We have audited the accompanying financial statements of Urja Global
Limited (hereinafter referred to as the Company ), which comprises the
Balance Sheet as at 31 March, 2014 and the Statement of Profit and Loss
and Cash Flow Statement for the year then ended, 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 and cash flows of the Company in accordance with
accounting principles generally accepted in India, including the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 (the Act) read with General Circular No.
8/2014Dated 4 th April 2014 issued by the Ministry of Corporate
Affairs. 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.
Auditors'' 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 financial statements give the information
required by the act 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 the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 (the
Order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, 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 appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with
General Circular No. 8/2014Dated 4 th April 2014 issued by the Ministry
of Corporate Affairs.
e) On the basis of written representations received from the directors
as on March 31st 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31st 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT OF EVEN DATE
(Referred to in paragraph 1 under the heading Report on other legal
and regulatory requirements of our report of even date)
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the Company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the normal
course of audit, we report as under:
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 reasonable 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 secured or unsecured loan
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
Accordingly, provisions of clauses 4(iii) of the Companies (Auditor''s
Report) Order, 2003 (as amended) are not applicable to the Company and
hence not commented upon.
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 were no transactions that 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 dues with the appropriate authorities Sales Tax, Income Tax
and other material dues applicable to the Company. According to the
information and explanations given to us there are undisputed amounts
payable in respect of Income Tax & TDS amounting to Rs. 95,38,924/-,
outstanding as at 31 March, 2014 for a period of more than six months
from the date they become payable.
(b)The Company doesn''t 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 '' 3,68,443/- for the A. Y. 2006-2007
against which the Company has filed an Appeal with CIT (A) VI, New
Delhi.
10. The Company has not accumulated losses during the year. It has not
incurred any cash losses during the current financial year and in the
immediately preceding financial year.
11. The Company has no dues payable to a financial institution or bank
or debenture.
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 outstanding 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 31 March,
2014 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 report
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 by the
Management, we report that no fraud on or by the Company has been
noticed or reported during the year.
For PVR-N & Co.
Chartered Accountants
Firm Registration No: 004062N
Pradeep Kumar Jindal
Partner
M.No. 082646
New Delhi, 28 May, 2014
