from directors, as
on 31st March 2012 and taken on record by the Board of Directors, We
report that none of the Directors are disqualified as on 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 to the best of our information and according to
the explanations given to us, the said accounts subject to notes on
accounts thereon give the information required by the Companies Act,
1956 in the manner so required and give a true and fair view:
1. In so far as it relates to the Balance Sheet, of the state of
affairs of the company as at 31st March, 2012 and
2. In so far as it relates to the Profit and Loss account of the
profit of the company for the year ended on that date.
3. In so far as it relates to the Cash Flow Statement of the company
for the year ended on that date.
Annexure Referred to in paragraph 3 of our report of even date,
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As per management representation a major of the assets have been
physically verified by the management in accordance with the phased
programme of verification adopted by the company. Pursuant to the
programme, the management physically verified a portion of the fixed
assets during the year 2011-2012.As per explanation given by the
management, no material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any substantial
part of its fixed assets.
2. (a) During the year, the inventory has been physically verified by
the management. In our opinion, the frequency of verification is
reasonable. There is no system of physical verification of Project
under Progress.
(b) The procedure of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and nature of its business.
(c) The company has maintained proper records of inventory. No material
discrepancies were notice during the course of Physical verification of
inventory.
3. (a) In our opinion and according to information and explanation
given to us ,The Company has not granted any loans, secured or
unsecured to companies, firm or other parties listed in the register
maintaining under section 301 of the companies act, 1956.
(b) Since, the company has not granted any loan as referred to in Para
3(a) above, provision of clause 3(b) and 3(d) of the order are not
applicable to the company.
(c) In our opinion and according to information and explanation given
to us ,The Company has taken any loans, secured or unsecured to
companies, firm or other parties listed in the register maintaining
under section 301 of the companies act, 1956.
(d) Since, the company has not taken any loan as referred to in Para 3
(c) above, provision of clause 3 (f) and 3(g) of the order are not
applicable to the company.
4. In our opinion and according to the information and explanation
given to us, there are reasonable internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase of inventory, fixed assets and with regard to
sale of goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
control system.
5. (a) According to the information and explanation given to us, we
are of the opinion that the company has entered the particulars all
contracts or arrangements referred to in section 301 of the company
act, 1956 in the registered required to be maintained under that
section.
(b) in our opinion and according to the information and explanation
given to us. These transactions in pursuance of such contract or
arrangement have been made at prices which are reasonable having regard
to the prevailing market prices at the relevant times.
6. The company has not accepted any deposit from the public during the
year within the meaning of the section 58A, 58AA or any other relevant
provision of the companies act, 1956 and ruled framed there under.
7. In our opinion, the internal audit system of the company is
commensurate with the size of the company and nature of its business.
8. As explained to us, the maintenance of cost records as required
under section 209 (1)(d) of the companies act, 1956, has not been made
applicable to the company products.
9. (a) The company is not regular in depositing undisputed statutory
dues including Provided Fund, E.S.I., Income tax, Sales tax, Service
Tax. According to the information provided to us, there is no amount,
which is required to be deposited in Investors Education and Protection
Fund. Company is regular in paying other statutory dues as applicable
to it and any other statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us,
undisputed statutory dues are payable in respect of service tax for an
amount of Rs. 121 lakhs as at 31st March 2012 for the period of more
than six months.
The above amount do not include interest and other dues as may be
payable on account of Non payment /delay in payments of statutory dues,
which could not be quantified.
10. The company has no accumulated losses at the end of financial year
31st March 2012. The company neither incurred cash losses during the
current financial year nor in the immediately preceding financial year.
11. In our opinion the company has not defaulted in repayment of dues
to financial institution, bank or debenture holders. Accordingly, the
provisions of clause 4 (xi) of the order are not applicable to the
company.
12. According to information and explanations given to us, the company
has not granted any loan and advances on the basis of security by way
of pledge of share, debentures and other securities. Accordingly, the
provisions of clause 4 (xii) of the order are not applicable to the
company.
13. According to information and explanations given to us, the company
is not a chit fund or nidhi / mutual benefit fund / society therefore,
the provision of the clause 4(xiii) of the companies (Auditors Report)
order 2003 is not applicable.
14. (a) The company has done trading in shares securities, debentures
and other investment. And has maintained proper records of the
transactions and contracts.
(b) According to information and explanations given to us, we are of
the opinion that timely entries and updation have been made therein.
(c) The Company has held shares, securities, and other investments in
its own name.
15. In our opinion, the term loans have been applied for the purposes
for which they were raised.
16. According to the information and explanation given to us and on
overall examination of the balance sheet of the company, in our opinion
there are no funds raised on a short term basis which has been used for
long term investment and vice versa.
17. The company has not made preferential allotment of share to
parties and companies covered in the register maintained under section
301 of the company act, 1956 during the year.
18. The Company has not issued any debentures. Accordingly the clause
4(xix) of the order is not applicable to the company.
19. The management has disclosed the end use of money raised by public
issue (refer Note No. 33 ) and same has been verified by us.
20. Based up on the audit procedures performed and the information and
explanations given to us by the management, we report that no material
fraud on or by the company has been noticed or reported during the
course of our audit.
For SUMAN JEET AGARWAL & CO.
Chartered Accountants
[SUMAN JEET AGARWAL]
Partner
Membership No. 091017
Firm Reg. No. 11945 N
Place : New Delhi
Date : 30th May, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of M/s Nu Tek India Limited,
as at 31st March, 2011 and also the Profit and Loss account for the
year ended on that date and the Cash Flow Statement of the company 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 principals used and significant estimate made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by Companies (Auditors Report) order, 2003 as amended by
Companies ( Auditor Report Amendment) order 2004, 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 paragraphs 4 & 5 of the said order. The
Annexure forms part of report.
Subject 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 to 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
such books.
(C) The Companys Balance Sheet and Profit and Loss account and cash
flow statement dealt with by this report are in agreement with the
books of accounts.
(D) In our opinion, the Balance Sheet and 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 Companies Act, 1956
(E) On the basis of written representations received from directors ,
as on 31st March 2011 and taken on record by the Board of Directors, We
report that none of the Directors are disqualified as on 31st March
2011 from being appointed as a director in terms of Clause (g) of Sub Ã
Section (1) of Section 274 of the Companies Act,1956
Without qualifying our report, attention is drawn that the company has
written back liability of Rs.23.29 lakhs related with job charges.
Please refer to the note number 8 in the schedule no12.
(F) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to notes on
accounts thereon give the information required by the Companies Act,
1956 in the manner so required and give a true and fair view:
1. In so far as it relates to the Balance Sheet, of the state of
affairs of the company as at 31st March, 2011 and
2. In so far as it relates to the Profit and Loss account of the
profit of the company for the year ended on that date.
3. In so far as it relates to the Cash Flow Statement of the company
for the year ended on that date.
Annexure Referred to in paragraph 3 of our report of even date,
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As per management representation a major of the assets have been
physically verified by the management in accordance with the phased
programme of verification adopted by the company. Pursuant to the
programme, the management physically verified a portion of the fixed
assets during the year 2010-2011.As per explanation given by the
management, no material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any substantial
part of its fixed assets.
2. (a) During the year, the inventory has been physically verified by
the management. In our opinion, the frequency of verification is
reasonable. There is no system of physical verification of Project
under Progress.
(b) The procedure of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and nature of its business.
(c) The company has maintained proper records of inventory. No material
discrepancies were notice during the course of Physical verification of
inventory.
3. (a) In our opinion and according to information and explanation
given to us ,The Company has not granted any loans, secured or
unsecured to companies, firm or other parties listed in the register
maintaining under section 301 of the companies act, 1956.
(b) Since, the company has not granted any loan as referred to in Para
3(a) above, provision of clause 3(b) and 3(d) of the order are not
applicable to the company.
(c) In our opinion and according to information and explanation given
to us ,The Company has taken any loans, secured or unsecured to
companies, firm or other parties listed in the register maintaining
under section 301 of the companies act, 1956.
(d) Since, the company has not taken any loan as referred to in Para 3
(c) above, provision of clause 3 (f) and 3(g) of the order are not
applicable to the company.
4. In our opinion and according to the information and explanation
given to us, there are reasonable internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase of inventory, fixed assets and with regard to
sale of goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
control system.
5. (a) According to the information and explanation given to us, we
are of the opinion that the company has entered the particulars all
contracts or arrangements referred to in section 301 of the company
act, 1956 in the registered required to be maintained under that
section.
(b) in our opinion and according to the information and explanation
given to us. These transactions in pursuance of such contract or
arrangement have been made at prices which are reasonable having regard
to the prevailing market prices at the relevant times.
6. The company has not accepted any deposit from the public during the
year within the meaning of the section 58A, 58AA or any other relevant
provision of the companies act, 1956 and ruled framed there under.
7. In our opinion, the internal audit system of the company is
commensurate with the size of the company and nature of its business.
8. As explained to us, the maintenance of cost records as required
under section 209 (1)(d) of the companies act, 1956, has not been made
applicable to the company products.
9. (a) The company is not regular in depositing undisputed statutory
dues including Provided Fund, E.S.I., Income tax, Sales tax, Service
Tax. According to the information provided to us, there is no amount,
which is required to be deposited in Investors Education and Protection
Fund. Company is regular in paying other statutory dues as applicable
to it and any other statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us,
Following undisputed statutory dues payable in respect of statutes
mentioned below as at 31st March 2011 for the period of more than six
months from the date they become payable:
Name of Nature of Amount(Rs.) Period to which Current
Statute dues dues relates Status
Finance
Act, 1994 Service Tax 11,643,063 Till 30th
September, 2010 Paid
The above amount do not include interest and other dues as may be
payable on account of Non payment /delay in payments of statutory dues,
which could not be quantified.
10. The company has no accumulated losses at the end of financial year
31st March 2011. The company neither incurred cash losses during the
current financial year nor in the immediately preceding financial year.
11. In our opinion the company has not defaulted in repayment of dues
to financial institution, bank or debenture holders. Accordingly, the
provisions of clause 4 (xi) of the order are not applicable to the
company.
12. According to information and explanations given to us, the company
has not granted any loan and advances on the basis of security by way
of pledge of share, debentures and other securities. Accordingly, the
provisions of clause 4 (xii) of the order are not applicable to the
company.
13. According to information and explanations given to us, the company
is not a chit fund or nidhi / mutual benefit fund / society therefore,
the provision of the clause 4(xiii) of the companies (Auditors Report)
order 2003 is not applicable.
14. (a) The company has done trading in shares securities, debentures
and other investment. And has maintained proper records of the
transactions and contracts.
(b) According to information and explanations given to us, we are of
the opinion that timely entries and updation have been made therein.
(c) The Company has held shares, securities, and other investments in
its own name.
15. According to the information and explanation given to us, the
company has given a FDR of Rs. one crore for issuing a bank guarantee
in favour of its 100% subsidiary Nu Tek Energy Private Limited from
State Bank of India.
16. In our opinion, the term loans have been applied for the purposes
for which they were raised.
17. According to the information and explanation given to us and on
overall examination of the balance sheet of the company, in our opinion
there are no funds raised on a short term basis which has been used for
long term investment and vice versa.
18. The company has not made preferential allotment of share to
parties and companies covered in the register maintained under section
301 of the company act, 1956 during the year.
19. The Company has not issued any debentures. Accordingly the clause
4(xix) of the order is not applicable to the company.
20. The management has disclosed the end use of money raised by public
issue (refer Note No. 10 of Notes to accounts of Schedule No. 12 ) and
same has been verified by us.
21. Based up on the audit procedures performed and the information and
explanations given to us by the management, we report that no material
fraud on or by the company has been noticed or reported during the
course of our audit.
For SUMAN JEET AGARWAL & CO.
Chartered Accountants
[SUMAN JEET AGARWAL]
Partner
Membership No. 091017
Firm Reg. No. 11945 N
Place : New Delhi
Date : 30th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/s Nu Tek India Limited,
as at 31st March, 2010 and also the Profit and Loss account for the
year ended on that date and the Cash Flow Statement of the company 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 principals used and significant estimate made
by management, as well as evaluating the over all financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by Companies (Auditors Report) order, 2003 as amended by
Companies ( Auditor Report Amendment) order 2004, 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 paragraphs 4 & 5 of the said order. The
Annexure forms part of report.
Subject 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 to 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
such books.
(C) The Companys Balance Sheet and Profit and Loss account and cash
flow statement dealt with by this report are in agreement with the
books of accounts.
(D) In our opinion, the Balance Sheet and 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 Companies Act, 1956
(E) On the basis of written representations received from directors, as
on 31st March 2010 and taken on record by the board of Directors, We
report that none of the Directors are disqualified as on 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
Without qualifying our report, Attention is drawn to the followings:
Rs.
(I) Project Under progress written off
(Refer Note No. 8 of Notes to accounts in Schedule No.-12) 2,38,37,189/-
(II) Sundry Debtors Written off
(Refer Note No. 9 of Notes to accounts in Schedule No. 12) 52,08,335/-
(III) Advance to Creditors Written off
(Refer Note No. 9 of Notes to accounts in Schedule No. 12) 13,03,954/-
(IV) Liabilities Written Back
(Refer Note No. 10 of Notes to accounts in Schedule No. 12) 70,91,335/-
(F) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to notes on
accounts thereon give the information required by the Companies Act,
1956 in the manner so required and give a true and fair view:
1. In so far as it relates to the Balance Sheet, of the state of
affairs of the company as at 31st March, 2010 and
2. In so far as it relates to the Profit and Loss account of the Loss
of the company for the year ended on that date.
3. In so far as it relates to the Cash Flow Statement of the company
for the year ended on that date.
Annexure Referred to in paragraph 3 of our report of even date.
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situa- tion of fixed
assets.
(b) As per management representation a major of the assets have been
physically verified by the management in accordance with the phased
programme of verification adopted by the company. Pursuant to the
programme, the management physically verified a portion of the fixed
assets in the financial year 2007-2008.As per explana- tion given by
the management, no material discrepancies were noticed on such
verification. No physical verification was carried out during the year.
(c) During the year, the company has not disposed off any substantial
part of its fixed assets.
2. (a) The Company does not carry any inventory at the end of the
year. During the year, the inventory has been physically verified by
the management . In our opinion, the frequency of verification is
reasonable. There is no system of physical verification of Project
under Progress.
(b) The procedure 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) The company has maintained proper record of inventory. No material
discrepancies were notice during the course of Physical verification of
inventory .
3. (a) In our opinion and according to information and explanation
given to us ,The Company has not granted any loans, secured or
unsecured to companies, firm or other parties listed in the register
maintaining under section 301 of the companies act, 1956.
(b) Since, the company has not granted any loan as referred to in Para
3 (a) above ,provision of clause 3 (b) and 3(d) of the order are not
applicable to the company.
(c) In our opinion and according to information and explanation given
to us ,The Company has taken any loans, secured or unsecured to
companies, firm or other parties listed in the register maintaining
under section 301 of the companies act, 1956.
(d) Since, the company has not taken any loan as referred to in Para 3
(c) above ,provision of clause 3 (f ) and 3(g) of the order are not
applicable to the company.
4. In our opinion and according to the information and explanation
given to us, there are reasonable internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase of inventory, fixed assets and with regard to
sale of goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
control system.
5. (a) According to the information and explanation given to us, we
are of the opinion that the company has entered the particulars all
contracts or arrangements referred to in section 301 of the company
act, 1956 in the regis- tered required to be maintained under that
section.
(b) in our opinion and according to the information and explanation
given to us. These transactions in pursuance of such contract or
arrangement have been made at prices which are reasonable having regard
to the prevail- ing market prices at the relevant times.
6. The company has not accepted any deposit from the public during the
year within the meaning of the section 58A, 58AA or any other relevant
provision of the companies act, 1956 and ruled framed there under.
7. In our opinion, the internal audit system of the company is
commensurate with the size of the company and nature of its business.
8. As explained to us, the maintenance of cost records as required
under section 209 (1)(d) of the companies act, 1956, has not been made
applicable to the company products.
9. (a) The company is not regular in depositing undisputed statutory
dues including Provided Fund, E.S.I., Income tax, Sales tax, Service
Tax. According to the information provided to us , there is no amount,
which is required to be deposited in Investors Education and Protection
Fund. To the best of our knowledge and belief and accord- ing to the
information and explanations given to us , provisions pertaining to
customs duty are not applicable to the company. The company is regular
in paying other statutory dues as applicable to it and any other
statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us,
Following undisputed statutory dues payable in respect of Income Tax
were in arrears, as at 31st March, 2010 for the period of more than six
months from the date they become payable:
Name of Statue Nature of Dues Amount (Rs.) Period to which Current
Status
Dues Relates
Income Tax 1961 Income Tax 3,46,51,213/- Assessment Year Paid
2009-10
Income Tax 1961 Fringe
Benefit Tax 43,39,147/- Assessment Year Paid
2009-10
The above amount do not include interest and other dues as may be
payable on account of Non payment /delay in payments of statutory dues,
which could not be quantified.
10. The company has no accumulated losses at the end of financial year
31st March 2010. The company neither incurred cash losses during the
current financial year nor in the immediately preceding financial year.
been registered for a period of less than five years hence clause 4(x)
is not applicable.
11. In our opinion the company has not defaulted in repayment of dues
to financial institution, bank or debenture holders. Accordingly, the
provisions of clause 4 (xi) of the order are not applicable to the
company.
12. According to information and explanations given to us, the company
has not granted any loan and advances on the basis of security by way
of pledge of share, debentures and other securities. Accordingly, the
provisions of clause 4 (xii) of the order are not applicable to the
company.
13. According to information and explanations given to us, the company
is not a chit fund or nidhi / mutual benefit fund / society therefore,
the provision of the clause 4(xiii) of the companies (Auditors Report)
order 2003 is not applicable.
14. (a) The company has done trading in shares securities, debentures
and other investment. And has maintained proper records of the
transactions and contracts.
(b ) According to information and explanations given to us, we are of
the opinion that timely entries and updation have been made therein.
(c) The Company has held shares, securities , and other investments in
its own name.
15. In our opinion and according to the information and explanation
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions.
16. In our opinion, the term loans have been applied for the purposes
for which they were raised.
17. According to the information and explanation given to us and on
overall examination of the balance sheet of the company, in our opinion
there are no funds raised on a short term basis which has been used for
long term invest- ment and vice versa.
18. The company has not made preferential allotment of share to
parties and companies covered in the register main- tained under
section 301 of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures. Accordingly the clause
4(xix) of the order is not applicable to the company.
20. The management has disclosed the end use of money raised by public
issue ( refer Note No 11. of Notes to accounts of Schedule No. 12 ) and
same has been verified by us.
21. Based up on the audit procedures performed and the information and
explanations given to us by the management, we report that no material
fraud on or by the company has been noticed or reported during the
course of our audit.
For SUMAN JEET AGARWAL & CO.
Chartered Accountants
[SUMAN JEET AGARWAL]
Partner
Membership No. 091017
Firm Reg. No. 11945 N
Place : Delhi.
Date : 28th May, 2010