Home  »  Company  »  Bombay Potteries  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Bombay Potteries & Tiles Ltd.

Mar 31, 2014

We have audited the accompanied accompanying financial statements of BOMBAY POTTERIES & TILES LIMITED("the Company"), which comprises the Balance Sheet as at 31st March, 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 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 referred to in sub-section ( 3 C ) of section 211 of the Companies Act, 1956 ( " the Act") read with the General Circular No. 15/2013 dated September 13,2013 of the Ministry of Corporate Affairs in respect of Section 133 of Companies Act, 2013.The 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 of material misstatement An audit involves performing procedures to obtain audit evidence about the accounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risks 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 of 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 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 the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

ii) in the case of the Statement of Profit and Loss , of the loss 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act hereinafter referred to as the "Order"), 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 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 comply with the Accounting Standards referred to in Sub Section (3C) of Section 211 of the Companies Act, 1956 read with the General Circular no.15/2013 dated Septemberl3,2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act,2013.

e) On the basis of the written representations received from the directors as on 31st March, 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274 (1) (g) of the Act.

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

1. (i) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(ii) The physical verification of fixed assets was carried out during the year, which, in our opinion, is reasonable considering the size of the Company and the nature of its assets. No discrepancies were noticed on such verification.

(iii) No substantial / major part of fixed assets has been disposed off during the year.

2. As informed the Company does not have any inventory and as such,Clause 4 (ii) (a) to 4 (ii) (c) of the Order are not applicable

3. a) 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 Act.

b) The Company has taken unsecured interest free loan from two directors covered in the Register maintained under Section 301 of the Act and there are no terms and conditions specified in the said loan. The maximum amount involved during the year was Rs 1,11,13,365 as at 31.03.2014 and the year end balance was Rs. 6,13,364. Thus the terms and conditions are not Prima facie prejudicial to the interest of the Company.

4. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weaknesses have been noticed in the internal control system.

5. According to information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that Section. In our opinion and according to the information and explanations given to us.There are no transactions made in pursuance of such contracts or arrangements exceeding value of rupees five lacs entered into during the financial year.

6. The Company has not accepted any deposits within the meaning of the section 58A, 58AA or any other relevant provisions of the Act and rules framed there under.

7. The Company does not have any formal internal audit system. However, as explained to us, effective internal control is being exercised departmentally.

8. The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act for any products of the Company.

9. (i) The Company is generally regular in depositing undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues applicable to the Company with appropriate authorities. No undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

(ii) According to the records of the Company, there are no dues of Income Tax, Sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty, and Cess which have not been deposited on account of any dispute.

10. In our opinion, the accumulated losses as at 31st March, 2014 of the Company are less than fifty percent of its net worth. The Company has incurred cash losses during the financial year and in the immediately preceding financial year.

11. According to the records of the Company examined by us and the information and explanation given to us the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

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. As the provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company, the provisions of Clause 4 (xiii) 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 Order are not applicable to the Company.

15. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly, the provisions of Clause 4 (xv) of the Order are not applicable to the Company.

16. The Company has not raised any term loan during the year.

17. According to the information and explanations given to us and on an overall examination of the cash flow statement and the balance sheet of the Company, in our opinion, the funds raised on short term basis have, not been used for long term investment.

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 Act. Accordingly the provisions of the Clause 4 (xviii) of the Order are not applicable to the Company.

19. The Company has not issued any debentures during the year and does not have any debentures outstanding as at the beginning of the year and as at the year end. Accordingly, the provisions of Clause 4 (xix) of the Order are not applicable to the Company.

20. The Company has not raised any money by way of pubic issue during the year. Accordingly, the provisions of Clause 4 (xx) of the Order are not applicable to the Company.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For NARENDRA ANIL & ASSOCIATES Firm Registration No.; 116390W Chartered Accountants

ANIL J. SHAII Partner (Membership No. 11584)

Place: Mumbai, Dated: 30th May,2014


Mar 31, 2013

Report on the Financial Statements -

We have audited the accompanied accompanying financial statements of BOMBAY POTTERIES & TILES LIMITED ("the Company"), which comprises the Balance Sheet as at 31s1 March, 2013, 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 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 referred to in sub-section ( 3 C ) of section 211 of the Companies Act, 1956 ( " the Act") .The 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 of material misstatement.

An audit involves performing procedures to obtain audit evidence about the accounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of risks of material misstatement of the financial .

statements, whether due to fraud or error. In making those risks 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 of 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 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 the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013;

ii) in the case of the Statement of Profit and Loss , of the loss 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act, we give in the Annexure on the matters specified in paragraphs 4 and 5 of the Order, to the extent applicable.

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 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 comply with the Accounting Standards referred to in Sub Section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representations received from the directors as on 31sl March, 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of Section 274 (1) (g) of the Act.

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

1. (i) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(ii) The physical verification of fixed assets was carried out during the year, which, in our opinion, is reasonable considering the size of the Company and the nature of its assets. No discrepancies were noticed on such verification.

(iii) No substantial / major part of fixed assets has been disposed off during the year.

2. As informed the Company does not have any inventory and as such, Clause 4 (ii) (a) to 4 (ii) (c) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable

3. a) 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 Act.

b) The Company has taken unsecured interest free loan from two directors covered in the Register maintained under Section 301 of the Act and there are no terms and conditions specified in the said loan. The maximum amount involved during the year was Rs 10878126 as at 31.03.2013 and the yearend balance was Rs 10878126. Thus the terms and conditions are not Prima facie prejudicial to the interest of the Company.

4. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weaknesses have been noticed in the internal control system.

5. According to information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that Section. In our opinion and according to the information and explanations given to us. There are no transactions made in pursuance of such contracts or arrangements exceeding value of rupees five lacs entered into during the financial year.

6. The Company has not accepted any deposits within the meaning of the section 58A, 58AA or any other relevant provisions of the Act and rules framed there under.

7. The Company does not have any formal internal audit system. However, as explained to us, effective internal control is being exercised departmentally.

8. (i) The Company is generally regular in depositing undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues applicable to the Company with appropriate authorities. No undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

(ii) According to the records of the Company, there are no dues of Income Tax, Sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty, and Cess which have not been deposited on account of any dispute.

9. In our opinion, the accumulated losses as at 31st March, 2013 of the Company are less than fifty percent of its net worth. The Company has incurred cash losses during the financial year and in the immediately preceding financial year.

10. 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.

11. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

12. The Company has not raised any term loan during the year.

13. According to the information and explanations given to us and on an overall examination of the cash flow statement and the balance sheet of the Company, in our opinion, the funds raised on short term basis have, not been used for long term investment.

14. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

15. The Company has not issued any debentures during the year.

16. The Company has not raised any money by way of pubic issue during the year.

17. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For NARENDRA ANIL & ASSOCIATES

Firm Registration No.; 116390W

Chartered Accountants



ANIL J. SIIAH

Partner

(Membership No. 11584)

Place: Mumbai,

Dated: 29th May,2013 .


Mar 31, 2012

1. We have audited the attached Balance Sheet of BOMBAY POTTERIES & TILES LIMITED as at 31st March, 2012, the Profit and Loss Account and aisothe 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.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (hereinafter referred to as the "Act"), we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: -

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 the books.

c) The Balance Sheet, Profit & 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 & 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 Act, to the extent applicable.

e) On the basis of the 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 31st March, 2012 from being appointed as a director of the Company in terms of Section 274 (1) (g) of the Act.

f) The Company has not complied with the provisions of Section 80 of the Act inasmuch as that it has neither redeemed the 12% Cumulative Preference Shares amounting to Rs.19,00,000 (cumulative dividend thereon: Rs.22,80,000), nor taken approval from Company Law Board to extend the period of redemption, (Refer Note No. 18 (a)).

g) Subject to the matters referred to at paragraph 4 (f) above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant accounting policies and other notes thereon and those appearing elsewhere in the accounts, 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:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

ii) in the case of the Profit & Loss Account, of the loss of the Company for the year ended on that date; and

iii) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS' REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31st MARCH, 2012 OF BOMBAY POTTERIES & TILES LIMITED.

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

1. (i) The Company has maintained proper records showing full particulars including

quantitative details and situation of fixed assets.

(ii) The physical verification of fixed assets was carried out during the year, which, in our opinion, is reasonable considering the size of the Company and the nature of its assets. No discrepancies were noticed on such verification.

(iii) No substantial / major part of fixed assets has been disposed off during the year.

2. As informed the Company does not have any inventory and as such, Clause 4 (ii) (a) to 4 (ii) (c) of the Companies (Auditor's Report) Order, 2003 ( as amended) are not applicable

3. a) 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 Act.

b) The Company has taken unsecured interest free loan from one director covered in the Register maintained under Section 301 of the Act and there are no terms and conditions specified in the said loan. T he maximum amount involved during the year was Rs 10562026 as at 31.03.2012 and the year end balance was Rs 10562026. Thus the terms and conditions are not prima facie prejudicial to the interest of the Company.

4. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weaknesses have been noticed in the internal control system.

5. According to information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that Section. In our opinion and according to the information and explanation given to us.

There are no transactions made in pursuance of such contracts or arrangements exceeding value of rupees five lakhs entered into during the financial year.

6. The Company has not accepted any deposits within the meaning of the section 58A, 58AA or any other relevant provisions of the Act and rules framed there under.

7. The Company does not have any formal internal audit system, However, as explained to us, effective internal control is being exercised departmentally.

8. (i) The Company is generally regular in depositing undisputed statutory dues including

Provident fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues applicable to the Company with appropriate authorities. No undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

(ii) According to the records of the Company, there are no dues of Income Tax, Sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty, and Cess which have not been deposited on account of any dispute.

9. In our opinion, the accumulated losses as at 31st March, 2012 of the Company are less than fifty percent of its net worth. The Company has incurred cash losses during the financial year and in the immediately preceding financial year.

10. 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.

11. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

12. The Company has not raised any term loan during the year.

13. According to the information and explanations given to us and on an overall examination of the cash flow statement and the balance sheet of the Company, in our opinion, the funds raised on short term basis have, not been used for long term investment.

14. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

15. The Company has not issued any debentures during the year.

16. The Company has not raised any money by way of pubic issue during the year,

17. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For ANIL JAYKANT & CO.

Firm Registration No.; 100437W

Chartered Accountants

ANIL 3. SHAH Proprietor

(Membership No. 11584)

Place : Mumbai

Dated : 30th August,2012


Mar 31, 2011

1. We have audited the attached Balance Sheet of BOMBAY POTTERIES & TILES LIMITED as at 31st March, 2011, the Profit and Loss Account and also 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.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (hereinafter referred to as the "Act"), we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: -

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 the books.

c) The Balance Sheet, Profit & 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 & 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 Act, to the extent applicable.

e) On the basis of the written representations received from the directors as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a director of the Company in terms of Section 274(l)(g)of the Act.

f) The Company has not complied with the provisions of Section 80 of the Act inasmuch as that it has neither redeemed the 12% Cumulative Preference Shares amounting to Rs. 19,00,000 (cumulative dividend thereon: Rs.22,80,000), nor taken approval from Company Law Board to extend the period of redemption. (Refer Note No. 2 in Schedule 'M' to the Financial Accounts).

g) Subject to the matters referred to at paragraph 4 (f) above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant accounting policies and other notes appearing in Schedule 'M' and those appearing elsewhere in the accounts, 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:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

ii) in the case of the Profit & Loss Account, of the loss of the Company for the year ended on that date; and

iii) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS' REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31st MARCH, 2011 OF BOMBAY POTTERIES & TILES LIMITED.

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

1. (i) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(ii) The physical verification of fixed assets was carried out during the year, which, in our opinion, is reasonable considering the size of the Company and the nature of its assets. No discrepancies were noticed on such verification.

(iii) No substantial / major part of fixed assets has been disposed off during the year.

2. As informed the Company does not have any inventory and as such,Clause 4 (ii) (a) to 4 (ii) (c) of the Companies (Auditor's Report) Order, 2003 ( as amended) are not applicable

3. a) 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 Act.

b) The Company has taken unsecured interest free loan from one director covered in the Register maintained under Section 301 of the Act and there are no terms and conditions specified in the said loan. The maximum amount involved during the year was Rs. 10427399 as at 31.03.2011 .and the year end balance was Rs. 10427399. Thus the terms and conditions are not prima facie prejudicial to the interest of the Company.

4. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weaknesses have been noticed in the internal control system.

5. According to information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that Section. In our opinion and according to the information and explanation given to us.

There are no transactions made in pursuance of such contracts or arrangements exceeding value of rupees five lakhs entered into during the financial year.

6. The Company has not accepted any deposits within the meaning of the section 5 8A, 58AA or any other relevant provisions of the Act and rules framed there under.

7. The Company does not have any formal internal audit system. However, as explained to us, effective internal control is being exercised departmentally.

8. (i) The Company is generally regular in depositing undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues applicable to the Company with appropriate authorities. No undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

(ii) According to the records of the Company, there are no dues of Income Tax, Sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty, and Cess which have not been deposited on account of any dispute.

9. In our opinion, the accumulated losses as at 31st March, 2011 of the Company are less than fifty percent of its net worth. The Company has incurred cash losses during the financial year and in the immediately preceding financial year.

10. 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.

11. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

12. The Company has not raised any term loan during the year.

13. According to the information and explanations given to us and on an overall examination of the cash flow statement and the balance sheet of the Company, in our opinion, the funds raised on short term basis have, not been used for long term investment.

14. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

15. The Company has not issued any debentures during the year.

16. The Company has not raised any money by way of pubic issue during the year.

17. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For ANIL JAYKANT & CO. Firm Registration No.; 100437W Chartered Accountants

ANIL J. SHAH Proprietor (Membership No. 11584)

Place: Mumbai, Dated: 2nd September 2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of BOMBAY POTTERIES & TILES LIMITED as at 31st March, 2010, the Profit and Loss Account and also the 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 audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (hereinafter referred to as the "Act"), we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: -

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 the books.

c) The Balance Sheet, Profit & 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 & 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 Act, to the extent applicable.

e) On the basis of the 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 31st March, 2010 from being appointed as a director of the Company in terms of Section 274(l)(g)oftheAct.

f) The Company has not complied with the provisions of Section 80 of the Act inasmuch as that it has neither redeemed the 12% Cumulative Preference Shares amounting to Rs. 19,00,000 (cumulative dividend thereon: Rs.22,80,000), nor taken approval from Company Law Board / National Company Law Tribunal to extend the period of redemption. (Refer Note No. 2 in Schedule L to the Financial Accounts).

g) Subject to the matters referred to at paragraph 4 (f) above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant accounting policies and other notes appearing in Schedule L and those appearing elsewhere in the accounts, 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:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

ii) in the case of the Profit & Loss Account, of the loss of the Company for the year ended on that date; and

iii) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31st MARCH, 2010 OF BOMBAY POTTERIES & TILES LIMITED.

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

1. (i) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(ii) The physical verification of fixed assets was carried out during the year, which, in our opinion, is reasonable considering the size of the Company and the nature of its assets. No discrepancies were noticed on such verification.

(iii) No substantial / major part of fixed assets has been disposed off duringthe year.

2. (i) The inventory (flat) has been physically verified by the management at

reasonable intervals during the year.

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

(iii) On the basis of examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. No discrepancies have been noticed on physical verification between the physical stocks and the book records.

3. a) 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 Act.

b) The Company has taken unsecured interest free loan from two directors covered in the Register maintained under Section 301 of the Act and there are no terms and conditions specified in the said loan. The maximum amount involved during the year was Rs 1839224/- as at 31.03.2010.and the year end balance was Rs Nil. Thus the terms and conditions are not prima facie prejudicial to the interest of the Company.

4. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weaknesses have been noticed in the internal control system.

5. According to information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that Section. In our opinion and according to the information and explanation given to us, the transactions made in pursuance of such contracts or arrangements exceeding value of rupees five lakhs have been entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits within the meaning of the section 5 8A, 58AA or any other relevant provisions of the Act and rules framed there under.

7. The Company does not have any formal internal audit system. However, as explained to us, effective internal control is being exercised departmentally.

8. (i) The Company is generally regular in depositing undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues applicable to the Company with appropriate authorities. No undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

(ii) According to the records of the Company, there are no dues of Income Tax, Sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty, Cess which have not been deposited on account of any dispute.

9. In our opinion, the accumulated losses as at 31st March, 2010 of the Company are less than fifty percent of its net worth. The Company has incurred cash losses during the financial year and in the immediately preceding financial year.

10. 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.

11. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

12. The Company has not raised any term loan during the year.

13. According to the information and explanations given to us and on an overall examination of the cash flow statement and the balance sheet of the Company, in our opinion, the funds raised on short term basis have, not been used for long term investment.

14. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

15. The Company has not issued any debentures during the year.

16. The Company has not raised any money by way of pubic issue during the year.

17. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For ANIL JAYKANT & CO.

Chartered Accountants

ANIL J. SHAH Proprietor (Membership No. 11584)

Place: Mumbai,

Dated: 2nd September 2010

 
Subscribe now to get personal finance updates in your inbox!