To,
The Members of Bokaro Power Supply Company Private Limited
We have audited the attached Balance Sheet of BOKARO POWER SUPPLY COMPANY PRIVATE LIMITED as at 31st March, 2007 and also the Profit and Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. 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 amount and disclosures in the financial statement. 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.
As the Company is governed by the Electricity Act, 2003, the provisions of the said Act read with the rules there under have prevailed wherever the same have been inconsistent with the provisions of the Companies Act, 1956, especially in respect of depreciation on fixed assets.
As required by the Companies (Auditor’s Report) Order 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act 1956, and on the basis of such checks as were considered appropriate, we enclose in the Annexure a statement of the matters specified in paragraph 4 & 5 of the said order to the extent applicable:
Subject to our comments as above we further report that:
a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.
b) In our opinion, proper books of account, as required by the Law have been kept by the company in so far as it appears from our examination of such books.
c) The Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with in this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet and Profit & Loss Account and Cash Flow Statement comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.
e) Being a government company, pursuant to the notification no. GSR 829(E) dated 17.07.2003 issued by
the government of India, provision of section 274 (1) (g) of the Companies Act 1956, is not applicable to this company.
