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Essar Teleholdings Ltd.

BSE: 523267 Sector: Financials
NSE: N.A. ISIN Code: INE317C01016
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Essar Teleholdings Ltd. (ESSARTELEHOLD) - Auditors Report

Company auditors report

ESSAR TELEHOLDINGS LIMITED ANNUAL REPORT 2010-2011 AUDITORS REPORT TO THE MEMBERS OF ESSAR TELEHOLDINGS LIMITED We have audited the attached Balance Sheet of Essar Teleholdings Limited at at March 31st 2011, the Profit and loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements ate the responsibility of the Company's management. Our responsibility to express an opinion on these financial statements based on out audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also Includes assessing the accounting Companies used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to information and explanations given to us, we enclose in the Annexure a statement on the matters specified paragraphs A and 5 of the Order. Further to our comments in the Annexure referred to above, we report that: i. We have obtained as the information and explanations witch to the best of our knowledge and believe were necessary for the purposes of our audit. ii. 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. iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. iv. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by the report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. v. On the bans of written representations receded horn the directors as at March 31st 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31st 2011 from being appealed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. vi. In our opinion and to the best of our information and according 10 the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view. In conformity with the accounting principals generally accepted in India: (a) In the case of the Balance Sheet of the state of affairs of the Company as at March 31, 2011; (b) In the case of Profit and Loss Account, of the loss of the Company for the year ended on that date; and (c) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date; For Nisar & Kumar Chartered Accountants Firm Rign No. 127820W K.M. Mahadlk Partner Place: Mumbai M.NO.48453 Date : 1st sep. 2011 ANNEXURE REFERRED TO THE REPORT OF EVEN DATE FOR THE YEAR ENDED MARCH 31st, 2011 OF ESSAR TELEHOLDINGS LIMITED i. Since the company is not having Fixed Assets reporting on Clause (i) (a), (i) (b) and (i) (c) does not arise. ii. As there is no inventory, the reporting of the clause ii (a), ii (b) and ii (c) do not arise. iii. (a) The company has not granted any loans to companies, firms and other parties coveted. In the Register maintained under Section 301 of the Companies Act, 1956: (b) In view of clause (iii) (a) above clause (iii) (b) is not applicable. (c) In view of clause (iii) (a) above clause (iii) (c) is not applicable. (d) In view of clause (iii) (a) above clause (a) (d) is not applicable. (e) The company has not taken any loans from companies, firms and other parses covered. In the Register maintained under Section 301 of He Company Act, 1956. (f) In view of clause (iii) (e) above clause (iii) (f) is not applicable (g) In view of clause (iii) (e) above clause (iii) (g) is not applicable. iv. 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 and the nature of its business with regard to purchases of assets and rendering of services During the course of our audit, no weaknesses have been noticed in the Internal controls. v. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301. (b) In view of (v) (a) above clause (v) (b) is not applicable. vi. During the year the company has not accepted any deposits from the pubic. vii. In Our option the company does not have formal internal audit system; however, there are adequate Internal controls commensurate win the size and nature of its business. viii. As informed to us, the maintenance of cost records) have not been prescribed by the Central Government under clause (d) of sub-section (1) of section 208 of the Companies Act, 1956. ix. (a) According to the records of the company, there were delays in deposit of undisputed statutory dues of income tax with the authorities. As per records of the company, there are no dues in respect of provident fund, employees' state Insurance, investor Education and Protection Fund, custom duty, wealth tax, service tax, sales tax and excise duty/cess. There are no arrears of statutory dues at at March 31st 2011 outstanding for a period of more than six months from the date they became payable. (b) According to the records of the company, there are no dues of sales tax, customs duly/wealth tax, service tax, excise duty cess which have not been deposited on account of dispute. The Income Tax duet of Rs 387.46 Crores for the year ended March 31, 2006 have not been deposited on account of dispute pending before Commissioner of income Tax (Appeals). x. The accumulated losses of the company at the and of the year are not more than fifty percent of its net worth as at the end of the year and the company hat incurred cash losses during the period covered by our end and in the immediately preceding period. xi. As the company has not borrowed any amount from Banks or Financial Institutions. The reporting under this clause do not arise. xii. Based on our examination of documents and records, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii. Provisions of Chit Fund nidhi/ mutual Benefit fund/societies are not applicable. xiv. In respect of dealing or trading in shares and debentures by the company, proper records of the transactions and contracts have been maintained and timely entries have been made therein, be informed to us, the investments held by the company are in its own name. xv. During the year the company has not given any guarantee for loans taken by others from bank or financial Institutions. xvi. During the year the company has not taken the term loans. xvii. During the year the company has not raised any short term funds. xviii. During the year the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. xix. During the year the company has not issued secured debentures. xx. During the year, the company has not raised money by public issues. xxi. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit. For Nisar & Kumar Chartered Accountants Firm Rign No. 127820W K.M. Mahadik Partner Place: Mumbai M.NO.48453 Date : 1st sep. 2011