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Bhilwara Technical Textiles
BSE: 533108|ISIN: INE274K01012|SECTOR: Textiles - Cotton Blended
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« Mar 13
Auditor's Report (Bhilwara Technical Textiles) Year End : Mar '14
We have audited the accompanying financial statements of Bhilwara
 Technical Textiles Limited (the Company), which comprise the
 balance sheet as at March 31,2014, the statement of profit and loss and
 cash flow statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 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 and in accordance with the accounting
 principles generally accepted in India. 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
 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 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 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 purpose 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 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 March 31,2014;
 
 (b) in the case of the statement of profit and loss, of the profit for
 the year ended on that date; and
 
 (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'' 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 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 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, statement of profit and loss, and
 cash flow statement comply with the Accounting Standards notified under
 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;
 
 e. On the basis of written representations received from the directors
 as on March 31,2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31,2014, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Act.
 
 Annexure ''A'' referred to in paragraph 1 under the heading Report
 on other legal and regulatory requirements of our report of even
 date to the members of Bhilwara Technical Textiles Limited
 
 1. (a) The company has maintained proper records showing full 
 particulars, including quantitative details and situation of fixed 
 assets.
 
 (b) The management has physically verified the fixed assets during the
 year. As informed to us, no material discrepancies were noticed on such
 verification.
 
 (c) There were no fixed assets disposed off / discarded during the
 year.
 
 2. The Company''s current nature of operations does not require it to
 hold inventories. Accordingly clause 4 (ii) of the Order is not
 applicable to the company and hence not commented upon.
 
 3. (a) According to the information and 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 under 
 section 301 of the Companies Act, 1956.  Accordingly, the provisions 
 of clause 4(iii) (a) to (d) of the Order are not applicable to the 
 company and hence not commented upon.
 
 (b) According to information and explanations given to us, the company
 has not taken any loans, secured or unsecured, from companies, firms or
 other parties covered in the register maintained under section 301 of
 the Companies Act, 1956.  Accordingly, the provisions of clause 4(iii)
 (e) to (g) of the Order are not applicable to the company and hence not
 commented upon.
 
 4. In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the company and the nature of its business, for the
 purchase of inventory and fixed assets and for the sale of goods and
 services. During the course of our audit, we have not observed any
 major weakness or continuing failure to correct any major weakness in
 the internal control system of the company in respect of these areas.
 
 5. (a) Based upon the audit procedures applied by us and according to 
 the information and explanations provided by the management, we are 
 of the opinion that the particulars of contracts or arrangements 
 referred to in section 301 of the Companies Act, 1956 that need to 
 be entered into the register maintained under section 301 have been 
 so entered.
 
 (b) According to the information and explanations given to us, there
 were no transactions made in pursuance of such contracts or
 arrangements exceeding the value of Rupees five lakhs that have been
 entered into during the financial year.  Accordingly, the provisions of
 clause 5 (b) of the Order are not applicable to the company and hence
 not commented upon.
 
 6. The company has not accepted any deposits from the public.
 
 7. In our opinion, the company has a group inhouse internal audit
 system commensurate with the size & nature of its business.
 
 8. According to the information and explanations given to us, the
 Central Government has not prescribed the maintenance of cost records
 under clause (d) of sub- section (1) of section 209 of the Companies
 Act, 1956 in respect of activities carried out by the Company.
 
 9. (a) According to the records of the Company, undisputed statutory 
 dues have been regularly deposited during the year with the 
 appropriate authorities. According to the records of the Company and 
 as explained to us the company did not have any dues on account of
 provident fund, investor education and protection fund, employees''
 state insurance, sales tax, wealth tax, custom duty, excise duty and
 cess.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, investor 
 education and protection fund, employees'' state insurance, income-
 tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, 
 cess and other material statutory dues were outstanding, at the year 
 end, for a period of more than six months from the date they became 
 payable.
 
 (c) According to the information and explanations given to us and the
 records of the company examined by us, there were no statutory dues of
 income- tax, sales-tax, wealth-tax, service tax, customs duty, excise
 duty and cess which have not been deposited on account of any dispute.
 
 10. The company did not have any accumulated losses at the end of the
 financial year. The company has not incurred cash loss in the current
 financial year and immediately preceding financial year.
 
 11. According to the information and explanations given to us and the
 records of the company examined by us, the company has not borrowed
 funds from any financial institution or bank.
 
 12. According to the information and explanations given to us and based
 on the documents and records produced before us, the company has not
 granted loans and advances on the basis of security by way of pledge of
 shares, debentures and other securities.
 
 13. In our opinion, 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) Order, 2003 (as amended) are not
 applicable to the company.
 
 14. 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 (Auditor''s Report)
 Order, 2003 (as amended) are not applicable to the company.
 
 15. 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.
 
 16. In our opinion, and according to the information and explanations
 given to us, the Company did not raise any term loans from banks /
 financial institutions during the year.
 
 17. According to the information and explanations given to us and as
 per the books and records examined by us, as on the date of balance
 sheet, the company has not raised any funds on short term basis.
 
 18. The Company has not made any preferential allotment of shares to
 parties and companies covered in the register maintained under section
 301 of the Companies Act 1956.
 
 19. The company has not issued any debentures.
 
 20. The company has not raised any money by way of public issue, during
 the year.
 
 21. Based on the audit procedures performed and as per the information
 and explanations given by the management, no fraud on or by the Company
 has been noticed or reported during the year.
 
                                                For Ashim & Associates 
                                                 Chartered Accountants
                                           Firm RegistrationNo.006064N
 
                                                         Ashim Agarwal
 Noida (U.P.)                                                  Partner
 22nd April, 2014                                 Membership No.084968
Source : Dion Global Solutions Limited
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