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Balurghat Technologies Ltd.

BSE: 520127 Sector: Others
NSE: BALURTRANS ISIN Code: INE654B01014
BSE 00:00 | 06 Dec 8.76 0.41
(4.91%)
OPEN

8.76

HIGH

8.76

LOW

8.76

NSE 05:30 | 01 Jan Balurghat Technologies Ltd
OPEN 8.76
PREVIOUS CLOSE 8.35
VOLUME 470
52-Week high 11.36
52-Week low 3.70
P/E 12.34
Mkt Cap.(Rs cr) 16
Buy Price 8.35
Buy Qty 300.00
Sell Price 8.60
Sell Qty 20.00
OPEN 8.76
CLOSE 8.35
VOLUME 470
52-Week high 11.36
52-Week low 3.70
P/E 12.34
Mkt Cap.(Rs cr) 16
Buy Price 8.35
Buy Qty 300.00
Sell Price 8.60
Sell Qty 20.00

Balurghat Technologies Ltd. (BALURTRANS) - Auditors Report

Company auditors report

To the Members of Balurghat Technologies Limited

Audit Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of BalurghatTechnologies Limited ("the Company") which comprise the Balance Sheet as at31st March 2019 the Statement of Profit and Loss (including other comprehensive income)the Statement of Cash Flows and the statement of changes in equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as ‘standalone Ind AS financialStatements’)in which are incorporated the in the audited accounts for the year ended31.03.2019.

Management’s Responsibility for the Standalone Ind AS 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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash lowsand changes in equity of the Company in accordance with the Accounting Principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder section 133 of the Act read with relevant rules issued there under.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act; for safeguarding the assets of the Company;preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS 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 Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under. We conductedour audit in accordance with the Standards on auditing specified under Section 143(10) ofthe Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the standalone Ind ASfinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlsrelevant to the Company’s preparation of the Standalone Ind AS financial statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompany’s Directors as well as evaluating the overall presentation of the standaloneInd AS financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalone IndAS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2019 and its profit (including other comprehensive income) itscash lows and the changes in equity 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(hereinafter referred to as the "order") and on thebasis of such checks of the books and records of the company as we considered appropriateand according to the information and explanations given to us we give in the Annexure"A" a statement on the matters specified 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 and obtained all the information and explanations which to the bestof our knowledge 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 it appears from our examination of those books and proper returnsadequate for the purposes of our audit have been received.

c. the Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Statement of Cash Flows and the Statement of Changes in Equity agree with thebooks of account and with the returns received from the branch not visited by us;

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards Specified under Section 133 the Act read with relevant ruleissued there under.

e. On the basis of written representations received from the directors as on 31st March2019 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2019 from being appointed as a director in terms of section 164(2) ofthe Act.

f. With respect to the adequacy of the internal financial control over financialreporting of the company and the operating effectiveness of the control refer to ourseparate report in Annexure.

g. With respect to other matter 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. As detailed in Note 39(a) of the notes to the standalone Ind AS financialstatements the Company has disclosed the impact of pending litigation on its standaloneInd AS financial statements.

In terms of our report of even date attached
M/S R. VENKATARAMA AIYAR & CO.
CHARTERED ACCOUNTANTS
(P. CHAUDHURI)
Partner
Place: Kolkata Membership No: F15945
Date: 30th May 2019 Firm Reg. No: 301035E

Annexure of the Independent Auditor’s Report of even date to the Members ofBalurghat Technologies Limited on the financial statements as of and for the year endedMarch 31 2019:

i) In respect of its fixed assets:

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

b) The fixed assets are physically verified by the Management according to a phasedprogrammed designed to cover all items over a period of three years which in our opinionis reasonable having regard to the size of the company and the nature of its assets.Pursuant to the programme a portion of the fixed assets has been physically verified bythe Management during the year and no material discrepancies have been noticed on suchverifications

c) According to the information and explanation given to us the title deeds investmentmade in immovable property are held in the name of the Company.

ii) The inventory (excluding stocks with third parties) has been physically verified bythe Management during the year. In respect of inventory lying with third parties thesehave substantially been confirmed by them. In our opinion the frequency of verificationis reasonable.

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) of the said Order are not applicable to theCompany.

iv) In our opinion and according to the information and explanations given to us theCompany has not provided any loans guarantees investment and security under theprovisions of section 185 and 186 of the CA2013.

v) In our opinion and information given to us the Company has not accepted anydeposits within the meaning of sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 and the rule framed there under. Therefore the provisions of clause(v) of paragraph 3 of the CARO are not applicable to the company.

vi) Since the net worth of the Company and turnover of is less than the limitsprescribed by the Central Government under section 148 of the Companies Act 2013maintenance of Cost records is not considered necessary.

vii) A) According to the information and explanations given to us the company has beengenerally regular in depositing undisputed statutory dues including provident fundinvestor education and protection fund employees’ state insurance income taxwealth tax service tax custom cess and other material statutory dues as applicable toit with the appropriate authorities during the year.

B) As at 31st March 2019 according to the record of the company and the informationand explanation given to us there are no disputes in respect of any of the statutory duesexcept an amount of damages imposed by the PF Authorities Rs. 12 50 404/- (Previous yearRs. 12 50 404/-) for a period prior to Incorporation of the company pending before theHon’ble Tribunal of PF at New Delhi for necessary Adjudication.

viii) According to our information and explanation given to us the Company has notdefaulted in repayment of loans borrowing to financial institution bank Government anddues to debenture holders.

ix) During the year the Company has not raised moneys by way of initial public offer orfurther public offer including debt instrument and no term loan has been raised by theCompany.

x) According to the information and explanation given to us no instance of fraud onthe Company by its officers and employees has been noticed or reported during the givenperiod.

xi) The Company has fixed remuneration of managerial personnel as per the provision ofsection 197 read with schedule V of CA 2013.

xii) The Company is not a Nidhi Company. Therefore Provision xii of paragraph3 of orderis not applicable to the Company.

xiii) There no related party transaction as provided under section 188 and 177 of theCA 2013

xiv) The Company has not made any preferential allotment or private placement of sharesor fully and partly convertible debenture during the period under review. ThereforeSection 42 of CA 2013 is not applicable and therefore clause xiv is not applicable.

xv) The Company has not entered into any non cash transaction with directors andpersons connected with him hence section 192 of CA 2013 is not applicable and so theclause xv of paragraph 3 of order is not applicable to the Company.

xvi) The Company is not required to be registered under section 451A of the ReserveBank of India Act 1934 and consequently clause xvi of paragraph 3 of the order is notapplicable to the Company.

In terms of our report of even date attached
M/S R. VENKATARAMA AIYAR & CO.
CHARTERED ACCOUNTANTS
(P. CHAUDHURI)
Partner
Place: Kolkata Membership No: F15945
Date: 30th May 2019 Firm Reg. No: 301035E