Mar 31, 2014
We have audited the accompanying financial statements of BECKONS
INDUSTRIES LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). 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.
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 andperform 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 ofmaterial 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.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, of the profit/ loss for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books
ofaccount.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of BECKONS INDUSTRIES LIMITED. on the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct anyweaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, 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.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. 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.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For N.KUMAR & CO
Chartered Accountants
Place : Kharar (Narinder Kumar)
Date 31.05.2014 (Prop.)
M.No-080287
Mar 31, 2013
We have audited the attached Balance Sheet of M/s Beckons Industries
Limited as at 31st March, 2013. These Financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (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, and in terms of information and
explanations given to us and also on the basis of such checks as we
considered appropriate, we state that :-
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) During the year management did not physically verified the fixed
assets, however fixed Assets are physically verified by the management
once in three year which is reasonable & no material discrepancies were
noticed on last verification.
(c) The Company has not made any substantial disposal of fixed assets,
during the year. Thus, the going concern status of the Company has not
been affected.
2. As informed to us physical verification has been conducted by the
management at year end in respect of finished goods and stores, spare
parts and raw materials. The procedures of physical verification of
stock followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business. The
discrepancies noticed on such verification in respect of raw materials
as compared to the books records (stock register maintained on computer
system) which are not significant, have been properly dealt with in the
books of accounts. The valuation of these stocks is fair and proper in
accordance with normally accepted accounting principles.
3. In our opinion the internal control procedure of the Company
relating to the purchases of stores, raw materials including
components, Plant & Machinery, equipment and other similar assets and
sale of goods are commensurate with the size and nature of the business
of the Company.
4. (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) 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 Lacs in respect of any party,
have been made at prices which were reasonable having regard to the
prevailing market prices at the relevant time.
5. The Company has not accepted any deposits from the public to which
the provisions of sections 58A and 58AAof the Companies Act, 1956 and
the rules framed there under would apply.
6. The Company has formed an Audit Committee to review the operation
of the Accounting and Internal Audit Functions etc.
7. Maintenance of cost records has not been prescribed by the Central
Govt, under section 209(1) (a) of the Companies Act, 1956, for any of
the products of the Company.
8. (a) According to the records of the company, undisputed statutory
dues including provident fund, investor education and protection fund,
employees'' state insurance, income-tax, wealth-tax, sales tax, customs
duty, excise duty, cess and other material statutory dues applicable to
it have generally been regularly deposited with the appropriate
authorities.
(b) There are no outstanding undisputed statutory dues as at the last
day of the financial year ended on 31-03-2013 or for a period of more
than six months from the date they became payable.
9. In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has neither incurred
cash losses during the financial year covered by our audit nor in the
preceding financial year.
10. According to the information and explanations given to us, the
company has not defaulted in the repayment of dues to the financial
institutions or banks. Further, there are no debenture holders.
11. 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.
12. 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 (hereinafter referred to as the said
Order) are not applicable to the company.
13. The company is not significantly dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the said Order are not applicable to the
company. However the company has made some long term investment in
share. All the investment are properly maintained.
14. 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.
15. According to the information and explanations given to us and on
an overall explanations given to us, in our opinion, the terms loans
have been applied for the purpose for which it was raised.
16. The company has not issued any debentures. Accordingly, the
question of creating a security for debentures does not arise.
17. 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.
Further to the above, we report that :
a) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion, proper books of account as required by the Companies
Act, 1956 (as amended) have been kept by the Company so far as appears
from our examination of these books;
c) the Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of account;
d) in our opinion, the Balance Sheet and Profit & Loss Account complied
with the Accounting Standards as referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
and taken on record by the Board of Director, we report that none of
the directors of the company is disqualified from being appointed as
director under clause (g) of sub-section (1) of Section 274 of the
Companies Act, 1956; and
f) in our opinion and to the best of our information and according to
the explanations given to us the said Accounts, read with other notes
thereon, given in the schedule 15 forming part of the accounts in the
manner so required and give a true and fair view:
i) in the case of Balance sheet, of the state of affairs of the Company
as at 31th March, 2013 and
ii) in the case of Profit & Loss Account, of the profit of the Company
for the year ended on that date.
For N.KUMAR & CO Chartered Accountants
Place : Kharar (Narinder Kumar)
Date : 31.05.2013 (Prop.)
M.No-080287
Mar 31, 2010
We have audited the attached Balance Sheet of M/s Beckons Industries
Limited (previously known as AGK Computer Secure Prints Ltd.) as at
31st March, 2010. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (AuditorÃs Report) Order 2003, issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, and in terms of information and
explanations given to us and also on the basis of such checks as we
considered appropriate, we state that :-
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) During the year management did not physically verified the fixed
assets, however fixed Assets are physically verified by the management
once in three year which is reasonable & no material discrepancies were
noticed on last verification.
(c) The Company has not made any substantial disposal of fixed assets,
during the year. Thus, the going concern status of the Company has not
been affected.
2. As informed to us physical verification has been conducted by the
management at year end in respect of finished goods and stores, spare
parts and raw materials. The procedures of physical verification of
stock followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business. The
discrepancies noticed on such verification in respect of raw materials
as compared to the books records (stock register maintained on computer
system) which are not significant, have been properly dealt with in the
books of accounts. The valuation of these stocks is fair and proper in
accordance with normally accepted accounting principles.
3. In our opinion the terms & conditions on which loans have been
taken from Companies, Firms or other parties listed in register
maintained under, Sector 301 of the Companies Act 1956 are not prima
facie prejudicial to the interest of Company. The loans are without any
stipulations regarding repayment of Principal amount of loan and
interest.
4. The Company has given unsecured loan to firms or other parties
listed in register maintained under Section 301 of the Companies Act,
1956. No of parties 3 (three) amount Rs. 377.54 lacs. The loans are
without any stipulation regarding repayment of principal amount of loan
and interest. Where loan outstanding amount is more then Rs. One lacs
the company needs to take steps to recover the amount. The loans are
prima facie prejudicial to the interest of Company as no interest is
being charged.
5. In our opinion the internal control procedure of the Company
relating to the purchases of stores, raw materials including
components, Plant & Machinery, equipment and other similar assets and
sale of goods are commensurate with the size and nature of the business
of the Company.
6. (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) 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 lacs in respect of any party,
have been made at prices which were reasonable having regard to the
prevailing market prices at the relevant time.
7. The Company has not accepted any deposits from the public to which
the provisions of sections 58A and 58AA of the Companies Act, 1956 and
the rules framed thereunder would apply.
8. The Company has formed an Audit Committee to review the operation
of the Accounting and Internal Audit functions etc.
9. Maintenance of cost records has not been prescribed by the Central
Govt. under section 209(I) (a) of the Companies Act, 1956, for any of
the products of the Company.
10. (a) According to the records of the company, undisputed statutory
dues including provident fund,
investor education and protection fund, employeesà state insurance,
income-tax, wealth-tax, sales tax, customs duty, excise duty, cess and
other material statutory dues applicable to it have generally been
regularly deposited with the appropriate authorities.
(b) There are no outstanding undisputed statutory dues as at the last
day of the financial year ended on 31-03-2010 or for a period of more
than six months from the date they became payable.
11. In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has neither incurred
cash losses during the financial year covered by our audit nor in the
preceding financial year.
12. According to the information and explanations given to us, the
company has not defaulted in the repayment of dues to the financial
institutions or banks. Further, there are no debenture holders.
13. 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.
14. The company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4(xiii) of the Companies
(AuditorÃs Report) Order, 2003 (hereinafter referred to as the said
Order) are not applicable to the company.
15. The company is not significantly dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the said Order are not applicable to the
company. However the company has made some long term investment in
share. All the investment are properly maintained.
16. 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.
17. According to the information and explanations given to us and on
an overall explanations given to us, in our opinion, the terms loans
have been applied for the purpose for which it was raised.
18. The company has not issued any debentures. Accordingly, the
question of creating a security for debentures does not arise.
19. 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.
Further to the above, we report that :
a) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion, proper books of account as required by the Companies
Act, 1956 (as amended) have been kept by the Company so far as appears
from our examination of these books;
c) the Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of account;
d) in our opinion, the Balance Sheet and Profit & Loss Account complied
with the Accounting Standards as referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
and taken on record by the Board of Director, we report that none of
the directors of the company is disqualified from being appointed as
director under clause (g) of sub-section (1) of Section 274 of the
Companies Act, 1956; and
f) in our opinion and to the best of our information and according to
the explanations given to us the said Accounts, read with other notes
thereon, given in the schedule 15 forming part of the accounts in the
manner so required and give a true and fair view:
i) in the case of Balance sheet, of the state of affairs of the Company
as at 31st March, 2010; and
ii) in the case of Profit & Loss Account, of the profit of the Company
for the year ended on that date.
For N.KUMAR & CO
Chartered Accountants
Place : Mohali (Narinder Kumar)
Date : 26-08.2010 (Prop.)
M.No-80287
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