Audit Report NTBCL-08

8/8/2019 Audit Report NTBCL-08

1/5

Luthra & LuthraChartered Accountants

AUDITORS REPORT

TO THE MEMBERS OFNOIDA TOLL BRIDGE COMPANY LIMITEDNoida (U.P.)

1. We have audited the attached Balance Sheet of Noida TollBridge Company Limited as at 31st March 2008, the Profit and LossAccount and the Cash Flow Statement for the year ended on that date,both annexed thereto. These financial statements are the responsibility

of the Companys Management. Our responsibility is to express anopinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standardsgenerally accepted in India. These standards require that we plan andperform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatements. An auditincludes examining, on a test basis, evidence supporting the amountsand disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made

by the management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonablebasis for our opinion.

3. As required by the Companies Auditors Report Order, 1988 issuedby the Central Government of India in terms of sub-section (4A) ofsection 227 of the Companies Act, 1956, we enclose in the Annexure astatement on the matters specified in the said Order, to the extentapplicable to the company.

4. We draw the attention of the shareholders to note number 3 (a)

(iii) of schedule 17 Significant Accounting Policies & Notes to Accountsregarding revaluation of leased land, wherein the formal agreement forgrant of development rights, is pending execution.

5. Further to our comments in the Annexure referred to above, wereport that:

(a) we have obtained all the information and explanations, whichto the best of our knowledge and belief were necessary forthe purposes of our audit;

A-16/9, Vasant Vihar, New Delhi - 110057 Tel. : 26148048, 26151853, 26147365 Fax : 26145222


2/5

(b) in our opinion, proper books of account as required by lawhave been kept by the Company so far as it appears from ourexamination of those books;

(c) the Balance Sheet and Profit and Loss Account dealt with bythis report are in agreement with the books of account;

(d) in our opinion, the Balance Sheet, Profit and Loss Accountand the Cash Flow Statement dealt with by this reportcomply 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 thedirectors, and taken on record by the Board of Directors, wereport that none of the directors are disqualified as at 31st

March 2008, from being appointed as a director in terms ofclause (g) of sub-section (1) of section 274 of the CompaniesAct, 1956.

(f) in our opinion and according to the information andexplanations given to us, the said accounts give theinformation required by the Companies Act, 1956, in themanner so required and give a true and fair view inconformity with the accounting principles generally acceptedin India:

i. In the case of the Balance Sheet, of the state of affairs ofthe Company as at 31st March 2008

ii. In the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and

iii. In the case of the Cash Flow Statement, of the cash flowsof the Company for the year ended on that date.

For Luthra & LuthraChartered Accountants

Akhilesh GuptaPartner

Place:Date :

(M. No. 89909)


3/5

ANNEXURE TO THE AUDITORS' REPORT(Referred to in paragraph 3 of our report of even date)

1. The Company has generally maintained proper records showingfull particulars including quantitative details and situation of fixed assets.

2. As per the information and explanations given to us, fixed assetshave been physically verified by the Management at reasonableintervals, and discrepancies (if any) noticed on verification during theyear have been properly adjusted in the books of accounts.

3. The company has not disposed off substantial part of fixed assetsduring the year.

4. As per the information and explanations given to us, inventorieshave been physically verified at reasonable interval during the year by

the Management.

5. The procedures of physical verification of inventory followed by themanagement are reasonable and adequate in relation to the size of thecompany and the nature of its business.

6. On the basis of our examination, we are of the opinion that thecompany is maintaining proper records of inventory. The discrepanciesnoticed on verification between the physical stock and book records arenot material and have been properly dealt with in the books of accounts.

7. The Company has not taken / granted any secured or unsecuredloan from / to companies, firms or other parties covered in the registermaintained under Section 301 of the Companies Act, 1956.

8. In our opinion the rate of interest and other terms and conditionsof loans taken/ granted by the company, secured or unsecured, areprima facie not prejudicial to the interest of the company.

9. In respect of loans and advances, the payment of principal amountand interest has been made as per the revised repayment schedule

approved by the CDR.

10. In our opinion and according to the information and explanationsgiven to us, there are adequate internal control procedurescommensurate with the size of the Company and the nature of itsbusiness, for the purchase of inventory and fixed assets and for tollcollection. We have not observed any failure on the part of the companyto correct major weakness in internal control system.


4/5

11. As per the information and explanation given to us, there are notransactions that need to be entered in the register maintained underSection 301 of the Companies Act, 1956.

12. According to the information and explanations given to us thecompany has not accepted deposits from the public.

13. In our opinion, the company has an internal audit system

commensurate with the size and nature of its business.

14. According to the information and explanations given to us, thecompany is regular in depositing undisputed statutory dues includingprovident fund, investor education and protection fund; employees stateinsurance, income tax, sales tax, wealth tax, service tax, cess and anyother statutory dues with the appropriate authorities. There are noarrears of outstanding statutory dues outstanding as at 31 March, 2008for a period of more than six months from the date they becamepayable.

15. According to the information and explanation given to us, there isno disputed dues on account of provident fund, investor education andprotection fund; employees state insurance, sales tax, wealth tax,service tax, cess except income tax penalty amounting to Rs. 44,00,000for the Financial Year 2002-03 and the appeal against the same ispending before the CIT(A).

16. The Company does not have accumulated losses at the end of thefinancial year. The Company has not incurred cash losses during thefinancial year and in the immediately preceding financial year.

17. As per the information and explanations given to us, the companyhas not defaulted in the repayment of dues to any financial institution orbank or debenture holders in accordance with the terms and conditionsof the CDR approval for debt restructuring.

18. The company has maintained adequate documents and records incases where the company have been granted secured loans andadvances to the employees.

19. The company is dealing in securities (units of mutual funds), proper

records of transactions and contracts have been maintained and timelyentries have been made therein. Shares, securities, debentures andother securities have been held by the company in its own name exceptto the extent of the exemption granted under section 49 of the Act.

20. The company has not given any guarantee for loans taken byothers from bank or financial institutions, the terms and conditionswhereof are prejudicial to the interest of the company.


5/5

21. As per the information and the explanation given to us, term loanswere applied for the purpose for which the loans were obtained.

22. Fund raised on short- term basis has not been used for long-terminvestment.

23. The company has not made any preferential allotment of shares toparties and companies covered in the register maintained under section

301 of the Companies Act 1956.

24. The company has created securities in respect of debenturesissued.

25. The company has not raised money by public issue during theyear.

26. Based upon the audit procedures performed and information andexplanations given by the management, we report that no fraud on or bythe company has been noticed or reported during the course of our

audit.

27. Other clauses of the order are not applicable to the Company.

For Luthra & LuthraChartered Accountants

Akhilesh Gupta

PartnerPlace:Date :

(M. No. 89909)

Audit Report NTBCL-08

Documents

Transcript of Audit Report NTBCL-08