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Bobshell Electrodes Ltd.

BSE: 526925 Sector: Engineering
NSE: N.A. ISIN Code: INE896B01011
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Bobshell Electrodes Ltd. (BOBSHELLELECT) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR

TO THE MEMBERS OF

BOBSHELL ELECTRODES LIMITED

Report on the Financial Statements :

We have audited the accompanying financial statements of ("the Company")which comprise the Balance Sheet as at March 31 2014 and the Statement of Profit andLoss and Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements :

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act 1956 ("the Act"). This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom 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 conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement. An audit involvesperforming procedures to obtain audit evidences about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditor’s judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal controls relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the company’s internal control . An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.

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 State of Affairs of the Company as atMarch 31 2014;

(b) In the case of the Statement of Profit and Loss of the Loss for the year ended onthat date;

(c) In the case of the Cash Flow Statement of the Cash Flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor’s Report) Order 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c. The Balance Sheet and Statement of Profit and Loss dealt with by this Report are inagreement with the books of account;

d. In our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards referred to in subsection (3C) of section 211 of the Companies Act1956;

e. On the basis of written representations received from the directors as on March 312014 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of The Companies Act 1956:

f. Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act 1956 nor has it issued anyRules under the said section prescribing the manner in which such cess is to be paid nocess is due and payable by the Company.

For DJNV & CO.
Chartered Accountants
(Firm Reg. No: 115145W)
Jayesh Parikh
Date : 27th May 2014 (Partner)
Place : Ahmedabad Membership No: 40650

ANNEXURE TO THE AUDITOR’S REPORT

(1) (a) In our opinion and according to the information and explanation given to usthe company has maintained all the relevant records showing full particulars includingquantitative details and situation of fixed assets.

(b) In our opinion the fixed assets have been physically verified by the management atreasonable intervals having regard to the size of the company and the nature of itsassets. No material discrepancies were noticed on such verification. (c) The fixed assetsdisposed off during the year in our opinion do not constitute a substantial part of thefixed assets of the company and the going concern status of the company is not affected.

(2) (a) As explained to us inventories have been physically verified by the managementat reasonable intervals during the year. In our opinion the frequency of suchverification is reasonable.

(b) In our opinion and according to the information and explanation given to us theprocedures of physical verification of stock followed by the management are reasonable andadequate in relation to the size of the company and the nature of the business.

(c) The company has maintained proper records of inventory. No material discrepancieswere noticed on physical verification.

(3) The company has neither granted nor taken any loans secured or unsecured to orfrom parties covered in the register maintained under Section 301 of the companies Act1956. Accordingly clauses III (a) to (g) of the Order are not applicable.

(4) In our opinion and according to the information and explanation given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to the purchase of inventory fixed assets and withregard to the sale of goods. During the course of our audit no major weakness has beennoticed in the internal controls.

(5) According to the information and explanation given to us during the year therewere no transactions that need to be entered into the register maintained under section301 of the Companies Act 1956.

Accordingly paragraph (v) (a) and (b) of the order are not applicable.

(6) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from the public which falls within the provisions ofsection 58 A and 58 AA of the Companies Act 1956 and the rules framed there under.

(7) In our opinion the company has an internal audit system commensurate with the sizeand nature of its business.

(8) According to the best of knowledge and according to the information given to usthe Central Government has prescribed maintenance of cost record under section 209 (1)(d)of the Companies Act 1956 and the same have been maintained and audited.

(9) (a) According to the information and explanations given to us and on the basis ofour examination of the books of accounts the company is regular in depositing undisputedstatutory dues including Provident Fund Investor education protection fund EmployeeState Insurance Income Tax Sales Tax Wealth Tax Service Tax Custom duty Excise DutyCess and other statutory dues to the extent applicable with the appropriate authorities.

According to information and explanation given to us there are no dues which have notbeen deposited on account of any dispute as on 31st March 2014 for a period of more thansix months from the date they became payable.

(b) According to information and explanation given to us there are no dues in respectof Income Tax Sales Tax Excise Duty ESI Wealth Tax and Service Tax which have not beendeposited on account of any dispute.

(10) In our opinion the accumulated losses of the company are not more than fifty percent of its net worth at the end of the financial year. Further the company has notincurred cash losses during the financial year covered by our audit and the immediatelypreceding financial year.

(11) In our opinion and according to the information and explanation given to us thecompany has not defaulted in repayment of dues to a financial institution / bank.

(12) According to the information & explanation given to us the company has notgranted loans and advances on the basis of security by way of pledge of shares debenturesand other securities.

(13) In our opinion the company is not a chit fund or a nidhi / mutual benefit fund /society. Therefore the provisions of clause 4(xiii) of the Companies (Auditor’sReport) Order 2003 are not applicable to the company.

(14) In our opinion the company is not dealing in or trading in shares securitiesdebentures and other investments. Accordingly the provisions of clause 4(xiv) of theCompanies (Auditor’s Report) Order 2003 are not applicable to the company.

(15) According to the information & explanations given to us the company has notgiven any guarantees for the loans taken by others from banks or financial institutions(16) The company has raised term loans from financial institution during the year and arespecifically utilized for the purpose it is raised.

(17) According to the information and explanations given to us and on an overallexamination of the balance sheet of the company we report that the no funds raised onshort term basis have been used for long term investment.

(18) According to the information and explanation given to us the company has not madepreferential allotment of shares to parties and companies covered in the registermaintained under section 301 of the Act.

(19) According to the information and explanations given to us Company has not issuedany debenture during the year. Accordingly the provisions of clause 4(xix) of theCompanies (Auditor’s Report) Order 2003 are not applicable to the company.

(20) The company has not raised any fund by way of public issues during the year.

(21) Based upon the audit procedures performed and on the basis of information andexplanation provided by the management we report that no fraud on or by the company hasbeen noticed or reported during the year.

For DJNV & CO.
Chartered Accountants
(Firm Reg. No: 115145W)
Jayesh Parikh
Date : 27th May 2014 (Partner)
Place : Ahmedabad Membership No: 40650

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