Mar 31, 2015
We have audited the accompanying financial statements of Bhilwara
Tex-Fin Limited, which comprise the Balance Sheet as at March 31, 2015,
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
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 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.
AUDITORS' 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 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. 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/loss and its cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
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 Companies Act, 2013, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
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, 2013.
(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) There is no pending litigation which would have its impact on
financial statement of the company.
(ii) The Company has made provision, where ever required as required
under the applicable law or accounting standards, for material
foreseeable losses, if any, on the long term contract and company has
not entered in any derivative contracts under audit.
(iii) There are no amounts required to be transfer to the Investor
Education and Protection Fund by the company.
Annexure to the Auditors' Report
The Annexure referred to in our report to the members of Bhilwara
Tex-Fin Limited, for the year Ended 31st March, 2015. We report that:
S.No. Particulars Auditors Remark
(i) (a) whether the company is maintaining proper
records showing full particulars, including NA
quantitative details and situation of fixed
assets;
(b) whether these fixed assets have been
physically verified by the management at NA
reasonable intervals; whether any material
discrepancies were noticed on such
verification and if so, whether
the same have been properly dealt with
in the books of account;
(ii) (a) whether physical verification of
inventory has been conducted NA
at reasonable intervals by the management;
(b) are the procedures of physical
verification of inventory followed by NA
the management reasonable and adequate in
relation to the size of the company and
the nature of its business. If not, the
inadequacies in such procedures should be
reported;
(c) whether the company is maintaining
proper records of inventory and NA
whether any material discrepancies were
noticed on physical verification and if
so, whether the same have been
properly dealt with in the books of
account;
(iii Whether the company has granted any
loans, secured or unsecured to companies, Yes
firms or other parties covered in the
register maintained under section 189 of
the Companies Act. If so,
(a) whether receipt of the principal
amount and interest are also Yes
regular; and
(b) if overdue amount is more than
rupees one lakh, whether reasonable steps Yes
have been taken by the company for
recovery of the principal and interest;
(iv) is there an adequate internal control
system commensurate with the Yes, There are no
size of the company and the nature of its weaknesses in
business. Whether there is internal
a continuing failure to correct major control
weaknesses in internal control.
system.
(v) in case the company has accepted deposits,
whether the directives issued by the NA
Reserve Bank of India and the provisions of
sections 73 to 76 or any other relevant
provisions of the Companies Act and
the rules framed there under, where
applicable, have been complied with? If not,
the nature of contraventions should be
stated; If an order has been passed by
Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any
court or any other tribunal, whether the
same has been complied
with or not?
(vi) where maintenance of cost records has been
specified by the Central Government under NA
sub-section (1) of section 148 of the
Companies Act, whether such accounts and
records have been made and maintained;
vii) (a) is the company regular in depositing
undisputed statutory dues including Yes
provident fund, employees' state insurance,
income-tax, sales-tax, wealth tax, service
tax, duty of customs, duty of excise,
value added tax, cess and any other statutory
dues with the appropriate authorities and if
not, the extent of the arrears of
outstanding statutory dues as at the last
day of the financial year concerned for a
period of more than six months from the date
they became payable, shall be indicated by
the auditor.
(b) in case dues of income tax or sales
tax or wealth tax or service NA
tax or duty of customs or duty of excise or
value added tax or cess have not been
deposited on account of any dispute, then the
amounts involved and the forum where dispute
is pending shall be mentioned. (A mere
representation to the concerned Department
shall not constitute a dispute).
(c) whether the amount required to be No amount is
transferred to investor required to
education and protection fund in accordance be transfer.
with the relevant provisions of the Companies
Act, 1956 (1 of 1956) and rules made
thereunder has been transferred to such fund
within time.
(viii whether in case of a company which has The accumulated
been registered for a period not less than losses of the
five years, its accumulated losses at the company are not
end of the financial year are not less more than fifty
than fifty per cent of its net worth percent of its
and whether it has incurred cash losses net worth,
in such financial year and in the further companies
immediately preceding financial year; has not incurred
cash loss in
current financial
year and
immediately
preceding
financial year.
(ix) Whether the company has defaulted NA, as the company
in repayment of dues to a does not have any
financial institution or bank or loan from bank or
debenture holders? If yes, the financial
period and amount of default to institution or
be reported; debenture holders.
(x) whether the company has given No, the Company has not
any guarantee for loans taken by provided guarantee of
others from bank or financial any type of loans taken
institutions, the terms and by others.
conditions whereof are prejudicial
to the interest of the company;
(xi) whether term loans were applied The company has not
for the purpose for which the obtained any term loan.
loans were obtained;
(xii) whether any fraud on or by the No fraud has been noticed.
company has been noticed or
reported during the year; If yes,
the nature and the amount
involved is to be indicated.
For Nagar Goel & Chawla
Chartered Accountants
Firm Regn No.:- 009933N
Sd/-
Dharmender Singhal
(Partner) Place: New Delhi
M. No.: 515984 Date: May 23, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Bhilwara
Tex-Fin Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, and 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 on 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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013. 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 entity''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
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 referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with
General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
and
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 Companies Act, 1956.
(Annexure) (Referred to in paragraph 1 of the Our Report on Other
Legal and Regulatory Requirements) Re: Bhilwara Tex-Fin Limited
i. (a) The Company does not own any fixed assets. Hence this clause
becomes inapplicable.
(b) Not applicable in view of (a) above.
(c) Not applicable in view of (a) above.
ii. (a) The Company does not own any inventory. Hence this clause
becomes inapplicable.
(b) Not applicable in view of (a) above.
(c) Not applicable in view of (a) above.
iii. (a) The company has not given loan to any parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) Not applicable in view of (a) above.
(c) Not applicable in view of (a) above.
(d) Not applicable in view of (a) above.
(e) During the year, the company has not taken loans from the parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(f) Not applicable in view of (a) above.
(g) Not applicable in view of (a) above.
iv. In our opinion and according to the information and explanation
given to us there is adequate internal control system commensurate with
the size of the company and the nature of its business with regards to
the sale of shares. During the courses of our audit, no major weakness
has been noticed in the internal controls.
v. (a) Not applicable (b) Not applicable
vi. The company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of The Companies Act, 1956 and
Companies (Acceptance of Deposits) Rules, 1975. vii. In our opinion,
the company has an internal audit system commensurate with the size and
nature of its business. viii. The company is not required to maintain
the cost records under clause (d) of sub section (1) of section 209 of
the Act.
ix. (a) According to the records of the company, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
income tax, wealth tax, service tax, custom duty, cess and other
statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income tax, wealth tax,
service tax, customs duty, cess and other undisputed 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 records of the company, there are no dues of
Income Tax, Wealth Tax, Custom Duty, Excise Duty and Cess which have
not been deposited on account of any dispute.
x. In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year and in immediately preceding financial
year.
xi. In our opinion, and according to the information and explanations
given to us, the Company has not availed any loan or credit from
financial institutions or bank.
xii. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
xiii. In our opinion and to the best of our information and according
to the explanation provided to us by the management, we are of the
opinion that the company is neither a Chit Fund nor a nidhi/mutual
benefit society. Hence, in our opinion, the requirements of Clause 4
(xiii) of the order do not apply to the company.
xiv. 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. The shares,
debenture and other securities have been held by the company in its own
name except to the extent exemption under section 49 of the Act.
xv. According to the information and explanation provided to us, the
Company has not provided guarantee of any type of loans taken by
others.
xvi. According to the records of the company, the company has not
obtained any term loan. Hence, comments under the clause are not
called for.
xvii. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment. xviii. The Company has not made preferential allotments
of shares to parties covered in the register maintained under section
301 of the Act.
xix. The company has not issued debenture of any type during the
financial year.
xx. The Company has not raised any money through public issue during
the period covered by our audit.
xxi. Based on our examination of the books and records of the company
and according to the information and explanation given to us, no fraud
on or by the company has been noticed.
For Nagar Goel & Chawla
Chartered Accountants
Firm Regn No.:- 009933N
Sd/-
Dharmender Singhal
Partner
M. No.: 515984
Place: New Delhi
Date: May 30, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Bhilwara
Tex-Fin Limited ("the company") which companies the Balance sheet
as at March 31,2013, and the statement of Profit and Loss and Cash
Flow for the Statement of year then ended and a summary of
Significant accounting policies and other explanatory information.
Management''s responsibility on Financial Statements Management is
responsible for the preparation of these financial statements that give
a true and fair view of the financial performance in accordance with
the Accordance with the standards referred to in section flows of the
the Companies Act, 1956 ("the Act") of section 211 of and maintenance
of internal control relevant to the design implementation financial
statements that give a true and fair preparation and presentation of
the weather due to fraud or free from material misstatement,
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 charred
Accountants of India Those Standards require that we comply faith
ethical requirements and plan and perform the audit to obtain the
financial statements are free material misstatement.
statement whether due to fraud or error In statement of the financial
considers internal conium relevant to the To assessments, the auditor
financial statements Potion of the circumstances, An audit as
fondue, Procedures. that are appropriate in the used and the
reasonableness of the account estimate the auditor policies used and
the evaluating the overall presentation made management, as well as
evidence we opinion to provide 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, 2033;
b) in the case of the Profit and Loss Account, 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
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 Statement of 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 l- Statement comply with the Accounting Standards referred to
in subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(Referred to in paragraph 1 of the our Report on other and Regulatory
Requirements)
Bhilwara Tex-Fin Limited
i. (a) The Company does not own any fixed assets. Hence this clause
becomes inapplicable.
(b) Not applicable in view of (a) above.
(c) Not applicable in view of (a) above.
ii. (a) The Company does not own any inventory. Hence this clause
becomes inapplicable.
(b) Not applicable in view of (a) above.
(c) Not applicable in view of (a) above.
iii. (a) The company has not given loan to any parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) Not applicable in view of (a) above.
(c) Not applicable in view of (a) above.
(d) Not applicable in view of (a) above.
(c) During the year, the company has not taken loans from the parties
covered in the :
register maintained under section 30] of the Companies Act, 1956.
(f) Not applicable in view of (a) above.
(g) Not applicable in view of (a) above. :
iv. In our opinion and according to the information and explanation
given to us there is I adequate internal] control system commensurate
with the size of the company and the ; nature of its business with
regards to the sale of shares. During the courses of our audit, no
major weakness has been noticed in the internal controls.
v. (a) Not applicable
(b) Not applicable
vi. The company has not accepted any deposits from the public within
the meaning of section 58A and 5KAA of The Companies Act, 1956 and
Companies (Acceptance of Deposits) Rules, 1975.
vii. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business,
viii, The company is not required to maintain the cost records under
clause (d) of sub section (1) of section 209 of the Act,
ix. (a) According to the records of the company, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
income tax, wealth tax, service tax, custom duly, cess : and other
statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income tax, wealth tax,
service tax, customs duty, cess and other undisputed 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 records of the company, there are no dues of
Income Tax, Wealth Tax, Custom Duty, Excise Duty and Cess which
have not been deposited on I account of any dispute,
x. In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth, The company has not incurred cash
losses during the financial year : and in immediately preceding
financial year.
xi. In our opinion, and according to the information and explanations
given to us, the Company has not availed any loan or credit from
financial institutions or bank.
xii. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the ;
basis of security by way of pledge of shares, debentures and other
securities,
xiii. In our opinion and to the best of our information and according
to the explanation if provided to us by the management, we are of the
opinion that the company is neither a of Chit Fund nor a nidhi/mutual
benefit society. Hence, in our opinion, the requirements top of Clause
4 (xiii) of the order do not apply to the company.
xiv. In our opinion, the Company is not dealing in or trading in
shares, securities, I 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. The
shares, debenture and other securities have been held he the. company
in IP its own name except to the extent exemption under section 49
of the Act.
xv. According to the information and explanation provided to us, the
Company has not in provided guarantee of any type of loans taken by
others.
xvi. According to the records of the company, the company has not
obtained any term loan. I Hence, comments under the clause are not
called for.
xvii, According to the information and explanations given to us and on
an overall I examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
iii. The Company has not made preferential allotments of shares to
parties covered in the register maintained under section 301 of the
Act.
xix. The company has not issued debenture of any type during the
financial year.
xx. The Company has not raised any money through public issue during
the period covered by our audit.
xxi. Based on our examination of the books and records of the company
and according to the information and explanation given to us, no fraud
on or by the company leas been I noticed.
For Nagar Goel & Chawla
Chartered Accounts
Firm Regn No.:009933N
Decpak Nagar
(Partner)
M. No.: 087456
Place: New Delhi
Date; May 30,2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s Bhilwara Tex-Fin
Limited as at 31st March 2012, the Profit & Loss Account and Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the CompanyÃs
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
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 disclosers in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (AuditorÃs Report) Order 2003, as
amended by the companies (AuditorÃs Report) (Amendment) Order, 2004
(together the ÃOrderÃ) issued by the Central Govt. of India in terms of
the section (4A) of section 227 of the Companies Act, 1956, of India
(the ÃActÃ) and on the basis of such checks of the books and records of
the company as we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
4. Subject to above and further to our comment in the Annexure
referred to above, we report that:
i. 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;
ii. In our opinion, proper books of account as required by law have
been kept by the company as far as appears from our examination of
those books.
iii. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
iv. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
standard referred to in sub-section 3(C) of section 211 of Companies
Act, 1956.
v. On the basis of the written representations received from the
Directors, and taken on the records by the Board of Directors, we
report that none of the Directors is disqualified as on 31st March 2012
from being appointed as a Director in the terms of Clause (g) of
Sub-section (1) of Section274 of the companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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 :
a) in the case of the balance sheet, of the state of affairs of the
company as at 31st March 2012;
b) in the case of the profit and loss account, of the Profit for the
year ended on that date.
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORÃS REPORT FOR THE YEAR ENDED 31ST MARCH 2012
Re: Bhilwara Tex-Fin Ltd.
1 (a) The Company does not own any fixed assets. Hence, this clause
becomes in applicable.
(b)Not applicable in view of (a) above.
(c) Not applicable in view of (b) above.
2 (a) The Company does not own any inventory. Hence, this clause
becomes in applicable.
(b) Not applicable in view of (a) above.
(a) Not applicable in view of (a) above.
3 (a) The company has not given loans to any parties covered in the
register maintained under section 301 of the Companies' Act, 1956.
(b) Not applicable in view of (a) above.
(c) Not applicable in view of (a) above
(d) Not applicable in view of (a) above
(e) During the year, company has not taken loans from party covered in
the register maintained under section 301 of the Companies Act, 1956.
(f) Not applicable in view of (e) above
(g) Not applicable in view of (e) above
4 In our opinion and according to the information and explanation given
to us there are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regards to
the sale of shares. During the courses of our audit, no major weakness
has been noticed in the internal controls.
5. (a) Not applicable.
(b) Not applicable.
6. The company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the companies Act, 1956 and
Companies (Acceptance of Deposits) Rules, 1975.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. The Company is not required to maintain the cost records under
clause (d) of sub section (1) of Section 209 of the Act.
9. (a) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund,
employees' state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding, as at 31st March
2012 for a period of more than six months from the date they became
payable.
(c) According to the records of the company, there are no dues of sales
tax, income tax, custom tax/wealth tax, excise duty/cess which have
not been deposited on account of any dispute.
10. In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and the
immediately preceding financial year.
11. In our opinion, and according to the information and explanations
given to us, the Company has not availed any loan or credit from
financial institution or banks.
12. The company has not granted loans and advances on the basis of
security by the way of pledge of shares, debentures and other
securities.
13. In our opinion, and to the best of our information and according
to the explanations provided by the management, we are of the opinion
that the company is neither a Chit Fund nor a nidhi/mutual benefit
society. Hence, in our opinion, the requirements of Clause 4 (xiii) of
the order do not apply to the company.
14. The company is maintaining proper records for all transaction
related to dealing or trading in shares, securities, debentures and
other investments. Timely entries have also been made in the said
record. The shares, debentures and other securities have been held by
the company in its own name except to the extent exemption u/s 49 of
the Act.
15. According to the information and explanation given to us, the
Company has not provided guarantee of any type for loan taken by
others.
16. According to the records of the company, the company has not
obtained any term loan. Hence, comments under the clause are not called
for.
17. According to the information and explanation given to us, the fund
raised by the company on long term basis has not been applied for short
term purpose.
18. The Company has not made any preferential allotment of shares to
parties covered in the register maintained under section 301 of the
Act.
19. The Company has not issued debenture of any type during the
financial year.
20. The company has not raised any money by public issue during the
financial year.
21. Based on our examination of the books and records of the company
and according to the information and explanation given to us, no fraud
on or by the company has been noticed.
For Nagar Goel & Chawla
Chartered Accountants
Firm Regn.No: 009933N
Sd/-
(Deepak Nagar)
Partner
M.No: 087456
Place: New Delhi
Date : 27.08.2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s Bhilwara Tex-Fin
Limited as at 31st March 2010, the Profit & Loss Account and Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
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 disclosers in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order 2003, as
amended by the companies (Auditors Report) (Amendment) Order, 2004
(together the Order) issued by the Central Govt, of India in terms of
the section (4A) of section 227 of the Companies Act, 1956, of India
(the Act) and on the basis of such checks of the books and records of
the company as we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
4. Subject to above and further to our comment in the Annexure
referred to above, we report that:
i) 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;
ii) In our opinion, proper books of account as required by law have
been kept by the company as far as appears from our examination of
those books.
iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
standard referred to in sub-section 3(C) of section 211 of Companies
Act, 1956.
v) On the basis of the written representations received from the
Directors, and taken on the records by the Board of Directors, we
report that none of the Directors is disqualified as on 31st March 2010
from being appointed as a Director in the terms of Clause (g) of
Sub-section (1) of Section274 of the companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts 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
a) In the case of Balance Sheet of the state of affairs of the Company
as at 31 st March 2010,
b) In the case of Profit & Loss Account of the Loss for the year ended
31 st March 2010.
c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED 31st MARCH 2010 Re:
Bhilwara Tex-Fin Ltd.
i. (a) The Company does not own any fixed assets. Hence, this clause
is not applicable. (b)Not applicable in view of (a) above. (c) Not
applicable in view of (b) above. ii. (a) The Company does not own any
fixed assets. Hence, this clause is not applicable.
(b) Not applicable in view of (a) above.
(c) Not applicable in view of (a) above.
iii. (a) The company has not given loans to any parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
(b) Not applicable in view of (a) above.
(c) Not applicable in view of (a) above.
(d) Not applicable in view of (a) above.
(e) During the year, company has not taken loans from party covered in
the register maintained under section 301 of the Companies Act, 1956.
(f) Not applicable in view of (e) above.
(g) Not applicable in view of (e) above.
iv. In our opinion and according to the information and explanation
given to us there are adequate internal control procedures commensurate
with the size of the company and the nature of its business with
regards to the sale of shares. During the courses of our audit, no
major weakness has been noticed in the internal controls.
v. (a) Based upon the audit procedures applied by us and according to
the information and explanation given to us, we are of the opinion,
that the company has not made any transaction that required to be
entered into the register maintained under section 301 of the Act,
1956.
(b) Not applicable in view of (a) above.
vi. The company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the companies Act, 1956 and
Companies (Acceptance of Deposits) Rules, 1975.
vii. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii. The Company is not required to maintain the cost records under
clause (d) of sub section (1) of Section 209 of the Act.
ix. (a) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund,
employees state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding, as at 31st March
2010 for a period of more than six months from the date they became
payable.
(c) According to the records of the company, there are no dues of sales
tax, income tax, custom tax / wealth tax, excise duty / cess which have
not been deposited on account of any dispute.
x. In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has incurred cash
losses of Rs. 86,980/-during the financial year covered by our audit
and Rs 265,404/- in the immediately preceding financial year.
xi. In our opinion, and according to the information and explanations
given to us, the Company has not availed any loan or credit from
financial institution or banks.
xii. The company has not granted loans and advances on the basis of
security by the way of pledge of shares, debentures and other
securities.
xiii. In our opinion, and to the best of our information and according
to the explanations provided by the management, we are of the opinion
that the company is neither a Chit Fund nor a nidhi / mutual benefit
society. Hence, in our opinion, the requirements of Clause 4 (xiii) of
the order do not apply to the company.
xiv. The company is maintaining proper records for all transaction
related to dealing or trading in shares, securities, debentures and
other investments. Timely entries have also been made in the said
record. The shares, debentures and other securities have been held by
the company in its own name except to the extent exemption u/s 49 of
the Act.
xv. According to the information and explanation given to us, the
Company has not provided guarantee of any type for loan taken by
others.
xvi. According to the records of the company, the company has not
obtained any term loan. Hence, comments under the clause are not called
for.
xvii. According to the information and explanation given to us, the
fund raised by the company on long term basis has not been applied for
short term purpose.
xviii. The Company has not made any preferential allotment of shares to
parties covered in the register maintained under section 301 of the
Act.
xix. The Company has not issued debenture of any type during the
financial year.
xx. The company has not raised any money by public issue during the
financial year.
xxi. Based on our examination of the books and records of the company
and according to the information and explanation given to us, no fraud
on or by the company has been noticed.
For Nagar Goel & Chawla
Chartered Accountants
Sd/-
Place : New Delhi (Deepak Nagar)
Dated : 4th September 2010 Partner
Membership No.:- 87456