INDEPENDENT AUDITOR
To
The Members of NU-TECH CORPORATE SERVICES LIMITED.
Report on the Financial Statements
We have audited the accompanying financial statements of NU-TECH CORPORATE SERVICES
LIMITED, 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.
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. 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 judgment, including
the assessment of the risks of material misstatement of the financial statements, whether
due o t 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.
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 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.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditors 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 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 sofaras 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
sub-section (1) of section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as o t the rate at
which the cess is to be paid under section 441A of the Companies Act, 1956nor 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 PRASHANT WAKHARIYA & CO. |
|
(CHARTERED ACCOUTANTS) |
|
FRN: 114945W |
|
(PRASHANT WAKHARIYA) |
| Place: Mumbai |
PROPRIETOR |
| Date: 30.05.2014 |
Membership No.: 048877 |
ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF NU-TECH CORPORATE SERVICES LIMITED
ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2014
(Referred to in paragraph 1 of our report of even date)
(i) (a) The company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets.
(b) The fixed assets, except for assets given on lease, have been physically verified
by the management during the year, which in our opinion is reasonable having regard to the
size of the company and nature of its business. No material discrepancies were noticed on
such verification.
(c) During the year, the company has not disposed of a substantial part of the fixed
assets, and hence question of affecting the going concern status of the company does not
arise.
(ii) (a) According to the information and explanations give to us, and having regard to
the companys business, the question of reporting on clauses 4(ii)(a), 4(ii)(b) and
4(ii)(c) of the Companies (Auditors Report) Order, 2003 (hereinafter referred to as the
said Order) does not arise.
(iii) (a) According to the information and explanations given to us, the company has
not granted any loans, secured or unsecured ot companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act, 1956.
Accordingly, clauses 4(iii)(b), 4(iii)(c) and 4(iii)(d) of the said Order, are not
applicable.
(b) According to the information and explanations given to us, the company has not
taken any loans, secured or unsecured from companies, firms or other parties covered in
the register maintained under section 301 of the Companies Act, 1956.
Accordingly, clauses 4(iii)(f) and 4(iii)(g) of the said Order, are not applicable.
(iv) In our opinion and according to the information and explanations given to us,
there are adequate internal control systems commensurate with the size of the company and
the nature of its business with regard to purchase of fixed assets. During the course of
our audit, we have not observed any continuing failure to correct major weaknesses in
internal control system.
(v) (a) In our opinion and according to the information and explanations given to us,
the particulars of contracts and arrangements that need to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so entered.
(b) Sub-clause (b) is not applicable.
(vi) Based on our scrutiny of the companys records and according to information and
explanation provided by the management, in our opinion the company has not accepted any
public deposits within the meaning of the provisions of the Section 58A& 58AA of the
Companies Act, 1956 and rules made there under.
(vii) In our opinion, the company has an internal audit system commensurate with the
size and nature of its business.
(viii) According to the information and explanations given to us, maintenance of cost
records has not been prescribed by the Central Government under clause (d) of sub-section
(1) of Section 209 of the Companies Act, 1956, hence the question of reporting under
clause 4(viii) of the said Order does not arise.
(ix) (a) According to the records of the company, the company is generally regular in
depositing with the appropriate authorities undisputed statutory dues including provident
fund, investor education and protection fund, employees state insurance, income-tax,
sales tax, wealth-tax, service tax, customs duty, excise duty and other material statutory
dues applicable to it.
(b) According to the information and explanations given to us, no undisputed amounts
payable in respect of income tax, wealth-tax, service tax, sales tax, customs duty, excise
duty and cess were in arrears, as at 31st March, 2014 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there are no dues of
income tax, wealth-tax, service tax, sales tax, customs duty, excise duty which have not
been deposited on account of any dispute, except as stated below:
| Name of the statute |
Nature of the dues |
Amount |
Period to which the amount relates (Rupees) |
Forum where dispute is pending |
| The Income Tax Act, 1961 |
Penalty |
8,242,448 |
A. Y. 1993-94 |
Commissioner of Income -tax (Appeals) |
| -do- |
Interest tax & Penalty |
15,282,292 |
A. Y. 1995-96 |
-do- |
| -do- |
- do- |
40,899,122 |
A.Y 1996-97 |
-do- |
| -do- |
Income-tax |
22,277,080 |
A.Y. 1993-94 |
Income-tax Appellate Tribunal |
| -do- |
-do- |
22,286,394 |
A.Y. 1995-96 |
-do- |
| -do- |
-do- |
38,853,600 |
A.Y. 1996-97 |
-do- |
| -do- |
-do- |
19,294,317 |
A.Y. 1999-2000 |
-do- |
| - d o- |
-do- |
18,857,022 |
A.Y. 2000-2001 |
-do- |
| -do- |
-do- |
12,191,336 |
A.Y. 2001-2002 |
-do- |
| -do- |
-do- |
5,878,977 |
A.Y. 2002-2003 |
-do- |
(x) In our opinion, the accumulated losses of the company are more than fifty percent
of its net worth. The company has incurred cash losses during the financial year covered
by our audit and in the immediately preceding financial year.
(xi) According to the information and explanations given to us, the company has
defaulted in the repayment of bank overdraft/ working capital demand loans, including
interest thereon, to banks. The period and the amount of such defaults as on the balance
sheet date are as follows:
| Name of the bank |
Due date |
Amount (Rs.) |
| 1. Central Bank of India |
20.03.2001 |
78,920,893 |
| Interest from 20.03.2001 to 31.03.2013 |
|
118,951,300 |
| Total |
|
197,872,193 |
| 2. The Federal Bank Ltd. |
02.01.2003 |
78,744,765 |
| Interest from 02.01.2003 to 31.03.2013 |
|
160,012,942 |
| Total |
|
238,757,707 |
| TOTAL (1+2) |
|
436,629,900 |
(xii) According to the information and explanations given to us, the company has not
granted any loans and advances on the basis of security by way of pledge of shares,
debentures and other securities.
(xiii) The company is not a chit fund or a nidhi / mutual benefit fund / society .
Therefore, the provision of clause 4 (xiii) of the said Order is not applicable to the
company.
(xiv) The company is not dealing in or trading in shares, securities, debentures and
other investments. Accordingly, the provision of clause 4(xiv) of the said Order is not
applicable to the company.
(xv) According to the information and explanations given to us, the company has not
given any guarantees for loans taken by others from a bank or financial institution.
(xvi) During the year under consideration the company has not obtained any term loans,
accordingly, the question of reporting on its application does not arise.
(xvii) According to the information and explanations given to us and on an overall
examination of the balance sheet of the company where the accumulated losses oft
572,005,000 have exceeded share capital and reserves ofRs. 160,331,279 and the short term
loan funds oft 436,629,900 appear to have been partly used to finance losses.
(xviii) The company has not made any preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the Companies Act, 1956.
Accordingly, the question of reporting on whether the price at which such shares have
been issued is prejudicial to the interest of the company does not arise.
(xix) The company has not issued any debentures.Accordingly, the question of creating a
security or charge for such debentures does not arise.
(xx) The company has not raised any money by public issues during the year.
Accordingly, the question of disclosure of end use of such monies does not arise.
(xxi) According to the information and explanations given to us, no fraud on or by the
company has been noticed or reported during the course of our audit.
|
For PRASHANT WAKHARIYA & CO |
|
Chartered Accountants |
|
M. N0.114945W |
|
PRASHANT WAKHARIYA |
|
Proprietor |
| MUMBAI: 30th May,2014 |
Membership No. 048877 |
+91-9892691696
