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BGIL Films and Technologies | Auditor's Report > Finance - Investments > Auditor's Report from BGIL Films and Technologies - BSE: 511664, NSE: N.A
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BGIL Films and Technologies

BSE: 511664|ISIN: INE443D01018|SECTOR: Finance - Investments
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BGIL Films and Technologies is not listed on NSE
Mar 13
Auditor's Report (BGIL Films and Technologies) Year End : Mar '14
We have audited the accompanying financial statements of BGIL FILMS &
 TECHNOLOGIES LIMITED (the Company which comprise of the Balance
 Sheet as at March 31, 2014, the Statement of Profit and Loss and the
 Cash Flow Statement for the year then ended as on that date annexed
 thereto, a summary of significant accounting policies and other
 explanatory information.
 
 Management''s responsibility for the Financial Statements
 
 The Company''s 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 read with the General
 Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate
 Affairs in respect of Section 133 of the Companies Act, 2013. 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 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 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 subject to confirmation and reconciliation of some of the
 accounts as further detailed in note no. 25 of the notes on account,
 non-provision for retirement- benefits amounting to Rs. 2.40 lacs as
 further detailed in note no. 35, classification of Investments as
 detailed in note no. 36 and non-provision for diminution in value of
 quoted investments amounting to Rs. 186.35 lacs as further detailed in
 note no. 37:
 
 i) In the case of Balance Sheet, of the state of affairs of the company
 as at 31st March, 2014 and;
 
 ii) In the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date.
 
 iii) In the case of Cash flow statement, of the cash flows for the year
 ended on that date.
 
 Report on other Legal & Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2003 issued
 by the Central Government in terms of section 227 (4A) of the Companies
 Act, 1956 and on the basis of such checks of the books and records of
 the company, as we considered appropriate, we enclose in the annexure a
 statement on the matters specified in the said 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, the 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, the 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 read
 with the General Circular 15/2013 dated 13 September 2013 of the
 Ministry of Corporate Affairs in respect of Section 133 of the
 Companies Act, 2013;
 
 (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 is 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.
 
 ANNEXURE TO THE AUDITORS'' REPORT Referred to in paragraph 3 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) The Fixed Assets are physically verified by the management
 according to regular programme of periodical verification in phased
 manner, which in our opinion, is reasonable having regard to the size
 of the company and the nature of its assets. No material discrepancies
 were noticed on such verification.
 
 (c) During the year, the company has not disposed off any substantial
 part of its Fixed Assets.
 
 (ii) (a) The inventory has been physically verified during the year by
 the management. In our opinion, the frequency of verification is
 reasonable.
 
 (b) In our opinion, 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) On the basis of our examination of the inventory records, in our
 opinion, the company is maintaining proper records of inventory. The
 discrepancies noticed on physical verification of inventory as compared
 to book records were not material.
 
 (iii) (a) As per information and explanation provided to us by the
 management of the company, the Company has not granted loan to any body
 corporate listed in the register maintained under section 301 of the
 Companies Act, 1956.
 
 (b) As per information and explanation provided to us by the management
 of the company, the Company has not taken any loan from companies,
 firms or other parties listed in the register maintained under section
 301 of the Companies Act, 1956.
 
 (c) As per information and explanation provided to us by the management
 of the company, the loan granted to the subsidiary company covered in
 the register maintained under section 301 of the Act is interest free.
 
 (d) As per information and explanation provided to us by the management
 of the company, no specific terms of repayment has been specified in
 the case of loan taken/granted to any body corporate listed in the
 register maintained under section 301 of the Act, and repayment shall
 be made on demand.
 
 (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 purchases of inventory, fixed assets and with
 regard to the sale of goods. During the course of our audit, no major
 weakness has been noticed in internal controls.
 
 (v) Based on the audit procedures applied by us and according to the
 information and explanations given to us, there are no transactions
 that need to be entered into the register maintained under section 301
 of the Companies Act, 1956.
 
 (vi) The company has not accepted any deposits as defined under
 sections 58A of the Companies Act, 1956 and the Companies (Acceptance
 of Deposits) Rules, 1975.
 
 (vii) In our opinion, the company has an internal audit system
 commensurate with the size and nature of its business.
 
 (viii) According to the information and explanations given to us,
 maintenance of cost records have not been prescribed by the Central
 Govt. under section 209 (1) (d) of the Companies Act, 1956.
 
 (ix) (a) According to the records of the company, in our opinion the
 company is generally regular in depositing with appropriate authorities
 undisputed statutory dues including provident fund, investor education
 and protection fund, employee''s state insurance, income tax, sales tax,
 wealth tax, custom duty, excise duty, cess and any other statutory dues
 applicable to it.
 
 (b) According to the information and explanations given to us, there
 are no undisputed amount payable in respect of provident fund, income
 tax, sales tax, customs duty, excise duty, wealth tax, Service Tax and
 other material statutory dues which were in arrears for more than six
 months from the date they become payable except the following.
 
 Name of the 
 Statute         Nature of Dues     Amount      Period to which 
                                                 amount relates
                                    (in Rs.)
 
 Income Tax 
 Act, 1961      Interest on late 
                payment of TDS      58,045      01.04.09 to 31.03.14
 Income Tax Act, 
 1961           Late filing of 
                TDS Returns         77,700      01.07.2012 to 31.03.14
 
 (c) Detail of dues of Income Tax, Sales Tax, Wealth Tax, Service Tax,
 Custom Duty, Excise Duty and cess which have not been deposited as on
 31st March 2014 on account of disputes are given below:
 
 Name of the 
 Statute            Nature of       Amount    Period 
                                              to which   Forum where the
                     Dues        (in lacs)    amount
                                              relates    dispute is 
                                                         pending
 
 Income Tax Act, 
 1961              Tax / Interest    14.99    AY 2010-11  DCIT, New Delhi
 
 (x) The company has no accumulated losses as on 31st March 2014 and it
 has not incurred any cash losses during the financial period ended on
 that date or in the immediately preceding financial year.
 
 (xi) According to the records of the company examined by us and the
 information and explanations given to us, the company has not defaulted
 in repayment of dues to any financial institution or bank or debenture
 holders as at the balance sheet date.
 
 (xii) The company has not granted any 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.
 
 (xiv) The company has maintained proper records of the transactions and
 contracts in respect of dealing or trading in shares, securities,
 debentures and other investments and timely entries have been made
 therein.
 
 (xv) According to the information and explanations given to us, the
 company has not given any guarantee for loans taken by others, from
 banks or financial institutions during the year.
 
 (xvi) The Company has not obtained any term loans during the current
 year.
 
 (xvii) Based on the information and explanations given to us and on an
 overall examination of the balance sheet of the company, in our
 opinion, there are no funds raised on a short term basis which have
 been used for long term investment and vice-versa.
 
 (xviii) According to the information and explanations given to us, the
 company has not made preferential allotment of shares to parties and
 companies covered in the register maintained under section 301 of the
 Act during the year.
 
 (xix) According to the information and explanations given to us, during
 the period covered by our audit report, the company has not issued any
 debentures.
 
 (xx) The company has not raised money by way of public issues during
 the year.
 
 (xxi) Based on the audit procedures performed and information and
 explanations given to us, we report that no fraud on or by the company
 has been noticed or reported during the course of our audit.
 
                                                  For SNMG & Co.
 
                                          Chartered Accountants 
                                               Firm No. 004921N
 
                                                   NEERAJ GUPTA
 
 Place : New Delhi                                      Partner
 
 Date  : 29.05.2014                               M. No. 087004
Source : Dion Global Solutions Limited
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