To The Members of Belapur Industries Ltd
Report on the Financial Statements
We have audited the accompanying Financial Statements of Belapur Industries Ltd
(the Company), which comprise the Balance Sheet as at 31st March, 2017, the Statement of
Profit and Loss and the Cash Flow Statement for the year ended, and a summary of
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
and presentation of these Financial Statements to 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 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 Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors Responsibility
I. Our responsibility is to express an opinion on these Financial Statements based on
our audit.
II. 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.
III. We conducted our audit in accordance with the Standards on Auditing specified
under Section 143(10) of the Act and other applicable authoritative pronouncements issued
by the Institute of Chartered Accountants of India. Those Standards and pronouncements
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
mis-statement.
IV. 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 materiamis-statement 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 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 the Accounting Policies used and the
reasonableness of the accounting estimates made by the 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;
1. In the case of the Balance Sheet, of the State of Affairs of the Company, as at 31st
March, 2017
2. In the case of the Statement of Profit and Loss, of the profit for the year ended on
that date ; and
3. In the case of the Cash Flow Statement, of the Cash Flows for the year on that date
Report on Other Legal and Regulatory Requirements
I. As required by the Companies (Auditors Report) Order, 2016 ("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 the paragraph 3
and 4 of the Order, to the extent applicable.
II. 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, 2016.
e. On the basis of the written representations received from the Directors as on 31st
March, 2017, taken on record by the Board of Directors, none of the Directors is
disqualified as on 31st March, 2017, from being appointed as a Director, in terms of
Section 164 (2) of the Act; and
f. With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2016, in our opinion
and to the best of our information and according to the explanations given to us:
i) The Company has disclosed the impact of pending litigations as on 31st March, 2017,
on its financial position in its Financial Statements.
ii) The Company has made provision, as at 31st March, 2017, as required under the
applicable law or Accounting Standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts.
iii) There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company during the year ended 31st
March, 2018.
iv) The Company has provided requisite disclosures in its financial statements as to
holdings as well as dealings in the specified bank notes during the period the from 8 th
November to 30 th December, 2016 and these are in accordance with the books of accounts
maintained by the company.
|
For N.S Naik & Co. |
CA M.P Naik |
| Place:- Shrirampur |
Chartered Accountants |
Partner |
| Date:- 30.05.2017 |
F.No. 106815W |
M.No.144531 |
COMPANIES (AUDITORS REPORT) ORDER 2017 of Belapur Industries Ltd For the year 2016-17
On the basis of such checks as we considered appropriate and in terms of the
information and explanations given we state that:-
I) a) The Company has generally maintained records showing particulars, including
Quantitative details and situation of fixed assets; as stated by management but no records
available for verification.
b) As explained by the management the fixed assets have been physically verified by the
management at reasonable interval and no material discrepancies were found.
c) Title deeds of immovable properties are held in the name of the company as explained
by the management
ii) a) There is no Physical verification in respect of finished goods, stores, spare
parts and raw materials as there was no stock of the same with the Company during the
year.
b) Inventory records is not maintained as there was no physical stocks during the year.
iii) 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.
iv) In our opinion and according to the information and explanations given to us
company has not granted any loan, has not made any investment and has not issued any
guarantee or security, this clause is not applicable to the company.
v) In our opinion and according to the information and explanations given to us, the
company has not accepted any deposits from the public during the year, nor has accepted
any such deposits in the past.
vi) The company is not engage in manufacturing activity, hence provision regarding
maintenance of cost records under Section 148 (1) of the Companies Act, 2013 for the
products of the Company in not applicable
vii) a) The company is regular in depositing undisputed statutory dues including
provident fund, employees state insurance, income-tax, sales tax, Service tax, duty of
customs , duty of excise ,Value added tax , Cess and any other statutory dues with the
appropriate authorities.
b) The company has no statutory dues remaining unpaid on account of any dispute.
viii) The company has not taken loan from any financial institutions nor with any bank
of which terms and conditions are prejudicial to the interest of the company. and there is
no case of default in repayment of dues.
ix) Company has not raised money by way of Initial public offer or further public
offer. The Company has not taken any Term loan during the year.
x) 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.
xi) Managerial remuneration have been paid or provided according to the provisions of
section 197 read with schedule v of the Companies Act
xii) As company is not registered as a Nidhi Company, this clause is not applicable to
the company
xiii) In our opinion and according to the information and explanations given to us all
transactions with related parties are in compliance with section 177and 188 of Companies
Act, 2013 xiv) Company has not made any preferential allotment or private placement of
shares or fully or partly convertible debentures during the year
xv) In our opinion and according to the information and explanations given to us
company has not entered into any non cash transaction with directors or persons connected
with him xvi) Company is not required to get registration under section 45-IA of the
Reserve Bank of Act, 1934
|
For N.S Naik & Co. |
CA M.P Naik |
| Place:- Shrirampur |
Chartered Accountants |
Partner |
| Date:- 30.05.2017 |
F.No. 106815W |
M.No.144531 |
+91-9892691696
