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Bala Techno Industries | Auditor's Report > Textiles - General > Auditor's Report from Bala Techno Industries - BSE: 514199, NSE: N.A
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Bala Techno Industries

BSE: 514199|ISIN: INE653B01016|SECTOR: Textiles - General
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VOLUME 93
Bala Techno Industries is not listed on NSE
Mar 13
Auditor's Report (Bala Techno Industries) Year End : Mar '14
We have audited the accompanying financial statements of Bala Techno
 Industries Limited (the Company) which comprise the Balance Sheet as
 at 31 March 2014, 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.
 
 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 principles generally accepted in India including
 Accounting Standards referred to in sub-section (3C) of section 211 of
 the Companies Act, 1956 (the Act).  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.
 
 Auditors'' 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. 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 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:
 
 i.  in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31 March 2014;
 
 ii.  in the case of the Statement of Profit and Loss, of the loss for
 the year ended on that date; and
 
 iii.  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), as amended, 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 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 referred to in
 sub-section (3C) of Section 211 of the Act; and
 
 e.  on the basis of written representations received from the directors
 as on 31 March 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31 March 2014, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 Section 274 of the Act.
 
 ANNEXURE TO 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) All of the fixed assets have not been physically verified by the
 management during the year but there is a regular programme of
 verification which, in our opinion, is reasonable having regard to the
 size of the company and the nature of its fixed assets. No material
 discrepancies were noticed on such verification.
 
 c) During the year, there is no substantial disposal of fixed assets
 which would affect the going status of the company.
 
 (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) a) The Company has not granted any loan, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Companies Act, 1956.
 
 b) In view of clause (iii) (a) above, clause (iii)(b) is not
 applicable.
 
 c) In view of clause (iii) (a) above, clause (iii)(c) is not
 applicable.
 
 d) In view of clause (iii) (a) above, clause (iii)(d) is not
 applicable.
 
 e) The Company has taken unsecured loan from one party covered in the
 register maintained under section 301 of the Companies Act, 1956. The
 year end balance of the loan taken from such party was Rs. 44,00,000/-.
 
 f) In our opinion, the rate of interest and other terms and conditions
 of such loan are not prima-facie, prejudicial to the interest of the
 company.
 
 g) There are no stipulations as to the payment of principal amount and
 interest thereon.
 
 (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 job work. During the course of our audit,
 we have not observed any continuing failure to correct major weaknesses
 in internal controls.
 
 (v) According to the information and explanations given to us, we are
 of the opinion that the transactions that need to be entered into the
 register maintained under Section 301 of the Companies Act, 1956 have
 been so entered.
 
 a) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the register maintained under Section 301 of
 the Companies Act, 1956 and exceeding the value of rupees five lakhs in
 respect of any party during the year have been made at prices which are
 reasonable having regard to prevailing market prices at the relevant
 time.
 
 (vi) The Company has not accepted any deposits from the public.
 
 (vii) In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 (viii) According to information and explanations given to us, the
 Company has not maintained cost records under Section 209 (1) (d) of
 the Companies Act, 1956 as per the Companies (Cost Accounting Records)
 Rules, 2011.
 
 (ix) a) The Company has been generally regular in depositing with
 appropriate authorities undisputed statutory dues including Provident
 Fund, Employees'' State Insurance, Income Tax, Sales Tax, wealth tax,
 Service tax, Custom Duty, Excise Duty, cess and other statutory dues
 applicable to it excepting service tax on transport payments. There are
 no arrears of outstanding statutory dues at 31st March 2014 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 Income Tax, wealth tax, Service
 tax, Sales Tax, Custom Duty and Excise Duty at the year end on 31st
 March, 2014.
 
 (x) In our opinion, the company does not have any accumulated losses at
 the end of the financial period. The company has not incurred cash
 losses during the financial period covered by our audit and also in the
 immediately preceding financial period.
 
 (xi) In our opinion and according to information and explanations given
 to us, the company has not defaulted in repayment of dues to bank. We
 have been informed that the company has no dues to any financial
 institution nor has it issued any debentures.
 
 (xii) According to information and explanations given to us the company
 has not granted loans and advances on the basis of security by way of
 pledge of shares, debentures and other securities.
 
 (xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
 benefit fund/society.  Therefore, clause 4(xiii) of the Companies
 (Auditor''s Report) Order, 2003 are not applicable to the company.
 
 (xiv) 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 (Auditors Report) Order,
 2003 are not applicable to the company.
 
 (xv) According to the information and explanations given to us, the
 company has not given any guarantees for loans taken by others from
 banks or financial institutions.
 
 (xvi) According to the information and explanations given to us, the
 company has availed term loans during the year. In our opinion on
 overall basis, the term loans have been applied for the purpose for
 which they were obtained.
 
 (xvii) According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the company, we report
 that no funds raised on short-term basis have been used for long-term
 investment.
 
 (xviii) According to the information and explanations given to us, the
 company has not made any preferential allotment of shares to parties or
 companies covered in the register maintained under Section 301 of the
 Act.
 
 (xix) The company does not have any outstanding debentures during the
 year.
 
 (xx) The company has not raised any money through a public issue during
 the year.
 
 (xxi) 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
 
                                                 (J.P.Agarwal)
 
                                                      Partner
 
                                               M. No - 054090 
 
 Place: Kolkata
 Date : 17th May 2014
 
Source : Dion Global Solutions Limited
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