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NTC Industries
BSE: 526723|ISIN: INE920C01017|SECTOR: Cigarettes
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Mar 12
Auditor's Report (NTC Industries) Year End : Mar '13
We have audited the accompanying financial statements of NTC Industries
 limited, which comprise the Balance Sheet as at March 31, 2013, the
 Statement of Profit & Loss for the year ended on that date and Cash
 Flow Statement for the year ended on that date, 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 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 aforesaid financial statements read with
 other notes 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 :
 
 a) In the case of Balance Sheet, of the state of affairs of the Company
 as at 31st March, 2013.
 
 b) In the case of the Statement of Profit & Loss of the Profit for the
 year ended 31st March, 2013.
 
 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
 
 As required by Section 227(3) of the Act, we report that:
 
 1.  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.
 
 2.  Proper books of account as required by law have been kept by the
 Company so far as appears from our examination of these books.
 
 3.  The Balance Sheet, Statement of Profit & Loss and Cash Flow
 Statement dealt with by this report are in agreement with the Books of
 Account.
 
 4.  The Balance Sheet, Statement of Profit & Loss and Cash Flow
 Statement comply with the accounting standards referred to in
 sub-section (3C) of section 211 of the Companies Act, 1956.
 
 5.  In our opinion and according to the explanations given to us none
 of the Directors are disqualified from being appointed as directors
 under clause (g) of sub-section (1) of section 274 of the Companies
 Act, 1956.
 
 As required by the Companies (Auditors'' Report) Order, 2003 as amended
 by the Companies (Auditor''s Report) (Amendment) Order, 2004 issued by
 the Central Government in exercise of the power conferred by section
 227(4A) of the Companies Act, 1956 on the matters specified in
 paragraph 4 and 5 of the said Order, we report that -
 
 i) a) The company is maintaining proper records showing, full
 particulars including quantitative details and situation of Fixed
 Assets.
 
 b) In our opinion, the fixed assets have been physically verified by
 the management at reasonable intervals. No material discrepancies were
 noticed on such verification.
 
 c) In our opinion, substantial part of fixed assets has not been
 disposed off by the company during the year.
 
 ii) a) In our opinion, the inventory of the Company has been physically
 verified by the management at reasonable intervals during the year. In
 respect of material lying with third parties, these have substantially
 been confirmed by them.
 
 b) In our opinion, the procedures of physical verification followed by
 the management are reasonable and adequate in relation to the size of
 the Company and the nature of its business.
 
 c) On the basis of our examination of inventory records, in our
 opinion, the Company is maintaining proper records of inventory. The
 discrepancies ascertained on physical verification between the physical
 stocks and the book records of inventories were not material in
 relation to the operations of the Company.
 
 iii) a) The company has granted loan to one party covered in the
 register maintained under section 301 of the Companies Act, 1956,
 during the year. The maximum amount involved during the year was Rs.
 9,95,12,361/- and the year end balance wasRs. 6,14,26,168/,
 
 b) In our opinion and according to the explanation given to us, the
 rate of interest and other terms and conditions are not prima facie
 prejudicial to the interest of the Company.
 
 c) The receipt of the principal amount and interest are regular.
 
 d) There are no overdue amounts of more than rupees one lakh in respect
 of the loan granted to a body corporate listed in the register
 maintained under section 301 of the Act.
 
 e) The Company has not taken any loans, secured or unsecured from
 companies, firms or parties covered in the register maintained under
 section 301 of the Act. Accordingly, paragraphs 4(iii)(e) to 4(iii)(g)
 of the Order are not applicable.
 
 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 for the
 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 we been
 informed of any continuing failure to correct major weaknesses in the
 aforesaid internal control system.
 
 v) a) In our opinion and according to information and explanations
 given to us, the particulars of contracts or arrangements referred to
 in section 301 of the Companies Act, 1956 have been so entered.
 
 b) In our opinion and according to information and explanations given
 to us, the transactions made in pursuance of contract or arrangements
 entered in the register maintained under section 301 of the Companies
 Act, 1956 and exceeding the value of Rupees Five Lacs in respect of any
 party during the year, have been made at prices which are reasonable
 having regard to the prevailing market prices at the relevant time.
 
 vi) The Company has not accepted any deposit from public.
 
 vii) In our opinion, the Company has an internal audit system
 commensurate with the size and 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(l)(d) of the
 Companies Act, 1956 and are of the opinion that prima facie the
 prescribed cost records have been maintained. We have, however, not
 made a detailed examination of the cost records with a view to
 determine whether they are accurate or complete.
 
 ix) a) According to the information and explanations given to us and
 records of the company examined by us, in our opinion, no undisputed
 amounts payable in respect of Provident Fund, Employees State
 Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
 Excise Duty, Cess and other statutory dues were outstanding, at the
 year end, for a period of more than six months from the date they
 became payable.
 
 x) The accumulated losses as at 31st March, 2013 are not more than
 fifty percent of its net worth. The company has not incurred any cash
 losses in the financial year ended on that date or in the immediately
 preceding financial year.
 
 xi) According to the records of the Company examined by us and the
 information and explanations given to us, the Company has not defaulted
 in repayment of dues to any financial institution or bank or debenture
 holder as at the Balance Sheet date.
 
 xii) In our opinion, the company has not granted any loans & advances
 on the basis of security by way of pledge of shares, debentures and
 other securities.
 
 xiii) The provisions of any special statute applicable to chit
 fund/nidhi/mutual benefit fund/societies are not applicable to the
 company.
 
 xiv) In our opinion and according to information and explanations given
 to us, the Company is not dealing in or trading in shares, securities,
 debentures and other investments.
 
 xv) The Company has not given any guarantees for loans taken by others
 from banks or financial institution.
 
 xvi) The term loan obtained by the company has been applied for the
 purpose for which they were raised.
 
 xvii) According to the information and explanation 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
 investments by the company.
 
 xviii)The company has not made any preferential allotment of shares to
 parties and companies covered in the registered maintained under
 section 301 of the Companies Act, 1956.
 
 xix) The company has not issued any debentures and hence question of
 creating security in respect thereof does not arise.
 
 xx) The Company has not raised any money by way of public issue during
 the year.
 
 xxi) During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of such case by the management.  ''
 
                                       For S.M.DAGA&CO.
   
                                       Chartered Accountants
 
                                       Firm Registration No 303119E
 
                                       Deepak Kumar Daga
 
 ll,CliveRow,Kolkata-700 001           Partner
 
 Dated : The 30th day of May, 2013     Membership No. 059205
Source : Dion Global Solutions Limited
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