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एनसीसी फायनांस

बीएसई: 531452  |  NSE: N.A  |  ISIN: INE768B01012  |  Finance - General

खोजें एनसीसी फायनांस कनेक्शन Mar 13
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
We have audited the accompanying financial statements of NCC Finance
 Limited (the Company), which comprise the Balance Sheet as at
 March 31, 2014 and 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 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
 the Accounting Standards referred to in sub-section (3C) of section
 211 of the Companies Act, 1956 (the Act). 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.
 
 Auditor''s 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, but not for the purpose of expressing an opinion on
 the effectiveness of the companies internal control. 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 loss 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.
 
 Emphasis of Matter:
 
 We draw attention to the Note No.13 to the financial statements with
 regard to the preparation of financial statements on a going concern
 basis. The company has discontinued its finance business.
 
 Our opinion is not qualified in respect of this matter.
 
 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 matter 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;
 
 e) on the basis of written representations received from the directors
 as on March 31, 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2014, from being
 appointed as a director in terms of clause (g) of subsection (1) of
 section 274 of the Companies Act, 1956.
 
 STATEMENT REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE
 
 i. The Company does not have any fixed assets. Hence the provisions of
 Clause 4(i) (a), (b) and (c) of the Companies (Auditor''s Report)
 Order, 2003 are not applicable.
 
 ii. The Company had no inventory during the year. Hence the provisions
 of clause 4(ii)(a), (b) and (c) of the Companies (Auditor''s Report)
 Order, 2003 are not applicable to the company.
 
 iii. According to the information and explanations given to us, the
 company has neither granted nor taken any loans, secured or unsecured
 to / from companies, firms or other parties covered in the register
 maintained under section 301 of the Companies Act 1956. Hence,
 provisions of Clause 4(iii) (b), (c), (d), (e), (f) and (g) of the
 Companies (Auditor''s Report) Order, 2003 are not applicable to the
 company.
 
 iv. According to the information and explanations given to us and in
 our opinion, the company during the year has neither purchased any
 inventory or fixed assets nor sold any good or services. Hence,
 reporting on internal control systems and major weaknesses in such
 internal control systems as stated in clause (iv) of the Companies
 (Auditor''s Report) Order, 2003 does not arise.
 
 v. According to the information and explanations given to us and in
 our opinion, the company has not entered into any contracts or
 arrangements with the companies, firms or other parties entered in the
 register maintained in pursuance of Section 301 of the Companies Act,
 1956.
 
 vi. According to the information and explanations given to us, the
 company has not accepted any deposits from the public.
 
 vii. There is no internal audit system in vogue for the period covered
 by the audit.
 
 viii. In our opinion and according to the information and explanations
 given to us, the Central Government has not prescribed maintenance of
 cost records under clause (d) of sub-section (1) of section 209 of the
 Act for any of the products / activities of company.
 
 ix. (a) The company is generally regular in depositing undisputed
 applicable statutory dues with the appropriate authorities. At
 present, the provisions of Provident Fund, Investor Education and
 Protection Fund, Employee''s State Insurance, Income Tax, Sales Tax,
 Wealth tax, Service tax, Customs duty, Excise duty, Cess are not
 applicable. According to the information and explanations given to us,
 no undisputed amounts payable in respect of aforesaid dues were
 outstanding as at 31st March 2014 for a period of more than six month
 from the date they became payable.
 
 (b) According to the information and explanations given to us and the
 records of the company examined by us, there are no dues on account of
 Income Tax, Sales Tax, Wealth Tax, Service tax, Customs duty, Excise
 duty, Cess and other statutory dues as at 31st March 2014 which have
 not been deposited on account of any dispute.
 
 x. Accumulated losses as at March 31, 2014 have exceeded the paid up
 equity share capital of the company. The company has incurred cash
 losses during the financial year covered by our audit and the
 immediately preceding financial year.
 
 xi. The company has not taken any loans from financial institutions or
 banks.
 
 xii. In our opinion and according to the information and explanations
 given to us, company has not granted any loans and advances on the
 basis of security by way of pledge of shares, debentures and other
 securities.
 
 xiii. In our opinion, the company is not a Chit Fund or a Nidhi or
 Mutual Benefit Fund / Society. Therefore, the provisions of clause
 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
 applicable to the company.
 
 xiv. In our opinion and according to the information and explanations
 given to us, the company does not deal or trade in shares, securities,
 debentures and other investments. Therefore, the provisions of clause
 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
 applicable to the company.
 
 xv. According to the information and explanations given to us, the
 company has not given any guarantee for loans taken by others from
 banks and financial institutions.
 
 xvi. To the best of our knowledge and belief and according to the
 information and explanations given to us, the company has not availed
 any term loans during the year. Further, there are no term loans
 outstanding at the beginning of the year. Therefore, provisions of
 clause 4(xv) of the Companies (Auditor''s Report) Order, 2003 are not
 applicable to the company.
 
 xvii. According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the company, we are of
 the opinion that the company has not utilized short term funds for
 long term purposes.
 
 xviii. According to the information and explanations given to us, the
 company has not made any preferential allotment of shares to parties
 and companies covered in the Register maintained under Section 301 of
 the Act. Therefore, the provisions of clause 4(xviii) of the Companies
 (Auditor''s Report) Order, 2003 are not applicable to the company.
 
 xix. According to the information and explanations given to us, the
 company has not issued any debentures. Therefore, the provisions of
 Clause 4(xix) of the Companies (Auditor''s Report) Order, 2003, are not
 applicable to the Company.
 
 xx. The Company has not raised any money by public issue during the
 year. Therefore, the provisions of clause 4(xx) of the Companies
 (Auditor''s Report) Order, 2003 are not applicable to the company.
 
 xxi. To the best of our knowledge and belief and according to the
 information and explanations given to us, no fraud on or by the
 company has been noticed or reported during the year.
 
                                                For M Bhaskara Rao & Co.
 
                                                  Chartered Accountants 
                                    Firm''s Registration Number: 000459S
 
                                                         V K Muralidhar
 
                                                               Partner
                                             Membership Number: 201570
 Place : Hyderabad
 Date : May 26, 2014
स्रोत: रेलीगरे टेचनोवा

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