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Bedmutha Industries Ltd.

BSE: 533270 Sector: Metals & Mining
NSE: BEDMUTHA ISIN Code: INE844K01012
BSE LIVE 15:22 | 09 Dec 21.95 0.15
(0.69%)
OPEN

22.05

HIGH

22.50

LOW

21.55

NSE LIVE 15:31 | 09 Dec 21.55 -0.10
(-0.46%)
OPEN

22.25

HIGH

22.25

LOW

21.10

OPEN 22.05
PREVIOUS CLOSE 21.80
VOLUME 2000
52-Week high 30.25
52-Week low 9.45
P/E
Mkt Cap.(Rs cr) 53.84
Buy Price 21.55
Buy Qty 50.00
Sell Price 21.95
Sell Qty 60.00
OPEN 22.05
CLOSE 21.80
VOLUME 2000
52-Week high 30.25
52-Week low 9.45
P/E
Mkt Cap.(Rs cr) 53.84
Buy Price 21.55
Buy Qty 50.00
Sell Price 21.95
Sell Qty 60.00

Bedmutha Industries Ltd. (BEDMUTHA) - Auditors Report

Company auditors report

To the Members of Bedmutha Industries Limited Report on the Financial Statements

We have audited the accompanying standalone financial statements of BedmuthaIndustries Ltd ("the Company") which comprise the Balance Sheet as at 31stMarch 2015 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of the 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 irregularities; 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India and specified under sec. 143(10) of the Act.Those Standards require that we comply with the ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers the internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theManagement as well as evaluating the overall 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.

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 generally accepted in India:

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 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order to the extent applicable.

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

(d) In our opinion the Balance Sheet Statement of Profit and Loss and the Cash FlowStatement comply with the Accounting Standards specified under section 133 of theCompanies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualifiedas on 31st March 2015 from being appointed as a director in terms ofsub-section (2) of section 164 of the Act.

For Patil Hiran Jajoo & Co.
Chartered Accountants
Firm Registration No: 120117W
Aniruddha Jajoo
Partner
Membership No: 103246
Place: Nasik
Date : 22/05/2015

ANNEXURE TO THE AUDITORS REPORT ON FINANCIAL STATEMENTS

(i) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) These fixed assets have been physically verified by the management at reasonableintervals. According to the information given to us no material discrepancies were noticedon such verification.

(ii) (a) As explained to us physical verification of inventory has been conducted atreasonable intervals by the management.

(b) In our opinion the procedures of physical verification of inventory followed bythe management is reasonable and adequate in relation to the size of the company and thenature of its business.

(c) In our opinion the company is maintaining proper records of inventory. Thediscrepancies noticed on verification between the physical verifications and book recordswere not material.

(iii) The company has granted unsecured loans to two companies covered in the registermaintained under section 189 of the Act. The closing balance outstanding of the said loansgranted is nil at the end of the year. The company has not granted any secured orunsecured loans to firm or other parties covered in the register maintained under section189 of the Act.

(a) In respect of aforesaid loans the parties are repaying the principal amounts asstipulated and are also regular in payment of interest as applicable.

(b) There is no overdue amount of loans granted to companies listed in the registermaintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanation given to us thereare adequate internal control system commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. Further on the basis of our examination of the books and records ofthe company and according to the information and explanation given to us we have neithercome across nor have been informed of any continuing failure to correct major weaknessesin the aforesaid internal control system.

(v) The company has not accepted any deposits from the public within the meaning ofsection 73 to 76 of the Act and the rules framed there under to the extent notified.

(vi) We have broadly reviewed the books of accounts maintained by the company inrespect of activity where pursuant rules made by Central Government of India themaintenance of cost records has been prescribed under subsection (1) of section 148 of theCompanies Act 2013 and are of opinion that prima facie the prescribed accounts andrecords have been made and maintained. We have not however made a detailed examination ofcost records with the view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and the records ofthe company examined by us in our opinion the company is regular in depositing withappropriate authorities undisputed statutory dues including provident fund income taxsales tax service tax employees' state insurance custom duty excise duty cess antother material statutory dues applicable to it. There have been no taxes unpaid as on 31stMarch 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofsales tax income tax customs duty wealth tax excise duty and cess which have not beendeposited on account of any dispute except as stated below:-

Sr. No. Department Financial Year Amount of Dispute
1 Department of Sales Tax Maharashtra 1999-00 45514/-
2 Custom Excise & Service tax Appellate Tribunal Bombay 2004-05 8875694/-
3 The Commissioner Of Income Tax (Appeals) 2010-11 1425610/-
4 The Commissioner Of Income Tax (Appeals) 2011-12 411680/-

(c) In our opinion any amount is not required to be transferred to investor educationand protection fund in accordance with the relevant provisions of the Companies Act 1956(1 of 1956) and rules made there under.

(viii) In our opinion and according to the information and explanations given to usthe accumulated losses at the end of the financial year are less than fifty per cent ofits net worth and it has incurred cash losses in such financial year of Rs. 1.36 crore andin the immediately preceding financial year is nil.

(ix) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to the bank or financial institutions.However the company has got the debt restructuring scheme approved from financialinstitutions.

(x) In our opinion and according to the information and explanations given to us theterms and conditions of the guarantee given by the company for loans taken by others frombanks or financial institutions are not prima facie prejudicial to the interest of theCompany.

(xi) In our opinion and according to the information and explanations given to us theterm loans have been applied for the purpose for which they were obtained.

(xii) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing standards in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the company noticed or reported during the year nor have beeninformed of such case by the management.

For Patil Hiran Jajoo & Co.
Chartered Accountants
Firm Registration No: 120117W
Aniruddha Jajoo
Partner
Membership No: 103246
Place: Nasik
Date : 22/05/2015

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