We have audited the accompanying financial statements of Bhilwara
Technical Textiles Limited (the Company), which comprise the
Balance Sheet as at March 31, 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.
Management''s responsibility for the financial statements
The Company''s 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 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.
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 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
financial control relevant to the Company''s 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
Company''s 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 standalone
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, and its profit and its 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, 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'' 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
(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 the written representations received from the
directors as on 31st March,
2015 taken on record by the Board of Directors, none of the directors
is disqualified as on 31st 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 Auditor''s
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
derivative contracts for which there were any material foreseeable
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
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. The company does not have any fixed assets. Accordingly clause 3
(i) of the Order is not applicable.
2. The Company''s current nature of operations does not require it to
hold inventories. Accordingly clause 3 (ii) of the Order is not
3. 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
189 of the Companies Act, 2013. Accordingly, the provisions of clause
3(iii) (a) to (b) of the Order are not applicable to the company and
hence not commented upon.
4. The company has not made any purchases of inventory and fixed assets
as well as sale of goods & services during the year. We have not
observed any major weakness in the internal control system during the
course of the audit.
5. The company has not accepted any deposits from the public.
6. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
(1) of section 148 of the Companies Act, 1956 in respect of activities
carried out by the Company
7. (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,
employees'' state insurance, sales tax, wealth tax, duty of customs,
duty of excise, value added tax and cess
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, employees''
state insurance, income tax, sales tax, wealth tax, service tax, duty
of customs, duty of excise, value added tax, 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, duty of customs, duty
of excise, value added tax and cess, which have not been deposited on
account of any dispute.
(d) According to the records of the Company and as explained to us the
company did not have any dues on account of investor education and
8. 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.
9. 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.
10. 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.
11. 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.
12. 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
Noida (U.P.) Partner
5th May, 2015 Membership No.084968