Mar 31, 2015
We have audited the accompanying financial statements of BETEX INDIA
LIMITED, SURAT, which comprise the Balance Sheet as at March 31, 2015,
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible
for the matters stated in Section 134(5) of the Companies Act, 2013
with respect to the preparation of these financial statements that give
a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act, read with rule 7 of
Companies (Accounts) Rules, 2014. This responsibility includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; design, implementation
and maintenance of adequate internal financial controls, that are
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit We have taken into account the provisions
of the Act, the accounting and auditing standards and matters which are
Required to be included in the audit report under the provisions of the
Act and the Rules made there under We conducted our audit in accordance
with the Standards on Auditing specified under Section 143(10) of the act
Those standards require the that we comply with ethical requirements and
plan & perform the audit to obtain reasonable assurance about whether the
financial statements are free 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 financial control
relevant to the Company's preparation of the financial statements, that
give a true and fair view, in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
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.
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 profit/loss and its cash flows for the year
ended on that date We Report that:
1 As required by the Companies (Auditor's Report) Order, 2015 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 further 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
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 aforesaid financial statements comply with the
applicable 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 March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under 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:
i. The Company does not have any pending litigations which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
iii. There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. Therefore the question of delay in transferring such
sums does not arise.
BETEX INDIA LIMITED
The Annexure referred to in our report to the members of BETEX INDIA
LIMITED for the year Ended on March 31, 2015, We report that:
i.a) As per the information provided to us and based on our verification,
the Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets ,
b) As explained to us, fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification.
ii.a) As informed to us, physical verification of inventory has been
conducted at reasonable intervals by the management.
b) In our opinion, the procedures of physical verification of inventory
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 physical verification were not material and
these have been properly dealt with in books of accounts.
iii.
a) The company has granted unsecured loan/advances of Rs. 446.85 Lacs
to companies firms or other parties covered in the register maintained
under section 189 of the Act.
b) As per information given to us, receipt of the principal amount and
interest are as per decided by management.
c) The company has taken reasonable steps to recover the loan whose
overdue amount is exceeding Rs. 1 Lakh.
iv. 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, for the
purchase of fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the Company and
according to the information and explanations given to us, no major
weakness has not been noticed or reported.
v. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013.
vi. We have broadly reviews the books of accounts maintained by the
Company pursuant to the rule made by the Central Government of
maintenance of cost records under sub-section (1) of Section 148 of the
Act. We are of the opinion that the prima facie the prescribed accounts
and records have been made and maintained. However we have not made a
detailed examination of the records.
vii.
a) According to the information and explanations given to us and based
on the records of the company examined by us, the company is regular in
depositing the undisputed statutory dues, including Provident Fund, ,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty and other material statutory dues, as
applicable, with the appropriate authorities in India ,
b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes.
c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise. question 01
viii. The Company has no accumulated losses and has not incurred cash
losses in the current financial year and in the immediately preceding
financial year
ix. According to the records of the company examined by us and as per
the information and the company has not defaulted in any
repayment dues to financial institution or banks or debentures
holders.
X. Our Opinion' and according to the information and explanations given
to us the Company warrantee for loan taken others from
a ban or financial investment
Xi. In our opinion and according to,the information and explanations given
to us the term loan taken by the Company were applied for the purpose it
had been obtained
Xii. During the course examination of the books and records of the
The company carried in accordance with the auditing standards generally
Accepted in India we have neither come across any instance of fraud on or
by the company noticed or reported during the course of out auditor have
we been informed of any such instance by the management
FOR B. CHORDIA & CO.
CHARTERED ACCOUNTANTS,
F.R.N. 121083W
B. C. CHORDIA
Partner
Place : Surat
M.N. 048557
Date : May 30, 2015
Mar 31, 2014
We have audited the attached Balance sheet of Betex India Ltd., Surat,
as at 31st March, 2014, and profit & loss account for the year ended on
that date attached thereto. These financial statements are the
responsibility of the company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standard generally
accepted in India. Those standard require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statement are free of material misstatement The audit includes
examining, on a test basis evidence supporting the amounts and
disclosure in the financial statement. The audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluation of the overall financial statement
presentation. We believe that our audit provide a reasonable basis for
our opinion.
We report that:
1 As required by the Companies (Auditors Report) Order, 2004 issued by
the Company Law Board in terms of Section 227(4A) of the Companies Act,
1956, we enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said order.
2 Further to our comments in the Annexure referred to in paragraph 1
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 accounts as required by Law have
been kept by the company, so far as it appears from our examination of
the books.
c. The Balance Sheet and Profit & Loss Account referred to in the
report are in agreement with the books of accounts.
d. In our opinion the Balance sheet and Profit & Loss Account complies
with the requirements of the mandatory accounting standard referred to
in Section 211 (3C) of the Companies Act, 1956.
e. On the basis of written representation received from the directors
of the company, taken on record by the Board of Directors, we report
that none of the directors is disqualified as on 31st March 2014 from
being appointed as a director under section 274(1 )(g) of the Companies
Act, 1956.
f. In our opinion, and to the best of our information and according to
the explanations given to us, the said Balance Sheet and Profit & Loss
Account read together with the notes thereon, give in information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view.
I. In the case of the Balance Sheet of the company of the state of
affairs of the company as at 31st March 2014.
ii. In the case of the Profit & Loss Account, of the Profit/Loss for
the year ended 31st March 2014.
1. Fixed Assets :
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) In our opinion, the fixed assets have been physically verified by
management at reasonable intervals, having regard to the size of the
company and nature of the assets.
c) The company has not disposed of the substantial part of fixed assets
during the year, which affect the going concern assumption.
2. lnventory :
a) As informed to us, physical inventory have been physically verified
by the management during the year at reasonable intervals.
b) In our opinion the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business
c) The company has maintained proper records of inventories. The
discrepancies noticed on the verification of stocks as compare to book
records were not material and these have been properly dealt with in
the books of accounts.
3. Loans & Advances:
a) The company has granted unsecured loans/ Advances of Rs. 89,956,271
to companies, Firms or other parties mentioned under the register
maintained u/s. 301 of the companies Act, 1956.
b) This Clause is Not Applicable to the Company.
c) This Clause is Not Applicable to the Company.
d) The company has taken reasonable steps to recover the loan whose
overdue amount is exceedinq Rs. 1 lakh.
e) As informed to us, The company has taken unsecured loans/ advances
of Rs.93,935,844 from companies, Firms or other parties covered in the
register maintained under section 301 of the Act.
f) As per information and explanations given to us, the rate of
interest wherever applicable and other terms and conditions, if
applicable on loan taken are not prima facie prejudicial to the
interest of the Company.
g) As per information given to us, Payment of the principal amount and
interest are as per decided by management.
4. lnternal control procedure :
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 nature of its business for the purchase of
inventory and fixed assets and for the sale of goods. During the course
of our audit, no major weakness has been noticed in the internal
controls.
a) The transaction made in pursuance of contracts or arrangement that
need to be entered into the register maintained u/s. 301 of the
companies Act, 1956 have been recorded in register.
b) Transactions made in pursuance of such contracts or arrangements
aggregating during the year to Rs. 5,00,000/- or more in respect of
each party have been made at reasonable prices having regard to the
prevailing market price at relevant time.
6.Public Deposits :
The company has not accepted deposits from public, hence the clause is
not applicable.
7. lnternal Audit System:
In our opinion and according to the information and explanations given
to us, there are adequate internal control procedures for the purchase
of goods and assets and for the sale of goods and services commensurate
with the size of the company and nature of its business. During the
course of our audit no major weakness has been noticed in the internal
control system.
8. Cost Records :
We have broadly reviewed the books of accounts maintained by the
company pursuant to the rule made by the central Govt, for maintenance
of cost records under section 209(1)(d) of the companies act, 1956. We
are of the opinion that prima facie the prescribed accounts and records
have been made and maintained. we have note however made a detailed
examination of the records.
9. Statutorv Dues :
a) According to the information and explanation given to us and the
records examined by us, the company is Generally regular in depositing
undisputed statutory dues with appropriate authorities. According to
the information and explanations given to us, there are no undisputed
amounts payable in respect of Statutory dues which has remained
outstanding as at 31st March, 2014 for a period more than six months
from the date they became payable.
b) According to the information and explanation given to us there is no
dispute related to the dues of Income Tax/Sales Tax/Wealth Tax/Service
Tax/Custom Duty/Excise Duty/Cass.
10.Accumulated/Cash Losses :
The company has no accumulated losses, other than depreciations losses,
and has not incurred cash losses in the current financial year and in
the immediately preceding financial year.
11. Default in Repayment of Dues to Banks/Financial Institution etc :
The company has not defaulted in repayment of dues to the financial
institution or Bank or Debenture holders.
12. Grantina of Loan & Advances
The Company has not granted any Loan & Advances on the basis of
securities by way of pledge of shares, debentures and other securities.
13. Chit Fund/Nidhi/Mutual Fund :
The provisions of any Special Statute applicable to Chit Fund, Nidhi,
Mutual Benefit Fund/ Societies are not applicable to the company.
14. Dealinq or Trading in Shares etc :
As explained to us by the management, the company has not purchased
securities/ shares of the Govt, and other companies for investment
purpose.
15. Guarantee Given by Company :
As explained to us by the management, the company has not given
guarantee for loans taken by others from banks or financial
institution.
16. Utilization of Term Loans :
The Term Loans taken by the company were applied for the purpose for
which it had been obtained.
17. Application of Short Term Fund for Long Term Investment and vice
versa :
On the basis of our examination of the cash flow statement, the funds
raised on short term basis have not been used for long term investment,
and vice versa.
18. Preferential Allotment of Shares :
The Company has not made any preferential allotment of shares during
the year.
19. Creation of Securities for Debenture Issued :
The company has not issued any Debenture during the year.
20. End Use of Money :
The Company has not raised any money by way of public issues during the
year.
21. Fraud noticed or Reported :
As per information & explanation given to us, no fraud on or by the
company has been noticed or
FOR B. CHORDIA & CO.
Chartered Accountants
F.R.N.121083W
Place: Surat
Date: May30, 2014
CA. B.C. CHORDIA
Partner
M. N. 048557
Mar 31, 2012
1. We have audited the attached Balance Sheet of BETEX INDIA LIMITED
as on March 31, 2012, also the Statement of Profit and Loss and the
Cash Flow Statement for the year ended on that date both annexed
thereto, which we have signed under reference to this report.
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 statement. 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 Companies Act (Auditors Report) Order, 2003,as
amended by the companies (Auditor's Report)(Amendment) Order 2004,
(together the 'Order') issued by the Central Govt, of India in terms of
Sub-Sec (4A) of Sec 227 of the Companies Act, 1956 of India (the 'Act')
and on the basis of such checks of the books and records of the company
as we considered appropriate and according to the information and
explanations given to us, we enclose in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said order, to the extent
applicable.
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 purposes of our
audit ;
(ii) In our opinion, proper books of account as required by law have
been kept by 11Ã Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss
and the 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,
as on March 31, 2012 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31, 2012
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 explanation given to us, the said accounts, read together with the
notes thereon, give the information required by the Companies Act,
1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in IndiP.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012.
(b) In the case of the Statement of Profit and Loss, of the Profit /
Loss for the year ended on that date and
(c) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
Annexure to the Auditor's Report
(Referred ton in paragraph 3 of Report of even date on the account of
BETEX INDIA LIMITED, for the year ended March 31, 2012)
1) (a) The company has generally maintained proper records showing full
particular including quantitative details and situation of fixed assets
on the basis of available information.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable Intervals during the year which in our
opinion is reasonable, having regard to the size Company and nature of
its assets. No material discrepancies were noticed on such physical
verification.
(c) In our opinion the Company has not disposed off substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2) (a) As explain to us, the physical verification of the inventory has
been conducted by the management at reasonable intervals during the
year.
(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) The Company has maintained proper records of inventory. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3) (a) The company has not granted any secured loan but granted
unsecured Loan to companies, Firms or other parties mentioned under the
register maintained u/s. 301 of the companies Act, 1956. There are
Twelve such parties and Total outstanding amount as on 31/03/2012 is
Rs..317.67 Lacs/- (Total Debits Rs. 34.25 Lacs & Total Credit Rs. 21.89
Lacs).
(b) As per information and explanations given to us, the rate of
interest is NIL P.A. on the loan given by the company. Other terms and
conditions, if applicable on loan given are not prima facie prejudicial
to the interest of the company.
(c) The parties to whom advances in the nature of loans have been given
are repaying the principal amounts as stipulated wherever applicable.
(d) There are no overdue amounts of loans granted by the company.
(e) The company has not taken any secured loan but taken unsecured Loan
from companies, Firms or other parties mentioned under the register
maintained u/s. 301 of the companies Act, 1956. There are Nine such
parties and Total outstanding amount as on 31/03/2012 is Rs. 824.97 Lacs
(Total Debits Rs. 184.92 Lacs & Total Credits Rs. 65.79 Lacs).
(f) As per information and explanations given to us, the rate of
interest is 6% p.a. from one party and Nil P.A. form other parties on
the loan taken by the company. Other terms and conditions, if
applicable on loan given are not prima facie prejudicial to the
interest of the company.
(g) The company is repaying the principal amounts as stipulated
wherever applicable.
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 with regard
to purchase of Inventory, fixed assets and for the sale goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5) (a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement, that need to be entered into,the register maintained under
section 301 of the Companies Act, 1956 for the year have been so
entered. (b) In our opinion and to the information and explanations
gi/en to us, the transaction of purchase and sale of goods, materials
and services made in pursuance of contacts or arrangement entered in
the register maintained under section 301 of the Company Act, 1956,
aggregation during the year to Rs.5,00,000/- or more in respect of each
party have been made at prices which in our opinion, are reasonable
having regard to prevailing market price at the re'evant time for
similar goods, materials and services at price for which transactions
for similar goods, materials and services have been made with other
parties.
6) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of sections
58A, 58AA and any other relevant provisions of the Act, and the
directives issued by the Reserve Bank of India. We are informed that no
order has been passed by the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any Court or any other Tribunal in
this regard on the company.
7) In our opinion and according to the information and explanations
given to us, the company has in general and adequate internal audit
system commensurate with the size and the nature of the business of the
Company.
8) We have Broadly reviewed the Books of accounts maintained by the
company as prescribed by the Central Government for maintenance of cost
records under clause (d) of sub- section (1) of section 209 of the
Companies Act, 1956, and we are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. However,
we have not carried out a detail examination of the accounts and
records.
9) (a) According to the information and explanations given to us and on
the basis of records produced before us, except the excise duty as per
point no. 9(c), the Company is generally regular in depositing
undisputed statutory dues including provident fund, employees' state
insurance, income tax, sales tax, wealth tax, Service Tax, custom duty,
excise duty, cess and any other dues with appropriate authorities
applicable to it. According to the information and explanations given
to us, no undisputed arrears of statutory dues were outstanding as at
March31, 2012 for a period of more than six months from the date they
became payable.
(b) According to the information and explanation given to us, no
undisputed amount payable in respect of Income Tax / Sales Tax / Wealth
Tax / Service Tax / Custom Duty / Excise Duty / Cess pending with the
Company.
(c) As per information given to us Following disputed Amount as on 31st
March 2012 have not been deposited with the appropriate authorities.
Name of the
Statute Nature of Due Amount Concerened Autorities
Central
Excise & Excise Duty Rs. 17.71 Lacs Add. Commissioner of
Customs Act (Rs.4.43 Lacs
Deposited Central Excise & Customs,
Out of
Rs. 22.14
Lacs.) Surat - I
10) The Company has no accumulated losses and has not incurred any cash
loss in the current financial year. There was no cash loss in the
immediately preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the Company has not defaulted during the year in repayment
of dues to Banks or Financial Institution. The Company does not have
any dues to debenture holders.
12) In, our opinion and according to the information and explanations
given to us, the Company has not granted any loans or advances on the
basis of security by way of pledge of shares, debentures and other
securities. ,
13) In our opinion the Company is not a chit fund or a nidhi / mutual
benefit fund / society, therefore, clause 4 (xiii) of the Companies
(Auditors Report) order 2003 is not applicable to the Company.
14) The Company is not dealing or trading in shares, securities,
debentures and other investments. Therefore clause 4 (xiv) of the
Companies (Auditors Report) order 2003 is not applicable to the
Company. All other investments are held by the Company in its own name.
15) As per information given to us, the company has not given any
guarantees in respect of loans taken by any other person from Bank and
Financial Institutions. Therefore Clause 4 (xv) of the Companies
(Auditors Report) order 2003 is not applicable to the company.
16) The Company has not raised new Term loans during the year.
17) In our opinion and according to the information and explanations
given to us, as well as on the basis of our over all explanation of the
Balance sheet, we are of the opinion that the funds raised on short
term basis have not been used for long term investments.
18) During the year, the company has not made any preferential
allotment shares to any parties and companies covered in the Register
maintained under section 301 of Companies Act, 1956.
19) The company has not raised debentures during the financial year.
20) The company has not raised any money by public issues during the
year end hence clause (xx) of tie companies (Auditor's Report) order
2003 is not applicable to the company.
21) On the basis of our examination and 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 RRA & co.
Chartered Accountants
F R N 112115W
R K Malani
Partner
M. N. 07467311
Place : Surat
Date : 03.09.2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of BETEX INDIA LIMITED
as on March 31, 2011, also the Profit and Loss Account and the Cash
Flow Statement for the year ended on that date annexed thereto, which
we have signed under reference to this report. 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 statement. 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 Companies Act (Auditors Report) Order, 2003,as
amended by the companies (Auditor's Report)(Amendment) Order 2004,
(together the 'Order') issued by the Central Govt. of India in terms of
Sub-Sec (4A) of Sec 227 of the Companies Act, 1956 of India (the 'Act')
and on the basis of such checks of the books and records of the company
as we considered appropriate and according to the information and
explanations given to us, we enclose in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said order, to the extent
applicable.
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 purposes 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
accounts;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and the
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,
as on March 31, 2011 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31, 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 explanation given to us, the said accounts, read together with the
notes thereon, give the information required by the Companies Act,
1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2011.
(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 Flow for the
year ended on that date.
Annexure to the Auditor's Report
Referred ton in paragraph 3 of Report of even date on the account of
BETEX INDIA LIMITED, for the year ended (March 31, 2011)
a) The company has generally maintained proper records showing full
particular including quantitative details and situation of fixed assets
on the basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable Intervals during the year which in our
opinion is reasonable, having regard to the size Company and nature of
its assets. No material discrepancies were noticed on such physical
verification.
c) In our opinion the Company has not disposed off substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2 a) As explain to us, the physical verification of the inventory has
been conducted by the management at reasonable intervals during the
year.
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) The Company has maintained proper records of inventory. As explained
to us, there was no material discrepancies noticed on physical
verification of inventory as compared to the book records.
3 a) The company has not granted any secured loan but granted unsecured
Loan to companies, Firms or other parties mentioned under the register
maintained u/s. 301 of the companies Act, 1956. There are Fourteen such
parties and Total outstanding amount as on 31/03/2011 is
Rs.3,05,31,256/- (Total Debits Rs.402.27 Lacs & Total Credit Rs.
236.96 Lacs).
b) As per information and explanations given to us, the rate of
interest is NIL P.A. on the loan given by the company. Other terms and
conditions, if applicable on loan given are not prima facie prejudicial
to the interest of the company.
c) The parties to whom advances in the nature of loans have been given
are repaying the principal amounts as stipulated wherever applicable.
d) There are no overdue amounts of loans granted by the company.
e) The company has not taken any secured loan but taken unsecured Loan
from companies, Firms or other parties mentioned under the register
maintained u/s. 301 of the companies Act, 1956. There are Ten such
parties and Total outstanding amount as on 31/03/2011 is
Rs.9,44,09j552/- (Total Debits Rs.106.04 Lacs & Total Credits Rs.
134.33 Lacs).
f) As per information and explanations given to us, the rate of
interest is 6% p.a. from one party and Nil P.A. form other parties on
the loan taken by the company. Other terms and conditions, if
applicable on loan given are not prima facie prejudicial to the
interest of the company.
g) The company is repaying the. principal amounts as stipulated
wherever applicable.
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 with regard
to purchase of Inventory, fixed assets, and' for the sale goods and
services. During the course of our audit, We have not observed any
continuing failure to correct major weaknesses in internal controls.
5) (a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement, that need to be entered into the register maintained under
section 301 of the Companies Act, 1956 for the year have been so
entered.
(b) In our opinion and to the information and explanations given to us,
the transaction of purchase and sale of goods, materials and services
made in pursuance of contacts or arrangement entered in the register
maintained under section 301 of the Company Act, 1956, aggregation
during the year to Rs.5,00,000/- or more in respect of each party have
been made at prices which in our opinion, are reasonable having regard
to prevailing market price at the relevant time for similar goods,
materials and services at price for which transactions for similar
goods, materials and services have been made with other parties.
6. In our opinion and according to the information and explanations
given to us, the company has complied by the provisions of sections
58A, 58AA and any other relevant provisions of the Act, and the
directives issued by the Reserve Bank of India. We are informed that no
order has been passed by the Company -2.V Board or National Company Law
Tribunal or Reserve Bank of India or any Court or any other " Sunal
in this regard on the company.
7. In our opinion and according to the information and explanations
given to us, the company has in general and adequate internal audit
system commensurate with the size and the nature of the business of the
Company.
8. We have been formed that the Central Government has not prescribed
maintenance of cost records to the clause of sub- section (1) of
section 209 of the Companies Act, 1956.
9. a) According to the information and explanations given to us and on
the basis of records produced before us, the Company is generally
regular in depositing undisputed statutory dues including provident
fund, employees' state insurance, income tax, sales tax, wealth tax,
Service Tax, custom duty, excise duty, cess and any other dues with
appropriate authorities applicable to it. According to the information
and explanations given to us, no undisputed arrears of statutory dues
were outstanding as at March31, 2011 for a period of more than six
months from the date they became payable.
b) According to the information and explanation given to us, no
undisputed amount payable in respect of Income Tax / Sales Tax / Wealth
Tax / Service Tax / Custom Duty / Excise Duty / Cess pending
with the Company.
c) As per information given to us Following disputed Amount as on 31st
March 2011 have not been deposited with the appropriate authorities.
Name of the Statute Nature of Due Amount Concerened
Authorities
Central Excise & Excise Duty Rs. 17.71 Lacs Add. Commissioner
of
Customs Act (Rs.4.43 Lacs
Deposited Central Excise &
Customs,
Out of Rs.
22.14 Lacs.) Surat - I
10) The Company has no accumulated losses and has not incurred any cash
loss in the current financial year. there was no cash loss in the
immediately preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the Company has not defaulted during the year in repayment
of dues to Banks or Financial Institution. The Company does not have
any dues to debenture holders.
12) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans or advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13) In our opinion the Company is not a chit fund or a nidhi /
mutual benefit fund / society, therefore, clause 4 (xiii) of the
Companies (Auditors Report) order 2003 is not applicable to the
Company.
14) The Company is not dealing or trading in shares, securities,
debentures and other investments. Therefore clause 4 (xiv) of the
Companies (Auditors Report) order 2003 is not applicable to the
Company. All other -vestments are held by the Company in its own name.
15) As per information given to us, the company has not given any
guarantees in respect of loans taken by any other person from Bank and
Financial Institutions. Therefore Clause 4 (xv) of the Companies
Auditors Report) order 2003 is not applicable to the company.
16) The Company has not raised new Term loans during the year.
17) In our Opinion and according to the information and explanations
given to us, as well as on the basis of the explanation of the Balance
sheet, we are of the opinion that the funds raised on short term not
been used for long term investments.
18) During the year, the company has not made any preferential
allotment shares to any parties companies covered in the Register
maintained under section 301 of Companies Act, 1956.
19) The company has not raised debentures during the financial year.
20) The company has not raised any money by public issues during the
year end hence clause (xx) of the companies (Auditor's Report) order
2003 is not applicable to the company.
21) On the basis of our examination and according to the information
and explanations given to us, no fraud, by the company, has been
noticed or reported during the course of our audit.
for RRA & co.
Chartered Accountants
F.R.N.112115W
R. K. Malani
Partner
M.N. 074673
Place : Surat
Date : 02.09.2011
Mar 31, 2009
1. We have audited the attached Balance Sheet of BETEX INDIA LIMITED
as on March 31, 2009 and also the Profit and Loss Account for the year
ended on that date annexed thereto, which we have signed under
reference to this report. There 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 statement. 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 Companies Act (Auditors Report) Order, 2003,as
amended by the companies (Auditors Report)(Amendment) Order 2004,
(together the Order) issued by the Central Govt, of India in terms of
Sub-Sec (4A) of Sec 227 of the Companies Act, 1956 of India (the Act)
and on the basis of such checks of the books and records of the company
as we considered appropriate and according to the information and
explanations given to us, we enclose in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said order, to the extent
applicable. J
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 purposes 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 and, Profit and Loss Account dealt with by this
report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet and Profit and Loss Account
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,
as on March 31, 2009 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31, 2009
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 explanation given to us, the said accounts, read together with the
notes thereon, give the information required by the Companies Act,
1956, in the manner so required and give a true a accepted and fair
view in conformity with the accounting generally accepted in India.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2009.
(b) In the case of the Profit and Loss Account, of the Profit / Loss
for the year ended on that date.
Annexure to the Auditors Report
(Referred ton in paragraph 3 of Report of even date on the account of
BETEX INDIA LIMITED, for the year ended March 31, 2009)
1) (a) The company has generally maintained proper records showing full
particular including quantitative details and situation of fixed assets
on the basis of available information.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals during the year which in our
opinion is reasonable, having regard to the size Company and nature of
its assets. No material discrepancies were noticed on such physical
verification.
(c) In our opinion the Company has not disposed off substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2) (a) As explain to us, the physical verification of the inventory has
been conducted by the management at reasonable intervals during the
year.
(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) The Company has maintained proper records of inventory. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3) (a) The company has not granted any secured loan but granted
unsecured Loan to companies, Firms or other parties mentioned under the
register maintained u/s. 301 of the companies Act, 1956. There are
Twelve such parties and Total outstanding amount as on 31/03/2009 is
Rs. 19023292/-
(b) As per information and explanations given to us, the rate of
Interest is NIL P.A. on the loan given by the company. Other terms and
conditions, if applicable on loan given are not prima facie prejudicial
to the inteitest of the company.
(c) The parties to whom advances in the nature of loans have been given
are repaying the principal amounts as stipulated wherever applicable.
(d) There are no overdue amounts of loans granted by the company.
(e) The company has not taken any secured loan but taken unsecured Loan
from companies, Firms or other parties mentioned under the register
maintained u/s. 301 of the companies Act, 1956. There are Eleven ; such
parties and Total outstanding amount as on 31/03/2009 is Rs.
86659386/-.
(f) As per information and explanations given to us,the rate of
interest is NIL P.A. on the loan taken by the company. Other terms and
conditions, if applicable on loan given are not prima facie prejudicial
to the interest of the company. *
(g) The company is repaying the principal amounts as stipulated
wherever applicable.
4) In our opinion and according to the information and explanations
given to us, there are adequate Internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of Inventory, fixed assets and for the sale goods and
services. During the course of our audit, we have not obsered any
continuing failure to correct major weaknesses in internal controls.
5) (a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement, that need to be entered into the register maintained under
section 301
of the Companies Act, 1956 for the year have been so entered. (b) In
our opinion and to the information and explanations given to us, the
transaction of purchase and sale of goods, materials and services made
in pursuance of contacts or arrangement entered in the register
maintained under section 301 of the Company Act, 1956, aggregation
during the year to Rs.5,00,000/- or more in respect of each party have
been made at prices which in our opinion, are reasonable having regard
to prevailing market price at the relevant time for similar goods,
materials and services at price for which transactions for similar
goods, materials and services have been made with other parties.
6) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of sections
58A, 58AA and any other relevant provisions of the Act, and the
directives issued by the Reserve Bank of India. We are informed that no
orderhas been passed by the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any Court or any other Tribunal in
this regard on the company.
7) In our opinion and according to the information and explanations
given to us, the company has in general and adequate internal audit
system commensurate with the size and the nature of the business of the
Company.
We have been informed that the Central Government has not prescribed
maintenance of cost records under clause (d) of sub- section (1) of
section 209 of the Companies Act, 1956.
9) (a) According to the information and explanations given to us and on
the basis of records produced before us, the Company is generally
regular in depositing undisputed statutory dues including provident
fund, employees state insurance, income tax, sales tax, wealth tax,
Service Tax, custom duty, excise duty, cess and any other dues with
appropriate authorities applicable to it. According to the information
and explanations given to us, no undisputed arrears of statutory dues
were outstanding as at March31, 2009 for a period of more than six
months from the date they became payable. (b) There are no dues of
Income Tax / Sales Tax / Wealth Tax / Service Tax / Custom Duty /
Excise Duty / Cess pending with the Company.
10) The Company has no accumulated losses and has not incurred any cash
loss in the current financial year. There was no cash loss in the
immediately preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the Company has not defaulted during the year in repayment
of dues to Banks or Financial Institution. The Company does not have
any dues to debenture holders.
12) In our opinion and according to the Information and explanations
given to us, the Company has not granted any loans or advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13) In our opinion the Company is not a chit fund or a nidhi / mutual
benefit fund / society, therefore, clause 4 (xiii) of the Companies
(Auditors Report) order 2003 is not applicable to the Company.
14) The Company is not dealing or trading in shares, securities,
debentures and other investments. Therefore clause 4 (xiv) of the
Companies (Auditors Report) order 2003 is not applicable to the
Company. All other investments are held by the Company in its own name.
15) As per information given to us, the company has not given any
guarantees in respect of loans taken by any other person from Bank and
Financial Institutions. Therefore Clause 4 (xv) of the Companies
(Auditors Report) order 2003 is not applicable to the company.
16) The Company has not raised new Term loans during the year.
17) In our opinion and according to the information and explanations
given to us, as well as on the basis of our over all explanation of the
Balance sheet, we are of the opinion that the funds raised on short
term basis have not been used for long term investments.
18) During the year, the company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under section 301 of Companies Act, 1956.
19) The company has not raised debentures during the financial year.
20) The company has not raised any money by public issues during the
year end hence clause (xx) of the companies (Auditors Report) order
2003 is not applicable to the company.
21) On the basis of our examination and 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 RRA & co.
Chartered Accountants
R.K.Malani
Partner
M. N. 074673
Place : Surat
Date : 01.09.2009