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« Mar 12
Auditor's Report (Gujarat NRE Coke) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Gujarat NRE
 Coke Limited (the Company), which comprise the Balance Sheet as at
 March 31, 2013, and the Statement of Profit and Loss and Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act). This responsibility includes
 the design, implementation and maintenance of internal control relevant
 to the preparation and presentation of the financial statements that
 give a true and fair view and are free from material misstatement,
 whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial statements give the information
 required by the Act in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India:
 
 (a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2013;
 
 (b) in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of sub-
 section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a) we have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b) in our opinion proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books;
 
 c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account;
 
 d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
 Cash Flow Statement comply with the Accounting Standards referred to in
 sub-section (3C) of section 211 of the Companies Act, 1956;
 
 e) On the basis of written representations received from the Directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the Directors is disqualified as on March 31, 2013, from being
 appointed as a Director in terms of Clause (g) of sub-section (I) of
 Section 274 of the Companies Act, 1956;
 
 f) Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) We were informed that the Company has a phased programme of
 physical verification of all its fixed assets which, in our opinion, is
 reasonable having regard to the size of the Company and the nature of
 its assets. In accordance with this programme, fixed assets were
 physically verified by management during the period under review and no
 material discrepancies were noticed on such verification.
 
 (c) Fixed assets disposed off during the year under review were not
 substantial and therefore do not affect the going concern status of the
 company.
 
 (ii) (a) During the year inventories have been physically verified by
 the management at reasonable intervals. 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) The Company is maintaining proper records of inventory.
 
 The discrepancies noticed during the physical verification of
 inventories as compared to book records were not material and have been
 properly dealt with in the books of account.
 
 (iii) In our opinion and according to the information and explanations
 given to us, the company has not granted or taken loans, Secured or
 Unsecured, to/from the companies, firm or other parties covered in the
 Register maintained under section 301 of the Companies Act, 1956
 consequently sub clause (a) to (g) of clause 4 (iii) of the order is
 not applicable to the company.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there exists an adequate internal control system
 commensurate with the size of the company and the nature of its
 business with regard to purchases of inventory and fixed assets and
 with regard to the sale of goods and services. No major weakness in
 internal control system was observed.
 
 (v) (a) According to the information and explanations given to us, we
 are of the opinion that particulars of all the transactions made in
 pursuance of contracts or arrangements referred to in section 301 of
 the Companies Act, 1956 have been entered in the register required to
 be maintained under that section.
 
 (b) In our opinion and according to the information and explanations
 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 value of rupees five lacs in
 respect of each party during the year have been made at prices which
 are reasonable having regard to prevailing market prices at the
 relevant time.
 
 (vi) In our opinion and according to the information and explanations
 given to us, the Company has not accepted any deposits from the public
 and consequently, the directives issued by the Reserve Bank of India
 and the provisions of Section 58A, 58AA or any other relevant
 provisions of the Companies Act, 1956 and the rules framed there under
 are not applicable to the Company.
 
 (vii) In our opinion, the Company has an internal audit system
 commensurate with the size and the nature of its business.
 
 (viii) We have broadly reviewed the cost records maintained by the
 company pursuant to the Companies (Cost Accounting Records) Rules, 2011
 prescribed by the Central Government under Section 209(1) (d) of the
 Companies Act, 1956 and are of the opinion that prima facie the
 rescribed accounts and records have been maintained. We have not,
 however, carried out a detailed examination of such records with a view
 to determine whether they are accurate or complete.
 
 (ix) (a) According to the information and explanations given to us and
 on the basis of our examination of the books of account, in our
 opinion, the Company has been 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, Customs Duty, Excise Duty, Cess and any other
 material statutory dues with appropriate authorities during the year
 under review.
 
 The Central Government has not notified the date of levy and collection
 of cess under Rehabilitation & Revival fund as per section 441 A of the
 Companies Act, 1956.
 
 (b) According to the information and explanations given to us, no
 undisputed amount payable in respect of Income Tax, Sales Tax, Wealth
 Tax, Service Tax, Custom Duty and Excise Duty were in arrear as at 31st
 March, 2013, for a period of more than six months from the date they
 became payable.
 
 (x) The Company does not have accumulated losses at the year ended 31st
 March, 2013 and has not incurred cash losses during the year under
 review and in the immediately preceding financial year.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to its
 banks or to any financial institutions or debenture holders.
 
 (xii) According to the explanations given to us and based on the
 information available, the Company has not granted loans and advances
 on the basis of security by way of pledge of shares, debentures and
 other securities.
 
 (xiii) In our opinion and according to the information and explanations
 given to us, the Company is not a chit fund / nidhi / mutual benefit
 fund / society. Therefore, the provisions of clause (xiii) of paragraph
 4 of the order are not applicable to the company.
 
 (xiv) According to the information and explanations given to us, the
 Company is not dealing or trading in shares, securities, debentures and
 other investments. The investments have been held by the company in its
 own name except to the extent of exemption granted under section 49 of
 the Companies Act, 1956.
 
 (xv) In our opinion and according to the information and explanations
 given to us, the terms and conditions, on the basis of which the
 Company has given guarantees for loans taken by the subsidiary
 companies from banks or financial institutions, are not as such prima
 facie prejudicial to the interests of the Company.
 
 (xvi) In our opinion and according to the information and explanations
 given to us and on the basis of our examination of the books of
 account, the term loans were applied for the purpose for which such
 loans were obtained.
 
 (xvii) According to the information and explanations given to us and on
 an overall examination of the balance sheet of the Company, we report
 that no funds raised on short-term basis have been used for long term
 investment.
 
 (xviii) The company has allotted shares consequent upon conversion of
 warrants allotted on preferential basis to a company covered in
 Register maintained under Section 301 of the Companies Act,1956 during
 the year. The Price at which these shares have been issued has been
 determined as per Securities and Exchange Board of India (Issue of
 Capital and Disclosure Requirements) Regulations 2009, which in our
 opinion is not prejudicial to the interest of the Company.
 
 (xix) According to the information and explanations given to us, the
 company issued secured non-convertible debentures and unsecured foreign
 currency convertible bonds during the year under review.(Refer Note no.
 4)
 
 (xx) The company has not raised any money by public issues during the
 year under review.
 
 (xxi) 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 N.C.Banerjee & Co.
 
                                Chartered Accountants
 
                               (Firm''s Registration No. : 302081E)
 
                                A. Paul
 
 Place : Kolkata               (Partner)
 
 Dated : 26th May, 2013         Membership No. 06490
Source : Dion Global Solutions Limited
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