NTPC
BSE: 532555 | NSE: NTPC | ISIN: INE733E01010 | Power - Generation/Distribution
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| Auditor's Report | Year End : Mar '09 |
1. We have audited the attached Balance Sheet of NTPC LIMITED as at
31st March 2009, the Profit and Loss Account and also the Cash Flow
Statement for the year ended on that date 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. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An audit
includes examining, on 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, 2003 issued
by the 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.
4. Further to our comments in annexure referred to in para 3 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, Profit and Loss Account and Cash Flow Statement
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 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) Being a Government company, pursuant to the Notification no. GSR
829(E) dated 21.10.2003 issued by Government of India, provisions of
clause (g) of sub-section (1) of section 274 of the Companies Act,
1956, are not applicable to the company;
f) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts read with the
Accounting Policies and Notes thereon in Schedule 26, 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 2009,
b. in the case of Profit and Loss Account, of the profit for the year
ended on that date, and
c. in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Statement referred to in paragraph (3) of our report of even date to
the members of NTPC LIMITED on the accounts for the year ended 31
March 2009
(i) (a) The company has senerally maintained proper records showins
full particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) Substantial part of the fixed assets has not been disposed off
during the year.
(ii) (a) The inventory has been physically verified by the management
at reasonable intervals.
(b) 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 on physical verification of inventories, wherever
material, have been properly dealt with in the books of account.
(iii) (a) The company has not granted any loans secured or unsecured to
any company, firm or other party covered in the register maintained
under section 301 of the Companies Act, 1956.
In view of clause (iiiXa) above, the clauses (iiiXb), (HiXc) and
(iiiXd) are not applicable.
(e) The company has not taken any loans secured or unsecured from any
company, firm, or other parties covered in register maintained under
section 301 of the Companies Act, 1956.
In view of (iii) (e) above, the clauses (iii) (f) and (iii) (g) are not
applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business for
purchase of inventory and fixed assets and for sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
systems.
(v) (a) According to the information and explanations given to us,
during the year under audit there have been no contracts or
arrangements which need to be entered in the register maintained under
section 301 of the Companies Act, 1956.
In view of clause (v) (a) above, the clause (v) (b) is not applicable.
(vi) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of Sections
58A and 58AA or any other relevant provisions of the Companies Act,
1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard
to the deposits accepted from the public. No order has been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other tribunal.
(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 accounts and records maintained by
the company pursuant to the Rules made by the Central Government for
the maintenance of cost records under section 209 (1) (d) of the
Companies Act, 1956 and we are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. We have
not, however, made detailed examination of the records with a view to
determine whether they are accurate and complete.
(ix) (a) Undisputed statutory dues including provident fund, investor
education and protection fund, income tax, sales-tax, wealth tax,
service tax, custom duty, excise duty, cess and other statutory dues
have generally been regularly deposited with the appropriate
authorities within a period of six months from the date they became
payable except for entry tax ofRs.88.95 million which has since been
deposited with the appropriate authorities.
(b) The disputed statutory dues aggregating to Rs.593 million that have
not been deposited on account of matters pending before appropriate
authorities are detailed below:
SI.No. Name of Statute Nature of dues
1 Central Sales Tax and Sales Sales Tax/ VAT
Tax/VAT Acts of Various States
2 Water (Preverttion & Control of Water/Pollution Cess
Pollution) Cess Act, 1977
3. Indian Stamp Act, 1899 Land Tax
4. Central Excise Act, 1944 Central Excise duty ,„
5. Income Tax Act, 1961 Income tax
Total
Forum where the dispute Is pendlns Rs.million
Additional Commissioner of Sales Taxes 65
Commissioner of Sales Tax 26
Dy. commissioner of Sales/ Commercial Taxes 332
High Court 19
Sales Tax Tribunal 43
Joint Commissioner (Appeal) Trade tax 14
Appellate Authority, Pollution Control Board 13
Appellate Authority - Board of Revenue 14
CESTAT 2
Income Tax Appellate Tribunal 5
Allahabad High Court 60
593
(x) The company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit and 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
financial institutions, banks or debenture holders.
(xii) According to the information and explanations given to us,
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of clause
4(xiv) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(xv) Company has not given any guarantees for loans taken by others
from banks or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvti) 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) According to the information and explanations given to us, the
company has not made preferential allotment of shares during the year.
(xix) According to the information and explanations given to us, the
company has created security or charge in respect of the Bonds issued
by the company during the year.
(xx) According to the information and explanations given to us, the
company has not raised any money by public issue .
For Varma and Varma For B.C.Jain & Co. For Parakh & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
(Cherian K. Baby) (Ranjeet Singh) (Aditya Rawat)
Partner Partner Partner
M No.16043 M No.73488 M No.71767
For S.K. Mittal & Co. For Dass Gupta & Associates. For S.K. Mehta &
Co.
Chartered Accountants Chartered Accountants Chartered Accountants
(S.K. Mittal) (Ashok Kumar Jain) (Rohit Mehta)
Partner Partner Partner
M No.8506 M No.90563 M.No.91382
Place: New Delhi
Dated : 22nd May 2009 |
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| Source : Religare Technova | |
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