| We have audited the accompanying financial statements of Nu Tek India
Limited ("the Company") which comprise the balance sheet as at 31st
March, 2015, the statement of profit and loss, Cash Flow Statement for
the year ended and a summary of significant accounting policies and
other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flow in
accordance with the accounting principles generally accepted in India
including the Accounting standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the Accounting
and Auditing Standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's directors, as well as
eva luating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31st March 2015, and its Profit and its Cash Flow for the year ended
on that date.
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 of the Companies Act 2013, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
2. As required by section 143(3) of the Act and Companies (Audit and
Auditors) Rule 2014, we report that:
a) We have sought and obtained all the information and explanations
which to the best of 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 the Company 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 Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) In our opinion, there are no adverse observations and comments on
the financial transactions of the matters which have adverse effect on
the functioning of the Company
f) On the basis of the written representations received from the
directors as on March 31,2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2015,
from being appointed as a director in terms of Sub-Section 2 of Section
164 of the Companies Act, 2014.
g) In our opinion, there are no qualifications, reservation or adverse
remark relating to maintenance of accounts and other matter connected
therewith.
h) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i) The Company does not have any pending litigations which would impact
its financial position.
ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report
The annexure referred to in our Independent Auditors' Report to the
members of the company on the standalone financial statements for the
year ended 31st March, 2015, We report that:
1) In respect of its fixed assets
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) As explained to us all the assets have been physically verified by
the management at regular interval. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
2) The company does not have any physical inventory at the reporting
period, thus the paragraph 3(ii) of the Order is not applicable.
3) The Company has not granted unsecured loans to companies, firms or
other parties covered in the register maintained under section 189 of
the Companies Act 2013 and accordingly, the provisions of clause (iii)
of paragraph 3 of the Order are not applicable to the Company.
4) In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in such internal control system.
5) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits from the public.
Thus the provision of clause (v) of paragraph 3 of the Order are not
applicable to the company.
6) In our opinion and according to the information and explanation
given to us, the requirements for maintenance of cost records pursuant
to the companies (Cost records and Audit) Rules, 2014 specified by the
Central Government of India under section 148 of the Companies Act,
2013 are not applicable to the Company for the year under audit.
7) According to the information and explanation given to us and the
books of account examined by us, in respect of Statutory Dues
(a) The Company is not regular in depositing undisputed statutory dues
including provident fund, employees' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
authorities. There is arrears of outstanding statutory dues as at the
last day of the financial year concerned for a period of more than six
months from the date they became payable.
Name of the Statute Amount (in Lakhs) Period to which dues relates
VAT 1.44 F/ Y 2013-14
- F/ Y 2014-15
WCT 6.71 F/ Y 2013-14
- F/ Y 2014-15
CST 0.05 F/ Y 2013-14
0.13 F/ Y 2014-15
Provident Fund* 1.87 F/ Y 2013-14
13.30 F/ Y 2014-15
Employee State Insurance* 17.70 F/ Y 2013-14
18.66 F/ Y 2014-15
Professional Tax 1.47 F/ Y 2013-14
0.13 F/ Y 2014-15
Welfare Fund 0.84 F/ Y 2013-14
0.03 F/ Y 2014-15
* Provident Fund and Employee State Insurance includes both Employer's
and Employee's Contribution. The above amount do not include interest
and other dues as may be payable on account of no payment/delay on
account of any disputes.
(b) According to information and explanation given to us, there are no
material dues on account of income tax or sales tax or wealth tax or
service tax or duty of customs or duty of excise or value added tax or
cess, which have not been deposited on account of any dispute.
(c) According to information and explanation given to us, there is no
amount which is required to be transferred to Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 and rules made thereunder.
8) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
9) In our opinion and according to information and explanations given
to us, the Company did not any outstanding dues to a financial
institutions or bank or debenture holders during the year of audit.
10) In our opinion and according to information and explanations given
to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
11) In our opinion and according to information and explanations given
to us, the Company has not taken any term loan during the year.
12) According to the information and explanations given to us, no
material fraud on or by the company has been noticed or reported during
the course of our Audit.
For SUMAN JEET AGARWAL & CO
Chartered Accountants
(FRN: 011945N)
Suman Jeet Agarwal
Partner
Membership No: 091017
Place: New Delhi
Date: 30.05.2015
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