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Northern Project Ltd.

BSE: 508924 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Northern Project Ltd. (NORTHERNPROJECT) - Auditors Report

Company auditors report



We have audited the accompanying financial statements of Northern Projects Limited (‘'thecompany'') which comprise the Balance Sheet as at 31st March 2015 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.


The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.


Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting and theoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.


In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its loss and its cash flows for the year ended on that date.


1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section(11) of section 143 ofthe Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors)Rules2014 in our opinionand to the best of our information and according to the explanations given.

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements (Refer Clause(a) of Note 19).

(ii) The Company did not have any long term contracts including derivative contract asat 31st March 2015.

(iii) There were no amount which were required to be transferred to the InvestorEducation and Protection Fund by the Company.


(Referred to Paragraph 1 of Report on Other Legal and Regulatory Requirements of ourReport of even date)

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we state that:

1) (a) The Company has generally maintained proper records showing particularsincluding quantitative details and situation of fixed assets.

(b) As explained to us fixed assets according to the practice of the Company arephysically verified by the management at reasonable intervals in a phased verificationprogramme which in our opinion is reasonable looking to the size of the Company andthe nature of its business. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

2) Since there is no Inventory so comment on Clause ii(a) to ii(c) is not applicable.

3) According to the information and explanations given to us the company has not givenany loan secured or unsecured to companies firms or other parties listed in the registermaintained under Section 189 of the Companies Act 2013. Hence comments on Clause No.3(a)and 3(b) of the said Order do not arise.

4) In our opinion and according to the information and explanations given to us thereis generally an adequate internal control system commensurate with the size of the Companyand the nature of its business for the purchase of Inventory and Fixed Assets and for thesale of goods and services. During the course of our assessment no weakness in internalcontrol system had come to our notice.

5) According to the information and explanations given to us there is no suchdeposits taken by the Company for which directives issued by the Reserve Bank of Indiaand the provisions of sections 73 to 76 or any other relevant provisions of the CompaniesAct and the rules framed there under are required to be complied with.

6) This being an Investment & Finance Company provision for maintenance of costrecords under Sub-section (1) of section 148 of the Act is not applicable.

7) According to the information and explanation given to us in respect of Statutoryand other dues: (a) The Company is generally regular in depositing undisputed statutoryDues including Income-Tax other Statutory Dues applicable to it with the appropriateauthorities and there is no outstanding statutory dues as at 31.03.2015 for the period ofmore than six months from the date they became payable. (b) There is no disputed statutorydues which have not been deposited with the appropriate authorities save and exceptdisputed statutory dues in respect of Income Tax amounting to Rs 245.27 lacs whichis pending before ITAT for Assessment years 2002-2003 2005-2006 and 2006-2007. (ReferNote 19(a). (c) There is no amount payable to Investor Education and Protection Fund as at31st March 2015.

8) The Company has no accumulated losses as at 31.03.2015 and also not incurred cashlosses during the financial year covered by our audit and also in the immediatelypreceding financial year.

9) On the basis of records examined by us and the information and explanations given tous the Company has not defaulted in repayment of dues to a Financial Institution or toBank or Debenture holders.

10) According to the information and explanations given to us the Company has notgiven any guarantee for loan taken by others from Bank or Financial Institutions.

11) As explained to us by the Management and information given to us no Term Loanfacility has been availed by the Company during the year hence the question ofapplication of fund does not arise.

12) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted audit practices in India andaccording to the information and explanation given to us we have neither come acrossinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

ICAI Reg. No. 302113E
Place : Kolkata ArabindaGhosh
Date: 27th May 2015 Membership No. 51855