AUDITORS
TO THE MEMBERS OF BF Infrastructure Limited
1. We have audited the attached Balance Sheet of BF Infrastructure Limited. (The
Company), as at 31st March, 2012 and also Statement of Profit and Loss account
of the Company for the year ended on that date annexed thereto. These financial statements
are the responsibility of the Company’s management. Our responsibility is to express
an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in
India. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors’ Report) order, 2003, issued by the
Central Government of India in terms of sub-section (4A) of Section 227 of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we report that:
i. We have obtained all the information and explanations, which to the best of our
knowledge and belief were necessary for the purposes of our audit:
ii. In our opinion, proper books of accounts 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 Statement of Profit and Loss Account dealt with by this
report are in agreement with the books of account.
iv. In our opinion, the Balance Sheet and Statement of Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in Sub-Section (3C)
of section 211 of Companies Act, 1956.
v. On the basis of the written representations received from the directors of the
company as on 31st March 2012 and taken on record by the Board of Directors, We
report that none of the Directors is disqualified as on 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 explanations given to us, the said accounts read together with 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 31st
March, 2012.
b. In the case of the Statement of Profit & Loss Account, of the profit for the
year ended on that date; and
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For: RMA & ASSOICIATES |
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Chartered Accountants |
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FRN: 000978N |
| Place: New Delhi |
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| Date: 10.05.2012 |
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(PANKAJ CHANDER) |
|
Partner |
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Membership No.: 089065 |
Annexure to the Auditors’ Report
Referred to in paragraph 3 of our report of even date on the Statements of Account of BF
Infrastructure Limited as at and for the year ended 31st March 2012:
(i) (a). The company is maintaining proper records showing full particulars, including
quantitative details and situation of fixed assets.
(b). The Company has conducted physical verification at a reasonable interval of its
fixed assets during the period covered under our audit. We are informed that no material
discrepancies were noticed on such verification.
(c). During the year, the company has not disposed off substantial part of fixed
assets.
(ii) (a). As explained to us, the inventory has been physically verified by the
management during the year. In our opinion, the frequency of verification is reasonable in
relation to the size of the company.
(b) In our opinion, and according to the information and explanations given to us, the
procedures of physical verification of inventory followed by the management are reasonable
and adequate according to the size of the Company and the nature of its business.
(c) On the basis of our examination of the records of the Company, we are of the
opinion that the Company has maintained proper records of inventory. Discrepancies noticed
on physical verification between physical stock records were not material and have been
adequately dealt within the books of accounts.
(iii). (a) According to the information and explanations given to us, the Company has
not granted loans, secured or unsecured, during the year to companies, firms or other
parties covered in the register maintained under section 301 of the Companies Act,1956.
Accordingly clause 4 (iii) (b) to (d) of the Companies (Auditor’s Report) Order, 2003
are not applicable.
(b) The company has not taken loans from the Companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act, 1956 during the year.
(iv). In our opinion and according to the information and explanations given to us,
there are adequate internal control procedures commensurate with the size of the company
and the nature of its business with regard to the purchase of inventory, fixed assets and
for sale of goods. We have not observed any continuing failure to correct major weaknesses
in internal control system.
(v). In our opinion and according to the information and explanations given to us,
there are no transactions made in pursuance of contracts or arrangements referred to in
Section 301 of the Companies Act, 1956
(vi). According to the information and explanations given to us, the Company has not
accepted any deposits from the public covered under the provisions of sections 58A and
58AA of the Companies Act, 1956 and rules framed there under apply.
(vii). In our opinion, the company has an internal audit system commensurate with the
size and nature of its business.
(viii). According to the information and explanations given to us maintenance of cost
records under section 209(1)(d) of the Act, has not been prescribed by the central
government for the company.
(ix) (a). According to the information and explanations given to us and on the basis of
our examination of the records of the Company, undisputed statutory dues including
Provident fund, Employees’ State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Cess and any other material statutory dues have
generally been regularly deposited with appropriate authorities. According to the
information and explanations given to us, no undisputed amount payable in respect of
aforesaid dues were outstanding at 31.3.2012 for a period of more than six months from the
date they become payable.
(b). According to the information and explanations given to us, there are no dues of
income tax, wealth tax, service tax, excise duty and cess which have not been deposited on
account of any dispute.
(x). The company has no accumulated losses at the end of the financial year and it has
not incurred any cash losses during the financial year under audit and immediately
preceding financial year.
(xi). Based on the information and explanations given to us, we are of the opinion that
the company has not defaulted in repayment of dues to their bankers. There were no
debenture holders at any time during the year and at the year end.
(xii). According to the information and explanations given to us and based on the
documents and records produced to us, the company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other securities.
(xiii). The company is not a chit fund, nidhi / mutual benefit fund / society.
(xiv). In our opinion, the Company is not dealing in or trading in shares, securities,
debentures and other investments.
(xv). As per the information and explanations given to us, the company has given
corporate guarantee for loans taken by its other Company from the banks, which is not
prejudice to the interest of the Company.
(xvi). According to the information and explanations and certificate in this regard
given to us, term loans were applied by the Company for the purpose for which they were
obtained.
(xvii) According to the information and explanations given to us and on the basis of
overall examination of the balance sheet of the company as at March 31, 2012, we report
that no funds raised on short term basis were utilized for long term investment.
(xviii) According to the certificate given to us by the company, we report that the
company has not made any preferential allotment of shares to parties and companies covered
in register maintained under section 301 of the Companies Act, 1956.
(xix) The Company has not issued debentures during the year,
(xx) According to the information and explanations given to us, during the period
covered by our audit report, the company has not raised any money by way of public issue .
(xxi) During the course of our examination of the books and records of the Company
carried out in accordance with the generally accepted auditing practices in India and
according to the information and explanations given to us, we have neither come across any
instance of any fraud on or by the Company, noticed or reported during the year, nor we
have been informed of such case by the management.
|
For: RMA & ASOCIATES |
|
Chartered Accountants |
|
FRN: 000978N |
| Place: New Delhi |
|
| Date: 10.05.2012 |
|
|
(PANKAJ CHANDER) |
|
Partner |
|
Membership No.: 089065 |
+91-9892691696
