We have audited the attached Balance Sheet of M/s. BELL AGROMACHINA
LTD, Jodalli, Tal.: Kalghatagi as on 31 st March 2010 and the Profit
and Loss Account forthe year ended on that date annexed there to. These
financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial stataments based on our audit.
1. We conducted our audit in accordance with auditing standards
generally ac- cepted in India. Those Standards require that we plen and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis- statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overal financial statement
presentation. We believe that our audit provides a reasonable basis for
2. As required by the companies (Auditors Report) order 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
of the Companies Act, 1956, we enclose in the Annexure hereto a
statement on the meters specified in para- graphs 4 & 5 of the said
3. Further to our comments in the Annexure referred to in paragraph 2
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and blief were necessary for the purpose of our
b) In our opinion, proper books ef account, as required by law, have
been kept by the company, so far as appears from our examination of
c) The balance Sheet and Profit & Loss Account deal with by this report
are in agreement with the books of account.
d) In our opinion the Balance Sheet and Profit & Lose Account deal with
by this report comply with the mandatory Accounting Standards referred
in Section 211 (3C) of the Companies Act, 1856.
e) In our opinion and based on information and explanation given to us,
none of the directors are disqualified as or 31st March, 2010 from
being appointed as directors in terms of section 274 (I) (g) of the
Companies Act, 1956:
f) In our opinion and to the best of our information and according to
the explanation given to us. the accounts read togeather with the
Significant Accounting Policies and other notes thore on give the
information required by the Companies Act. 1956 in the manner so
required, and present a true and fair view, in conformily with the
accounting principtes generally accepted in India:
(I) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as on 31st March. 2010 and
(II) In so far as it rebles to the Profit and Loss Account, ot the Loss
of the Company for the Year ended on that date, statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
ANNEXURE TO AUDITORS REPORT OF BELL AGROMACHINA LTD., FOR THE YEAR
ENDED 31st MARCH 2010
Referred to in paragraph 2 of our report of even date
1. In respect of its fixed assets :
a) The company has maintained proper records showing full particulars
inctuding quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the man- agement at reasonable intervals.which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. No material discrepancies were noticed on such physical
c) In our opinion, the company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
company is not affected.
2. In respect of loans. Secured or usecured. granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained under section 301 ot the Companies Act. 1956:
The company has taken unsecured loans from the other companies in the
same group- The terms and conditions are not prejudicial to the
interest of the company.
4. 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 nature of its business
for the purchase of fixed assets. During the course of our audit, we
have not observed any major weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956, no irregularities noticed.
6. The Company has not accepted any deposits from the public.
7. The company has not done any business during the year. Hence,
internal audit was not carried out.
8. The Central Government has not prescribed maintenance of Cost
Records under Sec- tion 209 (1) (d) of the Companies Act. 1956.
9. (a) The company is regular In depositing the undisputed statutoty
dues of Income tax and othar statutory dues with the appropriate
authorities. There are no undisputed statutory dues including Provident
fund, Investor Education and Protection Fund and Sales Tax, Employees
State Insurance, Wealth Tax, Customs Duty, Excise Duty, Cess and other
statutory dues. According to the information and the aforesaid no dues
were outstanding as on 31 st March, 2010 for a period of more than six
months from the date of becoming payble.
For H. N. Adinavar & Co.
Place: Hubli Sd/-
H. N. Adinavar
18th Aug 2010 (Proprietor)