| We have audited the accompanying financial statements of BETEX INDIA
LIMITED, SURAT, which comprise the Balance Sheet as at March 31, 2015,
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible
for the matters stated in Section 134(5) of the Companies Act, 2013
with respect to 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
principles generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act, read with rule 7 of
Companies (Accounts) Rules, 2014. This responsibility includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; design, implementation
and maintenance of adequate internal financial controls, that are
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit We have taken into account the provisions
of the Act, the accounting and auditing standards and matters which are
Required to be included in the audit report under the provisions of the
Act and the Rules made there under We conducted our audit in accordance
with the Standards on Auditing specified under Section 143(10) of the act
Those standards require the that we comply with ethical requirements and
plan & perform the audit to obtain reasonable assurance about whether the
financial statements are free 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 financial control
relevant to the Company's preparation of the financial statements, that
give a true and fair view, in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
Directors, 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 of the state of affairs of the Company as
at 31st March 2015, its profit/loss and its cash flows for the year
ended on that date We Report that:
1 As required by the Companies (Auditor's Report) Order, 2015 issued by
the Central Government of India in terms of sub-section (11) of section
143 of the Act, we give in the Annexure a statement on the matters
Specified in paragraphs 3 and 4 of the Order
2. As required by section 143(3) of the Act, we further report that:
a) we have sought and 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, 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 aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules 2014
e) on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company does not have any pending litigations which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
iii. There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. Therefore the question of delay in transferring such
sums does not arise.
BETEX INDIA LIMITED
The Annexure referred to in our report to the members of BETEX INDIA
LIMITED for the year Ended on March 31, 2015, We report that:
i.a) As per the information provided to us and based on our verification,
the Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets ,
b) As explained to us, fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification.
ii.a) As informed to us, physical verification of inventory has been
conducted at reasonable intervals by the management.
b) In our opinion, the procedures of physical verification of inventory
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 physical verification were not material and
these have been properly dealt with in books of accounts.
iii.
a) The company has granted unsecured loan/advances of Rs. 446.85 Lacs
to companies firms or other parties covered in the register maintained
under section 189 of the Act.
b) As per information given to us, receipt of the principal amount and
interest are as per decided by management.
c) The company has taken reasonable steps to recover the loan whose
overdue amount is exceeding Rs. 1 Lakh.
iv. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the Company and
according to the information and explanations given to us, no major
weakness has not been noticed or reported.
v. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013.
vi. We have broadly reviews the books of accounts maintained by the
Company pursuant to the rule made by the Central Government of
maintenance of cost records under sub-section (1) of Section 148 of the
Act. We are of the opinion that the prima facie the prescribed accounts
and records have been made and maintained. However we have not made a
detailed examination of the records.
vii.
a) According to the information and explanations given to us and based
on the records of the company examined by us, the company is regular in
depositing the undisputed statutory dues, including Provident Fund, ,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty and other material statutory dues, as
applicable, with the appropriate authorities in India ,
b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes.
c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise. question 01
viii. The Company has no accumulated losses and has not incurred cash
losses in the current financial year and in the immediately preceding
financial year
ix. According to the records of the company examined by us and as per
the information and the company has not defaulted in any
repayment dues to financial institution or banks or debentures
holders.
X. Our Opinion' and according to the information and explanations given
to us the Company warrantee for loan taken others from
a ban or financial investment
Xi. In our opinion and according to,the information and explanations given
to us the term loan taken by the Company were applied for the purpose it
had been obtained
Xii. During the course examination of the books and records of the
The company carried in accordance with the auditing standards generally
Accepted in India we have neither come across any instance of fraud on or
by the company noticed or reported during the course of out auditor have
we been informed of any such instance by the management
FOR B. CHORDIA & CO.
CHARTERED ACCOUNTANTS,
F.R.N. 121083W
B. C. CHORDIA
Partner
Place : Surat
M.N. 048557
Date : May 30, 2015 |