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« Mar 14
Auditor's Report (Gujarat NRE Coke) Year End : Mar '15
We have audited the accompanying standalone financial statements of
 Gujarat NRE Coke Limited (the Company), which comprise the
 Balance Sheet as at March 31 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 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 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 misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the standalone
 financial statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone financial statements
 give the information required by the Act in the manner so required and
 give a true and fair view in conformity with the accounting principles
 generally accepted in India, of the state of affairs of the Company as
 at 31st March, 2015, and its loss and its 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 paragraphs 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
 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, 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 31st March, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st 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 Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements Refer Note 30 to the
 financial statements;
 
 ii. The Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 on long-term contracts including derivative contracts Refer Note 34 to
 the financial statements;
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 (i) (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of its fixed
 assets.
 
 (b) The fixed assets of the Company have been physically verified in a
 phased programme by the management during the year, which in our
 opinion is reasonable, having regard to the size of the company and
 nature of its assets. No material discrepancies were noticed on such
 verification.
 
 (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 has maintained proper records of inventory.  We were
 explained that 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 accounts.
 
 (iii) The Company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in register maintained
 under Section 189 of the Companies Act, 2013. Accordingly, sub- clauses
 (a) and (b) of clause (iii) of paragraph 3 of the Order are 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 nature of its business
 with regard to purchase of inventory and fixed assets, and for the sale
 of goods and services. Further, on the basis of our examination of the
 books and records of the Company, and according to the information and
 explanations given to us, we have neither come across nor have been
 informed of any continuing failure to correct major weakness in the
 aforesaid internal control system.
 
 (v) The Company has not accepted any deposits. Therefore, the
 directives issued by the Reserve Bank of India and the provisions of
 Section 73 to 76 or any other relevant provisions of the Companies Act
 and Rules thereunder are not applicable to the Company.
 
 (vi) We have broadly reviewed the cost records maintained by the
 Company as prescribed by the Central Government under Sub- section 1 of
 Section 148 of the Companies Act, 2013 and are of the opinion that
 prima facie the prescribed cost records have been maintained. We have,
 however, not carried out a detailed examination of such records, nor
 are we required to do so, with a view to determine whether they are
 accurate or complete.
 
 (vii) (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 with
 appropriate authorities undisputed statutory dues including provident
 fund, employee''s state insurance, wealth tax, customs duty, excise duty
 and any other material statutory dues except Income Tax for Rs. 2.92
 crores and Sales Tax/VAT for Rs. 8.47 crores outstanding as on 31st
 March, 2015 for a period of more than six months from the dates they
 became payable.
 
 (b) According to the information and explanations given to us , there
 were no dues in respect of income tax, sales tax, wealth tax, service
 tax, duty of customs, duty of excise, value added tax and cess that
 have not been deposited with the appropriate authorities other than
 disputed liabilities mentioned here-in-below:
 
 Name of the statute      Nature of                 Amount
                          Dues                    (Rs./Crores)
 
 Income Tax Act, 1961     Regular Assessment           0.34
 
 Finance Act, 1994        Service Tax                  5.06
 (Act 32 of 1994)
 
                                                       1.21
 
 The Customs Act, 1962    Custom Duty                  7.03
 
 The Central Excise Act,  Excise Duty                  3.46
 1944
 
 Name of the Statute   Period to which the      Forum where
                       amount Relates           disputes are pending
 
 Income Tax Act 1961   FY 2010-11               CIT(A) Kolkata
 
 Finance Act 1994      FY 2004-05 to 2008-09,   CESTAT / Commissioner 
 Act 32 of 1994        2009-10,2011-12          (Appeal)/ & Commissioner
                       2013-14
 
                       2013-14                  Commissioner (Appeal)/
                                                High Court, Calcutta
 
 The Customs Act 1962  2007-08,2009-10,         CESTAT, Commissioner
                       2010-11,2014-15          (Appeal)
 
 The Central Excise    2008-09                  CESTAT
 Act 1944
 
 (c) According to the information and explanations given to us, the
 amounts required to be transferred to investor education and protection
 fund in accordance with the relevant provisions of the Companies Act,
 1956 (1 of 1956) and rules made thereunder have been transferred to
 such fund within time.
 
 (viii) The Company does not have accumulated losses more than 50% of
 Net Worth of the Company as at 31st March, 2015. The Company has
 incurred cash losses in the financial year covered by our audit report
 and in the immediately preceding financial year.
 
 (ix) In our opinion and according to the information and explanations
 given to us, the Company has defaulted in repayment of dues to
 financial institutions, banks or debenture holders, details are given
 below:-
 
                                                    Amount (Rs. in Crs)
 Particulars              Delays up to 30  Delays 31-90  Delays 91-180 
                          days             days          days 
 
 Letter of Credits / Bill      41.32           17.78         0.72
 Discounting/ Installments/
 Overdrawing
 
 Interest Liabilities           6.67           11.13         4.37
 
 Particulars                 Delays beyond 180 days     Total Amount
 
 Letter of Credits /Bill           4.82                  64.64
 Discounting Installments
 Overdrawing
 
 Interest Liabilities             17.30                  39.47
 
 (x) In our opinion and according to the information and explanations
 given to us, the terms and conditions on which the Company has given
 guarantees for loans taken by others from banks and/or financial
 institutions are not prima facie prejudicial to the interests of the
 Company.
 
 (xi) According to the information and explanations given to us, the
 term loans obtained by the Company were applied for the purposes for
 which such loans were obtained.
 
 (xii) Based on the audit procedures 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 under review.
 
 
                                     For N.C.Banerjee & Co. 
                                     Chartered Accountants
                              (Firm''s Registration No. : 302081E)
 
                                           A. Paul
 Place : Kolkata                          (Partner)
 Dated : 25th May, 2015            Membership No. 06490
 
 
Source : Dion Global Solutions Limited
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