To the Members of The Bharat Line Limited
Report on the Financial Statenjfnts:
1. We have audited the accompanying financial statements of The Bharat Line Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2015, the
Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements:
2. The Companys Board of Directors is responsible for the matters 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 the maintenance of adequate accounting records in accordance
with the provision of the Act for safeguarding of the assets of tjhe Company and for
preventing and detecting the 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 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
3. Our responsibility is to express an opinion on these financial statements based on
our audit.
4. We have taken into account the provisions of the Act & the Rules made there
under including the accounting standards & matters which are required to be included
in the audit report.
5. We conducted our audit in accordance with the Standards on Auditing specified under
section 143(10) of the act & other applicable authoritative pronouncements issued by
the Institute of Chartered Accountants of India. 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.
6. An audit involves performing procedures to obtain audit evidence about the amounts
and 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 control relevant to the Companys 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
management, as well as evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion:
8. In our opinion and to the best of our information and according to the explanation
given to us, the financial statements give the information required by the Act and 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, 2015; and
b) in the case of the Statement of Profit and Loss, of the profit for the year ended on
that date;
Report on Other Legal and Regulatory Requirements:
9. As required by companies (auditors report) order, 2015 issued by the Central
government of India in terms of sub-section (11) of the section 143 of the act
(hereinafter referred to as the "Order"), and on the basis of such checks of the
books & records of the company as we considered appropriate & according to the
information & explanation given to us, we give in the annexure a statement on the
matters specified in paragraph 3 and 4 of the Order.
10. 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 appears from our examination of those books ’
c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt
with by this Report are in agreement with the books of account of the company.
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 the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit & Auditors) Rules, 2014, In our
opinion & to the best of our knowledge & belief & according to information
& explanations given to us:
i) The company has disclosed the impact of pending litigations as at March 31, 2015 on
its financial position, in its financial statements.
ii) Company has made provision as at March) 31 2015 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 & protection fund by the company during the year ended 31st
march 2015.
|
For Vatsaraj & Co. |
|
Chartered Accountants |
|
FRN: 111327W |
|
CA Mayur Kisnadwala |
| Place: Mumbai |
Partner |
| Date : 24th August 2015 |
M.No.: 33994 |
ANNEXURE TO AUDITORS REPORT
The Annexure referred to in the paragraph 9 above Auditors Report of the even date to
the members of The Bharat Line Limited on the accounts for the year ended March 31, 2015,
we report that
i. (a) 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
reasonable intervals; no material discrepancies were noticed on such verification
ii. The Company does not carry inventory. Thus, paragraph 3(ii) of the order is not
applicable.
iii. Accordingly to the information & explanations given to us, the company has not
granted any loans, secured or unsecured to companies firms or other parties covered in the
Register maintained u/s 189 of the companies Act, 2013. Accordingly paragraph 3 (iii) of
the order is not applicable.
iv. The Company does not have formal Internal Audit System, however, according to the
information and explanation given to us, operating control system commensurate with the
size of the company and nature of its business.
v. In our opinion and according to the information and explanations given to us the
company has not accepted deposits during the year
vi. As per the information and explanations given to us the Central Government has not
prescribed the maintenance of cost records under section 148(1) of the Companies Act 2013.
vii. (a) According to the information and explanation given to us and on the basis of
records examined by us, in our opinion, the company is generally regular in depositing
with appropriate authorities the undisputed amount of Income Tax, Sales tax, Wealth Tax,
Excise duty, Cess and any other statutory dues applicable to it. There are no such dues
outstanding as at 31st March 2015 for a period of more than six months from the date they
became payable.
(b) According to the records of the company, there are no dues of sales tax/ service
tax/ custom duty/ excise duty/ cess which have not been deposited on account of disputes
except for Income tax as under.
| Name of the Statute |
F.Y. to which it relates |
Forum where disputes is pending |
Amount(Rs.) |
| The Income Tax Act, 1956 |
2004-05 |
Income Tax Appellate Tribunal |
10,50,000/- |
|
2005-06 |
Income Tax Appellate Tribunal |
4,74,429 |
|
2006-07 |
Income Tax Appellate Tribunal |
15,50,000 |
|
2007-08 |
Income Tax Appellate Tribunal |
15,00,000 |
|
2008-09 |
Income Tax Appellate Tribunal |
2,27,952 |
|
2009-10 |
Income Tax Appellate Tribunal |
7,27,700 |
|
2010-11 |
Income Tax Appellate Tribunal |
5,40,512 |
|
2011-12 |
Commissioner of Income tax (Appeals) |
547740 |
(c) In our opinion and according to the information and explanations given to us the
company has not required to be transferred any amount to investor education and protection
fund in accordance with the relevant provisions of the Companies Act,1956 (1 of 1956) and
rules made there under.
viii The company does not have any accumulated losses at the end of the financial year
and the company has not incurred cash losses in current financial year. Also the Company
had incurred cash losses in the immediately preceding financial year.
ix. In our opinion and according to the information and explanations given to us, there
are no dues to Financial Institute/Bank and there are no debenture holders in current
year. Hence clause 3 (ix) of the order is not applicable.
x. On the basis of the information and explanation give to us, the Company has not
given any guarantees for loans taken by others from bank or financial institutions
accordingly; Clause 3(x) of the order is not applicable.
xi. According to the information and explanations given to us and on the overall
examination of the Balance Sheet of the Company for the year under report, we are of the
opinion that no funds raised on short term basis have been used for long term investment.
xii. Based on the audit procedures performed and as per information and explanation
given to us by the management, we report that no fraud on or by the company has been
noticed or reported during the course or our Audit.
|
For Vatsaraj & Co. |
|
Chartered Accountants |
|
FRN: 111327W |
|
CA Mayur Kinsnadwala |
| Place: Mumbai |
Partner |
| Date: 24th August 2015 |
M. No. 33994 |
+91-9892691696
