BELL AGROMACHINA LTD
1. Report on the Financial Statements:
We have audited the accompanying financial statements of BELL AGROMACHINA LTDwhich comprise the Balance Sheet as at 31 March 2015 the Statement of Profit and Lossthe Cash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.
2. Management's Responsibility for the Financial Statements:
The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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.
3. Our responsibility is to express an opinion on these financial statements based onour audit.
4. 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.
5. 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.
6. An audit involves performing procedures to obtain audit evidence about the amountsand 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 internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
8. 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;
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 profit for the year ended onthat date; and
c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on other Legal and Regulatory Requirements:
9. As required by the Companies (Auditor's Report) Order 2015 ("the Order) issuedby Central Government of India in terms of Sub-Section 11 of 143 of the Companies Act2015 we give in the Annexure a statement on the matters specified in the paragraphs 3& 4 Of the Order to the extent applicable.
10. 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 appears from our examination of those books.
c) The Balance Sheet the Statement of Profit and Loss and 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 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 31 March2015 taken on record by the Board of Directors none of the Directors is disqualified ason 31 March 2015 from being appointed as a Director in terms of Section 164(2) of theAct.
f) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to ourbest of our information and according to the explanations given to us:
I. The Company does not have any pending litigations which would impact its financialposition.
II. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.
III. There were no amount which required to be transferred to the Investor Educationand Protection Fund by the
For Mohandas & Co
PLACE : Mumbai
DATE : 30.05.2015
ANNEXURE TO AUDITORS REPORT
FOR THE YEAR ENDED ON 31.03.2015
(Referred to in paragraph 9 of our report of even date)
I (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of 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.
II (a) As Explained to us inventory has been physically verified during the year bythe management at reasonable intervals.
(b) In our opinion and according to the information and explanation given to us theprocedure of physical verification of inventory followed by the management is reasonableand adequate in relation to the size of the company and nature of its business.
(c) In our opinion and on the basis of our examination of records the companyis generally maintaining proper records of its inventory. No discrepancies were notices onphysical verification of stock by the management at compare to the books records.
III (a) According to the information and explanation 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 Act.
(b) In view of our comments in (a) above no further comments are warranted on receiptof principal amount and rate on interest of such loans.
(c) In view of our comments in (a) above no further comments are warranted on recoveryof principal amounts and interest thereof.
IV In our opinion there is generally adequate internal control system commensuratewith the size of the Company and nature of its business for the purchase of inventory& fixed assets and for the sale of goods and services. There is no continuing failureto correct the major weakness in internals control system.
V In our opinion and according to the information and explanations given to us theCompany has not accepted deposits from public and therefore directives issued by ReserveBank of India the provision of the Companies Act and Rules made there under are notapplicable to the Company.
VI The Central Government has not prescribed the maintenance of cost records by theCompany under Section 148 (1) of the Companies Act.
VII (a) According to the information and explanation given to us provident fundemployees state insurance sales-tax wealth tax service tax duty of customs & dutyof excise value added tax cess are not applicable to the company. The Company is regularin depositing undisputed statutory dues including income tax and other statutory dues withthe appropriate authorities during the year except professional tax. There were no arrearsas at 31st March 2015 for a period of more than six months from they became payable.
b) According to the information and explanation given to us there are no dues ofprovident fund employees state insurance sales-tax wealth tax service tax income taxduty of customs & duty of excise value added tax outstanding on account of anydispute.
(c) No amount are required to be transferred to investor education and protection fundin accordance with the relevance provisions of the Companies Act 1956 and rules madethere under.
VIII According to the records of the Company and information and explanation given tous the company is having accumulated losses at the end of the financial year. The companyhas not incurred any cash loss during the previous year and has also not incurred cashlosses during immediately preceding financial year.
IX According to the records of the Company and information and explanation given to usthe company has not taken any loan from banks financial institution nor has issued anydebentures during the financial year.
X According to the information and explanation given to us the Company has not givenany guarantee for loans taken by other from bank or financial institutions
XI The company has not taken any term loan during the year.
XII To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company was notices or reported during theyear.
For Mohandas & Co
PLACE : Mumbai
DATE : 30.05.2015