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Neueon Towers Ltd.

BSE: 532887 | NSE: NTL |

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Series: BE | ISIN: INE333I01036 | SECTOR: Power - Transmission & Equipment

BSE Live

Dec 02, 15:30
2.12 0.07 (3.41%)
Volume
AVERAGE VOLUME
5-Day
45,202
10-Day
48,649
30-Day
34,321
30,111
  • Prev. Close

    2.05

  • Open Price

    2.15

  • Bid Price (Qty.)

    2.12 (965)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 02, 15:31
2.15 0.10 (4.88%)
Volume
AVERAGE VOLUME
5-Day
102,902
10-Day
126,753
30-Day
120,715
36,567
  • Prev. Close

    2.05

  • Open Price

    2.15

  • Bid Price (Qty.)

    2.10 (13028)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2009 2008 2007

Auditor's Report

1. We have audited the attached Balance Sheet of Sujana Towers Limited as at 31st March 2012, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date annexed thereto. These 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.

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 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.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 of the said order to the extent they are applicable to the Company.

4. Further to our comments in the annexure referred to in Paragraph 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 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 it appears from our examination of such books.

c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow statement referred to in this report are in agreement with the books of accounts of the Company.

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss 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, as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the Director is disqualified as on 31st March 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us, the said financial statements, read together with the notes thereon and schedules attached thereto, give the information required by the Companies Act, 1956, in the manner so required and present 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 2012;

ii) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

iii) in the case of the Cash Flow statement, of the cash flows for the year ended on that date;

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 of our report of even date)

i. (a) The Company is in the process of updating its fixed assets register showing particulars including

quantitative details and location / situation of fixed assets.

(b) According to the information given to us, the fixed assets have been physically verified during the year by the management in accordance with a programme of verification. In our view the periodicity of verification is reasonable having regard to the size of the Company and nature of its assets. However the comparison of the physical fixed assets is pending reconciliation with Fixed Assets Register.

(c) As per information and explanations given to us, the disposal of fixed assets during the year was not substantial and hence does not affect the going concern assumption.

ii. (a) As explained to us, physical verification of inventories was carried out during the year by the

Management at reasonable intervals. However the documentation with regard to such verification has to be strengthened.

(b) In our opinion and according to information and explanation given to us, 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.

(c) In our opinion and according to information and explanation given to us, proper records of inventory have been maintained by the Company and no material discrepancies were noticed on physical verification as compared to the record of inventories.

iii. (a) During the period under review, the Company has not availed loans from companies, firms or

other parties listed in the Register maintained under section 301 of the Companies Act, 1956.

(b) During the period under review, the Company has not granted to a company listed in the Register maintained under section 301 of the Companies Act, 1956.

iv. In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, additional strengthening of the internal control procedures with regard to purchases of inventory and fixed assets and for the sale of goods is recommended so as to be commensurate with the current size of the Company and nature of its business. However, in our opinion, management is taking reasonable steps to correct the said weaknesses and we have not observed any other continuing failure to correct major weaknesses in internal controls.

v. The particulars of contracts or arrangements referred to section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

vi. The Company has not accepted any fixed deposits from the public during the year requiring compliance of provisions of Section 58 A and 58 AA or any other relevant provisions of the Companies Act, 1956.

vii. In our opinion, the Company has an internal audit system which in our opinion is commensurate with the size of the Company and the nature of its business.

viii. We have broadly reviewed the books of account maintained by the Company pursuant to section 209(1) (d) of the Companies Act 1956, for maintenance of cost records and based on review; we are of the opinion that prima facie the prescribed accounts and records are maintained. We have however, not made a detailed examination of the records with a view to determining whether they are accurate or complete.

ix. (a) According to the information and explanations given to us, the Company has been regular, in depositing undisputed statutory dues including Employees Provident Fund, Employees' State Insurance, Investor Protection fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities during the year. However, there have been instances of delay in remittance of TDS, Income Tax with the appropriate authorities.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Service Tax etc., were in arrears as at 31.03.2012 for a period of more than six months from the date they became payable excepting :

Particulars Amount Rs. in Lakhs

Income Tax (2009 - 2010) 354.89

Income Tax (2010 - 2011) 2722.21

Income Tax (2011 - 2012) upto Sep 11 1371.23

Tax Deducted at Source (upto Sep 11) 27.37

Work Contract Tax (2010 - 2011) 6.98

Dividend Distribution Tax (upto Sep 11) 0.50

(c) According to the information and explanations made available to us and on the basis of examination of records of the Company, the dues of Excise Duty, Sales Tax and Income Tax as at 31st March 2012 which have not been deposited on account of any dispute are as follows:

Name of the Statute Period to which the Forum where Amount (Nature of the Dues) amount relates matter is pending

Excise Department

Additional Rs. 30.98 lacs (Paid

Excise Duty on Sale of 2010 - 2011 Commissioner of Rs. 15.49 lacs during Scrap Central Excise the year 2010-2011)

Sales Tax Department

Submission of C Forms 2011 - 2012 Appellate Deputy Rs.72.02 lacs Commissioner

x. The Company does not have any accumulated losses as at 31.03.2012 and has not incurred cash losses during the current period and also in the immediately preceding period covered by audit.

xi As per the information and explanations made available to us, the Company has defaulted in repayment of dues to financial institutions or banks to the extent of Rs.28.47 Crores payable to M/s L&T Infrastructure Finance Limited and M/s SICOM.

xii. According to the information and explanations given to us, the Company has not granted any loan or advance on the basis of security by way of pledge of shares, debentures and other securities.

xiii. The provisions of Clause 4(xiii) of the Order relating to Chit Funds / Nidhi are not applicable to the Company.

xiv. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments.

xv. According to the information and explanations given to us, the Company has not given any guarantee during the year towards loans taken by others from banks and financial institutions.

xvi According to the information and explanations given to us, the Company has not availed any term loan during the current year.

xvii. According to the Cash Flow statement and other records examined by us and based on the information and explanations given to us, on an overall basis, funds raised on short term basis have not been used for long term investment.

xviii. According to the information and explanations given to us, the Company has during the year made allotment of shares to Warrant holders on conversion of such warrants issued on preferential basis to parties companies covered in the register maintained under section 301 of the companies' act 1956. The issue price of shares so allotted has been determined in accordance to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. Hence, it is not prejudicial to the interests of the company.

xix. The Company has not issued debentures during the year and therefore the question of creating security or charge in respect thereof does not arise.

xx. The Company has not raised any funds by means of public issue during the current year and hence the question of disclosing the end-use of money raised by way of public issue does not arise.

xxi. Based on the audit procedures performed and on the basis of representation obtained from the management, we report that no instance of fraud on or by the Company have been noted or reported by the management during the year.

For R. SUBRAMANIAN AND COMPANY

CHARTERED ACCOUNTANTS (Reg No. 004137S)

A.S. Ramanathan

Partner Membership No. 011072

Place: Hyderabad (Camp)

Date: May 28, 2012