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0.25 (0.47%)
0.75 (1.4%) | Auditor's Report (KSK Energy Ventures) | Year End : Mar '12 |
We have audited the attached Balance Sheet of KSK ENERGY VENTURES
LIMITED as at 31 March, 2012, the Profit and Loss Statement for the
year ended on that date annexed thereto and the Cash Flow Statement for
the year ended on that date. The financial statements are the
responsibility of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors'' Report) Order, 2003 and
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 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. 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.
iii. The Balance Sheet, Profit and Loss Statement and Cash Flow
Statement dealt with by this report are in agreement with the Books of
account of the Company.
iv. In our opinion, the Balance Sheet, Profit and Loss Statement 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.
v. On the basis of written representations received from the
directors, as on 31 March, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31 March, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of Sec. 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read with the Notes
there on, the information required by the Companies Act, 1956, 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, 2012.
b. In the case of the Profit and Loss Statement of the Company, of the
profit of the Company for the year ended on that date.
c. In the case of Cash Flow Statement, of the cash flows of the
Company forthe year ended on that date.
Referred to in paragraph 1 of our report of even date:
In our opinion and according to the information and explanations given
to us:
1. The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
The Company has a fixed programme of Physical verification of its fixed
assets which, in our opinion, is reasonable having regard to the size
of the Company and the nature of its assets. Management has physically
verified the fixed assets during the year. No material discrepancies
were noticed on such verification.
During the year, the Company disposed off all its fixed assets (Wind
Turbine Generators with land appurtenant there to) relating to power
generation undertaking besides some other assets. In our opinion, it
does not affect going concern of the entity.
2. The Clause relating to Inventories is not applicable to the
company, as the Company has not carried out any manufacturing activity.
3. (a) During the year, the Company has granted unsecured loans and
advances from time to time to fourteen Companies covered in register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 842.09 croresandtheyear-end
balance of such loans was Rs 577.29 crores.
In our opinion, the rate of interest and other terms and conditions of
such loans and advances made are not prima facie prejudicial to the
interests of the Company.
(b) During the year, the Company has taken unsecured loans from one
Company covered in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs.89.05 crores and year- end balance of such loan was Rs. 41.76 crores
In our opinion, the rate of interest and other terms and conditions of
such loans and advances made are not prima facie prejudicial to the
interests of the Company.
(c) The payment and receipt of interest is regular both in cases of the
loans given and loans accepted and the loans are recoverable or payable
on demand.
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. We have
not observed any major weakness in the internal control system during
the course of the audit.
5. According to the information and explanations given to us, we are
of the opinion that there are no contracts or arrangements referred to
in section 301 of the Companies Act, 1956, particulars of which are
required to be entered into the register maintained under that section.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an Internal Audit System
commensurate with its size and the nature of its business.
8. The maintenance of cost records has been prescribed by the Central
government under clause (d) of sub section (1) of Section 209 of the
Act, such accounts and records have been made and maintained.
9. (a) According to the information and explanations given to us and
on the basis of examination of books of accounts, the Company is
regular in depositing undisputed statutory dues including Provident
fund, Investor Education and Protection Fund, Employee''s State
Insurance, Income tax, Sales tax, Wealth tax, Service tax, Custom duty,
Excise duty, Cess and other statutory dues with the appropriate
authority''s and as at 31 March 2012 no undisputed statutory dues were
outstanding for more than six months from the date they became payable.
(b) There were no dues in respect of Income tax, Sales tax, Wealth tax,
Customs duty, Excise duty and Cess that have not been deposited with
the appropriate authorities on account of any dispute.
(c) Details of dues which have not been deposited on 31 March2012 on
account of dispute are furnished below
Name of the
statue Nature of
dues Forum where
pending Period to which Amount
amount relates (In Crores)
Finance
Act, 1994 Service Tax CESTAT April, 2008 to 50.56
September, 2010
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
11. The Company has not defaulted in payment of dues to any Financial
Institution/Banks.
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.
13. The Company is not a chit fund, nidhi, mutual benefit fund or a
society. Accordingly, the provisions of clause 4 (xiii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
14. As per the information and explanations given to us, the Company
is not dealing or trading in shares, securities, debentures and other
investments.
15. In our opinion and according to the information and explanations
given to us, the terms and conditions of guarantees given by the
Company for loans taken by others from banks or financial institutions
are not prima facie prejudicial to the interests of the Company.
16. During the year, the Company has not raised any term loans. In our
opinion, the term loans raised earlier have been applied forthe purpose
for which they were raised.
17. 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 utilized for long
term investment.
18. The Company has not made any preferential allotment of shares to
companies/firms/parties covered in the register maintained under
section 301 of the Act, 1956.
19. The Company has not issued any debentures and accordingly the
provisions of clause 4 (xix) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
20. During the year, the Company has not raised money by public issue
and accordingly the provisions of clause 4 (xx) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the Company.
21. No fraud on or by the Company has been noticed or reported during
the year.
For Umamaheswara Rao & Co.,
Chartered Accountants
Firm Registration No.004453S
Sd/-
(R.R. Dakshina Murthy)
Partner
Place: Hyderabad Membership No: 211639
Date : 5 May 2012 |
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| Source : Dion Global Solutions Limited | |
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