AUDITORS REPORT. The Balance Sheet dealt with by this report is in agreement with the books of account; and

Transcription

1 OPSinghania & Co. CHARTERED ACCOUNTANTS JDS CHAMBERS, 1 st FLOOR, 6-CENTRAL AVENUE CHOUBE COLONY, RAIPUR (C.G.) INDIA PHONE: , opsinghania.co@gmail.com AUDITORS REPORT To The Partners of CHHATTISGARH HYDRO POWER LLP 1. We have audited the attached Balance Sheet of CHHATTISGARH HYDRO POWER LLP, as at 31st March, This financial statement is the responsibility of the management. Our responsibility is to express an opinion on this financial statement based on our audit. 2. We conducted our audit in accordance with the 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 well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. We report that: (i) (ii) (iii) (iv) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; In our opinion, proper books of account as required by law have been kept by the firm so far as appears from our examination of those books; The Balance Sheet dealt with by this report is in agreement with the books of account; and In our opinion, and to the best of our information and according to the explanations given to us, the said financial statements give a true and fair view: in the case of the Balance Sheet, of the state of affairs of the firm as at 31st March, 2012 For OPSinghania & Co. (Firm Registration No C) Chartered Accountants Raipur, 24 th May,2012 SANJAY SINGHANIA PARTNER Membership No

2 BALANCE SHEET AS AT 31ST MARCH CAPITAL & LIABILITIES SCHE ASSETS SCHE AMOUNT DULE AMOUNT AMOUNT DULE AMOUNT Rs. Rs. Rs. Rs. 6,52,60,000 PARTNER'S FUNDS A 8,87,82,000 NON CURRENT ASSETS FIXED ASSETS B LIABILITIES 89,93,113 Tangible assets 1,06,03,253 Current Liabilities 4,37,44,476 Capital work-in-progress 6,34,66,317 2,72,466 Salary Payable 5,63,824 1,23,953 TDS Payable 1,03,464 1,24,14,900 LONG TERM LOANS AND ADVANCES C 1,26,09,047 16,58,122 Others Payable 5,96,638 22,800 OTHER NON-CURRENT ASSETS D 32,800 CURRENT ASSETS CURRENT LOANS & ADVANCES 68,340 Loans and advances to related parties 1,14,924 17,25,427 Advance recoverable in cash or in kind 18,34,847 CASH & BANK BALANCE 28,055 Cash-in-hand 42,875 2,04,873 Balance with schedule Banks E 12,96,699 1,12,557 OTHER CURRENT ASSETS F 45,164 6,73,14,541 9,00,45,926 6,73,14,541 9,00,45,926 NOTES ON ACCOUNTS For Chhattisgarh Hydro Power LLP G As per our Report of even date For O.P.SINGHANIA & CO. (Firm Registration No C) Chartered Accountants Place : Raipur Date : KAMAL KISHORE SARDA PANKAJ SARDA Designated Partner Designated Partner SANJAY SINGHANIA PARTNER MEMBERSHIP NO. :

3 SCHEDULES FORMING PART OF THE ACCOUNTS SCHEDULE -A :PARTNERS' CAPITAL ACCOUNT PARTICULARS PROFIT OPENING ADDITION/(REFUND) AS ON SHAREING BALANCE DURING THE RATIO PERIOD (%) Rs. Rs. Rs. Chhatisgarh Investment Ltd 11.12% 1,11,50,000 (12,77,443) 98,72,557 Prachi Agriculture & Properties Ltd. 0.48% 1,00,000 3,26,155 4,26,155 Sarda Agriculture & Properties Ltd 0.48% 1,00,000 3,26,155 4,26,155 Sarda Family Investments 9.80% 24,60,000 62,40,635 87,00,635 Sarda Energy & Minerals Ltd % 4,36,00,000 1,04,85,994 5,40,85,994 Shri Kamal Kishore Sarda 12.45% 53,50,000 57,03,359 1,10,53,359 Smt. Shakuntala Devi Sarda 4.75% 25,00,000 17,17,145 42,17,145 Total 100% 6,52,60,000 2,35,22,000 8,87,82,000

4 SCHEDULES FORMING PART OF THE ACCOUNTS SCHEDULE - B :FIXED ASSETS G R O S S B LOCK D E P R E C I A T I O N N E T B L O C K OPENING ADDITION DEDUCTION AS AT OPENING FOR THE UPTO AS ON AS AT PARTICULARS BALANCE DURING DURING BALANCE YEAR THE YEAR THE YEAR Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Land 75,58,150 1,27,490-76,85, ,85,640 75,58,150 Office Equipment 12,38,493 3,34,055-15,72,548 5,53,572 1,36,251 6,89,823 8,82,725 6,84,921 Furniture & Fixture 43,284 14,250-57,534 2,006 3,063 5,069 52,465 41,278 Survey Equipment 54,907 6,12,566-6,67,473 16,862 13,173 30,035 6,37,438 38,045 Portable Magagine - 1,46,013-1,46, ,45,107 - Vehicle 9,13,631 6,16,192-15,29,823 2,42,912 87,033 3,29,945 11,99,878 6,70,719 Total 98,08,465 18,50,566-1,16,59,031 8,15,352 2,40,426 10,55,778 1,06,03,253 89,93,113 Capital Work in Progress Project & Pre-operative Expenses 4,37,44,477 1,97,21,840-6,34,66, ,34,66,317 4,37,44,476 Total 4,37,44,477 1,97,21,840-6,34,66, ,34,66,317 4,37,44,476 GRAND TOTAL 6,59,67,841 2,15,72,406-7,51,25,348 8,15,352 2,40,426 10,55,778 7,40,69,570 5,27,37,589

5 SCHEDULES FORMING PART OF THE ACCOUNTS AS AT AS AT MARCH,31 MARCH, Rs. Rs. SCHEDULE - C : LONG TERM LOANS AND ADVANCES Advance for Capital Goods 1,26,09,047 1,24,14,900 1,26,09,047 1,24,14,900 SCHEDULE - D : OTHER NON-CURRENT ASSETS Deposit for Rent (RANIKOMBO Office) 21,000 21,000 Bharat Gas Agencies (Cylinder Deposit) 1,800 1,800 Security Deposit with Sales Tax 10,000-32,800 22,800 SCHEDULE - E : BALANCE WITH SCHEDULE BANKS IN CURRENT ACCOUNT IDBI Bank'LLP ( ) 2,08,112 1,65,808 IDBI Bank - Internet Account ( ) 15,000 5,803 IDBI Bank ( ) - 25,000 State Bank of India, Kunkuri 10,73,587 8,262 12,96,699 2,04,873 SCHEDULE - F : OTHER CURRENT ASSETS Pre-paid expenses 45,164 1,06,616 Frienge Benefit Tax receivable - 5,941 45,164 1,12,557

6 SCHEDULE 'G' NOTES TO FINANCIAL STATEMENTS 1. NATURE OF ACTIVITIES The Firm has undertaken the activities of generation and distribution of Hydro Electric Power and has been allotted potential sites for implementation of the projects from appropriate authorities. 2. SIGNIFICANT ACCOUNTING POLICIES a) System of Accounting i) The financial statements are prepared under the historical cost convention, on going concern concept and in compliance with the accounting standards as notified by Companies (Accounting Standards) and the relevant provisions of the LLP Act, ii) iii) The Firm follows mercantile system of accounting and recognizes income and expenditure on an accrual basis except those with significant uncertainties. The accounting policies have been consistently applied by the Firm. b) Capital Work-in-Progress Expenditure incurred on different projects are being accounted under the head "Capital Work-in-Progress" and the same will be apportioned to specific assets of each project on commissioning of the same. The expenses incurred for the project has been grouped under the head "Project and Pre-operative Expenditure (Pending allocation)". c) Fixed Assets Fixed Assets are stated at acquisition cost less depreciation. Cost includes taxes, duties, freight, installation and other direct or allocated expenses upto the date of commercial production. d) Expenditure during Construction Period All expenditure incurred during construction/implementation stage of project are shown under the head Project and Pre-operative Expenditure shall be capitalized and shall be added on pro-rata basis to the cost of Fixed Assets (other than Land & leasehold land and other related assets) on commissioning of the Project. e) Depreciation and Amortisation i) Depreciation is provided on Straight Line Method based on estimated useful life of the assets. ii) iii) iv) v) Depreciation on fixed assets added/disposed off during the year is provided on pro-rata basis. Fixed Assets costing below Rs.5000/- are fully depreciated in the year of acquisition itself. Free-hold land and site & land development cost are not depreciated/amortized. Leasehold land is amortised annually on the basis of tenure of lease period. 3. Contingent Liability not provided for : Rs.NIL

7 4. Previous year figures are regrouped and rearranged wherever necessary The payment of Bonus Act, Gratuity Act and Provident Fund Act are not applicable to the Firm during the year. The Firm has not commenced any commercial activities during the year therefore no profit and loss account has been prepared. As per our report of even date For OPSinghania & Co. (Firm Regn.No C) Chartered Accountants, For Chhattisgarh Hydro Power LLP SANJAY SINGHANIA PARTNER MEMBERSHIP NO Raipur,24th May,2012 (KAMAL KISHORE SARDA), Designated Partner (PANKAJ SARDA) Designated Partner