URANIUM CORPORATION OF INDIA LIMITED - (UCIL).....

AUDITOR'S REPORT
To,
The Members of
Uranium Corporation of India Limited,
Jaduguda.
1. We have audited the attached Balance Sheet
of URANIUM CORPORATION OF INDIA
LIMITED (the Company) as at 31st March
2007, the Profit & Loss Account and the Cash
Flow Statement of the Company for the year
ended on that date annexed thereto. 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.
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. a) In terms of the Department of Atomic
Energy, Govt. of India's order (as
referred in Note No. 1 of Notes on
Accounts in Schedule-15), the Company
is prohibited from disclosure of
information relating to the following :-
i) The licensed capacity,
ii)
iii)
iv)
The installed capacity,
The actual production,
The raw materials purchased or
acquired,
v) The opening and closing stocks of
goods produced;
and the quantitative information
relating to turnover and
consumption of raw materials in
the company. Accordingly the
above information has not been
given by the company in Financial
Statements.
b) However, we have been given access to
the above informations relating to the
operation of the company vide
Department of Atomic Energy's order
No. 10/8(12)/2004-PSU/448 dated 09
July, 2004 with the condition that the
above information shall not specifically
figure in the Audit Report.
4. As required by the Companies (Auditor's
Report) order, 2003, as amended by
Companies (Auditor's Report) (Amendment)
order 2004 (together "the order") issued by
the Central Government of India in terms of
sub-section (4A) of Section 227 of the
Companies Act, 1956, we enclose in the
Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said
order.
5. Further to our comments in the Annexure
referred to in paragraph 4 above, we report
that :-
a) Mining Lease of Lands at Jaduguda,
Turamdih, Banduhurang, Bagjata,
Tumallapalle and Mahuldih have not
been obtained (Refer Note No. 2(a) in
Schedule 15).
b) Deed of Conveyance in respect of Land
acquired from State Government/
Private Parties is pending (Refer Note
No. 2(b) in Schedule 15).
c) No provision has been made against use
of 3 acres of Land of Hindustan Copper
Ltd. (I.C.C.) at Mosabani since 1986.
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