REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of M/S BIL
CONTINENTAL LIMITED (the Company), which comprise the Balance Sheet
as at March 31,2014, and the Statement of Profit and Loss 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 and
financial performance of the company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in Section 211 (3C) of the Companies Act, 1956 (the Act).
This responsibility includes the design, implementation and maintenance
of internal controls 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 misstatements.
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 the accounting
policies used and the reasonableness of the accounting estimates made
by the 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:
a) In case of Balance Sheet, of the state of affairs of the Company as
at March 31,2014; and
b) In the case of the Statement of profit and loss, of the profit for
the year ended on that date.
c) In the case of the Statement of cash flow staement for the year
ended on that date.
H.O.: B-27/5, D.S., Near Raja Garden, Ramesh Nagar, New Delhi-110015,
ph.: 25422346, 25422351
B.O.: 1. F-13, Kamalalaya centre, 156-A, Lenin Sarani, Kolkata-700013,
Ph.: 2272903-04, Fax: 2251642
2. Room No. 201-A, 2nd Floor, Prince Complex, Hazratganj, Lucknow.
Ph.: 2217336, 2281977.
3. SUDHA VILLA J.C. Road, 1st Lane, Lalpur, Ranchi-834001
(Jharkhand).
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1 As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose 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 explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of accounts as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet and the statement of Profit & Loss Account dealt
with by this report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
Sub-section (3C) of Section 211 of the Companies Act, 1956.
e) On the basis of written representations received from directors, as
on 31ST MARCH,2014, and teken on record by the Board of Directors , we
report that non of the directors is disqualified as on 31ST MARCH,2014
from being appointed as a directors in terms of Clause (g) of
sunsection (1) of Section 274 of the Companies Act,1956;
ANNEXURE
TO THE AUDITORS REPORT
BHOLANATH INDUSTRIES LTD
1 a) The Company has maintained proper records to show full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
b) The fixed assets have been physically verified during the year by
the management and no material discrepancies were noticed on such
physical verification.
c) Based on scrutiny of the records of the company and the information
and explanations received by us, we report that there was no sale of
fixed assets during the financial year ended 31st March, 2014
substantial or otherwise. Hence the question of Reporting the same does
not arrive.
2 a) The inventory of the company has been physically verified during
the year by the management. In our opinion the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanations
given by the management, the procedures followed are reasonable and
adequate in relation to size of the company and nature of its business.
c) In our opinion the company is maintaining proper records of
inventory. As explained to us, no material discrepancies were noticed
on physical verification of inventory as compared to the book records.
3 In respect of loans, secured or unsecured, granted or taken by the
company to/ from companies, firms or other parties covered in the
register maintained under Section 301 of the companies act, 1956;
a. Other terms & conditions on which loans have been taken are not
prima facie, prejudicial to the interest of the company.
b. In respect of loan taken / granted by the company, the principal is
repayable on demand.
c. There are no overdue amounts in respect of loan taken / granted by
the company.
4 In our opinion and according to 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 the sale of
goods. during the course of our audit, no major weakness has been
observed in the internal controls
5 Based on the audit procedures applied by us and the information and
explanations provided by the management, we are of the opinion that
there were no transactions during the year that need to be entered in
the register maintained under section 301 of the companies act, 1956.
6 The company has not accepted any deposits from the Public.
7 In our opinion the company has an adequate Internal Audit System
commensurate with the size and nature of its business.
8 We have broadly reviewed the books of account maintained by the
company pursuant to rules made by the central Governement for the
maintenance of cost records under 209 (1) (d) of Compamies Act,1956 and
are of the opinion that prima facie, the prescribed accounts and
records have been made and maintained.
9 a) According to the records of the company, the company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, investor , Employee''s State Insurance, Income
tax, Sales Tax, wealth Tax.
b) According to the information and explanations given to us, no
undisputed amount payable in respect of income tax, wealth tax, sales
tax, custom duty and excise duty were outstanding as at 31 March, 2014
for a period of more than six months from the date.
c) According to the records of the company there are no dues of sales
tax, income tax, customs tax/wealth tax, excise duty/ cess, which have
not been deposited on account of any dispute.
10 The company has not incurred a loss in current year and preceding
Financial year, so provision of accumulated loss is not applicable.
11 According to information and explanations given to us and on the
basis of our audit, we are of the opinion that the company has not
defaulted in repayment of dues to a financial institution, bank or
debenture holders.
12 According to the records of the company, the company has not granted
any loans and advances on the basis of security by way of pledge of
shares, debentures or other securities.
13 In our opinion company is neither a chit fund nor a nidhi/ mutual
benefit society. Hence in our opinion Para -4(xiii) of the Companies
(Auditors'') Report Order, 2003 is not applicable.
14 As per the records of the company and according to information and
explanations given to us by the management, company is not dealing or
trading in shares, securities, and debentures and other investments.
15 As per the records of the company and according to information and
explanations given to us by the management, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
16 The term loans obtained by the company have been applied for the
purpose for which they were raised.
17 According to information and explanations given to us, and on
overall examination of the Balance Sheet of the Company, we are of the
opinion that no funds raised on short term basis have been used for
long term investment by the company.
18 As per the records of the company and according to information and
explanations given to us, the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
19 As per the records of the company, the company has not issued any
debentures.
20 The company has not raised any money by public issues during the
period covered by our audit report.
21 In our opinion and according to information and explanations given
to us, no fraud on or by the company have been noticed or reported
during the course of our audit.
For O.P. TULSYAN & CO.
Chartered Accountants,
PLACE :VARANASI
DATED :29.05.2014
Sd/-
(PARTNER)
