TO THE MEMBERS OF BEEYU OVERSEAS LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Beeyu OverseasLimited ("the Company") which comprise the Balance Sheet as at March 312015 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.
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 theauditors 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 Companyspreparation 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 Companys 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.
Basis of Qualified Opinion
The Company has incurred a net loss of 419305 for the year ended on March 312015. The Companys accumulated loss as on March 31 2015 exceeds fifty percent ofthe net worth. These factors raise substantial doubt that the Company will be able tocontinue as a going concern.
In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph the aforesaid standalone financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India:
a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015; b) in the case of the Statement of Profit and Loss of the loss of the Companyfor the year ended on that date; and c) in the case of the Cash Flow Statement of thecash flows of the Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable
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 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;
d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
e) on the basis of written representations received from the directors as on March 312015 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct; and
f) with respect to the other matters to be included in the Auditors 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 Refer Note 17 to the financial statements;
ii. the Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses; and
iii. there were no amounts which would required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For ROHIT SHUKLA & ASSOCIATES |
| ||Chartered Accountants |
| ||[Firm Registration No. 315178E] |
| ||ROHIT SHUKLA |
| ||Membership No. 052453 |
| ||Proprietor |
|Kolkata May 29 2015 || |
ANNEXURE TO THE AUDITORS REPORT
[Referred to in Paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date to the members of BEEYUOVERSEAS LIMITED on the standalone financial statements for the year ended March 312015]
(i) In respect of its fixed assets: (a) The Company has maintained proper recordsshowing full particulars including quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.
(ii) The Company is a service company primarily rendering rental services.Accordingly it does not hold any physical inventories. Thus paragraph 3(ii) of the Orderis not applicable.
(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct 2013.
(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to sale of services. The activities of the Companydo not involve purchase of inventory and the sale of goods. During the course of ouraudit we have not observed any major weakness in the internal control system.
(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of the provisionsof section 73 and 76 of the Companies Act 2013 and the Companies (Acceptance of Deposits)Rules 2014.
(vi) We are informed that the Central Government has not prescribed the maintenance ofcost records under section 148(1) of the Act for any of the services rendered by theCompany.
(vii) In respect of its statutory dues:
(a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employeesstate insurance income tax sales tax value added tax wealth tax duty of customsexcise duty service tax cess and other material statutory dues have been regularlydeposited during the year by the Company with the appropriate authorities.
According to the information and the explanations given to us no undisputed amountspayable in respect of provident fund employees state insurance income tax salestax value added tax wealth tax duty of customs excise duty service tax cess andother material statutory dues were in arrears as at March 31 2015 for a period of morethan six months from the date they become payable.
(b) According to the information and explanations given to us there are no materialdues of sales tax value added tax wealth tax duty of customs excise duty service taxcess which have not been deposited with the appropriate authorities on account of anydispute. However according to the information and explanations given to us the followingdues of income tax have not been deposited by the Company on account of disputes:
|Sl. No. ||Name of the Statute ||Nature of the dues ||Amount (Rs.) ||Period to which the amount relates ||Forum where the dispute is Pending |
|1 ||Income tax Act 1961 ||Income Tax ||8359411 ||2001-02 ||Commissioner of Income tax (Appeals) |
|2 ||Income tax Act 1961 ||Income Tax ||3379059 ||2002-03 ||Commissioner of Income tax (Appeals) |
|3 ||Income tax Act 1961 ||Income Tax ||1235977 ||2003-04 ||Commissioner of Income tax (Appeals) |
|4 ||Income tax Act 1961 ||Income Tax ||2677782 ||2004-05 ||Commissioner of Income tax (Appeals) |
|5 ||Income tax Act 1961 ||Income Tax ||277248 ||2005-06 ||Commissioner of Income tax (Appeals) |
(c) According to the information and explanations given to us the amounts which wererequired to be transferred to the Investor Education and Protection Fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules there underhave been transferred to such fund within time.
(viii) The company has an accumulated loss of Rs. 230159268 at the beginning of theyear and has an accumulated loss of
Rs. 226699547 at the end of the financial year. The company has incurred cash lossof Rs. 145251 during the financial year covered by our audit and incurred cash loss ofRs. 260934 in the immediately preceding financial year.
(ix) According to the information and explanations given to us the Company has nottaken any loan from banks financial institutions nor has it issued any debentures.
(x) In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loans taken by others from banks or financialinstitutions.
(xi) According to the information and explanations given to us the Company did nothave any term loan outstanding during the year. (xii) According to the information andexplanations given to us no material fraud on or by the Company has been noticed orreported during the course of our audit.
For ROHIT SHUKLA & ASSOCIATES
[Firm Registration No. 315178E]
Membership No. 052453