Auditors
to the Members of Haldia Energy Limited
We have audited the accompanying financial statements of Haldia Energy Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2013, 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 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.
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 auditors
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 Companys 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.
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, 2013;
b) in the case of the Profit and Loss Account, 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.
1. As required by the Companies (Auditors 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;
e) on the basis of written representations received from the directors as on March 31,
2013, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2013, from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to the rate at which
the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any
Rules under the said section, prescribing the manner in which such cess is to be paid, no
cess is due and payable by the Company.
|
For Batliboi, Purohit & Darbari |
|
Chartered Accountants |
|
Firm Registration Number: 303086E |
|
(CA P J Bhide) |
| Kolkata |
Partner |
| Dated: 27 MAY 2013 |
M. No. 004714 |
The Annexure referred to in paragraph 1 of the Our Report of even date to the members
of Haldia Energy Limited. On the accounts of the company for the year ended 31st March,
2013.
1. (a) The company has maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by the management at
reasonable intervals; no material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations given to us, no
fixed asset has been disposed during the year and therefore does not affect the going
concern assumption
2. The company does not have any inventory and accordingly clause (ii)(a) to (ii)(c) of
Paragraph 4 of the Companies (Auditors Report) (Amendment) Order, 2004 is not applicable.
3. (a) According to the information and explanations given to us and on the basis of
our examination of the books of account, the Company has not granted any loans, secured or
unsecured, to companies, firms or other parties listed in the register maintained under
Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b),
iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on the basis of our
examination of the books of account, the Company has not taken loans from companies, firms
or other parties listed in the register maintained under Section 301 of the Companies Act,
1956. Thus sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations given to us, there
is generally an adequate internal control procedure commensurate with the size of the
company and the nature of its business, for the purchase of fixed assets and payment for
expenses. During the course of our audit, no major instance of continuing failure to
correct any weaknesses in the internal controls has been noticed.
5. Based on the audit procedures applied by us and according to the information and
explanations provided by the management, there have been no contracts or arrangements
referred to in Section 301 of the Act during the year to be entered in the register
required to be maintained under that section.
6. The Company has not accepted any deposits from the public covered under section 58A
and 58AA of the Companies Act, 1956.
7. In our opinion, the Company has an internal audit system commensurate with its size
and the nature of its business.
8. The Companys project for setting up a power plant is at its construction stage and
the Company has not commenced commercial production. Hence maintenance of cost records
under Section 209 (1) (d) of the Act is not applicable during the year.
9. (a) According to the information and explanations given to us and the records of the
Company examined by us, in our opinion, the Company is regular in depositing the
undisputed statutory dues, including income tax and professional tax as applicable, with
the appropriate authorities.
(b) According to the information and explanations given to us and the records of the
Company examined by us, there are no dues of income tax which have not been deposited on
account of any dispute.
10. In our opinion and based on the financial statement covered pursuant to this
report, there are accumulated losses at the end of the financial year and the company has
not incurred cash losses during the financial year nor in the immediate preceding
financial year.
11. According to the records of the Company examined by us and the information and
explanations given to us, during the year the Company has not obtained any loan from any
financial institution or bank or debenture holders.
12. 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. Therefore,
the provision of this clause of the Companies (Auditors Report) Order, 2003 (as amended)
is not applicable to the Company.
14. In our opinion, the Company is not a dealer or trader in shares, securities,
debentures and other investments.
15. According to the information and explanations given to us, the Company has not
given any guarantees for loan taken by others from a bank or financial institution.
16. The company has not raised any term loans during the year.
17. Based on the information and explanations given to us and on an overall examination
of the Balance Sheet of the Company as at 31st March, 2013, we report that no funds raised
on short-term basis have been used for long-term investment by the Company.
18. The Company has not made any preferential allotment of shares during the year.
19. The Company has not issued any debentures during the year and does not have any
debentures outstanding at the year end.
20. The Company has not raised any money by public issue during the year.
21. During the course of our examination of the books and records of the Company,
carried out in accordance with generally accepted auditing practices in India, and
according to the information and explanations given to us, we have neither come across any
instance of fraud on or by Company, noticed or reported during the year, nor have been
informed of any such case by the Management.
|
For Batliboi, Purohit & Darbari |
|
Chartered Accountants |
|
Firm Registration Number: 303086E |
|
(CA P J Bhide) |
| Kolkata |
Partner |
| Dated: 27 MAY 2013 |
M. No. 004714 |
+91-9892691696
