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Bazel International Ltd.

BSE: 539946 Sector: Financials
NSE: N.A. ISIN Code: INE217E01014
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Bazel International Ltd. (BAZELINTERNATIO) - Auditors Report

Company auditors report

To

The Members

Bazel International Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Bazel International Limited("the Company") which comprise the balance sheet as at 31st March2016 the statement of profit and loss and the cash flow statement for the year then endedand summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s management is responsible for the preparation of these financialstatement that give a true and fair view of financial position the financial statementprepare in accordance with applicable Accounting Standard and Schedule notified underCompanies Act 2013 ("the Act"). Management’s responsibility includes thedesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statement that gives a true and fair view and is free frommaterial misstatement whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based in ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those standards require that we comply withethical requirements and plan perform the audit to obtain reasonable assurance aboutwhether the 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 depends on theauditors’ judgments including assessment of risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the company’s preparation and fairpresentation of financial statements in order to design audit procedure that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by the management as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples accepted in India:

a) In the case of the balance sheet of the state of affairs of the Company as at 31stMarch 2016;

b) In the case of the statement of profit and loss of the Loss for the financial yearended on that date; and

c) In the case of the cash flow statement of the cash flows for the financial yearended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 (‘theOrder’) issued by the Central Government in terms of subsection (11) of section 143of the Companies Act 2013 we give in the Annexure a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

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

a) We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as it appears from our examination of those books.

c) Company has no Branch office.

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

e) In our opinion the financial statements comply with the Accounting Standardsnotified under the Companies Act 2013.

f) In our opinion no financial transaction has the adverse effect on the functioningof the company.

g) On the basis of the written representations received from the directors taken onrecord by the Board of Directors none of the directors is disqualified as on March 312016 from being appointed as a director in terms of sub-section (2) of section 164 ofcompanies Act 2013.

h) No qualification reservation or adverse remark relating to maintenance of accountshas been observed.

i) The Company has adequate internal financial control system and in our opinionCompany has ensured operating effectiveness of such controls.

j) No case is pending against the Company as on date 31st March 2016.

k) There are no material foreseeable losses.

l) There is no amount which is required to be transfer to Investor Education andProtection Fund.

For Nishchay Khandelwal & Co.

Chartered Accountants

Firm Reg. No.: 028082N

Sd/-

Nishchay Khandelwal

(Proprietor)

Membership No: 528508

Date: 30th May 2016

Place: New Delhi

Annexure to the Independent Auditors’ Report on the Financial Statement

(Referred to in our report of even date)

(i). In respect of its fixed assets:

a) In our opinion and according to the information and explanations given to us theCompany has maintained proper records showing full particulars including quantitativedetails and situation of its fixed assets;

b) In our opinion and according to the information and explanations given to us theCompany has program of physical verification of its fixed assets and the fixed assetswere physically verified by the management in accordance with the program. In our opinionthe program is reasonable having regard to the size of the Company and nature of theassets. No material discrepancies were noticed on such verification.

c) the title deeds of immovable properties are held in the name of the company

(ii). According to the information and explanations given to us it does not hold anyphysical inventories. Thus Paragraph 3(ii) of the Order is not applicable to the Company.

(iii). According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act 2013. Therefore theprovisions of sub- clause (a) (b) and (c) of paragraph 3(iii) of the Order are notapplicable to it.

(iv). According to the information and explanations given to us the Company hascomplied with Section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security provided.

(v) The Company has not accepted deposits hence directives issued by Reserve Bank ofIndia and the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 and rules framed there under are not applicable for year under Audit.

(vi). The Central Government has not prescribed the maintenance of cost records undersub-section (1) of section 148 of the Companies Act 2013 in respect of activitiescarried on by the company. Hence the provisions of clause 3(vi) of the order is notapplicable to the company.

(vii). In respect of statutory dues:

a) According to the information and explanations provided to us and on the basis of ourexamination of the records of the Company the Company has generally been regular indepositing with appropriate authorities undisputed statutory dues including providentfund employees’ state insurance income tax sales-tax wealth tax service taxduty of customs duty of excise value added tax cess and any other statutory dues asapplicable.

b) And there no undisputed amounts payable outstanding as at 31st March2016 for a period of six months from the date they become payable.

According to the information and explanations given to us there are no such Statutorydues in relation to income tax sales tax service tax wealth tax custom duty exciseduty value added tax or cess which have not been deposited on account of any dispute.

NAME OF STATUE NATURE OF PAYMENT AMOUNT PERIOD TO WHICH AMOUNT RELATES FORUM WHERE DISPUTES IS PENDING
Income Tax Act 1961 Income Tax 25933/- A.Y. 2004-05 CIT (Appeals)
Income Tax Act 1961 Income Tax 20125/- A.Y. 2005-06 Assessing Officer
Income Tax Act 1961 Income Tax 84588/- A.Y. 2006-07 CIT (Appeals)
Income Tax Act 1961 Income Tax 24191/- A.Y. 2007-08 Assessing Officer

(viii). Based on our audit procedures and the information and explanations given bymanagement we are of the opinion that the Company has not defaulted in the repayment ofdues to banks financial institutions Government or dues to debenture holders.

(ix). In our opinion and according to the information and explanations given to us theCompany has not raised any amount by way of initial public offer or further public offer(including debt instruments) and in our opinion and according to the information andexplanations given to us the term loans have been applied for the purposes for which theywere obtained;

(x). During the course of our examination of the books and records of the Company andaccording to the information and explanations given to us no fraud by the company or onthe Company by its officers or employees has been noticed or reported during the year;

(xi). Based on our audit procedures and the information and explanations given bymanagement No managerial remuneration has been paid to any director during the year;

(xii). In our opinion and according to the information and explanations given to usthe Company is not a Nidhi Company and does not need to comply with Net owned funds todeposits requirement as specified in the Nidhi Rules 2014;

(xiii). In our opinion and according to the information and explanations given to usall transaction with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where applicable and details has been disclosed in the financialstatement;

(xiv). In our opinion and according to the information and explanations given to usthe company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review;

(xv). In our opinion and according to the information and explanations given to us thecompany has not entered into any non-cash transactions with directors or persons connectedwith him;

(xvi). The Company is registered under section 45-IA of the Reserve Bank of India Act1934

For Nishchay Khandelwal & Co.

Chartered Accountants

Firm Reg. No.: 028082N

Sd/-

Nishchay Khandelwal

(Proprietor)

Membership No: 528508

Date: 30th May 2016

Place: New Delhi