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Bhilwara Technical Textiles Ltd.

BSE: 533108 Sector: Industrials
NSE: N.A. ISIN Code: INE274K01012
BSE LIVE 11:05 | 25 May 9.46 0.45
(4.99%)
OPEN

9.46

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9.46

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9.46

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.46
PREVIOUS CLOSE 9.01
VOLUME 698
52-Week high 12.99
52-Week low 5.97
P/E 37.84
Mkt Cap.(Rs cr) 55
Buy Price 9.46
Buy Qty 2.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.46
CLOSE 9.01
VOLUME 698
52-Week high 12.99
52-Week low 5.97
P/E 37.84
Mkt Cap.(Rs cr) 55
Buy Price 9.46
Buy Qty 2.00
Sell Price 0.00
Sell Qty 0.00

Bhilwara Technical Textiles Ltd. (BHILWARATECH) - Auditors Report

Company auditors report

TO THE MEMBERS OF

BHILWARA TECHNICAL TEXTILES LIMITED

Report on the financial statements

We have audited the accompanying financial of Bhilwara Technical Textiles Limited("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the

Accounting 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.

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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall 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 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 2016 and its profit and its 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 ("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’ a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act we report that: (a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief 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 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 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in termsof Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure "B" to this report

(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 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 amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Ashim & Associates

Chartered Accountants

Firm Registration No.006064N

Ashim Agarwal

Noida (U.P.) Partner May 27 2016 Membership No.084968

Annexure ‘A’ referred to in paragraph 1 under the heading "Report onother legal and regulatory requirements" of our report of even date to the members ofBhilwara Technical Textiles Limited

1. The company does not have any fixed Accordingly clause 3 (i) of the Order is notapplicable.

2. The Company’s current nature of operations does not require it to holdinventories. Accordingly clause 3 (ii) of the Order is not applicable.

3. According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii) (a) to (c) of the Orderare not applicable to the company and hence not commented upon.

4. In our opinion and according to the information and explanations given to us thereare no loans investments guarantees and securities granted during the year in respectof which provisions of section 185 and 186 of the Companies Act 2013 are applicable andhence not commented upon.

5. The company has not accepted any deposits from the public.

6. According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under sub-section (1) of section 148 ofthe Companies Act 2013 in respect of activities carried out by the Company

7. (a) According to the records of the Company undisputed statutory dues have beenregularly deposited during the year with the appropriate authorities. According to therecords of the Company and as explained to us the company did not have any dues on accountof provident fund employees’ state insurance sales tax duty of customs duty ofexcise value added tax and cess.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income-tax service tax sales-tax duty of customsduty of excise value added tax cess and other material statutory dues were outstandingat the year end for a period of more than six months from the date they became payable.(b) According to the information and explanations given to us and the records of thecompany examined by us there were no statutory dues of income-tax sales-tax servicetax duty of customs duty of excise value added tax which have not been deposited onaccount of a dispute

8. According to the information and explanations given to us and the records of thecompany examined by us the company has not borrowed funds from any financial institutionor bank or government or assets. debenture holders

9 Based on our audit procedures and according to the information and explanations givento us the Company has not raised any money by way of initial public offer / furtherpublic offer / term loans.

10. Based upon our audit procedures and according to the information and explanationsto us we report that no material fraud by the company or on the company by its officersor employees has been noticed or reported during the year.

11. Based on our audit and according to the information and explanations given to usCompany has not paid / provided any managerial remuneration. Therefore the provisions ofclause 3(xi) of the order are not applicable to the Company and hence not commented upon

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Therefore the provisions of clause 3(xii) of the orderare not applicable to the Company and hence not commented upon.

13. Based on our audit procedures and according to the information and explanationsgiven to us there are no transactions with related parties as stipulated under section188 of the Companies Act 2013. Accordingly the provisions of clause 3(xiii) of the Orderare not applicable to the company and hence not commented upon

14. According to the information and explanations given to us and on an overallexamination of the balance sheet the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe company and not commented upon.

15. Based on our audit procedures and according to the information and explanationsgiven to us the Company has not entered into any non-cash transactions with directors orpersons connected with him.

16. According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For Ashim & Associates
Chartered Accountants
Firm Registration No.006064N
Ashim Agarwal
Noida (U.P.) Partner
May 27 201 Membership No.084968

Annexure ‘B’ to the independent auditor’s report of even date on thefinancial statements of Bhilwara Technical Textiles Limited

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

We have audited the internal financial controls over financial reporting of BhilwaraTechnical Textiles Limited ("the Company") as of March 31 2016 in conjunctionwith our audit 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 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor’s 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 Reporting(the "Guidance Note") and the Standards on Auditing as specified under section143(10) of the Companies

Act 2013 to the extent applicable to an audit of internal financial controls bothapplicable to an audit of Internal Financial Controls and both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the internal financial controls system over financialreporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Ashim & Associates
Chartered Accountants
Firm Registration No.006064N
Ashim Agarwal
Noida (U.P.) Partner
May 27 2016 Membership No.084968