We have audited the accompanying Standalone Financial Statements of
Urja Global Limited (''the Company''), which comprises the Balance Sheet
as at 31st March 2015, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 (the Act) with respect
to the preparation and presentation of these Standalone Financial
Statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule7 of the Companies (Accounts) Rules, 2014. This responsibility also
includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities;
Selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, 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.
Our responsibility is to express an opinion on these Standalone
Financial Statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 the 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 financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, 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 on the standalone
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 31 March 2015
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 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, 2015 (the
Order) issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
( a) We have sought and 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
( c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
( d) In our opinion, the aforesaid Standalone Financial Statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
( e) On the basis of the written representations received from the
directors as on 31 March 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015,
from being appointed as a director in terms of Section 164 (2) of the
(f) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and
Auditor''s) Rules, 2014, in our opinion and to the best of our
information and according to the explanation given to us:
i. There were no pending litigations which would impact the financial
position of the company.
ii. The company did not have any material foreseeable losses on
long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Annexure to the Independent Auditors'' Report
The Annexure referred to in our Independent Auditors'' Report to the
members of the Company on the Standalone Financial Statements for the
year ended 31 March 2015, we report that:
i (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
(b) The physical verification of Fixed Assets was conducted by the
management at the year-end 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 during the year on such
(c) There was no disposal of Fixed Assets during the year.
ii. (a) The inventories have been physically verified during the year
by the management. In our opinion frequency of verification is
(b) The procedure of physical verification inventories followed by the
management are reasonable and adequate in relation to the size of the
company and nature of business.
( c) On the basis of 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.
iii. The Company has not granted any loans, secured or unsecured to any
bodies corporate, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013 (''the Act'').
Accordingly, provisions of clauses 3(iii) of the Companies (Auditor''s
Report) Order, 2015 are not applicable to the company and hence not
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 with regard
to purchase of fixed assets and sale of services. The activities of the
Company do not involve purchase of inventory and the sale of goods. We
have not observed any major weakness in the internal control system
during the course of the audit.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the activity
carried out by the Company.
vii. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
except the Income Tax by the Company with the appropriate authorities.
As explained to us, the Company did not have any dues on account of
employees'' state insurance and duty of excise. According to the
information and explanations given to us there are undisputed amounts
payable in respect of income tax amounting to Rs.1,68,77,292/-
outstanding as at 31 March 2015 for a period of more than six months
from the date they became payable
b) The Company doesn''t have any disputed dues of Cales Tax, Income Tax,
Wealth Tax, Excise Duty and Customs etc. which have not been deposited,
except the Income Tax demand of Rs. 3,68,443/- for the A. Y. 2006-07
against which the company has filed an Appeal with CIT (A) VI, New
viii. The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
ix. The Company did not have any outstanding dues to Financial
Institutions, Banks or Debenture holders during the year.
x. In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from Banks or Financial Institutions.
xi. The Company did not have any term loans outstanding during the
xii. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For P V R-N & Co.
Firm''s Registration No: 004062N
Pradeep Kumar Jindal
New Delhi, 27th May 2015