| We have audited the accompanying financial statements of N. R.
INTERNATIONAL LIMITED, which comprise the Balance Sheet as at March 31,
2015, the Statement of Profit and Loss and the Cash Flow Statement, and
a summary of significant accounting policies and other explanatory
information in which are incorporated the audited accounts for the year
ended on that date audited by the branch auditors of the Company's
branch / unit located at Ranchi, Jharkhand.
Management's Responsibility for the Consolidated 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
flows of the Company 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 the
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 the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgment and estimates that are reasonable and prudent; and design,
implementation and maintenance of internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of
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 financial
statements based on our audit.
I 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
there under.
2. 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 misstatement.
3. 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 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 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 Company's Directors, as well as evaluating the
overall presentation of the financial statements.
4. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
financial statements.
In our opinion and to the best of our information and according to the
explanations statements give the mlormation 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 31 March 2015 and its profit for the year
ended on that date; and
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 (II) of section 143 of the Act, are not 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 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 and proper accounts adequate for the purposes of our audit have
been received from the branches not visited by us.
c) the report(s) on the accounts of the branch office(s) of the Company
audited under Section 143(8) of the Act by the branch auditors have
been sent to us and have been properly dealt with by us in preparing
this report.
d) The financial statements dealt with by this Report are in agreement
with the books of account and the statement received from the branches
not visited by us.
e) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
f) On the basis of written representations received from the directors
as on 3) March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
g) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014 ;
i. The Company does not have pending litigations which would impact
its financial position;
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses ;
iii. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
Annexure to the Auditors' Report
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory'
Requirements' of our Report of even date to the members of N. R.
INTERNATIONAL LIMITED ( "COMPANY") on the accounts of the company for
the year ended 31st March, 2015)
()n the basis of such checks as we considered appropriate and according
to the information and Explanations given to us during the course of our
audit, we report that:
i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management during the year in accordance with the phased programme
of verification adopted by the management which, in our opinion,
provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to us, no material discrepancies were noticed on such
verification.
(c) The company has during the year disposed off it's coke oven plant
at Dhenkanal, Orissa in the name of I. B. Industries Ltd and also it's
land at Jharsuguda.
ii) The company does not have any inventory during the current year.
However there was an inventory in the previous year. In our opinion and
according to the information and explanation given to us company has
maintained proper record of its inventory during previous year.
iii) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act 2013 and accordingly, paragraphs
3(iii) of the Order arc not applicable.
iv) In our opinion and according to the Information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory, fixed assets and for the sale
of goods (and/services). During the course of our Audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
v) The company has not accepted any deposits within the meaning of
Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits)
Rules, 2014 (as amended). Accordingly the provisions of clause 3(v) of
the Order are not applicable.
vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub- section (1) of Section 148 of
the Act, in respect of the activities carried on by the Company.
vii) ln respect of statutory dues
(a) According to the records of the company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Provident Fund,
employees state insurance (ESI), Investor Education and Protection
Fund, Income-tax, Tax deducted at sources. Tax collected at source,
Professional Tax, Sales Tax, value added tax (VAT), Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it, with the appropriate authorities.
(b) According to the information and explanations given to us, there
were payable in respect of Income-tax, Wealth Tax, Custom Duty, Excise
Duty Cess and other material statutory dues in arrears /were outstanding
as at 31 March, 2015 for a period of more than six months from the date
they became payable except the following :
Statute Name Period to Forum where matter is Amount
which it pending (Rs)
relates
Orissa VAT Act 01.04.2005 - Under appeals with 3,06,76,978
31.03.2008 respective department
Orissa CST Act 01.04.2005 - 9,97,627
31.03.2008 --- Do--
Orissa Entry Tax 01.04.2005 - 23,48,038
Act 31.03.2008 --- Do--
Service Tax 2008-09 and 27,33,189
2009-10 --- Do--
viii) The accumulated losses of the company are not more than 50% of
its Net Worth at the end of financial year. The company has not
incurred any Cash losses during the financial covered by our Audit and
the immediately preceding financial year.
ix) The company has no dues payable to a financial institutions, banks
and debenture holders during the year. Hence the provisions of clause
3(ix) of the order are not applicable.
x) The Company has given corporate guarantee for loans taken by a
company from a Bank. Further, in the absence of express terms and
conditions of such guarantee and availability of financial information
about borrower, we do not opine on the reasonableness thereof.
xi) The company has not obtained any term loan during the year, so this
Para of order is not applicable
xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For, Agarwal Vishwanath & Associates
Chartered Accountants
ICAl Registration no.323024E
Sd/-
(CA Vishwanath Agarwal)
Proprietor
Membership No. 054806
Place: Kolkata
Date: 30th May 2015
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