Mar 31, 2018
INDEPENDENT AUDITORSâ REPORT
To the Members of
Bhilwara Technical Textiles Limited Report on the Standalone Financial Statements
We have audited the accompanying standalone IND AS financial statements of Bhilwara Technical Textiles Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including other comprehensive Income), the Cash Flow Statement, the Statement of Changes in Equity for the year ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as âstandalone IND AS financial statements).
Managementâs responsibility for the standalone financial statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 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 Indian Accounting Standards (IND AS) specified in the Companies(Indian accounting Standards)Rules,2015(as amended)under Section 133 of the Act. This responsibility also includes 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 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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
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.
We conducted our audit of the standalone Ind AS financial statements 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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the standalone Ind AS 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 the state of affairs(Financial Position) of the Company as at 31st March''2018,its profit(financial performance including other comprehensive income),its cash flows and the statement of changes in equity for the year ended on that date.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure âAâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, 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 account as required by law have been kept by the Company so far as appears from our examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
e. On the basis of written representations received from the directors as on March, 2018, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018, from being appointed as a director in terms of section 164(2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ to this report;
g. With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our Information and according to the explanations given to us:
h. The Company has no pending litigations as confirmed by the Management; therefore there is no impact on its financial position in its financial statements.
i. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
j. There were no amounts which were required to be transferred to the Investor Education and protection Fund by the Company.
i. (a) The Company has maintained proper records showing particulars, including quantitative details and situation of fixed assets.
(b) The Company has a programme of physical verification to ensure that all the assets are verified at reasonable intervals which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. Management has physically verified major fixed assets during the year no discrepancy has been noticed on such verification as compared to book records.
(c) According to information and explanations given to us and on the basis of our examination of the records of the Company, there are no immovable properties as on 31st March, 2018.
ii. The Companyâs current nature of operations does not require it to hold inventories. Accordingly, clause 3 (ii) of the Order is not applicable.
iii. According to the information and explanations given to us, the company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii) (a) to (c) of the Order are not applicable to the company and hence not commented upon.
iv. In our opinion and according to the information and explanations given to us, there are no loans, investments, guarantees, and securities granted during the year in respect of which provisions of section 185 and 186 of the Companies Act 2013 are applicable and hence not commented upon.
v. The Company has not accepted any deposits from the public within the meaning of directives issued by the Reserve Bank of India and provisions of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under.
vi. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 in respect of activities carried out by the Company.
Vii (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing undisputed statutory dues in respect of income tax, service tax, and other material statutory dues as applicable with the appropriate authorities. Further, there were no undisputed amounts outstanding at the year end for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and the records of the company examined by us, there are no statutory dues of income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax which have not been deposited on account of a dispute.
Viii. According to the information and explanations given to us and as per the books and records examined by us, the Company has no dues to any financial institution or bank or debenture holders.
ix. According to the information and explanations given by the management, the company has not raised any money of initial public offer/further public offer.
x. Based upon the audit procedures performed for the purpose of reporting the true and fair view of financial statements and according to the information and explanations given by the management, we report that no fraud by the company or no fraud on the company by the officers and employees of the company has been noticed or reported during the year.
xi. Based on our audit and according to the information and explanations given to us, Company has not paid / provided any managerial remuneration. Therefore, the provisions of clause 3(xi) of the order are not applicable to the Company and hence not commented upon.
xii. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the order are not applicable to the Company and hence not commented upon.
xiii. Based on our audit procedures and according to the information and explanations given by the management, transactions with related parties are in compliance with section 177 & 188 of the Companies Act, 2013 where applicable and the details have been disclosed in the notes to the standalone IND AS financial statements, as required by the applicable Indian accounting standards.
xiv. According to the information and explanations given to us and on an overall examination of the balance sheet, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence, reporting requirements under clause 3(xiv) are not applicable to company and, not commented upon.
xv. Based on our audit procedures and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him.
xvi. According to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
Annexure âBâ to the independent auditorâs report of even date on the financial statements of Bhilwara Technical Textiles Limited
Report on the Internal Financial Controls under Clause
(i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Bhilwara Technical Textiles Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Doogar& Associates
Chartered Accountants
Firm Regn. No. 000561N
Mukesh Goyal
Place: Noida (UP) Partner
Date: 25th May, 2018 M. No. 081810
Mar 31, 2016
INDEPENDENT AUDITORSâ REPORT
To the members of
Bhilwara Technical Textiles Limited
Report on the financial statements
We have audited the accompanying financial statements of Bhilwara Technical Textiles Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31,
2016, 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.
Managementâs responsibility for the financial statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) 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 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 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.
Auditorâs responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
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.
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.
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 auditorâs 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 Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 the state of affairs of the company as at 31st March, 2016, and its profit and its cash flows for the year ended on that date.
Report on other legal and regulatory requirements 1 As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure âAâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
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.
(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 comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure âBâ to this report
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
Annexure âAâ referred to in paragraph 1 under the heading âReport on other legal and regulatory requirementsâ of our report of even date to the members of Bhilwara Technical Textiles Limited
1. The company does not have any fixed assets. Accordingly clause 3 (i) of the Order is not applicable.
2. The Companyâs current nature of operations does not require it to hold inventories. Accordingly clause 3 (ii) of the Order is not applicable.
3. According to the information and explanations given to us, the company has not granted any loans, secured or unsecured to companies, firms,
Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii) (a) to (c) of the Order are not applicable to the company and hence not commented upon.
4. In our opinion and according to the information and explanations given to us, there are no loans, investments, guarantees, and securities granted during the year in respect of which provisions of section 185 and 186 of the Companies Act 2013 are applicable and hence not commented upon.
5. The company has not accepted any deposits from the public.
6. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 in respect of activities carried out by the Company
7. (a) According to the records of the Company, undisputed statutory dues have been regularly deposited during the year with the appropriate authorities. According to the records of the Company and as explained to us the company did not have any dues on account of provident fund, employeesâ state insurance, sales tax, duty of customs, duty of excise, value added tax and cess.
According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income-tax, service tax, sales-tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and the records of the company examined by us, there were no statutory dues of income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax which have not been deposited on account of a dispute
8. According to the information and explanations given to us and the records of the company examined by us, the company has not borrowed funds from any financial institution or bank or government or debenture holders
9 Based on our audit procedures and according to the information and explanations given to us, the Company has not raised any money by way of initial public offer / further public offer / term loans.
10. Based upon our audit procedures and according to the information and explanations to us, we report that no material fraud by the company or on the company by its officers or employees has been noticed or reported during the year.
11. Based on our audit and according to the information and explanations given to us, Company has not paid / provided any managerial remuneration. Therefore, the provisions of clause 3(xi) of the order are not applicable to the Company and hence not commented upon
12. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the order are not applicable to the Company and hence not commented upon.
13. Based on our audit procedures and according to the information and explanations given to us, there are no transactions with related parties as stipulated under section 188 of the Companies Act, 2013. Accordingly, the provisions of clause 3(xiii) of the Order are not applicable to the company and hence not commented upon
14. According to the information and explanations given to us and on an overall examination of the balance sheet, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence, reporting requirements under clause 3(xiv) are not applicable to the company and, not commented upon.
15. Based on our audit procedures and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him.
16. According to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
Annexure âBâ to the independent auditorâs report of even date on the financial statements of Bhilwara Technical Textiles Limited
Report on the Internal Financial Controls under Clause
(i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Bhilwara Technical Textiles Limited (âthe Companyâ) as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Ashim & Associates
Chartered Accountants
Firm Registration No.006064N
Ashim Agarwal
Noida (U.P.) Partner
May 27, 2016 Membership No.084968
Mar 31, 2015
We have audited the accompanying financial statements of Bhilwara
Technical Textiles 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.
Management's responsibility for the 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
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 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.
Auditor's responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
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
thereunder. 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.
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
financial 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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
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 the state of affairs of the company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
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 (11) of section
143 of the Act, we give in the Annexure 'A' a statement on the
matters specified in paragraphs 3 and 4 of the Order.
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.
(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 comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March,
2015 taken on record by the Board of Directors, none of the directors
is disqualified as on 31st March, 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 of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations which would impact
its financial position
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure 'A' referred to in paragraph 1 under the heading "Report
on other legal and regulatory requirements" of our report of even
date to the members of Bhilwara Technical Textiles Limited
1. The company does not have any fixed assets. Accordingly clause 3
(i) of the Order is not applicable.
2. The Company's current nature of operations does not require it to
hold inventories. Accordingly clause 3 (ii) of the Order is not
applicable.
3. According to the information and explanations given to us, 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 Companies Act, 2013. Accordingly, the provisions of clause
3(iii) (a) to (b) of the Order are not applicable to the company and
hence not commented upon.
4. The company has not made any purchases of inventory and fixed assets
as well as sale of goods & services during the year. We have not
observed any major weakness in the internal control system during the
course of the audit.
5. The company has not accepted any deposits from the public.
6. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under sub-section
(1) of section 148 of the Companies Act, 1956 in respect of activities
carried out by the Company
7. (a) According to the records of the Company, undisputed statutory
dues have been regularly deposited during the year with the appropriate
authorities. According to the records of the Company and as explained
to us the company did not have any dues on account of provident fund,
employees' state insurance, sales tax, wealth tax, duty of customs,
duty of excise, value added tax and cess
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, employees'
state insurance, income tax, sales tax, wealth tax, service tax, duty
of customs, duty of excise, value added tax, cess and other material
statutory dues were outstanding, at the year end, for a period of more
than six months from the date they became payable.
(c) According to the information and explanations given to us and the
records of the company examined by us, there were no statutory dues of
income-tax, sales-tax, wealth-tax, service tax, duty of customs, duty
of excise, value added tax and cess, which have not been deposited on
account of any dispute.
(d) According to the records of the Company and as explained to us the
company did not have any dues on account of investor education and
protection fund.
8. The company did not have any accumulated losses at the end of the
financial year. The company has not incurred cash loss in the current
financial year and immediately preceding financial year.
9. According to the information and explanations given to us and the
records of the company examined by us, the company has not borrowed
funds from any financial institution or bank.
10. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
11. In our opinion, and according to the information and explanations
given to us, the Company did not raise any term loans from banks /
financial institutions during the year.
12. Based on the audit procedures performed and as per the information
and explanations given by the management, no fraud on or by the Company
has been noticed or reported during the year.
For Ashim & Associates
Chartered Accountants
Firm Registration
No.006064N
Ashim Agarwal
Noida (U.P.) Partner
5th May, 2015 Membership No.084968
Mar 31, 2014
We have audited the accompanying financial statements of Bhilwara
Technical Textiles Limited ("the Company"), which comprise the
balance sheet as at March 31,2014, the statement of profit and loss and
cash flow statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for 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 Standards notified under the Companies Act, 1956 ("the
Act") read with the General Circular 15/2013 dated 13th September,
2013 of the Ministry of Corporate Affairs in respect of section 133 of
the Companies Act, 2013 and in accordance with the accounting
principles generally accepted in India. This responsibility includes
the design, implementation and maintenance of internal control 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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.
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 control relevant to the Company''s
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness
of the Company''s internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness
of the accounting estimates made by management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(a) in the case of the balance sheet, of the state of affairs of the
company as at March 31,2014;
(b) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(c) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure
''A'' a statement on the matters specified in paragraphs 4 and 5 of
the Order.
2. As required by section 227(3) of the Act, 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 account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The balance sheet, statement of profit and loss, and cash flow
statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the balance sheet, statement of profit and loss, and
cash flow statement comply with the Accounting Standards notified under
the Act read with the General Circular 15/2013 dated 13th September
2013 of the Ministry of Corporate Affairs in respect of section 133 of
the Companies Act, 2013;
e. On the basis of written representations received from the directors
as on March 31,2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
Annexure ''A'' referred to in paragraph 1 under the heading "Report
on other legal and regulatory requirements" of our report of even
date to the members of Bhilwara Technical Textiles Limited
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The management has physically verified the fixed assets during the
year. As informed to us, no material discrepancies were noticed on such
verification.
(c) There were no fixed assets disposed off / discarded during the
year.
2. The Company''s current nature of operations does not require it to
hold inventories. Accordingly clause 4 (ii) of the Order is not
applicable to the company and hence not commented upon.
3. (a) According to the information and explanations given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under
section 301 of the Companies Act, 1956. Accordingly, the provisions
of clause 4(iii) (a) to (d) of the Order are not applicable to the
company and hence not commented upon.
(b) According to information and explanations given to us, the company
has not taken any loans, secured or unsecured, from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)
(e) to (g) of the Order are not applicable to the company and hence not
commented upon.
4. 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. During the course of our audit, we have not observed any
major weakness or continuing failure to correct any major weakness in
the internal control system of the company in respect of these areas.
5. (a) Based upon the audit procedures applied by us and according to
the information and explanations provided by the management, we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 that need to
be entered into the register maintained under section 301 have been
so entered.
(b) According to the information and explanations given to us, there
were no transactions made in pursuance of such contracts or
arrangements exceeding the value of Rupees five lakhs that have been
entered into during the financial year. Accordingly, the provisions of
clause 5 (b) of the Order are not applicable to the company and hence
not commented upon.
6. The company has not accepted any deposits from the public.
7. In our opinion, the company has a group inhouse internal audit
system commensurate with the size & nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub- section (1) of section 209 of the Companies
Act, 1956 in respect of activities carried out by the Company.
9. (a) According to the records of the Company, undisputed statutory
dues have been regularly deposited during the year with the
appropriate authorities. According to the records of the Company and
as explained to us the company did not have any dues on account of
provident fund, investor education and protection fund, employees''
state insurance, sales tax, wealth tax, custom duty, excise duty and
cess.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees'' state insurance, income-
tax, wealth-tax, service tax, sales-tax, customs duty, excise duty,
cess and other material statutory dues were outstanding, at the year
end, for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us and the
records of the company examined by us, there were no statutory dues of
income- tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty and cess which have not been deposited on account of any dispute.
10. The company did not have any accumulated losses at the end of the
financial year. The company has not incurred cash loss in the current
financial year and immediately preceding financial year.
11. According to the information and explanations given to us and the
records of the company examined by us, the company has not borrowed
funds from any financial institution or bank.
12. According to the information and explanations given to us and based
on the documents and records produced before us, the company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 (as amended) are not
applicable to the company.
14. In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report)
Order, 2003 (as amended) are not applicable to the company.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. In our opinion, and according to the information and explanations
given to us, the Company did not raise any term loans from banks /
financial institutions during the year.
17. According to the information and explanations given to us and as
per the books and records examined by us, as on the date of balance
sheet, the company has not raised any funds on short term basis.
18. 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.
19. The company has not issued any debentures.
20. The company has not raised any money by way of public issue, during
the year.
21. Based on the audit procedures performed and as per the information
and explanations given by the management, no fraud on or by the Company
has been noticed or reported during the year.
For Ashim & Associates
Chartered Accountants
Firm RegistrationNo.006064N
Ashim Agarwal
Noida (U.P.) Partner
22nd April, 2014 Membership No.084968
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying Financial Statements of Bhilwara
Technical Textiles Limited ("the Company"), which comprise the
Balance Sheet as at the 31st March, 2013, and the Statement of Profit &
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for 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
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control 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.
Auditor''s Responsibility
our responsibility is to express an opinion on these Financial
Statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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.
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 control relevant to the company''s
preparation and fair presentation of the Financial Statements in order
to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
Financial Statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at the 31st March, 2013;
(b) in the case of the Statement of Profit And Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act, we give in the Annexure
''A'' a statement on the matters specified in paragraphs 4 and 5 of
the Order.
2. As required by Section 227(3) of the Act, 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 account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement comply with the accounting standards referred to in
sub- section (3C) of Section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the directors
as on the 31st March, 2013, and taken on record by the Board of
Directors, none of the directors is disqualified as on the 31st March,
2013, from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
Annexure ''A'' referred to in paragraph 1 under the heading "Report
on other legal and regulatory requirements" of our report of even
date to the members of Bhilwara Technical Textiles Limited
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The management has physically verified the fixed assets during the
year. As informed to us, no material discrepancies were noticed on such
verification.
(c) There were no fixed assets disposed off / discarded during the
year.
2. The Company''s current nature of operations does not require it to
hold inventories. Accordingly Clause 4
(ii) of the Order is not applicable to the Company and hence not
commented upon.
3. (a) According to the information and explanations given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956. Accordingly, the provisions of clause
4(iii) (a) to (d) of the Order are not applicable to the Company and
hence not commented upon.
(b) According to information and explanations given to us, the company
has not taken any loans, secured or unsecured, from companies, firms or
other parties covered in the register maintained under Section 301 of
the Companies Act, 1956. Accordingly, the provisions of Clause 4(iii)
(e) to (g) of the Order are not applicable to the Company and hence not
commented upon.
4. 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. During the course of our audit, we have not observed any
major weakness or continuing failure to correct any major weakness in
the internal control system of the Company in respect of these areas.
5. Based upon the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that there were no contracts or arrangements referred to in
Section 301 of the Companies Act, 1956 that were required to be entered
in the register to be maintained under that section.
6. The Company has not accepted any deposits from the public.
7. in our opinion, the company has a group inhouse internal audit
system commensurate with the size & nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub- section (1) of section 209 of the Companies
Act, 1956, in respect of activities carried out by the Company.
9. (a) According to the records of the Company, undisputed statutory
dues have been regularly deposited during the year with the appropriate
authorities. According to the records of the company and as explained
to us the company did not have any dues on account of provident fund,
investor education and protection fund, employees'' state insurance,
sales tax, wealth tax, custom duty, excise duty and cess.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees'' state insurance,
income-tax, wealth-tax, service tax, sales-tax, customs duty, excise
duty, cess and other material statutory dues were outstanding, at the
year end, for a period of more than six months from the date they
became payable.
(c) According to the information and explanations given to us and the
records of the Company examined by us, there were no statutory dues of
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty and cess which have not been deposited on account of any dispute.
10. The Company did not have any accumulated losses at the end of the
financial year. The Company has not incurred cash loss in the current
financial year and immediately preceding financial year.
11. According to the information and explanations given to us and the
records of the Company examined by us, the company has not borrowed
funds from any financial institution or bank.
12. According to the information and explanations given to us and
based on the documents and records produced before us, the company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi/ mutual
benefit fund/society. Therefore, the provisions of Clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 (as amended) are not
applicable to the company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of Clause 4(xiv) of the Companies (Auditor''s Report)
Order, 2003 (as amended) are not applicable to the Company.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. In our opinion, and according to the information and explanations
given to us, the company did not raise any term loans from banks /
financial institutions during the year.
17. According to the information and explanations given to us and as
per the books and records examined by us, as on the date of Balance
Sheet, the Company has not raised any funds on short term basis.
18. 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.
19. The Company has not issued any debentures.
20. the company has not raised any money by way of public issue,
during the year.
21. Based on the audit procedures performed and as per the information
and explanations given by the management, no fraud on or by the company
has been noticed or reported during the year.
For Ashim & Associates
Chartered Accountants
Firm Registration No.006064N
Ashim Agarwal
Noida (U.P.) Partner
30th April, 2013 Membership No.084968
Mar 31, 2012
We have audited the attached Balance Sheet of Bhilwara Technical
Textiles Limited as at 31st March, 2012, the Statement of Profit and
Loss and the Cash Flow Statement 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.
We have 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 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.
As required by the Companies (Auditors' Report) Order, 2003 ("the
Order"), 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 we considered appropriate and according to the
information and explanations given to us, we give in the Annexure
'A' a statement on the matters specified in paragraph 4 and 5 of
the Order.
Further to our comments in the Annexure referred to 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 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 appears from our examination of
those books;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement, dealt with by this report, comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
e) On the basis of written representations received from the Directors,
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31 st March,
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, they said accounts read with the
accounting policies and notes thereon, give the information required by
the Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
i) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2012;
ii) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
(Referred to in the Auditors' Report of even date to the members of
Bhilwara Technical Textiles Limited for the year ended 31st March,
2012)
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The management has physically verified the fixed assets during the
year. As informed to us, no material discrepancies were noticed on such
verification.
(c) There were no fixed assets disposed off / discarded during the
year.
2. The Company's current nature of operations does not require it to
hold inventories. Accordingly clause 4 (ii) of the Order is not
applicable to the Company and hence not commented upon.
3. (a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956. Accordingly, the provisions of clause
4(iii) (a) to (d) of the Order are not applicable to the Company and
hence not commented upon. (b) According to information and
explanations given to us, the Company has not taken any loans, secured
or unsecured, from companies, Firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, the provisions of clause 4(iii) (e) to (g) of the Order
are not applicable to the Company and hence not commented upon.
4. The Company has not made any purchases of inventory and fixed
assets as well as sale of goods & services. Accordingly, clause 4 (iv)
of the Order is not applicable to the Company and hence not commented
upon.
5. Based upon the audit procedures applied by us and according to the
information and explanations given to us, we are of the opinion that
there were no contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 that were required to be entered in the
register to be maintained under that section.
6. The Company has not accepted any deposits from the public.
7. The Company does not have an internal audit system.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Companies
Act, 1956 in respect of activities carried out by the Company.
9. (a) According to the records of the Company, undisputed
statutory dues have been regularly deposited during the year
with the appropriate authorities. According to the records of the
Company and as explained to us the Company did not have any dues on
account of provident fund, investor education and protection fund,
employees' state insurance, sales tax, wealth tax, service tax,
custom duty, excise duty and cess.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees' state insurance,
income-tax, wealth-tax, service tax, sales- tax, customs duty, excise
duty, cess and other material statutory dues were outstanding, at the
year end, for a period of more than six months from the date they
became payable.
(c) According to the information and explanations given to us and the
records of the Company examined by us, there were no statutory dues of
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty and cess which have not been deposited on account of any dispute.
10. The Company did not have any accumulated losses at the end of the
financial year. The Company has not incurred cash loss in the current
financial year and immediately preceding financial year.
11. According to the information and explanations given to us and the
records of the Company examined by us, the Company has not borrowed
funds from any financial institution or bank.
12. According to the information and explanations given to us and
based on the documents and records produced before us, the Company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 (as amended) are not
applicable to the Company.
14. in our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report)
Order, 2003 (as amended) are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company did not raise any term loans during the year.
17. According to the information and explanations given to us and as
per the books and records examined by us, as on the date of balance
sheet, the Company has not raised any funds on short term basis.
18. 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.
19. The Company has not issued any debentures.
20. The Company has not raised any money by way of public issue,
during the year.
21. Based on the audit procedures performed and as per the information
and explanations given by the management, no fraud on or by the Company
has been noticed or reported during the year.
For Ashim & Associates
Chartered Accountants
Firm Registration No. 006064N
Ashim Agarwal
Partner
Membership No.084968
Noida (U.P.)
May 3, 2012
Mar 31, 2010
We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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.
As required by the Companies (Auditors Report) Order, 2003, issued by
the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure A a statement on the matters specified in
paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to 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 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 appears from our examination of
those books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement, dealt with by this report, comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956.
e) On the basis of written representations received from the directors,
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31 st March,
2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956. f) In our
opinion and to the best of our information and according to the
explanations given to us, the said accounts read with the accounting
policies and notes thereon, give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
i) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2010;
ii) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE A TO AUDITORS REPORT (Referred to in the Auditors Report of
even date to the members of Bhilwara Technical Textiles Limited for the
year ended 31st March, 2010)
1. The company does not have any fixed assets. Accordingly clause 4
(i) of the Companies (Auditors Report) Order, 2003 is not applicable.
2. The Companys current nature of operations does not require it to
hold inventories. Accordingly clause 4 (ii) of the Companies (Auditors
Report) Order, 2003 is not applicable.
3. (a) The Company has not granted any loans to companies, firms or
other parties covered in the register maintained under section 301 of
the Act. Accordingly clauses 4 (iii) (a) to (d) of the Companies
(Auditors Report) Order, 2003 are not applicable.
(b) The Company has not taken any loans from companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. Accordingly clauses 4 (iii) (e) to (g) of the
Companies (Auditors Report) Order, 2003 are not applicable.
4. The company has not made any purchases of inventory and fixed
assets as well as sale of goods. Accordingly, clause 4 (iv) of the
Companies (Auditors Report) Order, 2003 is not applicable.
5. Based upon the audit procedures applied by us and according to the
information and explanations given to us, we are of the opinion that
there were no contracts or arrangements referred to in section 301 of
the Companies Act, 1956 that were required to be entered in the
register required to be maintained under that section.
6. The Company has not accepted any deposits from the public.
7. The Company does not have an internal audit system.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of section 209 of the Companies
Act, 1956 in respect of activities carried out by the Company.
9. (a) According to the records of the Company, undisputed statutory
dues have been regularly deposited during the year with the appropriate
authorities. According to the records of the Company and as explained
to us the Company did not have any dues on account of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income-tax, Sales- tax, Wealth-tax, Service-tax, Custom Duty, Excise
Duty and Cess. According to the information and explanations given to
us and as per the books and records examined by us, there are no
arrears of undisputed statutory dues outstanding as on the date of
balance sheet for a period exceeding six months from the date they
became payable.
(b) According to the information and explanations given to us and as
per the books and records examined by us, there were no dues of sales
tax, income tax, customs duty, wealth tax, service tax, excise duty and
cess which have not been deposited on account of any dispute.
10. The Company did not have any accumulated losses at the end of the
financial year. The Company has not incurred cash loss in the current
financial year as well as the immediately preceding financial year.
11. According to the information and explanations given to us and as
per the books and records examined by us, the Company has not borrowed
funds from any financial institution or bank.
12. 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.
13. Provisions of the order applicable to chit funds, nidhi, mutual
benefit fund / societies are not applicable to the Company.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us and as
per the books and records examined by us, the Company has not given any
guarantee for lo^ns taken by others from bank or financial
institutions.
16. In our opinion, and according to the information and explanations
given to us, the Company did not raise any term loans during the year.
17. According to the information and explanations given to us and as
per the books and records examined by us, as on the date of balance
sheet, the Company has not raised any funds on short term basis.
18. According to the information and explanations given to us 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.
19. The company has not issued any debentures.
20. The company has not raised any money by way of public issue,
during the year and accordingly paragraph 4 (xx) of the Companies
(Auditors Report) Order, 2003, relating to end use of the money
raised, is not applicable.
21. Based on our examination of the books and records of the company
and according to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the year.
For Ashim & Associates
Firm Registration No. 006064N
Chartered Accountants
Ashim Agarwal
Partner
Membership No.084968
Noida (U.P.)
April 27, 2010