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Balaji Galvanising Industries Ltd.

BSE: 530205 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE892G01019
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Balaji Galvanising Industries Ltd. (BALAJIGALVANISG) - Auditors Report

Company auditors report

To the Members

Belaji Galvansing Industries Limited

Secunderabad.

Report on the financial statements

We have audited the accompanying financial statements of Balaji Galvanisingindustries Limited ("the Company') which comprise the Balance Sheet as at March31 2015 and the Statement of Profit and Loss and the Cash Flow statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's responsibility for the financial statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other Regularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate Internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken info account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit In accordance with the Standards on Auditing specified underSection 143(10) of the Act These Standards require that we comply wilh ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit Involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment Including tris assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate. In the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial control systemover financial reporting and the operating effectiveness of such control. An audit alsoIndudes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its profit 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) Oder 2015 (the Order") issuedby the Central Government of India in terms of section (11) of section 143 of the Actbased on such checks as we considered appropriate and according to the information andexplanations given to us we slate that:

i. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification. Hencethe question of dealing with such discrepancies in the books of account does not arise.

ii. (a) As explained to us inventories have been physicaly verified during the year bythe management at reasonable intervals.

(b) The procedures of physical verification of inventories followed by the managementare reasonable end adequate in relation to the size of the company and the nalure of itsbusiness.

(c) The company is maintaining proper records of Inventory. The discrepancies noticedon verification between the physical stocks and the book records were not material havingregard to the nature of business and volume of operations and the same have been propertydealt with In the books of account.

iii. The company has not granted any loans or advances in the nature of loans toparties covered in the register maintained under section 109 of the Act Hence thequestion of reporting whether the receipt of principal and Interest are regular andwhether reasonable steps for recovery of over dues of such loans have been taken or notdoes not arise.

iv. In our opinion end according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to purchase of Inventory fixed assets and with regardto the sale of goods and services. During the course of our audit we have not observedany continuing failure to correct major weaknesses in internal control system.

v. According to the Information and explanations given to us the company has notaccepted any deposits within the meaning of Sections 73 to 76 of Companies Act 1956.

vi. We have broadly reviewed the books of account maintained by the company pursuant tothe Rules made by the Central Government for the maintenance of cost records under section148(1) of the CompaniesAct 2013 and are of the opinion that prime facie the prescribedaccounts have been made and maintained.

vii. (a) According to the records of the company undisputed statutory dues includingProvident Fund employee's state Insurance income tax. sales tax wealth tax servicetax duty of customs duty of excise value added tax cess to the extent applicable andany other statutory dues have generally been regularty deposited by the company with theappropriate authorities.

(b) According to the Information and explanations given to us no undisputed amountspayable In respect of income tax sales tax wealth tax. service tax. customs duty exciseduty. VAT and cess are in arrears as at 31st March 2015 for a period of more than sixmonths from the date they became payable.

(c) According to the information and explanation given to us there are no dues ofsales tax Income tax customs duty wealth tax excise duty and cess which have beendeposited on account of any dispute except under mentioned dues.

Name of the Statute Central Excise Ad 1944
Nature of Duse Exdse Duty
Period to which the dispute related 2012-13
Forum where dispute la pending Commissioner of Central Exdse (Appeals)
Amount(Rs.) 1795.647

viii. In our opinion the accumulated losses of the Company at the and of the yearunder report are more than 50% of the company's networth. The company has not incurredcash loss during the financial year covered by our audit and but has Incurred cash loss inthe Immediately preceding financial year.

ix. According to the recorde of the company examined by us and as per the informationand explanations given to us the company has not taken any loans and borrowings from anyfinancial institution or bank nor issued any debentures.

x. According to the information and explanations given to us the company has not givenany guarantee for loan taken by others from a bank or finance institution.

xi. Based on our audit procedures and as per the information given by the managementwe report that the company has not raised any term loan during the year.

xii. Based on the audit procedures performed and according to the information andexplanations given to us no fraud on or by the company has been noticed or reportedduring the course of our audit.

2. As required by Section 143(3) of the Act we report that

i. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audt;

ii. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

iii. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with tha books of account;

iv. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

v. On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) theAct.

vi. With respect to the other matters to be included In the Auditor's Report inaccordance with Rule 11 of the Companies (Audit end Audtors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

a) The Company does not have any pending litigations which would impact its financialposition

b) The Company did not have any long-term contracts Inducing derivative contracts forwhich there were any material foreseeable tosses

c) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For Degtiya & Co.
Chartered Accountants
FRN: 00671S
Date: 29.05.2015 Jitendra Kumar Jain
Place: Secunderabad (Partner)
M No . 016396

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