You are here » Home » Companies » Company Overview » Birla Precision Technologies Ltd

Birla Precision Technologies Ltd.

BSE: 522105 Sector: Engineering
NSE: N.A. ISIN Code: INE372E01025
BSE LIVE 15:23 | 08 Dec 3.82 0.07
(1.87%)
OPEN

3.95

HIGH

3.95

LOW

3.80

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.95
PREVIOUS CLOSE 3.75
VOLUME 35506
52-Week high 4.65
52-Week low 2.46
P/E
Mkt Cap.(Rs cr) 20.11
Buy Price 3.74
Buy Qty 50.00
Sell Price 3.82
Sell Qty 2689.00
OPEN 3.95
CLOSE 3.75
VOLUME 35506
52-Week high 4.65
52-Week low 2.46
P/E
Mkt Cap.(Rs cr) 20.11
Buy Price 3.74
Buy Qty 50.00
Sell Price 3.82
Sell Qty 2689.00

Birla Precision Technologies Ltd. (BIRLAPRECISION) - Auditors Report

Company auditors report

TO THE MEMBERS OF Birla Precision Technologies Ltd

Report on the Financial Statements

1. We have audited the accompanying financial statements of Birla PrecisionTechnologies Ltd ("the Company") which comprise the Balance Sheet as at March31 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 Financial Statements

2. 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 to 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 underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation 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

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 and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the 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.

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.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2015 and its profit/loss and its cash flows for the year ended on thatdate.

Other Matter

9. The financial statements of the Company as at March 31 2014 and for the year thenended were audited by another firm of chartered accountants under the Companies Act 1956who vide their report dated May 28 2014 expressed an unmodified opinion on thosefinancial statements.

Our opinion is not qualified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

10. As required by 'the Companies (Auditor's Report) Order 2015' issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure a statement on thematters specified in paragraphs 3 and 4 of the Order.

11. 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 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 March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164 (2) of theAct.

(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 knowledge and belief and according to the information andexplanations given to us:

i The Company does not have any pending litigations as at March 31 2015 which wouldimpact its financial position.

ii. The Company did not have any long-term contracts including derivative contracts asat March 31 2015

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended March 31 2015.

For C. L. Ostwal & Co.
FRN:002850C
Chartered Accountants
Sd/-
Ashish Ostwal
Udaipur Partner
May 30 2015 Membership Number: 405273

Annexure to Independent Auditors' Report

Referred to in paragraph 10 of the Independent Auditors' Report of even date to themembers of Birla Precision Technologies Ltd on the financial statements as of and for theyear ended March 31 2015

i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

As explained to us the fixed assets of the Company have been physically verified bythe Management during the year and as informed to us no material discrepancies have beennoticed on such verification. In our opinion the frequency of verification is reasonable.

ii. (a) As explained to us the inventory has been physically verified by theManagement during the year. In our opinion the frequency of verification is reasonable.

In our opinion and according to information and explanation gien to us the proceduresof physical verification of inventory followed by the Management are reasonable andadequate in relation to the size of the Company and the nature of its business.

On the basis of our examination of the inventory records in our opinion the Companyis maintaining proper records of inventory. The discrepancies noticed on physicalverification of inventory as compared to book records were not material.

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 Act.Therefore the provisions of Clause 3(iii) (iii)(a) and (iii)(b) of the said Order arenot applicable to the Company.

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 for the purchase of inventory and fixed assets and for the saleof goods. Further on the basis of our examination of the books and records of theCompany and according to the information and explanations given to us we have neithercome across nor have been informed of any continuing failure to correct major weaknessesin the aforesaid internal control system.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the rules framed there under to the extentnotified.

vi. The Central Government of India has not specified the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the products of the Company.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingthe undisputed statutory dues including provident fund employees' state insuranceincome tax sales tax service tax duty of excise value added tax cess and othermaterial statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of sales-tax wealth-tax service-tax duty ofexcise value added tax cess which have not been deposited on account of any dispute. Theparticulars of dues of income tax as at March 31 2015 which have not been deposited onaccount of a dispute are as follows

Name of the statute Nature of dues Amount (Rs.) Period to which the amount relates Forum where the dispute is pending
Income Tax Act 1961 Penalty U/s 271(1)(c) Rs. 23.99 lacs 2009-10 CIT (Appeal)

(c) There are no amounts required to be transferred by the Company to the InvestorEducation and Protection Fund in accordance with the provisions of the Companies Act 1956and the rules made thereunder.

viii. The accumulated losses of the Company did not exceed fifty percent of its networth as at March 31 2015 however it has incurred cash losses in the financial year endedon that date and in the immediately preceding financial year.

ix. According to the records of the Company examined by us and the information andexplanations given to us the Company does not have any borrowings from any financialinstitution or bank nor has it issued any debentures as at the balance sheet date hencethe provisions of Clause 3(ix) of the Order are not applicable to the Company.

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 during the year. Accordingly the provisions of Clause 3(x) of the Order arenot applicable to the Company

xi. In our opinion and according to the information and explanations given to us theCompany has not raised any term loans during the year. Accordingly the provisions ofClause 3(xi) of the Order are not applicable to the Company.

xii. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud on or by the Company noticed or reported during the year norhave we been informed of any such case by the Management.

For C. L Ostwal & Co.
FRN:02850C
Chartered Accountants
Sd/-
Ashish Ostwal
Udaipur Partner
May 30 2015 Membership Number: 405273

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard