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Belapur Industries Ltd.

BSE: 507050 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE490D01019
BSE 05:30 | 01 Jan Belapur Industries Ltd
NSE 05:30 | 01 Jan Belapur Industries Ltd

Belapur Industries Ltd. (BELAPURINDS) - Auditors Report

Company auditors report

To The Members of Belapur Industries Ltd

Report on the Financial Statements

We have audited the accompanying Financial Statements of Belapur Industries Ltd('the Company') which comprise the Balance Sheet as at 31st March 2017 the Statement ofProfit and Loss and the Cash Flow Statement for the year ended and a summary ofsignificant 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 preparationand presentation of these Financial Statements to give a true and fair view of theFinancial Position Financial Performance and Cash Flows of the Company in accordance withthe Accounting 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 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.

Auditors' Responsibility

I. Our responsibility is to express an opinion on these Financial Statements based onour audit.

II. 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 there under.

III. We conducted our audit in accordance with the Standards on Auditing specifiedunder Section 143(10) of the Act and other applicable authoritative pronouncements issuedby the Institute of Chartered Accountants of India. Those Standards and pronouncementsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Financial Statements are free from materialmis-statement.

IV. 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 materiamis-statement 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.

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;

1. In the case of the Balance Sheet of the State of Affairs of the Company as at 31stMarch 2017

2. In the case of the Statement of Profit and Loss of the profit for the year ended onthat date ; and

3. In the case of the Cash Flow Statement of the Cash Flows for the year on that date

Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditor's Report) Order 2016 ("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 the paragraph 3and 4 of the Order to the extent applicable.

II. 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 2016.

e. On the basis of the written representations received from the Directors as on 31stMarch 2017 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2017 from being appointed as a Director in terms ofSection 164 (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 2016 in our opinionand to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations as on 31st March 2017on its financial position in its Financial Statements.

ii) The Company has made provision as at 31st March 2017 as required under theapplicable law or Accounting Standards for material foreseeable losses if any onlong-term contracts including derivative contracts.

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended 31stMarch 2018.

iv) The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in the specified bank notes during the period the from 8 thNovember to 30 th December 2016 and these are in accordance with the books of accountsmaintained by the company.

For N.S Naik & Co. CA M.P Naik
Place:- Shrirampur Chartered Accountants Partner
Date:- 30.05.2017 F.No. 106815W M.No.144531

COMPANIES (AUDITORS' REPORT) ORDER 2017 of Belapur Industries Ltd For the year 2016-17

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given we state that:-

I) a) The Company has generally maintained records showing particulars includingQuantitative details and situation of fixed assets; as stated by management but no recordsavailable for verification.

b) As explained by the management the fixed assets have been physically verified by themanagement at reasonable interval and no material discrepancies were found.

c) Title deeds of immovable properties are held in the name of the company as explainedby the management

ii) a) There is no Physical verification in respect of finished goods stores spareparts and raw materials as there was no stock of the same with the Company during theyear.

b) Inventory records is not maintained as there was no physical stocks during the year.

iii) The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act.

iv) In our opinion and according to the information and explanations given to uscompany has not granted any loan has not made any investment and has not issued anyguarantee or security this clause is not applicable to the company.

v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from the public during the year nor has acceptedany such deposits in the past.

vi) The company is not engage in manufacturing activity hence provision regardingmaintenance of cost records under Section 148 (1) of the Companies Act 2013 for theproducts of the Company in not applicable

vii) a) The company is regular in depositing undisputed statutory dues includingprovident fund employees state insurance income-tax sales tax Service tax duty ofcustoms duty of excise Value added tax Cess and any other statutory dues with theappropriate authorities.

b) The company has no statutory dues remaining unpaid on account of any dispute.

viii) The company has not taken loan from any financial institutions nor with any bankof which terms and conditions are prejudicial to the interest of the company. and there isno case of default in repayment of dues.

ix) Company has not raised money by way of Initial public offer or further publicoffer. The Company has not taken any Term loan during the year.

x) According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.

xi) Managerial remuneration have been paid or provided according to the provisions ofsection 197 read with schedule v of the Companies Act

xii) As company is not registered as a Nidhi Company this clause is not applicable tothe company

xiii) In our opinion and according to the information and explanations given to us alltransactions with related parties are in compliance with section 177and 188 of CompaniesAct 2013 xiv) Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year

xv) In our opinion and according to the information and explanations given to uscompany has not entered into any non cash transaction with directors or persons connectedwith him xvi) Company is not required to get registration under section 45-IA of theReserve Bank of Act 1934

For N.S Naik & Co. CA M.P Naik
Place:- Shrirampur Chartered Accountants Partner
Date:- 30.05.2017 F.No. 106815W M.No.144531