AUDITORS
TO THE MEMBERS OF
THE NEW BEERBHOOM COAL COMPANY LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of The New Beerbhoom Coal
Company Limited (the Company) which comprise the balance sheet as at 31st March 2014
and the statement of profit and loss for the year then ended and a summary of significant
accounting policies and other explanatory information.
Managements 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 the General
Circular 15/2013 dated 13 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 auditors
judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. ln 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, but not for the purpose of expressing an opinion on the effectiveness of
the entitys 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 qualified audit opinion. Basis for Qualified Opinion
(i) Non provision for diminution in value of investments in Yule Financing &
Leasing Co. Ltd., Webfil Ltd. and Yule Agro Industries Ltd. amounting to Rs. 8.67 Lakhs.
(ii) Non provision against non reliability of the principal on maturity amounting to
Rs. 4.50 lakhs due from a body corporate. 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 matter 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 31
st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the loss for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order,2003 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. except for the matters stated in Basis for Qualified Opinion paragraph, 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. except for the matters stated in Basis for Qualified Opinion paragraph, 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 and Statement of Profit & Loss dealt with by this report are
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 and statement of profit and loss comply with
the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies
Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and
e. On the basis of written representations received from the Directors as on 31 st
March, 2014, and taken on record by the Board of Directors, none of the directors is
disqualified as on 31 st March, 2014 from being appointed as a Director in terms of clause
(g) of sub section (1) of Section 274 of the Act.
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DILIP KUMAR SAHA, FCA, Partner |
|
Membership No.050482 |
|
For and on behalf of |
|
SUJITCHAKRAVORTI & ASSOCIATES |
| Date: 20th June,2014 |
Chartered Accountants |
| Place: Kolkata |
Firm Registration No. 308153E |
Annexure to the Auditors Report
The Annexure referred to in paragraph 1 of the Our Report of even date to the members
of The New Beerbhoom Coal Company Limited on the accounts of the company for the year
ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according to the
information and explanation given to us during the course of our audit, we report that:
1 The Company has no fixed assets and hence the relevant clauses are not applicable.
2 The Company has no inventories and hence the relevant clauses are not applicable.
3 a) The Company has not granted any loans secured or unsecured to any Companies, firms
or other parties covered in the • register maintained U/s 301 of the Act. Hence,
comment under sub - clauses (b), (c) and (d) of Clause 3(iii) of the Companies (Auditors
Report) Order, 2003 is not required.
e) The Company has not taken any loan from companies, firms or other parties listed in
the register maintained under U/s 301 of the Act. Therefore, the provisions of the
sub-clauses (f) & (g) of clause 3(iii) of the Order are not applicable to the company.
4 In our opinion and according to the information and explanations given to us, there
is adequate internal control system commensurate with the size of the Company. Further, on
the basis of our examination of books and records of the Company, and according to
information and explanation given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the aforesaid internal
control system.
5 The company has not entered into any contracts or arrangements referred to in Section
301 of the Companies Act, 1956.
6 The Company has not accepted any deposits from the public within the meaning of
Section 58A, 58AA or any other relevant provisions of the Act and the rules framed there
under.
7 As per information and explanation given by the management, since there is no longer
any business, the company does not have any internal audit system.
8 Maintenance of the cost records prescribed by Central Government of India under
clause (d) of sub-section (1) of Section 209 of the Act is not applicable to the Company.
9 a) The Company is regular in depositing with appropriate authorities, undisputed
statutory dues including Income Tax, Wealth Tax and other material statutory dues
applicable to it. According to the information and explanation given to us, no undisputed
amount payable in respect of IncomeTax and other statutory dues were in arrears as at 31
st March, 2014 for a period of more than six months from the date they became payable.
b) According to the information and explanation given to us and the records examined by
us, dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Excise Duty and Cess as at 31
st March, 2014, which have not been deposited on account of dispute is Nil except an
amount of Rs. 0.73 lakhs relating to disputed income tax demand which is pending before
the Income Tax Appellate Tribunal.
10 The Company has accumulated losses as at 31 st March, 2014 and it has incurred cash
losses in the current financial year as well as in the immediately preceding financial
year.
11 According to the records of the Company examined by us and the information and
explanations given to us, there are no dues payable to any financial institutions or banks
or debenture holders as at the balance sheet date.
12 The Company has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities.
13 The provisions of any special statute applicable to chit fund / nidhi / mutual
benefit fund / societies are not applicable to the Company.
14 The Company has maintained proper records of the transactions of investments and
contracts and timely entries have been made therein. All shares are being held by the
company in its own name.
15 In our opinion, and according to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from banks or financial
institutions during the year.
16 According to the records of the Company examined by us and the information and
explanations given to us, the Company has not taken any term loan during the year.
Further, there is no outstanding term loan as at the Balance Sheet date.
17 On the basis of an overall examination of the Balance Sheet of the Company, in our
opinion and according to the information and explanations given to us, there are no funds
raised on short-term basis, which have been used for long-term investment.
18 The Company has not made any preferential allotment of shares to the parties and
companies covered in the register maintained under Section 301 of the Act during the year
and hence, commenting under this clause is not required.
19 The Company has not issued any Debentures and hence commenting under this clause is
not required.
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 the 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 the Company, noticed or reported during the year, nor have we
been informed of such case by the Management.
|
DILIP KUMAR SAHA, FCA, Partner |
|
Membership No.050482 |
|
For and on behalf of |
|
SUJIT CHAKRAVORTI & ASSOCIATES |
| Date: 20th June, 2014 |
Chartered Accountants |
| Place: Kolkata |
Firm Registration No. 308153E |
+91-9892691696
