We have audited the attached Balance Sheet of Urja Global Limited as at
31st March 2010, and also the Profit & Loss Account of the said company
for the year ended on that date together with annexure 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.
We have 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 test basis, evi- dence 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.
1) As required by the Companies (Auditors Report) Order 2003, issued
by the Central Govern- ment 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 and 5 of the said order.
2) Further to our comments in the annexure referred to in paragraph 1
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 accounts as required by law have
been kept by the company so far as it appears from our examination of
the books;
c) The said Balance Sheet, Profit and Loss account and Cash Flow
Statement are in agreement with the books of accounts;
d) In our opinion the Balance Sheet and the Profit and Loss Account
comply with the Account ing Standard referred it in sub section (3C) of
Section 211 of the Companies Act 1956;
e) On the basis of the written representation received from the
Directors as on 31st March 2010 and taken on record by the Board of
Directors, we report that none of the Director is disquali fied from
being appointed as Director under clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the accounts read with the significant
accounting policies and notes thereon, give the information required by
the Companies Act, 1956 in the manner so required and also give a true
and fair view ;
i. In the case of Balance Sheet, of state of affairs of the company as
at 31st March 2010; ii. In the case of Profit & loss Account, of
Profit for the year ended on that date; and iii. In the case of cash
flow statement of the cash flow for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 1 of our report of even date,
1. (a) The Company has maintained proper records of Fixed Assets
showing full particulars, including Quantitative details and situation
of fixed assets.
(b) The physical verification of the Fixed Assets was conducted by the
management at the year end which is in our opinion is reasonable having
regard to the size of the Company and nature of its Fixed Assets. No
material discrepancies were noticed during the year on such
verification.
(c) There was no disposal of Fixed Assets during the year.
2.(a) The inventories have been physically verified during the year by
the management. In our opinion frequency of verification is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are rea- sonable and adequate in relation to the size of
the company and nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3. The Company has not granted / taken unsecured loans to / from
Companies, Firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
4. In our opinion and according to explanation given to us, there is
adequate internal control procedure commensurate with the size of the
company and the nature of its business for purchase of inventory, fixed
assets and with regard of the sale of goods. During the course of our
audit, no major weakness has been noticed.
5. Based on the audit procedures applied by us and according to
information and explanations given to us by the management, we are of
the opinion that there was no transaction need to be entered in the
register maintained under section 301 of the Companies Act, 1956.
6. The Company has not accepted deposits from public within the
meaning of sections 58A and 58AA of the Companies Act, 1956.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed for the maintenance of
cost records under section 209 (1) (d) of the Companies Act, 1956 to
the Company.
9.(a) According to the information and explanations given to us by the
company, the company is generally regular in depositing undisputed
statutory due with the depositing authorities. Ac- cording to the
information and explanations given to us there are no undisputed
amounts payable in respect of Income Tax, Wealth tax, Sales Tax, Custom
Duty and Excise Duty were outstanding as at 31st March, 2010 for a
period of more than six months from the date they become payable.
(b) The Company doesnt have any disputed dues of Sale Tax, Income Tax,
Wealth Tax, Excise Duty and Customs etc. which have not been deposited
except the income tax demand of Rs. 368443/- for the A. Y. 2006-2007
against which the company has filed an Appeal with CIT (A) VI, New
Delhi.
10. The accumulated losses of the company are not more than fifty
percent of its net worth. It has not incurred any cash losses during
the current financial year and in the immediate financial year.
11. In our opinion and according to the information and explanation
given to us by the management we are of the opinion that the Company
has not defaulted in the repayment of dues to financial institution or
bank.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi /mutual benefit
fund/societies.
14. As informed and explained to us, the company has not dealt/traded
in securities or debentures during the year.
15. According to the information and explanations given to us, the
company has not given any guarantee for loan taken by its associates or
subsidiaries from bank or financial institutions.
16. According to the information and explanations given to us, the
Company did not have any term loan outstand- ing during the year.
17. On the basis of information received from the management and based
on our examination of the Balance Sheet of the Company as at 31st
March, 2010 we find that the funds raised on a short term basis have
not been used for long term investment and vice versa.
18. On the basis of information received from the management we repot
that the company has not made preferential allotment of share to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised monies by way of public issue during
the year.
21. According to the information and explanations given to us no fraud
on or by the Company has been noticed or reported during the year.
As per our Report annexed
For P V R N & Co.
Chartered Accountants
Sd/-
Pradeep Kumar Jindal
Partner
M. No. - 082646
Place: New Delhi F. Regn. No.- 004062N
Date: 15.05.2010
