| We have audited the accompanying financial statements of Bala Techno
Global Limited ("the company"),which comprise the Balance Sheet as at
31 March 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") 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 the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of 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; and design,
implementation and maintenance of adequate internal financial control,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, 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.
Auditors' 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
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. 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 the 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 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 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 Company's 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 on the financial
statements.
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 loss and its 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, 2015("the
Order") 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 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
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss and the 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
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 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a, director in terms of Section 164(2) of the Act.
f) 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, in our opinion and to the best of our information and according
to the explanations given to us:
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
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1 under the heading "Report on other Legal
and Regulatory requirements" 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 have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) The Company has not granted any loan secured/unsecured to
companies/firms/other parties covered in the register maintained under
Section 189 of the Companies Act, 2013. Accordingly, the provisions of
clause 3(iii)(a) and (b) of the Order are not applicable to the Company
and hence not commented upon.
(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 purchase of inventory, fixed assets and with
regard to sale of goods and services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal control system.
(v) The Company has not accepted any deposits from the public.
(vi) As explained to us, the company is not required to maintain the
cost records as prescribed by the Central Government under Section 148
(1) of the Companies Act, 2013.
(vii)a) The Company has been generally regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Employees State Insurance, Income Tax, Wealth Tax, Service tax,
Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it except Sales Tax of Rs. 1, 87,343/- were in arrears,
as at 31st March 2015 for a period of more than six months from the
date they become payable.
b) According to information and explanations given to us, there are no
disputed amounts payable in respect of Provident Fund, Employees State
Insurance, Income Tax, Sales Tax, Service tax, Custom Duty, Value Added
Tax, Wealth Tax, Excise Duty and Cess at the yearend on 31 st March,
2015.
c) According to the information and explanations given to us, there
were no amounts which required to be transferred to the Investor
Education and Protection Fund.
(viii) In our opinion, the company's accumulated losses at the end of
the financial year are less than fifty percent of its net worth. The
company has not incurred cash losses during the financial year covered
by our audit and in the immediately preceding financial year.
(ix) In our opinion and according to information and explanations given
to us, the company has not defaulted in repayment of dues to financial
institution or bank or debenture holders.
(x) 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.
(xi) According to the information and explanations given to us, the
company has not obtained any term loan during the year.
(xii) According to the information and explanations given to us, no
fraud on or by the company has been
noticed or reported during the course of our audit.
For U.NARAIN & CO.
Chartered Accountants
FRN:- 000935C
(J.P.Agarwal)
Partner
M. No - 054090
Place: Kolkata
Date : 4th Nov 2015.
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