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Bharat Textiles & Proofing Industries Ltd.

BSE: 531029 Sector: Industrials
NSE: N.A. ISIN Code: INE201N01019
BSE 10:55 | 07 Dec Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.50
PREVIOUS CLOSE 5.24
VOLUME 100
52-Week high 10.12
52-Week low 5.24
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.50
CLOSE 5.24
VOLUME 100
52-Week high 10.12
52-Week low 5.24
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bharat Textiles & Proofing Industries Ltd. (BHARATTEXTILES) - Auditors Report

Company auditors report

To the Members of M/s Bharat Textiles and Proofing Industries Limited.

Report on the Financial Statements

We have audited the accompanying financial statements of Bharat Textiles and ProofingIndustries Limited which comprise the Balance Sheet as at March 31 2017 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors are responsible for the matters stated in section134(5) of the Companies Act 2013 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Principles generallyaccepted in India including the Accounting Standards specified under section 133 of theAct read with rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these 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 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 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 a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the company has in place an adequate Internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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 financial statements.

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: a) In the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2017; b) In the case of the Profit and LossAccount of the profit for the year ended on that date; and c) In the case of the CashFlow Statement of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section143 ofthe Act we give in the "Annexure A" a statement on the matters Specified inparagraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that: a) we have obtained allthe information and explanations which to the best of our knowledge and belief werenecessary for the purpose of our audit; b) in our opinion proper books of account asrequired by law have been kept by the Company so far as appears from our examination ofthose books c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statementdealt with by this Report are in agreement with the books ofaccount. d) In our opinionthe Balance Sheet Statement of Profit and Loss and Cash Flow Statement 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 fromthe directors as on March 31 2017 and taken on record by the Board of Directors none ofthe directors is disqualified as on March 31 2017 from being appointed as a director interms of section 164(2) of the Act.

f) With respect to the adequacy of Internal financial controls over financial reportingof the company and the operating effectiveness of such controls refer to our separatereport in "Annexure B". g) In our opinion and to the best of our information andaccording to the explanations given to us we report as under with respect to othermatters to be included in the Auditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules2014: i. The Company does not have any pending litigationswhich would impact its financial position; ii. The Company has made provision as requiredunder the applicable law or accounting standards for material foreseeable losses if anyon long-term contracts including derivative contracts. iii. The company was not requiredto transfer any sum to the Investor Education and Protection Fund during the year underreport.

For Sakaria & Associates
Chartered Accountants
FRN: 6219 S
Ashok Kumar S
Place : Chennai Proprietor
Date : 27th May 2017 Membership No. :202048

The Annexure A referred to in paragraph 1 under the heading ‘Report on Other Legal& Regulatory Requirement' of Our Report of even date to the financial statements ofM/s Bharat Textiles and Proofing Industries Limited for the year ended 31stMarch 2017.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its 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.

(c) The Title Deeds of Immovable Properties are held in the name of the company.

2. As explained to us inventories have been physically verified during the year by themanagement at reasonable intervals and No material discrepancy was noticed on physicalverification of inventories by the management as compared to records.

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties covered by clause (76) of section 2 of theCompanies Act 2013. Consequently the provisions of clauses 3 (iii) (a) to (c) of theorder are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us thecompany has compiled with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

5. The Company has not accepted any deposits against the directives issued by Reservebank of India and the provisions of sections 73 to 76 or any other relevant provisions ofthe Companies Act 2013 and the rules framed there under are not applicable to thecompany.

6. The Central government has not specified maintenance of cost records for the Companyunder sub – section (1) of section 148 of the Companies act 2013.

7 (a) The company is regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income-tax Sales-tax Service Tax CustomDuty Excise Duty Value Added Tax and any other Statutory dues with the appropriateauthorities except on certain occasions irregularities were noticed. According to theinformation and explanations given to us there were no outstanding statutory dues as on 31stof March 2017 for a period of more than six months from the date they became payableexcept employee except Employee Provident Fund Amount of Rs 118128/-( P.Y Rs115813/-).

(b) The Company has no dues of income tax Sales Tax service tax customs duty exciseduty or value added tax which has not been deposited on account of any disputes.

8. The Company has not defaulted in repayments of dues to a financial institution bankor debenture holders.

9. Based on the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term loans. Accordingly the provisionsof clause 3 (ix) of the order are not applicable to the company.

10. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the company or on the company by itsofficers or employees has been noticed or reported during the year.

11. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith schedule V to the Companies Act.

12. In our opinion the company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the order are not applicable to the company.

13. In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards. 14. Based uponthe audit procedures performed and the information and explanations given by themanagement the company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review. Accordinglythe provisions of Clause 3 (xiv) of the order are not applicable to the company and hencenot commented upon.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any Non Cash Transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe order are not applicable to the company.

For Sakaria & Associates
Chartered Accountants
FRN: 6219 S
Ashok Kumar S
Place : Chennai Proprietor
Date : 27th May 2017 Membership No. :202048

"Annexure B" to the Independent Auditor's Report of even date on theFinancial Statements of Bharat Textiles & Proofing Industries Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013

We have audited the internal financial controls over financial reporting of BharatTextiles & Proofing Industries Limited as of March 31 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingand the Standards on Auditing issued by ICAI and deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

For Sakaria & Associates
Chartered Accountants
FRN: 6219 S
Ashok Kumar S
Place : Chennai Proprietor
Date : 27th May 2017 Membership No. :202048