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Bala Techno Industries Ltd.

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Annual Report

For Year :
2014 2013 2012 2011 2005

Auditor's Report

1. We have audited the attached Balance Sheet of M/s. Bala Techno Synthetics Ltd. as at 31st March, 2005, the annexed Profit and Loss Account of the Company for the year ended on that date and also the Cash Flow Statement for the year ended on lhat date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2005 (as amended) issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred above, we report that : i. 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; ii. 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 except non-provision of gratuity on accrual basis. iii. the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; iv. in our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Section 211 (5C) of the Companies Act, 1956 except non-provision of gratuity on accrual basis which is not in conformity with AS - 15. v. on the basis of the written representations received from the Directors as on 31st March, 2005 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2005 from being appointed as a Director in terms of Section 274(1)(g) of the Companies Act, 1956. vi. in our opinion and to the best of our information and according to the explanations given to us, the said accounts read in particular with Note No. 8 of Schedule 17 regarding non-provision of gratuity on accrual basis, the quantum of which could not be ascertained in the absence of relevant details, together with other notes thereon, give the information required by the Companies Act, 1956, 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 31st March, 2005; b) in the case of the Profit and Loss Account, of the Profit of the Company 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. For AGARWAL & MODI Chartered Accountants Sd/- (SHANKARBAJAJ) Place: Kolkata. Partner Date: 30th August, 2005 Membership No. 60225 ANNEXURE TO AUDITORS REPORT (Referred to in Paragraph 5 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 granted unsecured loan to a company covered in the register maintained under Section 501 of the Companies Act, 1956. The said loan is continuing from last year and is realised in full during the year. There is only one such party and the amount involved is Rs 10189040/-. b) In our opinion, the rate of interest and other terms and conditions on which loan has been granted to a company listed in the register maintained under section 50 1 of the companies Act, 1956 are not, prima facie, prejudicial to the interest of the company. c) There is no outstanding balance as on balance sheet date of principal amount and interest thereon. d) In view of full realization thereof, the clause pertaining to the overdue amount being more than Rupees one lakh is not applicable. e) The Company has not taken loans from companies/firms/other parties covered in the register maintained under section 501 of the Companies Act, 1956. f) In view of clause (iii) (e) above, clause (iii)(f) is not applicable. g) In view of clause (iii) (e) above, clause (iii)(g) is not applicable. (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) a) 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 501 of the Companies Act, 1956 have been so entered. b) 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 501 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) As explained to us, no cost records are required to be maintained by the Company. (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 2005 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, 2005 (x) In our opinion, the companys accumulated losses at the end of the financial year are less than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (xi) In our opinion and according to information and explanations given to us, the company has not defaulted in repayment of dues to financial institution or bank or debenture holders. (xii) According to information and explanations given to us the company has nol 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 (Auditors Report) Order, 2005 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, 2005 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) In Our opinion, the term loan avafled by the company during the year has been applied for the purpose for which it was 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 501 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 AOARWAL & MODI Chartered Accountants (SHAINKAR BAJAJ) Place: Kolkata. Partner Date: 50th August, 2005 Membership No. 60225