| We have audited the accompanying standalone financial statements of
BIJLEE TEXTILES LIMITED ("the Company"), which comprise the Balance
Sheet as at 31st March, 2015, the Statement of Profit and Loss, the
Cash Flow Statement for the year ended , and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone 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 stand alone 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 133of 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 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
controls, 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.
Auditor's Responsibility :
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken in to 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
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 mis-statement 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 the accounting policies used and the
reasonableness of the accounting estimates made by the 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 standalone
financial statements.
Opinion :
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial
statements give the information required by the Act in the manner so
required and give a true and fair view inconformity with the
accounting principles generally accepted in India,
(i) in the case of the Balance sheet, of the state of affairs of the
company as at March 31, 2015;
(ii) in the case of the Statement of Profit and Loss, of the profit
for the year ended on that date; and
(iii) 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, 2015 ("the
Order") issued by the Central Government in terms of Section 143(11)
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 afore said standalone financial statements
comply with the Accounting Standards specified under Section 133 of
the Act, read with Rule7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
2015 from being appointed as a director in terms of Section 164(2) of
the Act.
(f) With respect to the 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 has disclosed the impact of pending litigations on its
financial position in its financial statements.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure referred to in Point 1 of Report on Other Legal and
Regulatory Requirements of our report of even date on the accounts for
the year ended 31st March, 2015
i. The Company has no fixed assets, hence paragraphs (i)(a) and (b) of
the Order are not applicable
ii. a) As per the information and explanations given to us, the
inventories have been physically verified by t the management at
reasonable intervals during the year.
b) In our opinion and as per the information and explanations given to
us, procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and nature of its business.
c) The Company is maintaining proper records of inventories. In our
opinion, discrepancies noticed on physical verification of inventory
were not material in relation to the operations of the Company and the
same have been properly dealt with in the books of account.
iii. a) The Company has not granted any loans, secured or unsecured,
to/from companies, firms or other parties covered in the register
maintained under Section 189 of the Companies Act, 2013, paragraphs
(iii)(b) of the Order is not applicable.
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 nature of its business
for the purchase of inventory and with regard to the sale of goods.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in internal control.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed maintenance of cost
records under section 148(1) of the Companies Act, 2013 for any of the
products of the Company.
vii. a) According to information and explanations given to us, the
Company is generally been regular in depositing undisputed statutory
dues as applicable with the appropriate authorities during the year.
b) According to information and explanation given to us, there are no
statutory dues as applicable which have not been deposited on account
of any dispute.
c) According to information and explanation given to us, the amount
required to be transferred to investor education and protection Fund
in accordance with the provisions of Companies Act,1956 and rules made
there under have been transferred by the Company within time.
viii. The Company does not have accumulated losses as at 31st March,
2015. The Company has incurred cash losses during the current and the
immediately preceding financial year.
ix. The Company has not taken any loans from financial institutions or
banks or debenture holders and hence the question of default in
repayment of dues and the period and amount does not arise.
x. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions.
xi. The Company has not taken any term loan during the current year.
xii. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the
Company was noticed or reported during the year.
For Bipinchandra J. Modi & Co.
FRN : 101521W Chartered Accountants
(CA. Bipin J. Modi)
Partner
Surat, dated: May 05, 2015 Membership No. 031687 | 