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Auditor Report of Balurghat Technologies Ltd.

Mar 31, 2015

1. We have audited the accompanying financial statements of Balurghat Technologies Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the statement of Profit and Loss the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

2. 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 to give a true and fair view of the financial position ,financial performance and cash flows to the company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under 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 of 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.

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. We have taken into account the provisions of the Act and the Rules made there under including the accounting standards and matters which are required to be included in the audit report.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act and other applicable authoritative pronouncements issued by the ICAI. Those standards and pronouncements require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

6. An Audit involves performing procedures to obtain audit evidence about the amounts and the 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 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 the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the financial statements.

7. 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.

8. 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 state of affairs of the Company as at March 31, 2015 and its profit and its Cash Flows for the year ended on that date .

9.As required by the Companies (Auditor's Report ) Order , 2015 , issued by the Central Government of India in terms of sub-section (11) of Section of Section 143 of the Act ( hereinafter referred to as the Order") , and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us , we give in the Annexure a statement on the matters specified in Paragraphs 3 and 4 of the Order .

10. 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 purpose 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, except that the backup of the books of accounts and other books and paper maintained in electronic mode has not been maintained on servers physically located in India.

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 financial statements with the books of account.

e. On the basis of the written representations received from the directors as on March 31, 2015 from being appointed as a Director in terms of Section 164 (2) of the Act.

f. 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 to our knowledge and according to the information and explanations given to us :

1. The Company has disclosed the impact, if any, of litigations as at March 31, 2015 on its financial statements -Refer Note19. 2 The Company has no long term contracts as at 31, March, 2015.

3.There is no such requirement of transferring funds to Investor Protection Fund during the Year ended March 31, 2015.

(Referred to in Para 9 of the Independent Auditor's Report of even date to the Members of Balurghat Technologies Limited on the financial statements as of and for the year ended March 31, 2015.

i) In respect of its fixed assets :

a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phased programmed designed to cover all items over a period of three years which in our opinion, is reasonable having regard to the size of the company and the nature of its assets .Pursuant to the programmed, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification. ii) a) The inventory (excluding stocks with third parties ) has been physically verified by the Management during the year . In respect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency of verification is reasonable.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory as compared to book records were not material.

iii) The Company has not granted any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3 (iii), (iii) (a) and (iii) (b) of the said Order are not applicable to the Company.

iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. Further , on the basis of our examination of the books and records of the Company ,and according to the information and explanations given to us , we have neither come across , nor have been informed of , any continuing failure to correct major weaknesses in the aforesaid internal control system .

v) In our opinion and information given to us, the Company has not accepted any deposits within the meaning of sections 73 to 76 or any other relevant provisions of the Companies Act 2013 and the rule framed there under. Therefore, the provisions of clause (v) of paragraph 3 of the CARO are not applicable to the company.

vi) Since the net worth of the Company and turnover HSD is less than the limits prescribed by the Central Government under section 148 of the Companies Act, 2013 , maintenance of Cost records is not considered necessary.

vii) a) According to the information and explanations given to us the company has been generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees' state insurance, income tax, wealth tax, service tax, custom , cess and other material statutory dues as applicable to it with the appropriate authorities during the year.

b) As at 31st March 2015 according to the record of the company and the information and explanation given to us there are no disputes in respect of any of the statutory dues Except an amount of damages imposed by the PF authorities Rs. 12,50,404/- (Previous year Rs. 12,50,404) for a period prior to incorporation of the company, pending before the Hon'ble of PF at New Delhi for necessary adjustment.

viii) The company is having accumulated losses as at 31st March, 2015, & the company has not incurred cash losses during the financial year ended on that date & the immediately preceding financial year. But the accumulated losses incurred by the company has exceeds 50% of its net worth.

ix) Based on our audit procedures and according to the information given to us we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and banks .The Company has not accepted any fund on account of issue of debentures.

x) According to the information and explanations given to us, The Company has not granted any loans or any guarantees for loans taken by others from banks or financial institutions, or any advances on the basis of security by way of pledge of shares, debentures and other securities.

xi) In my opinion and according to the information and explanations given to us, the company has maintained proper records of the transactions and contracts and timely entry have been made therein; & the company is holding the investments in its own name.

xii) According to the information and explanations given to us, during the year, no fraud on or by the company has been noticed or reported during the year.

In terms of our report of even date attached

GUHA & SONS

Place: Kolkata CHARTERED ACCOUNTANTS

Dated: 29th Day of May 2015. 15/1, Chowringee Square

Kolkata – 700 069



(K. GUHA) PROPRIETOR

Membership No: 008256

Firm Registration No: 302159E


Mar 31, 2014

1. We have audited the attached Balance sheet of M/S BALURGHAT TECHNOLOGIES LIMITED as at 31st March 2014 and also Profit and Loss account of the company for the year ended 31st March 2014 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 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 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. As required by the Companies (Auditor''s Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in Para 3 above, we 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 accounts as required by law have been kept by the company, so far as appears from our examination of those books;

c) The Balance Sheet and Profit and loss account dealt with by this report are in agreement with the books of account;

d) In our opinion, the profit & loss account and balance sheet comply with the mandatory accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

e) Based on representation made by all the directors of the company to the Board and the information and explanations as made available to us by the company, none of the directors of the company prima- facie have any disqualification as referred to section 274(1) (g) of the Companies Act, 1956.

In our opinion and to the best of our information & according to the explanations given to us the said account, read together with the notes thereon gives the information required by the Companies Act,1956 in the manner so required and give a true & fair view.

i) in case of the Balance Sheet , of the state of affairs of the company as on 31st March 2014 and

ii) in case of the Profit and Loss Account, of the company for the year ending 31st March 2014

ANNEXURE TO THE AUDITOR''S REPORT (Referred to in Para 3 of our report of even date)

i) In our opinion and having regard to the nature of the Company''s business clauses (viii) and (xiii) are not applicable.

ii) a) The Company is maintaining proper records showing full particulars, including quantitative details & situation of fixed assets.

b) In our opinion, the fixed assets have been physically verified by the management at reasonable intervals, having regard to the size of the company and the nature of its assets. No discrepancies have been noticed between the book records & physical inventory.

c) During the year, in our opinion, a substantial part of fixed assets has not been disposed off by the company.

iii) a) In our opinion, the inventories have been physically verified by the management at reasonable intervals.

b) The procedures of physical verification of inventory followed by management are reasonable and adequate having regard to the size of the company and the nature of its business.

c) The company is maintaining proper records of inventory. No discrepancies have been noticed between the book records & physical inventory.

iv) the company has neither granted nor taken any unsecured loan to/from companies, firms and other parties listed in the Register maintained under section 301 of the Companies Act, 1956. Consequently clauses (iii)(a) to (iii)(g) of Para 4 of CARO are not applicable

v) In our opinion and according to information and explanation given to us, there is an adequate internal control system commensurate with the size of the company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods & services and we have not observed any continuing failure to correct major weaknesses in such internal control system.

vi) To the best of our knowledge and belief and according to information and explanations provided to us:

a) the particulars of contract referred to in section 301 of the Act have been entered in the register required to be maintained under that section; and

b) the transactions made in pursuance of such contracts have been made at terms reasonable with regard to prevailing market rates at the relevant time.

vii) In our opinion and according to information and explanation given to us, the Company has not accepted any deposit from the public within the purview of section 58A, 58AA and other relevant provisions of the Companies Act ,1956, and the Companies (Acceptance of Deposits) Rules, 1975 as applicable.

viii) In our opinion, the company has an internal audit system commensurate with its size and nature of business.

ix) a) According to information and explanation given to us the company has been generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income tax, wealth tax, service tax, custom duty, excise duty, cess and other and other material statutory dues as applicable to it with the appropriate authorities during the year. b) As at 31st March 2014 according to the record of the company and the information and explanation given to us there are no disputes in respect of any of the statutory dues Except an amount of damages imposed by the PF authorities Rs. 12,50,404/- (Previous year Rs. 12,50,404) for a period prior to incorporation of the company, pending before the Hon''ble of PF at New Delhi for necessary adjustment.

x) The company is having accumulated losses as at 31st March 2014, & the company has not incurred cash losses during the financial year ended on that date & the immediately preceding financial year. But the accumulated losses incurred by the company has exceeds 50% of its net worth.

xi) According to the information and explanations given to us, the company has not taken any loan from a financial institution or bank or debenture-holders & as such no comments are needed.

xii) According to the information and explanations given to us, The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion and According to the information and explanations given to us, the company has maintained proper records of the transactions and contracts and timely entry have been made therein; & the company is holding the investments in its own name.

xiv) According to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institution.

xv) In our opinion and according to the information and explanations given to us, the company has not taken any term loan whatsoever during the year under review & as such clause (xvi) of the order in inapplicable to the company for the year under review.

xvi) Based on the information and explanation given to us, and on and overall examination of the balance sheet of the company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment, and vice versa.

xvii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956 during the year.

xviii) The company has not issued any debentures & hence the provisions of clause (xix) of the order are not applicable to the company for the year under review.

xix) The company has not raised any money by way of public issue during the financial year ending 31.03.2014 and hence the question of end use of public issue proceeds does not arise.

xx) According to the information and explanations given to us, during the year, no fraud on or by the company has been noticed or reported

In terms of our report of even date attached GUHA & SONS CHARTERED ACCOUNTANTS Place: Kolkata 15/1, Chowringhee Square, Dated: 30th Day of Kolkata – 700069 May, 2014

(K. GUHA) Proprietor Membership No: 008256 Firm Reg No : 302159E

 
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