TO THE MEMBERS OF BALA TECHNO INDUSTRIES LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of Bala Techno Industries Limited
("the company"),which comprise the Balance Sheet as at 31 March 2015, the
Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a
summary of the significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or
error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit.
We have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
the disclosures in the financial statements. The procedures selected depend on the
auditors 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 Companys preparation of the
financial statements that give true and fair view, in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on whether the Company has in place an adequate internal financial controls system
over financial reporting and operating effectiveness of such controls. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness
of the accounting estimates made by Companys Directors, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the Act
in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India of the state of affairs of the Company as at 31st
March 2015, its loss and its cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2015("the Order")
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and
4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
e) On the basis of written representations received from the directors as on 31 March,
2015, taken on record by the Board of Directors, none of the directors is disqualified as
on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the
Act.
f) With respect to other matters to be included in the Auditors Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the
best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial
position.
ii. The Company did not have any long-term contracts including derivatives contracts
for which there were any material foreseeable losses.
iii. There were no amounts which required to be transferred by the Company to the
Investor Education and Protection Fund.
For U.NARAIN & CO.
Chartered Accountants
FRN:- 000935C
(J.P.Agarwal)
Partner
M. No - 054090
Place: Kolkata
Date : 14th November, 2015
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 under the heading "Report on other legal and
regulatory requirements" of our report of even date)
(I) a) The Company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets. b) The fixed assets have been
physically verified by the management during the year. No material discrepancies were
noticed on such verification.
(ii) a) The inventory has been physically verified during the year by the management.
In our opinion, the frequency of verification is reasonable.
b) The procedures of physical verification of inventories followed by the management
are reasonable and adequate in relation to the size of the company and the nature of its
business.
c) The company is maintaining proper records of inventory. The discrepancies noticed on
verification between the physical stock and the book records were not material.
(iii) The Company has not granted any loan secured/unsecured to companies/firms/other
parties covered in the register maintained under Section 189 of the Companies Act, 2013.
Accordingly, the provisions of clause 3(iii)(a) and (b) of the Order are not applicable to
the Company and hence not commented upon.
(iv) In our opinion and according to the information and explanations given to us,
there are adequate internal control procedures commensurate with the size of the Company
and the nature of its business with regard to purchase of inventory, fixed assets and with
regard to sale of goods and services. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal control system.
(v) Company has not accepted any deposits from the public.
(vi)According to information and explanations given to us, the Company has not
maintained cost records under sub section (1) of Section 148 of the Companies Act, 2013 as
per the Companies (Cost Records and Audit) Rules, 2014.
(vii) a) The Company has been generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and
other material statutory dues applicable to it excepting service tax on transport
payments. There are no arrears of outstanding statutory dues as at 31st March 2015 for
a period of more than six months from the date they become payable.
b) According to information and explanations given to us, there are no disputed amounts
payable in respect of Provident Fund, Employees State Insurance, Income Tax, Sales Tax,
Service tax, Custom Duty, Value Added Tax, Wealth Tax, Excise Duty and Cess at the year
end on 31st March, 2015.
c) According to the information and explanations given to us, there were no amounts
which required to be transferred to the Investor Education and Protection Fund.
(viii) The company has no accumulated losses. The company has not incurred cash losses
during the financial year covered by our audit and in the immediately preceding financial
year.
(ix) In our opinion and according to information and explanations given to us, the
company has not defaulted in repayment of dues to financial institution or bank or
debenture holders.
(x) According to the information and explanations given to us, the company has not
given any guarantee for loans taken by others from banks or financial institutions.
(xi) According to the information and explanations given to us, the company has not
obtained any term loan during the year.
(xii) According to the information and explanations given to us, no fraud on or by the
company has been noticed or reported during the course of our audit.
|
For U.NARAIN & CO. |
|
Chartered Accountants |
|
FRN:- 000935C |
| Place: Kolkata |
(J.P.Agarwal) |
| Date : 14th November, 2015 |
Partner |
|
M. No - 054090 |
+91-9892691696
