To the Members of Urja Global Limited Report on the Standalone Financial Statements
We have audited the accompanying Standalone Financial Statements of Urja Global Limited('the Company') which comprises the Balance Sheet as at 31st March 2015 the Statement ofProfit and Loss and the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and otherexplanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respectto the preparation andpresentation of these Standalone Financial Statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;Selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and a re free frommateria I misstatement whether due to fraud or error.
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 performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of thefinancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:
a) In the case of the Balance Sheet of the state of affairs of the Company as at 31March 2015
b) In the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and
c) In the case of 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 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in the paragraph 3and 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 Standalone Financial Statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
(e) On the basis of the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 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 Auditor's) Rules 2014 in our opinionand to the best of our information and according to the explanation given to us:
i. There were no pending litigations which would impact the financial position of thecompany.
ii. The company did not have any material foreseeable losses on long-term contractsincluding derivative contracts.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the company.
For P V R-N & Co.
Firm's Registration No: 004062N
Pradeep Kumar Jindal
New Delhi 27th May 2015
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the Standalone Financial Statements for the year ended 31 March 2015 we reportthat:
i(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The physical verification of Fixed Assets was conducted by the management at theyear-end which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. No material discrepancies were noticed during the year on suchverification.
(c) There was no disposal of Fixed Assets during the year.
ii. (a) The inventories have been physically verified during the year by themanagement. In our
opinion frequency of verification is reasonable.
(b) The procedure of physical verification inventories followed by the management arereasonable and adequate in relation to the size of the company and nature of business.
(c) On the basis of examination of the records of inventory. We are of the opinion thatthe Company is maintaining proper records of inventory. The discrepancies noticed onVerification between the physical stocks and the book records were not material.
iii. The Company has not granted any loans secured or unsecured to any bodiescorporate firms or other parties covered in the register maintained under section 189 ofthe Companies Act 2013 ('the Act'). Accordingly provisions of clauses 3(iii) of theCompanies (Auditor's Report) Order 2015 are not applicable to the company and hence notcommented upon.
iv. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchase of fixed assets and sale of services. Theactivities of the Company do not involve purchase of inventory and the sale of goods. Wehave not observed any major weakness in the internal control system during the course ofthe audit.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the activity carried out by the Company.
vii. (a) According to the information and explanations given to us and on the basis ofour examination of
the records of the Company amounts deducted/ accrued in the books of account inrespect of undisputed statutory dues including provident fund income tax sales taxwealth tax service tax duty of customs value added tax cess and other materialstatutory dues have been regularly deposited during the year except the Income Tax by theCompany with the appropriate authorities. As explained to us the Company did not have anydues on account of employees' state insurance and duty of excise. According to theinformation and explanations given to us there are undisputed amounts payable in respectof income tax amounting to Rs 16877292/outstanding as at 31 March 2015 for a period ofmore than six months from the date they became payable
b) The Company doesn't have any disputed dues of CalesTax Income Tax Wealth TaxExcise
Duty and Customs etc. which have not been deposited except the Income Tax demand of Rs368443/- for the A. Y. 2006-07 against which the company has filed an Appeal with CIT(A) VI New Delhi.
viii. The Company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses in the financial year and in the immediately precedingfinancial year.
ix. The Company did not have any outstanding dues to Financial Institutions Banks orDebenture holders during the year.
x. In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from Banks or FinancialInstitutions.
xi. The Company did not have any term loans outstanding during the year.
xii. According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.
For P V R-N & Co.
Firm's Registration No: 004062N
Pradeep Kumar Jindal
New Delhi 27th May 2015