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Numero Uno Projects Ltd.

BSE: 531983 Sector: Infrastructure
NSE: N.A. ISIN Code: INE411A01011
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Numero Uno Projects Ltd. (NUMEROUNOPROJ) - Auditors Report

Company auditors report

NUMERO UNO PROJECTS LIMITED ANNUAL REPORT 2003-2004 AUDITORS' REPORT To, The Shareholders of NUMERO UNO PROJECTS LIMITED We have audited the attached Balance Sheet of NUMNRO UNO PROJECTS LIMITED as at 31st March, 2004 and also the Profit and Loss Account for the year ended on that date annexed thereto These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our 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 principles used and significant estimates made by management, as wall as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Manufacturing and Other Companies (Auditor's Report) order, 1988 issued by the Central Government of Indian in terms of sub- section(4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in Paragraphs 4 and 5 of the said order to the extent applicable. Further we report that: 1. We have obtained all the information and explanations, which to the beat of our knowledge and belief were necessary for the purpose of our audit and have found them to be satisfactory. 2. In our opinion, proper books of account as required by law have been kept by the Company so far an appears from our examination of those books. 3. The Balance Sheet and Profit and Loss dealt with by this report are in agreement with the books of account. 4. In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub- section(3C) of Section 211 of the Companies Act, 1956. 5. On the basis of the written representations received from the Directors, on 31st March, 2004 and taken on record by the Board of Directors, we report that none of the Directors one disqualified as on 31st March, 2004 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. 6. In our opinion and to the beat of our information and according to the explanations given to us, the said accounts read together with the nots thereon and the Significant Accounting Policies 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 principles generally accepted in India. i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2004; and ii. in the case of the Profit and Loss Account of the LOSS for the year ended on that date. For and on behalf of KAUSHIK JOSHI & ASSOCIATES Chartered Accountants KAUSHIK JOSHI (Proprietor) PLACE : MUMBAI DATED : 15TH JULY, 2004 i. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. We have been informed that the fixed assets have been physically verified by the management at reasonable intervals during the year and as explained to us. no material discrepancies have been noticed on such verification. ii. None of the fixed assets have been revalued during the year. iii. The company did not have any trading activity during the year and hence there are no stocks at the end of the year and hence their physical verification procedure does not arise. iv. The Company has not taken any unsecured loans from Directors/Group companies, as listed in the register maintained U/s. 301 of the Companies Act, 1956 and as per the written representations made to us. v. The company has granted unsecured loans and/or interest free advances within the meaning of Section 301 of the Companies Act, 1956, and the Companies under the same management U/s. 370(1B) of the Companies Act, 1956. In our opinion, having regard to the long-term involvement with the said Companies and considering the explanations given to us in this regard, the terms and conditions of the the above are not prima facie, prejudicial to the interest of the Company. The details of the same as per the mandatory requirement of AS-18 is given in item no.5 of Schedule-K in Notes forming part of the accounts. vi. The company has not purchased goods and materials and sold goods, materials and services from/to the parties listed in the register maintained U/s. 301 of the Companies Act, 1956. vii. The provisions of the Internal Audit though applicable was not carried out by the Company for the year under Audit. vii. The procedure for determination of unserviceable or damaged trading goods did not arise for the year under audit. xi. The Company has not accepted any deposits from public under the provisions of section 58A of the Companies Act, 1956. x. The question of generation of by-products does not arise in the case of this Company, since it is not carrying on any manufacturing activity. xi. Maintenance of accounts and cost records are not prescribed by the Central Government under Section 209(i)(d) of the Companies Act, 1956. xii. As explained to us, the Provident Fund Rules are not applicable to the company. xiii. At the last day of the financial year there was no amount outstanding in respect of any undisputed Income Tax, Wealth Tax, or Sales Tax which were due for more than six months from the date they became payable. xiv. According to the information and explanations given to us and the record of the company examined by us, no personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with the generally accepted business practices. xv. The Company is not a Sick Industrial Company within the meaning of clause (O) of Sub-Section 3 of the Sick Industrial Companies (Special Provision) Act, 1985. For and on behalf of KAUSHIK JOSHI & ASSOCIATES Chartered Accountants KAUSHIK JOSHI (Proprietor) PLACE : MUMBAI DATED : 15TH JULY, 2004