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Nu-Tech Corporate Services Ltd.

BSE: 526313 Sector: Financials
NSE: N.A. ISIN Code: INE041C01012
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OPEN 1.56
PREVIOUS CLOSE 1.64
VOLUME 15000
52-Week high 1.56
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.56
Sell Qty 12000.00
OPEN 1.56
CLOSE 1.64
VOLUME 15000
52-Week high 1.56
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.56
Sell Qty 12000.00

Nu-Tech Corporate Services Ltd. (NUTECHCORP) - Auditors Report

Company auditors report

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 SERVICESLIMITED which comprise the Balance Sheet as at March 31 2014 and the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act 1956. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement. An audit involvesperforming procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditor's judgment includingthe assessment of the risks of material misstatement of the financial statements whetherdue o t fraud or error. In making those risk assessments the auditor considers internalcontrol relevant to the Company's preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by management as well as evaluating theoverall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2014;

b) in the case of the Profit and Loss Account of the loss for the year ended on thatdate; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2003 ("the Order")issued by the Central Government of India in terms of subsection (4A) of section 227 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 4 and5 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 ourknowledge 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 theCompany sofaras appears from our examination of those books

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

d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in subsection (3C)of section211 of the Companies Act 1956;

e) On the basis of written representations received from the directors as on March 312014 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of clause (g) ofsub-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 atwhich the cess is to be paid under section 441A of the Companies Act 1956nor has itissued any Rules under the said section prescribing the manner in which such cess is tobe 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 LIMITEDON 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 includingquantitative details and situation of fixed assets.

(b) The fixed assets except for assets given on lease have been physically verifiedby the management during the year which in our opinion is reasonable having regard to thesize of the company and nature of its business. No material discrepancies were noticed onsuch verification.

(c) During the year the company has not disposed of a substantial part of the fixedassets and hence question of affecting the going concern status of the company does notarise.

(ii) (a) According to the information and explanations give to us and having regard tothe company's business the question of reporting on clauses 4(ii)(a) 4(ii)(b) and4(ii)(c) of the Companies (Auditor's Report) Order 2003 (hereinafter referred to as thesaid Order) does not arise.

(iii) (a) According to the information and explanations given to us the company hasnot granted any loans secured or unsecured ot companies firms or other parties coveredin 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 notapplicable.

(b) According to the information and explanations given to us the company has nottaken any loans secured or unsecured from companies firms or other parties covered inthe 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 usthere are adequate internal control systems commensurate with the size of the company andthe nature of its business with regard to purchase of fixed assets. During the course ofour audit we have not observed any continuing failure to correct major weaknesses ininternal control system.

(v) (a) In our opinion and according to the information and explanations given to usthe particulars of contracts and arrangements that need to be entered in the registermaintained 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 company's records and according to information andexplanation provided by the management in our opinion the company has not accepted anypublic deposits within the meaning of the provisions of the Section 58A& 58AA of theCompanies Act 1956 and rules made there under.

(vii) In our opinion the company has an internal audit system commensurate with thesize and nature of its business.

(viii) According to the information and explanations given to us maintenance of costrecords 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 underclause 4(viii) of the said Order does not arise.

(ix) (a) According to the records of the company the company is generally regular indepositing with the appropriate authorities undisputed statutory dues including providentfund investor education and protection fund employees' state insurance income-taxsales tax wealth-tax service tax customs duty excise duty and other material statutorydues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth-tax service tax sales tax customs duty exciseduty and cess were in arrears as at 31st March 2014 for a period of more than six monthsfrom the date they became payable.

(c) According to the information and explanations given to us there are no dues ofincome tax wealth-tax service tax sales tax customs duty excise duty which have notbeen 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 8242448 A. Y. 1993-94 Commissioner of Income -tax (Appeals)
-do- Interest tax & Penalty 15282292 A. Y. 1995-96 -do-
-do- - do- 40899122 A.Y 1996-97 -do-
-do- Income-tax 22277080 A.Y. 1993-94 Income-tax Appellate Tribunal
-do- -do- 22286394 A.Y. 1995-96 -do-
-do- -do- 38853600 A.Y. 1996-97 -do-
-do- -do- 19294317 A.Y. 1999-2000 -do-
- d o- -do- 18857022 A.Y. 2000-2001 -do-
-do- -do- 12191336 A.Y. 2001-2002 -do-
-do- -do- 5878977 A.Y. 2002-2003 -do-

(x) In our opinion the accumulated losses of the company are more than fifty percentof its net worth. The company has incurred cash losses during the financial year coveredby our audit and in the immediately preceding financial year.

(xi) According to the information and explanations given to us the company hasdefaulted in the repayment of bank overdraft/ working capital demand loans includinginterest thereon to banks. The period and the amount of such defaults as on the balancesheet date are as follows:

Name of the bank Due date Amount (Rs.)
1. Central Bank of India

20.03.2001

78920893
Interest from 20.03.2001 to 31.03.2013 118951300
Total 197872193
2. The Federal Bank Ltd.

02.01.2003

78744765
Interest from 02.01.2003 to 31.03.2013 160012942
Total 238757707
TOTAL (1+2) 436629900

(xii) According to the information and explanations given to us the company has notgranted any loans and advances on the basis of security by way of pledge of sharesdebentures 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 thecompany.

(xiv) The company is not dealing in or trading in shares securities debentures andother investments. Accordingly the provision of clause 4(xiv) of the said Order is notapplicable to the company.

(xv) According to the information and explanations given to us the company has notgiven 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 loansaccordingly the question of reporting on its application does not arise.

(xvii) According to the information and explanations given to us and on an overallexamination of the balance sheet of the company where the accumulated losses oft572005000 have exceeded share capital and reserves ofRs. 160331279 and the short termloan funds oft 436629900 appear to have been partly used to finance losses.

(xviii) The company has not made any preferential allotment of shares to parties andcompanies 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 havebeen 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 asecurity 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 thecompany 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 May2014 Membership No. 048877