Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying financial statements of Bhagwandas Metals Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31st, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 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 and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act read with relevant rules issued thereunder.
This responsibility also 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; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We 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 a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of thefinancial 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 including Ind AS specified under section 133 of the Act, of the state of affairs of the Company as at March 31st, 2018, and its profit, total comprehensive income, its cash flow and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) 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 the paragraph 3 and 4 of the Order, to the extent applicable.
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 including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with Ind AS specified under Section 133 of the Act, read with relevant rules issued there under.
e) On the basis of the written representations received from the directors as on March 31st, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31st, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting and the operating effectiveness of such controls, refer to our separate Report in Annexure B to this report;
g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
a. The Company has disclosed the impact of litigations on its financial position in its financial statements.
b. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts.
c. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
The Annexure referred to in our Independent Auditor''s Report to the members of the company on the financial statements for the year ended 31st March 2018, we report that:
Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanation given to us and the books of accounts and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:
1) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.
c) The company does not have any Immovable Property.
2) In our opinion, the inventories have been physically verified during the year at reasonable intervals by the management and as explained to us, no material discrepancies were noticed on physical verification.
3) As informed, the company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Hence clause (a) (b) & (c) are not applicable.
4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of grant of loans, investments, guarantees, and security.
5) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from public. Therefore, the provisions of clause (v) of the paragraph 3 of the CARO 2015 are not applicable to the company.
6) The maintenance of cost records u/s 148 (1) (d) of the Companies Act, 2013 has not been specified by the Central Government.
7) In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, custom duty, excise duty, value added tax, cess and other material statutory dues have been generally regularly deposited with the appropriated authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year end for a period of more than six months from the date they became payable.
b)According to the information and explanation provided to us, no undisputed amounts payable in respect of the above were in arrears as at 31st March 2018 for a period of more than six months from the date they became payable.
8) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, or a bank or government or debenture holders during the year.
9) In our opinion and according to the explanations and information given to us, the company did not raise money by way of initial public offer or further public offer including debt instrument and term loan during the year.
10) According to the information and explanations given to us, no material fraud by company or on the company by its officers or employees has been noticed or reported during the year.
11) In our opinion and according to the explanations and information given to us, the company has paid managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with schedule V to the Companies Act, 2013.
12) The Company is not a Nidhi Company hence reporting under paragraph 3(xii) of the Order is not applicable.
13)According to information and explanations given to us and based on examination of the records of the Company, transaction with related parties are in compliance with section 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by applicable Ind As.
14) According to information and explanations given to us and based on examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15) According to information and explanations given to us and based on examination of the records of the Company, the company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
16) The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls under Clause (i)of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Bhagwandas Metals Limited as of March 31st, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an Audit of Internal Financial Controls Over Financial Reporting and the Guidance Note issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls system over financial reporting included obtaining an understanding of internal financial controls system over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31st, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Place: Chennai For Heena Shah & Associates,
Date : 30/05/2018 Chartered Accountants
Firm Regn. No. 144928W
Heena Haren Shah
Proprietor
Mem.No.: 091652
Mar 31, 2014
I have audited the accompanying financial statements of M/s. Bhagwandas
Metals Limited, which comprise the Balance Sheet as at 31 st March,
2014, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management''s Responsibility forthe Financial Statements
The Company''s 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. This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
My responsibility is to express an opinion on these financial
statements based on our audit. I conducted my audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that I comply with the
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 judgement, 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 the 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 purposes 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 the Management, as
well as evaluating the overall presentation of the financial
statements.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for my audit opinion.
Opinion
In my opinion and to the best of our information and according to the
explanations given to me, 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 31st March, 2014; and
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended oh that date,
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, I 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, I report that:
(a) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purposes of my
audit.
(b) In my 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, Statement of Profit and Loss and cash flow
statement dealt with by this Report are in agreement with the books of
account.
(d) In my opinion, the Balance Sheet and Statement of Profit and Loss,
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Act and
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors are disqualified as on 31st March,
2014 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of theAct.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in Paragraph (3) of our report of even date)
In terms of the information and explanations given to me and books and
records examined by me in normal course of audit and to the best of my information and belief, I state that: .
1) a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. The fixed assets were physically verified during the year and no
discrepancies were noticed during such verification.
c. The Company has not sold substantial portion of Fixed Assets during
the year.
2) a. The management has conducted physical verification of inventory
at reasonable intervals.
b.The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
c. On the basis of our examination of records of inventory, in my
opinion, the Company has maintained proper records of inventory and the
discrepancies noticed on physical verification between physical stock
and the book records were not material in relation to the operations of
the Company.
3) The Company has neither granted nor taken any loans secured or
unsecured, from companies, firms, or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956. As
the Company has not granted/ taken any loans, secured or unsecured, to
/ from parties listed in the registers maintained under Section 301 of
the Companies Act, 1956 paragraphs iii (b) (c) (d) (e) & (f) of the
Order, are not applicable.
4) In my opinion and according to the information and explanation given
to me, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business for the purchase
of inventory, fixed assets and for the sale of goods and services.
Further, on the basis of my examination and according to the
information and explanations given to me, I have neither come across
nor have I been informed of any instance of major weaknesses in the
aforesaid internal control procedures.
5) a. According to the information and explanations given to me I am of
the opinion that the transactions that need to be entered into the
register maintained under Sections 301 of the Companies Act, 1956 have
been so entered.
b. In my opinion and according to the information and explanations
given to me, the transactions in pursuance of contracts or agreements
entered into the register maintained under section 301 of the act have
been made at prices which are generally reasonable considering the
strategic relationship and having regard to the prevailing
marketpricesattherelevanttime.
6) The Company has not accepted any deposits under the provisions of
Section 58A of the Companies Act, 1956 and the rules framed there
under.
7) The internal audit for the Company has been carried out during the
year and the system and procedures adopted by the Company is adequate
commensurate with the size and nature of the Company.
8) To the best of our knowledge, the Central Government has not
prescribed the maintenance of cost records under Section 209 (1) (d) of
the Companies Act 1956 for the products of the Company.
9) a. According to the information and explanations given to me and
according to the books and records as produced and examined by me, in
my opinion, the Company is regular in depositing undisputed statutory
dues including Provident fund, investor education and protection fund,
employees state insurance, Income Tax, Sales Tax, Wealth tax, Service
Tax, Customs duty, Excise duty, Cess and other material statutory dues
as applicable with the appropriate authorities.
b. As at 31st March 2014 according to the records of the Company and
information and explanations given to me, there is no undisputed dues
on account of Sales Tax, Income Tax, Excise Duty, Wealth Tax, Service
Tax, Customs duty and Cess which is outstanding for a period of more
than 6 months from the date they became applicable.
10) Based of our audit procedures and information and explanations
given by the management the Company has not defaulted in repayment of
dues to any financial institutions or Bank.
11) According to the information and explanations given to me and based
on the documents and records produced to me, 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) (Amendment) Order, 2004 are not applicable to the
Company.
13) In my opinion the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly to the
provisions of clause 4 (xiv) of the Companies (Auditors Report)
(Amendment) Order, 2004 are not applicable to the Company.
14) According to the information and explanations given to me, the
Company has not given
any guarantee for loans taken by others from bank or financial
institutions.
15) According to the information and explanations given to me, the
loans have been applied forthepurposeforwhichtheywereobtained.
16) According to the information and explanations given to me, and on
an overall examinations of the Balance Sheet and Cash Flow Statement of
the Company, I report that no funds raised on short term basis have
been used for long term investment.
17) The Company has not made any preferential allotment of shares to
parties or Companies covered in the register maintained under section
301 of the Companies Act, 1956.
18) The Company has not issued any debentures during the year.
19) The Company has not raised any money through a public issue during
the year.
20) Based upon the audit procedures performed and information and
explanations given by the management, I report that no fraud on or by
the Company has been noticed or reported that during the course of my
audit.
For R.R. MORE & Co.
Chartered Accountants
Place : Chennai C.A. RAJA RAM MORE
Date : 29.05.14 Proprietor
Membership No. 21233
FR. No. 2133S
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of M/s.
Bhagwandas Metals Limited, which comprise the Balance Sheet as at 31 st
March, 2013, the Statement of Profit and Loss and 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 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
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 the 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 the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013; and
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date,
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the order.
2. As required by section 227 (3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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, 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 and Statement of Profit and Loss,
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Act and
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors are disqualified as on 31st 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 THE AUDITOR''S REPORT
(Referred to in Paragraph (3) of our report of even date)
In terms of the information and explanations given to us and books and
records examined by us in normal course of audit and to the best of our
information and belief, we state that:
1) a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. The fixed assets were physically verified during the year and no
discrepancies were noticed during such verification.
c. The Company has not sold substantial portion of Fixed Assets during
the year.
2) a. The management has conducted physical verification of inventory
at reasonable intervals.
b. The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
c. On the basis of our examination of records of inventory, in our
opinion, the Company has maintained proper records of inventory and the
discrepancies noticed on physical verification between physical stock
and the book records were not material in relation to the operations of
the Company.
3) The Company has neither granted nor taken any loans secured or
unsecured, from Companies, firms, or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956. As
the Company has not granted/taken any loans, secured or unsecured,
to/from parties listed in the registers maintained under Section 301 of
the Companies Act, 1956 paragraphs iii (b) (c) (d) (e) & (f) of the
Order, are not applicable.
4) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of invitatory, fixed assets and for the
sale of goods and services. Further, on the basis of our examination
and according to the information and explanations given to us, we have
neither come across nor have we been informed of any instance of major
weaknesses in the aforesaid internal control procedures.
5) 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 Sections 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 in pursuance of contracts or agreements
entered into the register maintained under section 301 of the act have
been made at prices which are generally reasonable considering the
strategic relationship and having regard to the prevailing market
prices at the relevant time.
6) The Company has not accepted any deposits under the provisions of
Section 58A and 58AAof the Companies Act, 1956 and the rules framed
there under.
7) The internal audit for the Company has been carried out during the
year and the system and procedures adopted by the Company is adequate
commensurate with the size and nature of the Company.
8) To the best of our knowledge, the Central Government has not
prescribed the maintenance of cost records under Section 209 (1) (d) of
the Companies Act 1956 for the products of the Company.
9) a. According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the Company is regular in depositing undisputed statutory
dues including Provident fund, investor education and protection fund,
employees state insurance, Income Tax, Sales Tax, Wealth tax, Service
Tax, Customs duty, Excise duty, Cess and other material statutory dues
as applicable with the appropriate authorities.
b. As at 31st March 2013 according to the records of the Company and
information and explanations given to us, there is no undisputed dues
on account of Sales Tax, Income Tax, Excise Wealth Tax, Service
Tax, Customs duty and Cess which is outstanding for a period of more
than 6 months from the date they became applicable.
10) Based of our audit procedures and information and explanations
given by the management the Company has not defaulted in repayment of
dues to any financial institutions or Bank.
11) According to the information and explanations given to us and based
on the documents and records produced 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) (Amendment) Order, 2004 are not applicable to the
Company.
13) In our opinion the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly to the
provisions of clause 4 (xiv) of the Companies (Auditors Report)
(Amendment) Order, 2004 are not applicable to the Company.
14) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
15) According to the information and explanations given to us, the
loans have been applied for the purpose for which they were obtained.
16) According to the information and explanations given to us, and on
an overall examinations of the Balance Sheet and Cash Flow Statement of
the Company, we report that no funds raised on short term basis have
been used for long term investment.
17) The Company has not made any preferential allotment of shares to
parties or Companies covered in the register maintained under section
301 of the Companies Act, 1956.
18) The Company has not issued any debentures during the year.
19) The Company has not raised any money through a public issue during
the year.
20) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported that during the course of our
audit.
For R.R.MORE & Co.
Chartered Accountants
sd/-
Place : Chennai C.A. RAJA RAM MORE
Date : 30.05.2013 Proprietor
Membership No. 21233
FR.N0.2133S
Mar 31, 2012
1. We have audited the attached Balance Sheet of BHAGWANDAS METALS
LIMITED, as at 31st March, 2012 and also the Profit and Loss Account
for the year ended on that date annexed thereto and the cash flow
statement for the year ended on that date. 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 have 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 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 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004,
issued by the Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matter specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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 it appears from our examination of
those books;
c. The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet, the 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;
e. On the basis of the written representation received from the
Directors, as on 31st March 2012 and taken on record by the Board of
Directors, 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 (1) of Section 274 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 financial statements together
with the notes thereon, give the in formation required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
i. In the case of the Balance sheet, of the state of affairs of the
Company as at 31st March, 2012; and
ii. In the case of Profit & Loss Account, of the profit of the Company
for the year ended on that date.
iii. In the case of cash flow statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in Paragraph (3) of our report of even date)
In terms of the information and explanations given to us and books and
records examined by us in normal course of audit and to the best of our
information and belief, we state that:
1) a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. The fixed assets were physically verified during the year and no
discrepancies were noticed during such verification.
c. The Company has not sold substantial portion of Fixed Assets during
the year.
2) a. The management has conducted physical verification of inventory
at reasonable intervals.
b. The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
c. On the basis of our examination of records of inventory, in our
opinion, the Company has maintained proper records of inventory and the
discrepancies noticed on physical verification between physical stock
and the book records were not material in relation to the operations of
the Company.
3) The Company has neither granted nor taken any loans secured or
unsecured, from Companies, firms, or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956. As
the Company has not granted/taken any loans, secured or unsecured,
to/from parties listed in the registers maintained under Section 301 of
the Companies Act, 1956 paragraphs iii (b) (c) (d) (e) & (f) of the
Order, are not applicable.
4) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and for the sale
of goods and services. Further, on the basis of our examination and
according to the information and explanations given to us, we have
neither come across nor have we been informed of any instance of major
weaknesses in the aforesaid internal control procedures.
5) 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 Sections 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 in pursuance of contracts or agreements
entered into the register maintained under section 301 of the act have
been made at prices which are generally reasonable considering the
strategic relationship and having regard to the prevailing market
prices at the relevant time.
6) The Company has not accepted any deposits under the provisions of
Section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under.
7) The internal audit for the Company has been carried out during the
year and the system and procedures adopted by the Company is adequate
commensurate with the size and nature of the Company.
8) To the best of our knowledge, the Central Government has not
prescribed the maintenance of cost records under Section 209 (1) (d) of
the Companies Act 1956 for the products of the Company.
9) a. According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the Company is regular in depositing undisputed statutory
dues including Provident fund, investor education and protection fund,
employees state insurance, Income Tax, Sales Tax, Wealth tax, Service
Tax, Customs duty, Excise duty, Cess and other material statutory dues
as applicable with the appropriate authorities.
b. As at 31 st March 2012 according to the records of the Company and
information and explanations given to us, there is no undisputed dues
on account of Sales Tax, Income Tax, Excise Duty, Wealth Tax, Service
Tax, Customs duty and Cess which is outstanding for a period of more
than 6 months from the date they became applicable.
10) Based of our audit procedures and information and explanations
given by the management the Company has not defaulted in repayment of
dues to any financial institutions or Bank.
11) According to the information and explanations given to us and based
on the documents and records produced 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) (Amendment) Order, 2004 are not applicable
to the Company.
13) In our opinion the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly to the
provisions of clause 4 (xiv) of the Companies (Auditors Report)
(Amendment) Order, 2004 are not applicable to the Company.
14) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
15) According to the information and explanations given to us, the
loans have been applied for the purpose for which they were obtained.
16) According to the information and explanations given to us, and on
an overall examinations of the Balance Sheet and Cash Flow Statement of
the Company, we report that no funds raised on short term basis have
been used for long term investment.
17) The Company has not made any preferential allotment of shares to
parties or Companies covered in the register maintained under section
301 of the Companies Act, 1956.
18) The Company has not issued any debentures during the year.
19) The Company has not raised any money through a public issue during
the year.
20) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported that during the course of our
audit.
For R.R.MORE & Co.
Chartered Accountants
C.A. RAJA RAM MORE
Proprietor
Membership No. 21233
FR.N0.2133S
Place: Chennai
Date : 27.07.2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of BHAGWANDAS METALS
LIMITED, as at 31st March, 2010 and also the Profit and Loss Account
for the year ended on that date annexed thereto and the cash flow
statement for the year ended on that date. These financial statements
are the responsibility of the Companys management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2. We have 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004,
issued by the Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matter specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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 it appears from our examination of
those books;
c. The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet, the 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;
e. On the basis of the written representation received from the
Directors, as on 31st March, 2010 and taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March 2010
from being appointed as a Director in terms of clause (g) of sub
section (1) of Section 274 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 financial statements 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
i. In the case of the 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.
iii. In the case of cash flow statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in Paragraph (3) of our report of even date)
In terms of the information and explanations given to us and books and
records examined by us in normal course of audit and to the best of our
information and belief, we state that:
1) a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. The fixed assets were physically verified during the year and no
discrepancies were^noticed during such verification.
c. The Company has not sold substantial portion of Fixed Assets during
the year.
2) a. The management has conducted physical verification of inventory
at reasonable intervals.
b. The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
c. On the basis of our examination of records of inventory, in our
opinion, the Company has maintained proper records of inventory and the
discrepancies noticed on physical verification between physical stock
and the book records were not material in relation to the operations of
the Company.
3) The Company has neither granted nor taken any loans secured or
unsecured, from Companies, firms, or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956. As
the Company has not granted/taken any loans, secured or unsecured, to /
from parties listed in the registers maintained under Section 301 of
the Companies Act, 1956 paragraphs iii (b) (c) & (d) of the Order, are
not applicable.
4) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and for the sale
of goods and services. Further, on the basis of our examination and
according to the information and explanations given to us, we have
neither come across nor have we been informed of any instance of major
weaknesses in the aforesaid internal control procedures.
5) 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 Sections 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 in pursuance of contracts or arrangements entered into the
register maintained under Section 301 of the act have been made at
prices which are generally reasonable considering the strategic
relationship and having regard to the prevailing market prices at the
relevant time.
6) The Company has not accepted any deposits under the provisions of
Section 58Aand 58AAof the Companies Act, 1956 and the rules framed
there under, apply.
7) The internal audit for the Company has been carried out during the
year and the system and procedures adopted by the Company is adequate
commensurate with the size and nature of the Company.
8) To the best of our knowledge, the Central Government has not
prescribed the maintenance of cost records under Section 209 (1) (d) of
the Companies Act 1956 for the products of the Company.
9) a. According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the Company is regular in depositing undisputed statutory
dues including Provident fund, investor education and protection fund,
employees state insurance, Income Tax, Sales Tax, Wealth tax, Service
Tax, Customs duty, Excise duty, Cess and other material statutory dues
as applicable with the appropriate authorities.
b. As at 31 st March 2010 according to the records of the Company and
information
and explanations given to us, there is no dues on account of Sales Tax,
Income Tax, Excise Duty, Wealth Tax, Service Tax, Customs duty and
Cess.
10) Based of our audit procedures and information and explanations
given by the management the Company has not defaulted in repayment of
dues to any financial institutions (or) Bank.
11) According to the information and explanations given to us and based
on the documents and records produced 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
(Auditors Report) (Amendment) Order, 2004 are not applicable to the
Company.
13) 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 (Auditors Report)
(Amendment) Order, 2004 are not applicable to the Company.
14) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
15) According to the information and explanations given to us, the
loans have been applied for the purpose for which they were obtained.
16) According to the information and explanations given to us, and on
an overall examinations of the Balance Sheet and Cash Flow Statement of
the Company, we report that no funds raised on short term basis have
been used for long term investment and no long term funds have been
used to finance short term assets
17) The Company has not made any preferential allotment of shares to
parties or Companies covered in the register maintained under section
301 of the Companies Act, 1956.
18) The Company has not issued any debentures during the year.
19) The Company has not raised any money through a public issue during
the year.
20) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported that during the course of our
audit.
for R.R. More & Co.
Chartered Accountants
Place : Chennai Sd/-
Date : 29.07.2010 C.A. RAJARAM MORE
Proprietor
M.No. 21233
PR No. 2133S
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