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Bhagheeratha Engineering Ltd.

BSE: 522136 Sector: Infrastructure
NSE: N.A. ISIN Code: INE869E01012
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Bhagheeratha Engineering Ltd. (BHAGHEERATHAENG) - Auditors Report

Company auditors report

TO THE MEMBERS OF BHAGHEERATHA ENGINEERING LTD

Report on the Financial Statements

We have audited the accompanying standalone financial statements of BHAGHEERATHAENGINEERING LTD ("the Company") which comprise the Balance Sheet as at 31stMarch 2015 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone 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)Rules 2014. 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 these standalone financial statementsbased on our audit.

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 usedand the reasonableness of the accounting estimates made by the Company’s Directorsas 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 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 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 of the state of affairs of the Company as at 31stMarch 2015 and its profit and its cash flows for the year ended on that date.

Emphasis of Matters

OTS with Banks: We draw attention to point 2 of Directors Report on "LiabilitiesWith Bank& Other Financial Institution" Long Outstanding: Balance in Tradepayables and receivables loans and advances and client accounts are long outstanding andare subject to confirmation reconciliation and consequential adjustments if any.

Our opinion is not modified in respect of the matters emphasised above.

Report on Other Legal and Regulatory Requirements

1. As required by the Compnay (Auditors' Report) Order 2015 ("The Order")issued by the Centreal Government of India in terms of the section 143(11) of the Act wegive in Annexure 1 a statement on the matters specified in paragraph 3 and 4 of the saidOrder 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

(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 financial statements comply with the AccountingStandards specified under Section 133 of the Act 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 isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(f) 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 – Refer Note 33 & 34 to the financialstatements

ii; The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

ForSANKAR&MOORTHY
Chartered Accountants
FRN: 003575S
Sd/-
CA. V C JAMES B.SC. F.C.A
Kochi Partner
28th July 2015 Membership No. 022565

ANNEXURE TO THE AUDITORS REPORT

Statement referred to in our report of even date to the members of BHAGHEERATHAENGINEERING LTD. on the accounts for the year ended 31st March 2015.

1. a. The company has maintained records showing particulars including quantitativedetails and situation of fixed assets.

b. As per the information and explanations given to us the fixed assets have beenphysically verified by the management at reasonable intervals and we report in this regardthat;

c. Machinery and equipments which are under the custody of clients and creditors arecontinued to be carried in the books of accounts pending disputes with them. We haverelied on the representation by the management on physical verification of assets. Since adetailed technical study report on the condition and recoverable value of assets ispending we are not in a position to comment on the impairment loss if any in this regard.

2. a. Physical verification of inventory has been conducted by the management atreasonable intervals during the year.

b. In our opinion and according to the information and explanations given to us theprocedure for physical verification of inventory is reasonable and adequate in relation tothe size of the company and the nature of its business.

c. On the basis of examination of the records of inventory in our opinion the companyhas generally maintained proper records of inventory. Material discrepancies noticed onphysical verification of inventory as compared to the book records have been properlydealt with in the books of accounts.

3. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act.Clauses (iii) (a) to (iii) (b) of paragraph 3 of the said Order are not applicable to thecompany.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the company and natureof its business for the purchase of inventory and fixed assets and for sale of goods andservices. During the course of our audit no major weaknesses have been noticed in theinternal controls.

5. In our opinion and according to the information and explanations given to us thecompany had accepted deposits in respect of which directives issued by the Reserve Bankof India and the provisions of section 73 to 76 or any other relevant provisions of theCompanies Act 2013 and rules framed there under to the extent applicable have beencomplied with.

6. The provisions regarding maintenance of cost records under section 148 of theCompanies Act 2013 are not applicable to the company.

7. a. According to the information and explanations provided to us the company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding provident fund employees’ state insurance income tax service tax andother material statutory dues applicable to it. As explained to us no undisputed amountspayable were in arrears as on 31st March 2015 for a period of more than six months fromthe date they became payable.

b. As per the information given to us the following statutory dues have not beendeposited on account of disputes:-

Nature of the Dues Amount in Rs. Period to which the amount relates Forum where dispute is pending
VAT 2994873/- 2005-06 Revision Board Calcutta
VAT 8491609/- 2006-07
VAT 2080000/- 2007-08

c. According to the information and explanations given to us there were no amountswhich were required to be transferred to the Investor Education and Protection Fund by theCompany

8. Accumulated losses of the company as on 31st March 2015 are not lessthan 50% of its net worth and it has not incurred cash losses during the year ended 31stMarch 2015 and in the immediately preceding financial year.

9. As per the information and explanations given to us the company has defaulted inrepayment of its dues to banks and financial institutions. Outstanding balance at the endof the year is Rs.45.14 lakhs which is under consideration of Banks forOne-Time-Settlement for which concurrence is awaited.

10. As explained to us the company has not given any guarantee for loans taken byothers from bank or financial institutions the terms and conditions whereof areprejudicial to the interest of the company.

11. According to the information and explanations given to us the Company has notraised any term loans during the year.

12. According to the information and explanations given to us during the year nofraud on or by the company has been noticed or reported.

For SANKAR & MOORTHY
Chartered Accountants
FRN: 003575S
Sd/-
CA. V C JAMES B.SC. F.C.A
Kochi Partner
28th July 2015 Membership No. 022565

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