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Bee Electronic Machines Ltd.

BSE: 517203 Sector: Engineering
NSE: N.A. ISIN Code: INE038E01014
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Bee Electronic Machines Ltd. (BEEELECTRONICS) - Auditors Report

Company auditors report

To the Members of BEE ELECTRONIC MACHINES LIMITED

Report on the Financial Statements

We have audited the accompanying standalone financial statements of BEE ELECTRONICMACHINES LIMITED which comprise the Balance Sheet as at 31st March 2015the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on the financial statements based on ouraudit. We have taken into 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. Those Standards require that we comply with 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 andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell 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 on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 and its profit and its cash flows for the yearended on that date.

EMPHASIS OF MATTER

We draw attention to i) Note 4(c) to the financial statement that company hasnot provided interest on working capital facilities amounting to Rs 48.91 lacs (TotalAccumulated interest of Rs 831.42 lacs) as the management is hopeful that interest will bewaived off

Note no 22 - Gratuity and leave encashment are provided on accrual basis instead of onthe basis of actuarial valuation as prescribed in AS 15.

Note no 24 – Sundry Debit / Credit balances are subject to confirmation.

Our opinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

As required by Section143 (3) of the Act we report that:

(a) 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 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 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 aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 except AS 15 in respect of retirement benefits which are notaccounted as per actuarial basis

(f) 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 aredisqualified as on 31st March 2015 from being appointed as a director in termsof Section 164 (2) of the Act.

(g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its financial statements

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For SHANKARLAL JAIN & ASSOCIATES
Chartered Accountants
Firm Reg. No.109901 W
S.L. AGRAWAL
Place: Mumbai (PARTNER)
Date : 30-05-2015 Membership No. 72184

ANNEXURE TO AUDITORS REPORT

1.1. The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

1.2. According to the information and explanations furnished to us the Company has notphysically verified all the fixed assets during the year.

2.1. According to the information and explanations furnished to us the Company hasphysically verified its inventories during the year. In our opinion and the frequency ofverification is reasonable.

2.2 . In your opinion the procedures of physically verification of inventoriesfollowing by the management are reasonable and adequate In relation to the size of theCompany and the nature of its business.

2.3 According to information furnished to us the company is maintaining proper recordsof inventory and the discrepancies; if any noticed on verification between the physicalstock and book records were not material and have been properly dealt with in the books ofaccount.

3 The company has not given any loans to companies parties and director listed in theregister maintained under section 189 of the Companies Act 2013. Hence relevant clause isnot applicable.

4. In our opinion and 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 purchases of inventory fixed assets and with regardto the sale of goods and the sales of services. Further during the course of our audit wehave not come across any instances of major weaknesses in internal control that in ouropinion require correction but have so continued without correction.

5. The Company has not accepted any deposits from public therefore the provisions ofsections 73 to 76 of the Companies Act 2013 and the rules framed there under are notapplicable.

6. We are informed that the Central Government has not prescribed the maintenance ofcost records under section 148(1) of the Companies Act 2013 for any of the product of thecompany.

7 a. According to information furnished to us the company is regular in depositingwith appropriate authorities the undisputed statutory dues including Provident FundInvestor Education Protection Fund and Employees State Insurance Income Tax Sales TaxService tax Value added tax Wealth Tax Custom Duty Excise Duty Cess and othermaterial statutory dues applicable to it and there were no undisputed statutory dues inarrears as at the date of the Balance Sheet under report for a period of more than sixmonths from the date they became payable except Sales tax of Rs 318793/- service tax ofRs 24663 profession tax Rs 7768/- and Excise duty Rs 713343/-

7 b. According to the information furnished to us the following amounts of Excise Dutyand Sales Tax have been disputed by the Company and hence were not deposited to theconcerned authorities at date of the Balance Sheet under report.

Name of Statute Nature of dues Amount Period to which the amount relates Forum where the dispute is pending
Central Excise
Act 1944 Excise duty 43416614 1991 to 1994

CESTAT

Central Excise
Act 1944 Excise duty 7476179 1983 to 1987 CESTAT
Sales Tax Act Sales tax 1349432 1997-98 Gujarat Sales Tax Tribunal Ahmedabad
Sales Tax Act Sales tax 1303600 1998-99 Gujarat Sales Tax Tribunal Ahmedabad
Sales Tax Act Sales tax 923772 1999-00 Gujarat Sales Tax Tribunal Ahmedabad
Sales Tax Act CST 31115 1999-00 Asst Commissioner of sales Tax (Appeal 1) Ahmedabad
Sales Tax Act Sales tax 43688 1992-93 Dy Commissioner - Commercial taxes Kolkata (South) circle
Sales Tax Act CST 58547 1992-93 Dy Commissioner - Commercial taxes Kolkata (South) circle
Sales Tax Act Sales tax 42697 1999-2000 Dy Commissioner - Commercial taxes Kolkata (South) circle
Sales Tax Act Sales tax 66211 1999-2000 Dy Commissioner (CT)- Appellate Secunderabad Div
Sales Tax Act CST 104942 1999-2000 Dy Commissioner (CT)- Appellate Secunderabad Div
Sales Tax Act CST 97381 2001-2002 The Joint Commissioner (Appeal) - 6 Trade tax Lucknow

7 c. There is no amount required to be transferred to Investors Education andProtection funds in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and the rules made there under. Hence this clause is not applicable

8. According to the information and explanations furnished to us

a) It has accumulated losses at the end of the financial year of Rs 109281204.

b) During the year the company has incurred not incurred a cash loss but there was acash loss of Rs 585279 in the preceding year.

9. In our opinion and according to the information and explanations furnished to us bythe Company there is default in repayment of its dues to a bank at the date of theBalance Sheet and the company has defaulted in repayment of dues of Rs 1508.05 lacs to abank. (Including Rs 1078.71 lacs un-provided interest accrued & due). OTS with thebank is in process.

10. According to the information and explanation given to us the Company has not givenany guarantees for loans taken by others from banks or financial institutions.

11. The Company has not taken any term loan during the year hence the relevant clauseis not applicable.

12. During the course of our examination of the accounts of the Company in accordancewith generally accepted auditing practices we have not come across any instances of fraudon or by the Company nor have we been informed by the management of any such instancebeing noticed or reported during the year.

For SHANKARLAL JAIN & ASSOCIATES
Chartered Accountants
Firm Reg. No.109901 W
S.L. AGRAWAL
Place: Mumbai (PARTNER)
Date : 30-05-2015 Membership No. 72184

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