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Bloom Industries Ltd.

BSE: 513422 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE373E01015
BSE 12:39 | 20 Nov Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.67
52-Week high 5.50
52-Week low 3.90
Mkt Cap.(Rs cr) 2
Buy Price 4.67
Buy Qty 16800.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.67
CLOSE 4.45
52-Week high 5.50
52-Week low 3.90
Mkt Cap.(Rs cr) 2
Buy Price 4.67
Buy Qty 16800.00
Sell Price 0.00
Sell Qty 0.00

Bloom Industries Ltd. (BLOOMINDS) - Auditors Report

Company auditors report


The Members of

Bloom Industries Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Bloom IndustriesLimited ("the Company") which comprise the Balance Sheet as at 31 March 2015the Statement of Profit and Lossand the Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

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 of 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 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 control relevant to the Company's preparation of the financialstatements in order to design audit procedures that are appropriate in the circumstancesbut not for the purpose of expressing an opinion on whether the Company has in place anadequate internal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Directors as well as evaluating the overall presentation of the financialstatements.

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.


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 31 March 2015 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 (Auditors' Report) Order 2015 (the "Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order 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 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 standalone financial statements 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 the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and

(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 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; and

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sum to the investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

For Sarda Soni Associates.
Chartered Accountants
FRN: 117235W
Manoj Jain
Place : Mumbai (Partner)
Date : 28/05/2015 Membership No. : 120788


(Referred to in paragraph 1 of our report of even date)

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

(b) The Company has regular programme of physical verification of its fixed assets bywhich all the fixed assets are verified in a phased manner on yearly basis. In ouropinion the periodicity of physical verification is reasonable having regard to the sizeof the Company and nature of its assets. No material discrepancies were noticed on suchverification.

(ii) (a) Since the Company does not have any inventory the paragraph 3(ii) of the saidOrder is not applicable to the Company.

(iii) The company has granted unsecured loans to three parties covered in the registermaintained under sections 189 of the Act.

(a) The borrowers have been regular in the payment of the interest as stipulated. Theterms of arrangements do not stipulate any repayment schedule and the loans are repayableon demand. Accordingly paragraph 3(iii)(a) of the Order is not applicable to the Companyin respect of repayment of the principal amount.

(b) There are no overdue amounts of more than rupees one lakh in respect of the loansgranted to the parties covered in the register maintained under section 189 of the Act.

(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 services and fixed assets and for the saleof goods and services. Further we have neither come across nor have been informed of anycontinuing failure to correct major weaknesses in internal control system.

(v) The Company has not accepted any deposits during the year from the public to whichthe directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76and any other relevant provisions of the Act and the rules framed thereunder apply.

(vi) In our opinion and according to the information and explanations given to us theCentral Government has not prescribed maintenance of cost records under Sectionsub-section (1) of Section 148 of the Act.

(vii) (a) According to the information and explanations given to us the Company hasbeen generally regular in depositing undisputed statutory dues including provident fundincome tax service tax wealth tax cess and any other statutory dues with theappropriate authorities. There are no arrears of outstanding statutory dues as at the 31March 2015 for a period of more than six months from the date they became payable ExceptService Tax Cess amounting of Rs.394759/- and professional tax amounting of Rs.46975/-

(b) The Company has received a summary assessment order U/s.115WE of Income Tax Act.1962 for FBT for Assessment year 2008-2009 on which a demand for Rs.34000/- is raisedHowever on the same demand credit for Self Assessment (FBT) Tax paid is Rs.29699/- werenot given. The Company has filed a reply to the concern authority for rectification oforder and according to the management of the company there is no tax due hence provisionnot required.

(c ) According to information and explanation given to us the Company was not requiredto deposit any amount towards investor education and protection fund.

(viii) The Company has accumulated losses at the end of the year however it is lessthan fifty percent of its net worth. The Company has incurred cash loss during the year aswell as in the immediately preceding financial year.

(ix) In our opinion and according to information and explanations given to us theCompany has not defaulted in repayment of dues to banks or financial institutions ordebenture holder .The Company has not issued any debentures and there are no dues tofinancial institutions.

(x) The Company has given a guarantee for amounting to Rs.150 Lakhs to Kotak MahindraBank Ltd. for loans taken by a director. In our opinion the terms and conditions on whichguarantee have been given are not prima facie prejudicial to the interest of theCompany.

(xi) Based on information and explanations given to us the company has not taken termloans from any bank or financial institutions during the year.

(xii) During the course of our examination of the books of account and records of theCompany carried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by management.

Dated : 28/05/2015 Chartered Accountants
Firm Reg. No. 117235