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Bee Electronic Machines | Auditor's Report > Electric Equipment > Auditor's Report from Bee Electronic Machines - BSE: 517203, NSE: N.A
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Bee Electronic Machines

BSE: 517203|ISIN: INE038E01014|SECTOR: Electric Equipment
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Mar 13
Auditor's Report (Bee Electronic Machines) Year End : Mar '14
We have audited the accompanying financial statements of Bee Electronic
 Machines Limited, which comprise of the Balance Sheet as at March 31,
 2014, the Statement of Profit and Loss, Cash Flow Statement for the
 year then ended and a summary Of significant accounting policies and
 other explanatory information.
 
 Management''s Responsibility tor 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 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.
 
 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 judgement 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, foe financial statements give the information
 required by the Act lit the manner so required subject to the
 following:
 
 Clause 1 regarding non-provision of gratuity, leave travel assistance,
 Leave encashment and Medical reimbursement, amount being unascertained;
 
 Clause.2 (a) regarding non-provtsion of excise duty on Finished goods
 of Rs.196,892 being accounted for on clearance basis;
 
 Clause No 2(b) Non provision of interest on Excise duty payable of Rs
 48,300 (pp to PY Rs 483,000)
 
 Clause No 2(C) Non provision of property tax of Rs 67,751 (up to PYRs
 630,418)
 
 Clause No. 4(b) regarding disclosure of overdue debentures die to this,
 the seemed loan is overstated by Rs 131.25 lacs.
 
 Clause No 4(d) regarding non-provision of interest on debentures of Rs
 18.75 lacs Clause No 4(e) regarding non-provision of interest on premium
 payable of Rs 93,750/-
 
 Clause No 5 regarding unconfirmed balance of debtors, creditors, loans,
 advances and secured loans from financial Institutions and Bankers: *
 
 Clause No. 6 regarding non-provision of loans and advances of Rs.
 581,279;
 
 Clause No 7 (b) regarding non-provision of interest of Rs 171.88 lacs:
 
 Clause No 8 regarding non-provision of loss of Rs 400 lacs
 approximately on obsolete and slow moving stocks:
 
 2. We further inform that without considering the items mentioned for
 clause no 1, 4 (b) and 5 of notes to the accounts, effect of which
 cannot be determined, had the observations been made by us in clause
 nos. 2(b), 2(c), 4(d); -4(e), 6, 7(b) and 8 of the note to the accounts
 been considered, the loss for the year would have been Rs.
 6,08,52,542/- as against the reported loss figure of Rs 998,287/- and
 the accumulated loss would have been Rs 18,41,10,346 as against the
 reported figure of Rs.12,42,56,091 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 Profit and Loss Account of the loss 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 fthe
 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
 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 for the purposes of our audit
 
 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
 subsection (3C) of section 211 of the Companies Act, 1956;
 
 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 are 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 Companies Act, 1956.
 
 f) Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 a.Based on the information and explanation give to use ,we are of the
 opoion that the transaction that are meSon to be eentered in the resiter
 in poersonl of section 301 of the company Act.1956 have been entered.
 
 0.5 b. In our opion and accounding to the information and edmplation ot
 the there werre the transactioon were made in prcodes of contracts
 entered in the segister mainatianed under section 301 of the compaines
 1956 in respect of any party during the year.
 
 0.5 the company has not accepted andy deposited from public the
 provision of section 58 A abd 58 of the Companies Act and the sales
 financial there under are not applicable
 
 06.in our ipionion, the company has an incidental audit system corporate
 with fine size and nature of as business however it needs to the
 strictures
 
 07.  to ear gpirioau *a Qaapacy to aw Mfemal aarii do*
 inaamynurriB adh toe atea and natae of to business.
 
 08.  Weare infomM that tiie Central Government has not prescribed the
 maintenance of cost records under section 209(1)
 
 (d) of tiie Companies Act, 1956 for any ot the product of the company.
 
 9.1 .Acconfingto information furnished to us, tt company is regular fa
 depositing with appropriate authorities, the undisputed statutory dues
 Inducting Provident Fund, Investor Education Protection Fund, and
 Employees State Insurance, Income Tax. Sales Tax. Service tax. Wealth
 Tax, Custom Duty. Excise Duty, Cess and other material statutory dues
 applicable to * and there were no unctispuled statutory dues in arrears,
 as at the date of the Balance Sheet under report, for a  period of mote
 than six months from the datethey became payable except Sales tax of
 Rs318,793f-, service tax of Rs 24,663 profession tax Rs 7.7687-, and
 Excise duty Rs 322.00/-
 
 9.2. Aocordfog loiwinfoimatfon famished to us, mefoeowing amounts of
 Beqise Duty and Sales Thx, have been, disputed . try the Company, and
 hence, were not doposhed to the concerned authorities at date of the
 Bafonce Sheet under report.
 
 Name of              Nature of         Amount           Period to
 status                 due                              which the
                                                        amount related
 
 Central Excise
 act, 1944            Excise duly      4,34,19,414         1991 to 1994
 
 Central Excise
 act 1944             Excise duly         7479.179         1993 to 1997
 
 Sales tax Act        Sales tax          1,349,432         1997-98
 
 Sales tax Act        Sales tax          1,302,000         1998-99
 
 Sales tax Act        Sales tax            823,772         1999-00
 
 Sales tax Act            CST               91,115         1999-00
 
 
 Sales tax Act        Sales tax              49489         1998-98
 
 Sales tax Act        CST                    58447         1998-43
 
 Sales tax Act        Sales tax             42,997         1990-2000
 
 Sales tax Act        Sales tax              99,211        1999-2000
 
 Sales tax Act        CST                  104,8442        1999-2000
 
 Sales tax Act        CST                     97481        2001-2002
 
 
 Name of              Forum where the
 status               dispute is  pending
 
 Central Excise
 act, 1944             CESTHT
 
 Central Excise
 act 1944              CESTHT
 
 Sales tax Act         Gujarat sales Tax Tribunal Ahmedabed
 
 Sales tax Act         Gujarat sales Tax Tribunal Ahmedabed
 
 Sales tax Act         Gujarat sales Tax Tribunal Ahmedabed
 
 Sales tax Act         Asst Commissioner  of sales Tax
                      (Appeal 1). Ahmedabed
 
 Sales tax Act         By Commissioner -Cmaaertiti tores. Kolikata.
                       (South) circle
 
 Sales tax Act         By Commissioner  - Coneaetdti tores. Kolikata.
                       (South) circle
 
 Sales tax Act         By Commissioner  - Ccnensrclsl toss. Kolikata
                       (South) circle
 
 Sales tax Act         By Commissioner (CT) AppeOtie Secunderabad Div
 
 Sales tax Act         By Commissioner  (CT). Appeiete Secunderabad div
 
 Sales tax Act         The Joint Commissioner-6. Trade tax Lucknow
 
 10. Aootmting to tho informaion and saplanafions famished to us
 
 a) It has accumuitied tosses at tiie end of the tinandaf year of Rs
 12,42.56,091
 
 b) Outing Are year ire company has incurred a cash toss of Rs 585444 and
 in Vie bnmectiately preceding financial year company had incurred a toss
 of Rs 3884557-.
 
 11. In our opinion and aooonting to the information and explanations
 famished to us by the Company, there were defaults la mpayarent of 8s
 dues to faiandal institutions and banks at the date of tire Balance
 Sheet and the company has cfafaabBd fet repayment of dues of Rs 4215.16
 lacs to ihe financial institutions and banks. (Inducting Rs 3030.65 lacs
 un- presided Merest accnred 8 due)
 
 12.  According to the information and explanation given to us, the
 Company has not granted any loans or advances on the basis of security
 by way of pledge of shares, debentures and other securities.
 
 13.  The Company is not chit fund, nidhi, mutual benefit fond or a
 society. Accordingly, the provisions of clause 4 (xiii) of the Order,
 is not applicable to the company.
 
 14.  According to the information and explanation given to us, the
 Company is not dealing in or trading in shares, securities, debentures
 and other investments. Accordingly, clause (xiv) of .the order is not
 applicable to the company.
 
 15.  According to the information and explanation given to us, the
 Company has not given any guarantees for loans taken by others from
 banks or financial institutions.
 
 16.  The Company has not taken any term loan during the year.
 
 17. According to the information and explanation given to us and on an
 overall examination of the Balance Sheet of the Company, we report that
 no funds raised during the year on short - term basis have been used for
 long - term investment.
 
 18. The Company has not made any preferential alfotmeet of shares to
 parties and companies covered in the register maintained under section
 301 of the Act Accordingly, the provisions of clause 4 (xviii) of the
 order are not applicable to the company.
 
 19.  The Company has not issued any debentures during the year.
 However, the company had taken money from UTI for  issuing debentures
 of Rs 125 lacs in the year 1991 for which securities are yet to be
 created.
 
 20.  The Company has not raised any money from the public Issue during
 the year
 
 21. During the course of our examination of the accounts of toe Company
 in accordance with generally accepted auditing practices, we have not
 come across any instances of fraud on or by the Company, nor have we
 been informed by the! management, of any such instance being noticed or
 reported during the year.
 
                                        For SHANKARLAL JAIN & ASSOCIATES
                                             Chartered Accountants
 Place: Mumbai                               Firm Reg. No.109901 W
 Date : 30th May, 2014                       S.L. AGRAWAL
                                               (PARTNER)
                                               Membership No. 72184
 
 
Source : Dion Global Solutions Limited
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