Mar 31, 2015
We have audited the accompanying financial statements of Bala Techno
Global Limited ("the company"),which comprise the Balance Sheet as at
31 March 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding 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 control,
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
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing-procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give true
and fair view, in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion
on whether the Company has in place an adequate internal financial
controls system over financial reporting and operating effectiveness of
such controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by 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 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, its loss and its cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a, director in terms of Section 164(2) of the Act.
f) With respect to other matters to be included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our information and according
to the explanations given to us:
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1 under the heading "Report on other Legal
and Regulatory requirements" of our report of even date)
(i) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) The Company has not granted any loan secured/unsecured to
companies/firms/other parties covered in the register maintained under
Section 189 of the Companies Act, 2013. Accordingly, the provisions of
clause 3(iii)(a) and (b) of the Order are not applicable to the Company
and hence not commented upon.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to sale of goods and services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal control system.
(v) The Company has not accepted any deposits from the public.
(vi) As explained to us, the company is not required to maintain the
cost records as prescribed by the Central Government under Section 148
(1) of the Companies Act, 2013.
(vii)a) The Company has been generally regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Employees State Insurance, Income Tax, Wealth Tax, Service tax,
Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it except Sales Tax of Rs. 1, 87,343/- were in arrears,
as at 31st March 2015 for a period of more than six months from the
date they become payable.
b) According to information and explanations given to us, there are no
disputed amounts payable in respect of Provident Fund, Employees State
Insurance, Income Tax, Sales Tax, Service tax, Custom Duty, Value Added
Tax, Wealth Tax, Excise Duty and Cess at the yearend on 31 st March,
2015.
c) According to the information and explanations given to us, there
were no amounts which required to be transferred to the Investor
Education and Protection Fund.
(viii) In our opinion, the company's accumulated losses at the end of
the financial year are less than fifty percent of its net worth. The
company has not incurred cash losses during the financial year covered
by our audit and in the immediately preceding financial year.
(ix) In our opinion and according to information and explanations given
to us, the company has not defaulted in repayment of dues to financial
institution or bank or debenture holders.
(x) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xi) According to the information and explanations given to us, the
company has not obtained any term loan during the year.
(xii) According to the information and explanations given to us, no
fraud on or by the company has been
noticed or reported during the course of our audit.
For U.NARAIN & CO.
Chartered Accountants
FRN:- 000935C
(J.P.Agarwal)
Partner
M. No - 054090
Place: Kolkata
Date : 4th Nov 2015.
Mar 31, 2014
We have audited the accompanying financial statements of Bala Techno
Global Limited ("the Company") which comprise the Balance Sheet as at
31 March 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act") read with the General Circular 15/2013 dated 13th September, 2013
of the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013 and in accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2014; ii. in the case of the Statement of
Profit and Loss, of the profit for the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, 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
sub-section (3C) of Section 211 of the Act read with the General
Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
and
e. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Act.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under the heading "Report on other Legal
and Regulatory requirements" of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All of the fixed assets have been physically verified by the
management during the year. There is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the company and the nature of its fixed assets. No material
discrepancies were noticed on such verification.
(c) During the year, there is no substantial disposal of fixed assets
which would affect the going status of the company.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) (a) The Company has not granted any loan to companies / firms /
other parties covered in the register maintained under Section 301 of
the Companies Act, 1956.
(b) In view of clause (iii) (a) above, this Clause is not applicable.
(c) In view of clause (iii) (a) above, this Clause is not applicable.
(d) In view of clause (iii) (a) above, this Clause is not applicable.
(e) The Company has taken unsecured loans from three parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The year end balance of the loans taken from such parties was Rs.
15,56,000/-.
(f) In our opinion, the rate of interest and other terms and conditions
of such loans are not prima-facie, prejudicial to the interest of the
company.
(g) There are no stipulations as to the payment of principal amount and
interest thereon.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and with
regard to sale of goods. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(v) (a) According to the information and explanations given to us, the
transactions that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) The Companies has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) As explained to us, the Company is not required to maintain the
cost records as prescribed by the Central Government under Section 209
(1) (d) of the Companies Act, 1956.
(ix) (a) The Company has been generally regular in depositing with
appropriate authorities undisputed statutory dues including Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty and other material
statutory dues applicable to it.
(b) According to information and explanations given to us, there are no
undisputed amounts payable except in respect of Sales Tax Rs.
1,87,343/- which was outstanding, at the year ended on 31st March,
2014, for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty and Other material statutory dues which have not been deposited on
account of any dispute.
(x) In our opinion, the company''s accumulated losses at the end of the
financial year are less than fifty percent of its net worth. The
company has not incurred cash losses during the financial year covered
by our audit, but incurred cash losses in the immediately preceding
financial year.
(xi) According to the information and explanations given to us, the
company has not defaulted in repayment of dues to a financial
institution or bank or debenture-holders.
(xii) According to the information and explanations given 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, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable 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 are not applicable to the company.
(xv) According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) The Company does not have any term loan.
(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) According to the information and explanations given to us, the
company has not made any preferential allotment of equity shares to
parties covered in register maintained under Section 301 of the
Companies Act during the year.
(xix) As explained to us, the company does not have any outstanding
debentures.
(xx) The company has not raised any money through a public issue during
the year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For U. Narain & Co.
Chartered Accountants
FRN: 000935C
(J.P.Agarwal)
Partner
Membership No. 54090
Place: Kolkata
Date : 30th May 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Bala Techno
Global Limited ("the Company") which comprise the Balance Sheet as at
31 March 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 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 ("the
Order"), as amended, 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
sub-section (3C) of Section 211 of the Act; and
e. on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Act.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under the heading "Report on other Legal
and Regulatory requirements" of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All of the fixed assets have been physically verified by the
management during the year. There is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the company and the nature of its fixed assets. No material
discrepancies were noticed on such verification.
(c) During the year, there is no substantial disposal of fixed assets
which would affect the going status of the company.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) (a) The Company has not granted any loan to companies / firms /
other parties covered in the register maintained under Section 301 of
the Companies Act, 1956.
(b) In view of clause (iii) (a) above, this Clause is not applicable.
(c) In view of clause (iii) (a) above, this Clause is not applicable.
(d) In view of clause (iii) (a) above, this Clause is not applicable.
(e) The Company has taken unsecured loans from two parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The year end balance of the loans taken from such parties was Rs.
11,56,000/-.
(f) In our opinion, the rate of interest and other terms and conditions
of such loans are not prima-facie, prejudicial to the interest of the
company.
(g) There are no stipulations as to the payment of principal amount and
interest thereon.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and with
regard to sale of goods. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(v) (a) According to the information and explanations given to us, the
transactions that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) The Companies has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) As explained to us, the Company is not required to maintain the
cost records as prescribed by the Central Government under Section 209
(1) (d) of the Companies Act, 1956.
(ix) (a) The Company has been generally regular in depositing with
appropriate authorities undisputed statutory dues including Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty and other material
statutory dues applicable to it.
(b) According to information and explanations given to us, there are no
undisputed amounts payable except in respect of Sales Tax Rs.
1,87,343/- which was outstanding, at the year ended on 31st March,
2013, for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty and Other material statutory dues which have not been deposited on
account of any dispute.
(x) In our opinion, the company''s accumulated losses at the end of the
financial year are more than fifty percent of its net worth. The
company has incurred cash losses during the financial year covered by
our audit, but not incurred cash losses in the immediately preceding
financial year.
(xi) According to the information and explanations given to us, the
company has not defaulted in repayment of dues to a financial
institution or bank or debenture-holders.
(xii) According to the information and explanations given 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, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable 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 are not applicable to the company.
(xv) According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) The Company does not have any term loan.
(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) According to the information and explanations given to us, the
company has made preferential allotment of equity shares to parties
covered in register maintained under Section 301 of the Companies Act
during the year. In our opinion and according to information and
explanations given to us the price at which shares have been issued is
not prima-facie, prejudicial to the interest of the company.
(xix) As explained to us, the company does not have any outstanding
debentures.
(xx) The company has not raised any money through a public issue during
the year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For U. Narain & Co.
Chartered Accountants FRN: 000935C
( J. P. Agarwal)
Partner
Membership No. 54090
Place: Kolkata
Date: 27th May 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. Bala Techno
Global Limited as at 31st March, 2012, the Statement of Profit and Loss
and also the Cash Flow Statement for the year ended on the 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, we enclose in the Annexure as
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments 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 purpose of our
audit.
ii. 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.
iii. The Balance Sheet, the Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
iv. In our opinion, the Balance Sheet, the Statement of Profit and Loss
and Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
v. On the basis of written representation received from the directors
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 in terms of clause (g) of sub-section (I) of
Section 274 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 31 st March, 2012;
b) in the case of the Statement of Profit and Loss, of the loss of the
Company 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 the date.
ANNEXURE TO AUDITORS'' REPORT
Bala Techno Global Limited
Referred to in Paragraph 3 of our report of even date
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All of the fixed assets have been physically verified by the
management during the year. There is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the company and the nature of its fixed assets. No material
discrepancies were noticed on such verification.
(c) During the year, there is no substantial disposal of fixed assets
which would affect the going status of the company.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) (a) The Company has not granted any loan to companies / firms /
other parties covered in the register maintained under Section 301 of
the Companies Act, 1956.
(b) In view of clause (iii) (a) above, this Clause is not applicable.
(c) In view of clause (iii) (a) above, this Clause is not applicable.
(d) In view of clause (iii) (a) above, this Clause is not applicable.
(e) The Company has taken unsecured loans from two parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The year end balance of the loans taken from such parties was Rs.
6,76,000/-.
(f) In our opinion, the rate of interest and other terms and conditions
of such loans are not prima-facie, prejudicial to the interest of the
company.
(g) There are no stipulations as to the payment of principal amount and
interest thereon.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business-with regard to purchase of inventory and fixed assets and with
regard to sale of goods. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(v) (a) According to the information and explanations given to us, the
transactions that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) The Companies has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) As explained to us, the Company is not required to maintain the
cost records as prescribed by the Central Government under Section 209
(1) (d) of the Companies Act, 1956.
(ix) (a) The Company has been generally regular in depositing with
appropriate authorities undisputed statutory dues including Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty and other material
statutory dues applicable to it.
(b) According to information and explanations given to us, there are no
undisputed amounts payable except in respect of Sales Tax Rs.
1,87,343/- which was outstanding, at the year ended on 31st March,
2012, for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty and Other material statutory dues which have not been deposited on
account of any dispute.
(x) In our opinion, the company''s accumulated losses at the end of the
financial year are less than fifty percent of its net worth. The
company has not incurred cash losses during the financial year covered
by our audit and in the immediately preceding financial year.
(xi) According to the information and explanations given to us, the
company has no dues to a financial institution or bank or
debenture-holders.
(xii) According to the information and explanations given 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, the company is not a chit fond or a nidhi/mutual
benefit fond/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable 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 are not applicable to the company.
(xv) According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions (xvi) The Company does not have any
term loan.
(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) According to the information and explanations given to us, the
company has made preferential allotment of equity shares to parties
covered in register maintained under Section 301 of the Companies Act
during the year. In our opinion and according to information and
explanations given to us the price at which shares have been issued is
not prima-facie, prejudicial to the interest of the company.
(xix) As explained to us, the company does not have any outstanding
debentures.
(xx) The company has not raised any money through a public issue during
the year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For U. NARAIN & CO.
Chartered Accountants
FRN 00093 5C
(J. P. AGARWAL)
Partner
Membership No. 54090
Place : Kolkata
Date : 30th day of August, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s. Bala Techno
Global Limited as at 31st March, 2011, the Profit and Loss Account and
also the Cash Flow Statement for the year ended on the 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, we enclose in the Annexure as
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments 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
purpose of our audit.
ii. 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.
iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
iv. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub- section (3C) of Section 211 of the
Companies Act, 1956.
v. On the basis of written representation received from the directors
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 in terms of clause (g) of sub-section (1) of
Section 274 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 read together with
notes appearing in Schedule13, 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, 2011;
b) in the case of the Profit and Loss Account, of the loss of the
Company 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 the date.
ANNEXURE TO AUDITORS'' REPORT
Bala Techno Global Limited
Referred to in Paragraph 3 of our report of even date
(I) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All of the fixed assets have been physically verified by the
management during the year. There is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the company and the nature of its fixed assets. No material
discrepancies were noticed on such verification.
(c) During the year, there is no substantial disposal of fixed assets
which would affect the going status of the company.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) (a) The Company has not granted any loan to companies / firms /
other parties covered in the register maintained under Section 301 of
the Companies Act, 1956.
(b) In view of clause (iii) (a) above, this Clause is not applicable.
(c) In view of clause (iii) (a) above, this Clause is not applicable.
(d) In view of clause (iii) (a) above, this Clause is not applicable.
(e) The Company has taken unsecured loans from two parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The year end balance of the loans taken from such parties was Rs.
6,76,000/-.
(f) In our opinion, the rate of interest and other terms and conditions
of such loans are not prima-facie, prejudicial to the interest of the
company.
(g) There are no stipulations as to the payment of principal amount and
interest thereon.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and with
regard to sale of goods. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls. (v) (a) According to the information and explanations given
to us, the transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered. (b) In our opinion and according to the information and
explanations given to us,the transactions made in pursuance of
contracts or arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 and exceeding the value of
rupees five lakhs in respect of any party during the year have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time. (vi) The Companies has not accepted any
deposits from the public. (vii) In our opinion, the Company has an
internal audit system commensurate with the size and nature of its
business. (viii)As explained to us, the Company is not required to
maintain the cost records as prescribed by the Central Government under
Section 209 (1) (d) of the Companies Act, 1956. (ix) (a) The Company
has been generally regular in depositing with appropriate authorities
undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty and other material statutory dues applicable
to it.
(b) According to information and explanations given to us, there are no
undisputed amounts payable except in respect of Sales Tax Rs.
1,87,343/- which was outstanding, at the year ended on 31st March,
2011, for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty and Other material statutory dues which have not been deposited on
account of any dispute.
(x) In our opinion, the company''s accumulated losses at the end of the
financial year are less than fifty percent of its net worth. The
company has not incurred cash losses during the financial year covered
by our audit and in the immediately preceding financial year.
(xi) According to the information and explanations given to us, the
company has not defaulted in repayment of dues to a financial
institution or bank or debenture-holders.
(xii) According to the information and explanations given 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, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable 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 are not applicable to the company.
(xv) According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) The Company does not have any term loan.
(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)According to the information and explanations given to us, the
company has made preferential allotment of equity shares to parties
covered in register maintained under Section 301 of the Companies Act
during the year. In our opinion and according to information and
explanations given to us the price at which shares have been issued is
not prima-facie, prejudicial to the interest of the company.
(xix) As explained to us, the company does not have any outstanding
debentures.
(xx) The company has not raised any money through a public issue during
the year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For UNARAIN &CO.
Chartered Accountants
FRN 000935C
(J. P. AGARWAL)
Place : Kolkata Partner
Date : 30th day of August, 2011
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