Noida Toll Bridge Company
BSE: 532481 | NSE: NOIDATOLL | ISIN: INE781B01015 | Construction & Contracting - Civil
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| Auditor's Report | Year End : Mar '08 |
1. We have audited the attached Balance Sheet of Noida Toll Bridge
Company Limited as at 31st March 2008, the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date, both 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies Auditors Report Order, 1988 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 the said Order, to the extent applicable to
the company.
4. We draw the attention of the shareholders to note number 3 (a)
(iii) of schedule 17 Significant Accounting Policies & Notes to
Accounts regarding revaluation of leased land, wherein the formal
agreement for grant of development rights, is pending execution.
5. Further 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 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 and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(d) in our opinion, the Balance Sheet, Profit and Loss Account and the
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 the
directors, and taken on record by the Board of Directors, we report
that none of the directors are disqualified as at 31st March 2008, 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 according to the information and explanations
given to us, the said accounts give 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:
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2008
ii. In the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii. In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our report of even date)
1. The Company has generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
2. As per the information and explanations given to us, fixed assets
have been physically verified by the Management at reasonable
intervals, and discrepancies (if any) noticed on verification during
the year have been properly adjusted in the books of accounts.
3. The company has not disposed off substantial part of fixed assets
during the year.
4. As per the information and explanations given to us, inventories
have been physically verified at reasonable interval during the year by
the Management.
5. The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
6. On the basis of our examination, we are of the opinion that the
company is maintaining proper records of inventory. The discrepancies
noticed on verification between the physical stock and book records are
not material and have been properly dealt with in the books of
accounts.
7. The Company has not taken / granted any secured or unsecured loan
from / to companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956.
8. In our opinion the rate of interest and other terms and conditions
of loans taken/ granted by the company, secured or unsecured, are prima
facie not prejudicial to the interest of the company.
9. In respect of loans and advances, the payment of principal amount
and interest has been made as per the revised repayment schedule
approved by the CDR.
10. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for toll
collection. We have not observed any failure on the part of the company
to correct major weakness in internal control system.
11. As per the information and explanation given to us, there are no
transactions that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956.
12. According to the information and explanations given to us the
company has not accepted deposits from the public.
13. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
14. According to the information and explanations given to us, the
company is 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, cess and any
other statutory dues with the appropriate authorities. There are no
arrears of outstanding statutory dues outstanding as at 31 March, 2008
for a period of more than six months from the date they became payable.
15. According to the information and explanation given to us, there is
no disputed dues on account of provident fund, investor education and
protection fund; employees state insurance, sales tax, wealth tax,
service tax, cess except income tax penalty amounting to Rs. 44,00,000
for the Financial Year 2002-03 and the appeal against the same is
pending before the CIT(A).
16. 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 and in the immediately preceding financial year.
17. As per the information and explanations given to us, the company
has not defaulted in the repayment of dues to any financial institution
or bank or debenture holders in accordance with the terms and
conditions of the CDR approval for debt restructuring.
18. The company has maintained adequate documents and records in cases
where the company have been granted secured loans and advances to the
employees.
19. The company is dealing in securities (units of mutual funds),
proper records of transactions and contracts have been maintained and
timely entries have been made therein. Shares, securities, debentures
and other securities have been held by the company in its own name
except to the extent of the exemption granted under section 49 of the
Act.
20. The company has not given any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company.
21. As per the information and the explanation given to us, term loans
were applied for the purpose for which the loans were obtained.
22. Fund raised on short- term basis has not been used for long-term
investment.
23. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act 1956.
24. The company has created securities in respect of debentures
issued.
25. The company has not raised money by public issue during the year.
26. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
27. Other clauses of the order are not applicable to the Company.
For Luthra & Luthra
Chartered Accountants
Akhilesh Gupta
Partner
(M. No. 89909)
Place : Noida
Date : 21 April, 2008
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| Source : Religare Technova | |
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