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INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF URJA GLOBAL LIMITED
Report on the Standalone Financial Statements
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.
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.
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 11,68,77,292/– 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.
Firm's Registration No: 004062N
Pradeep Kumar Jindal
Place : : New Delhi,
Date : 27th May 2015