To the Members of The Bharat Line Limited
Report on the Financial Statenjfnts:
1. We have audited the accompanying financial statements of The Bharat Line Limited("the Company") which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements:
2. The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of tjhe Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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.
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 & the Rules made thereunder including the accounting standards & matters which are required to be includedin the audit report.
5. We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the act & other applicable authoritative pronouncements issued bythe Institute of Chartered Accountants of India. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence about the amountsand 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 and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating 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.
8. In our opinion and to the best of our information and according to the explanationgiven to us the financial statements give the information required by the Act and 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 at March31 2015; and
b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date;
Report on Other Legal and Regulatory Requirements:
9. As required by companies (auditor's report) order 2015' issued by the Centralgovernment of India in terms of sub-section (11) of the section 143 of the act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks & records of the company as we considered appropriate & according to theinformation & explanation given to us we give in the annexure a statement on thematters specified in paragraph 3 and 4 of the Order.
10. 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 appears from our examination of those books
c) the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account of the company.
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 written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 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 & Auditors) Rules 2014 In ouropinion & to the best of our knowledge & belief & according to information& explanations given to us:
i) The company has disclosed the impact of pending litigations as at March 31 2015 onits financial position in its financial statements.
ii) Company has made provision as at March) 31 2015 as required under the applicablelaw or accounting standards for material foreseeable losses if any on long termcontracts including derivative contracts.
iii) There has been no delay in transferring amounts required to be transferred tothe investor education & protection fund by the company during the year ended 31stmarch 2015.
| ||For Vatsaraj & Co. |
| ||Chartered Accountants |
| ||FRN: 111327W |
| ||CA Mayur Kisnadwala |
|Place: Mumbai ||Partner |
|Date : 24th August 2015 ||M.No.: 33994 |
ANNEXURE TO AUDITORS' REPORT
The Annexure referred to in the paragraph 9 above Auditor's Report of the even date tothe members of The Bharat Line Limited on the accounts for the year ended March 31 2015we report that
i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification
ii. The Company does not carry inventory. Thus paragraph 3(ii) of the order is notapplicable.
iii. Accordingly to the information & explanations given to us the company has notgranted any loans secured or unsecured to companies firms or other parties covered in theRegister maintained u/s 189 of the companies Act 2013. Accordingly paragraph 3 (iii) ofthe order is not applicable.
iv. The Company does not have formal Internal Audit System however according to theinformation and explanation given to us operating control system commensurate with thesize of the company and nature of its business.
v. In our opinion and according to the information and explanations given to us thecompany has not accepted deposits during the year
vi. As per the information and explanations given to us the Central Government has notprescribed the maintenance of cost records under section 148(1) of the Companies Act 2013.
vii. (a) According to the information and explanation given to us and on the basis ofrecords examined by us in our opinion the company is generally regular in depositingwith appropriate authorities the undisputed amount of Income Tax Sales tax Wealth TaxExcise duty Cess and any other statutory dues applicable to it. There are no such duesoutstanding as at 31st March 2015 for a period of more than six months from the date theybecame payable.
(b) According to the records of the company there are no dues of sales tax/ servicetax/ custom duty/ excise duty/ cess which have not been deposited on account of disputesexcept for Income tax as under.
|Name of the Statute ||F.Y. to which it relates ||Forum where disputes is pending ||Amount(Rs.) |
|The Income Tax Act 1956 ||2004-05 ||Income Tax Appellate Tribunal ||1050000/- |
| ||2005-06 ||Income Tax Appellate Tribunal ||474429 |
| ||2006-07 ||Income Tax Appellate Tribunal ||1550000 |
| ||2007-08 ||Income Tax Appellate Tribunal ||1500000 |
| ||2008-09 ||Income Tax Appellate Tribunal ||227952 |
| ||2009-10 ||Income Tax Appellate Tribunal ||727700 |
| ||2010-11 ||Income Tax Appellate Tribunal ||540512 |
| ||2011-12 ||Commissioner of Income tax (Appeals) ||547740 |
(c) In our opinion and according to the information and explanations given to us thecompany has not required to be transferred any amount to investor education and protectionfund in accordance with the relevant provisions of the Companies Act1956 (1 of 1956) andrules made there under.
viii The company does not have any accumulated losses at the end of the financial yearand the company has not incurred cash losses in current financial year. Also the Companyhad incurred cash losses in the immediately preceding financial year.
ix. In our opinion and according to the information and explanations given to us thereare no dues to Financial Institute/Bank and there are no debenture holders in currentyear. Hence clause 3 (ix) of the order is not applicable.
x. On the basis of the information and explanation give to us the Company has notgiven any guarantees for loans taken by others from bank or financial institutionsaccordingly; Clause 3(x) of the order is not applicable.
xi. According to the information and explanations given to us and on the overallexamination of the Balance Sheet of the Company for the year under report we are of theopinion that no funds raised on short term basis have been used for long term investment.'
xii. Based on the audit procedures performed and as per information and explanationgiven to us by the management we report that no fraud on or by the company has beennoticed or reported during the course or our Audit.
| ||For Vatsaraj & Co. |
| ||Chartered Accountants |
| ||FRN: 111327W |
| ||CA Mayur Kinsnadwala |
|Place: Mumbai ||Partner |
|Date: 24th August 2015 ||M. No. 33994 |