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निक्को यूको फायनांशियल सर्विसेस

बीएसई: 523209  |  NSE: N.A  |  ISIN: INE917B01023  |  Finance - Investments

खोजें निक्को यूको फायनांशियल सर्विसेस कनेक्शन Mar 13
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
We have audited the accompanying financial statements of Nicco Uco
 Alliance Credit Limited (the Company), which comprise the Balance
 Sheet as at March 31,2014, 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
 the Accounting Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act) read with General Circular
 15/2013 dated 15th September, 2013 of the Ministry of Corporate Affairs
 in respect of Section 133 of the Companies Act, 2013. 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 qualified audit opinion.
 
 Basis for Qualified Opinion
 
 a) Note No. 2.21 regarding cancellation of certificate of registration
 of the company to carry out non-banking financial activities by Reserve
 Bank of India (RBI) vide its order dated 31stMarch 2005, against which
 the company has preferred an appeal before the Appellate Authority for
 Non-Banking Finance Company (NBFC), Joint Secretary, Ministry of
 Finance, Govt. of India, New Delhi, which, as stated, is pending.
 
 As the decision with regard to appeal against cancellation of license
 is pending for reasons as stated in the note above, the accounts of the
 company have been prepared on going concern assumption on the basis of
 legal opinion obtained. In the event of adverse decision/ development
 the financial statements may require necessary adjustments in the value
 of its assets and liabilities.
 
 b) Note No. 2.3.x regarding default made by the Company in repayment of
 its Fixed Deposits liability as per order of Company Law Board (CLB)
 against which legal proceedings have been initiated by Serious Fraud
 Investigation Office. Please refer Clause 6(c) of annexure to the
 Auditors Reports.
 
 c) Note No. 2.3.ix regarding non-confirmation of balances by Banks and
 Financial Institutions (FI''s) in whose Books the account of Company
 has turned Non Performing Assets (NPAs).
 
 d) Non ascertainment of impairment of assets as required by Accounting
 Standard (AS)-28 issued by The Companies (Accounting Standards) Rules,
 2006. Refer Note No. 2.24.
 
 The impact of above paragraphs on the Loss After Tax and
 Shareholder''s Funds of the company is unascertainable.
 Qualified Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, except for the effects of the matters
 described in the Basis for Qualified Opinion paragraph, 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
 
 Attention is invited to the following points :
 
 (i) Note no. 2.3 and 2.5 regarding application filed by different banks
 forming the consortium of bankers with Debt Recovery Tribunal for and
 by International Finance Corporation, Washington with hon''ble
 Calcutta High Court for recovery of their dues.
 
 (ii) Note no. 2.11 regarding Serious Fraud Investigation against the
 company on recommendation of Registrars of Companies.
 
 (iii) Note No. 2.36 regarding writ petition pending before Hon''ble
 High Court at Calcutta challenging the decision of Ministry of
 Corporate Affairs in regard to extension of term of appointment of Mr.
 L. N. Kaul, Managing director.
 
 All the above notes are self-explanatory.
 
 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
 subsection (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 said Order.
 
 2. As required by section 227(3) of the Act, we report that :
 
 a. we have obtained all the information and explanations, subject to
 our observations made in the above Para which to the best of our
 knowledge and belief were necessary for the purpose of our audit;
 
 b. in our opinion, subject to our observations made in the above Para,
 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 Reportare in agreement with the books of
 account;
 
 d. Except for the effects of the matter described in the Basis for
 Qualified Opinion paragraph, 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 15/2013 dated 15th
 September, 2013 of the Ministry of Corporate Affairs in respect of
 Section 133 of the Companies Act, 2013.
 
 e. In view of default in repayment of fixed deposits and interest
 thereon, all the directors of the company are disqualified as on 31st
 March, 2014 from being appointed as directors in other public companies
 in terms of clause (g) of subsection (1) of section 274 of The
 Companies Act, 1956.
 
 Annexure to the Auditors'' Report
 
 The Annexure referred to in paragraph 1 of Our Report of even date to
 the members of Nicco Uco Alliance Credit Limited on the financial
 statements of the company for the year ended 31st March, 2014.
 
 1. (a) Consequent upon the destruction of relevant records due to a
 fire at office premises the company is not yet been able to
 
 update it records in regard to its fixed assets. However we have been
 given to understand that the necessary action is in process.
 
 (b) No part of fixed assets has been disposed off during the year.
 
 2. (a) There is no live agreement for lease and hire purchase stock as
 on date. All such assets have turned Non-performing and
 necessary provision has been made for the same. Physical verification
 for the same has not been done during the year.  However as explained
 to us by the management, there is little scope for doing the same.
 
 (b) Since the company has not conducted the physical verification of
 its inventories the question of following proper procedure does not
 arise.
 
 3. (a) According to the information and explanations given to us by the
 management, the company has not given any loan secured
 or unsecured during the year to Companies, firms or other parties
 covered in the Register maintained u/s 301 of the Companies Act, 1956
 except interest free unsecured advances (net) given to its subsidiary
 company, the maximum amount outstanding at any time during the year and
 closing balance as on 31.03.2014 were Rs. 0.40 Lacs and Rs. 0.40 Lacs
 respectively. As explained to us the above advance is repayable on
 demand. Accordingly clauses 4(III) (b) to (d) of the order are not
 applicable.
 
 (e) According to the information and explanations given to us by the
 management, the company has not taken any loan secured or unsecured
 during the year from Companies, firms or other parties covered in the
 Register maintained u/s 301 of the Companies Act, 1956. Accordingly
 clause 4(NI)(f) and (g) of the order are not applicable.
 
 4. In our opinion and according to the information and explanations
 given to us, considering the financial position, size and the nature of
 the business of the company, we observed certain areas which requires
 improvement in internal control.
 
 5. According to the information and explanations provided by the
 management, there are no contracts or arrangements the particulars of
 which need to be entered into the register maintained u/s 301 of the
 Companies Act 1956. Accordingly, clause 4(v)(b) of the order is not
 applicable.
 
 6. The Company has not accepted any deposit during the year from the
 public as per the directives issued by the Reserve Bank of India and
 the provisions of Section 58A and 58AA or any other relevant provisions
 of the Companies Act, 1956 and the rules made there under. However the
 balance of the deposits as on 31st of March, 2014 exceeded the ceiling
 limit fixed by Reserve Bank of India by Rs. 1510.08 Lacs (refer note
 no. 2.3.vii) excluding interest payable on that. According to the
 information and explanations given to us, no order has been passed by
 National Company Law Tribunal or any court or any other Tribunal on the
 company except the following orders passed by Reserve Bank of India and
 Company Law Board :
 
 a) Consequent upon failure of the company to repay its dues to the
 depositors in terms of CLB orders legal proceedings have been initiated
 by SFIO against the company for violation of Sec 58(a) of Companies
 Act, 1956. The total dues including interest as on 31.03.2014 is Rs.
 1510.08 lacs.
 
 b) The Company has submitted a scheme for reduction of share capital
 and issue of shares to the deposit holders in lieu of the principal
 held by them as on 01.04.2007. The scheme was approved by the deposit
 holders and shareholders and now pending before Hon''ble High Court at
 Calcutta for approval. Refer Note No. 2.3.v.
 
 7. In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 8. As per the information and explanations given to us, the Company has
 given yearly maintenance job of its Wind Mills to outside agencies on
 contract. As explained to us, there are no other costs for which cost
 records are to be maintained.
 
 9. (a) According to the records of the company, during the year the
 company has generally been regular in depositing with the
 appropriate authorities, undisputed statutory dues including provident
 fund, investor education and protection fund, employee state insurance,
 income tax, sales tax, wealth tax, service tax, custom duty, excise
 duty, cess and any other statutory dues whichever applicable, except
 for default in deposit of brought forward balances of Service Tax
 amounting to Rs. 1,06,306/-, Profession tax amounting to Rs. 8,020/-,
 Tax Deducted at Source (TDS) amounting to Rs. 24,071/-. Regarding
 unclaimed Fixed Deposits refer Note No. 2.7 (a) & (b) and Para No. (d)
 of our main audit report.
 
 (b) According to the records of the company, the dues of sales tax,
 custom duty, wealth tax, income tax, excise duty, service tax and cess
 which have not been deposited on account of any dispute and the forum
 where the disputes are pending are as under :
 
 Name of the Statute      Nature of Dues    Amount Forum where pending
 
 (Rs. in lacs)*
 
 Central and States Sales  Central and      27.50   W.B.Commercial
 Tax Laws                  State Sales Tax          Taxes Appellate
                                                    and Revisional Board
 
 Karnataka Sales Tax Act,  State Sales Tax  26.53   Karnataka High
 1957                                               Court
 
 Finance Act, 1994         Service Tax      29.33   Supreme Court
 
                           Total            83.36
 
 * The above figures are as per the information made available to us.
 
 10. The accumulated losses of the company are more than its net worth.
 The company has incurred cash losses during the current financial year
 covered by our audit and also in the immediately preceding financial
 year.
 
 11. Consequent upon withdrawal of the petition filed u/s 391(1) and
 391(6) of the Companies Act, 1956 interest on working capital and term
 loans aggregating to Rs. 37,608.26 Lacs provided for the period
 January, 2004 to March, 2014 remain unpaid. Working capital loan, term
 Loan to the tune of Rs. 12,312.86 Lacs and securitization installment
 payable to the extent of Rs. 992.95 Lacs also remain unpaid.
 
 12. According to the information and explanations given 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. The Company is not a chit fund or a Nidhi/ Mutual Benefit fund /
 Society.
 
 14. The company has maintained records of transactions and contracts in
 respect of shares, securities, debentures and other investments. We
 also report that the company has held shares, securities, debentures
 and other investments in its own name.
 
 15. The company has not given any guarantee for loans taken by others
 from banks or Financial Institutions.
 
 16. Based on the information and explanations given to us by the
 management, no term loan was obtained by the company during the year.
 
 17. On the basis of our overall examination of the balance Sheet, the
 company raised no fund on short-term basis during the year.  However
 the loss incurred by the company which is technically long term outflow
 of fund is observed to have been predominantly financed by erosion of
 short/long term resources.
 
 18. The company has not made any preferential allotment of shares
 during the year to parties and companies covered in the Register
 maintained under section 301 of the Companies Act, 1956.
 
 19. The company has not issued any Debentures during the year.
 
 20. The Company has not raised any money by way of public issue during
 the year.
 
 21. 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 G. BASU & CO.
 
                                                   Chartered Accountants 
                                                  Firm Regn. No. 301174E
 
 3, Chowringhee Approach                                         G. Guha
 Kolkata - 700 072                                               Partner
 Dated, The 30th day of May, 2014                  Membership No. 054702
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `585 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `890 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `483 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `172 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `151 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `388 Cr की बिकवाली की
  • CS ON BHEL : Outperform रेटिंग, लक्ष्य `88/Sh
  • CS ON CADILA HEALTH : Neutral रेटिंग, लक्ष्य `251/Sh
  • CS ON PIDILITE IND : Underperform रेटिंग, लक्ष्य `1245/Sh
  • MACQUARIE ON BHEL : Neutral रेटिंग, लक्ष्य घटाकर `58/Sh

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