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Disclosure in auditor’s report explanatory

INDEPENDENT AUDITOR’S REPORT

To The Members of BHARAT ROAD  NETWORK LIMITED

 

Report on the financial statements

We have audited the accompanying financial statements of BHARAT ROAD NETWORK LIMITED (“The Company”), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

 

Management responsibility for the financial statement

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (“the Act”) read with the General Circular no. 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

 

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

 

 

INDEPENDENT AUDITOR’S REPORT

To The Members of BHARAT ROAD  NETWORK LIMITED (Contd.)

 

a.       in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b.       in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date.

c.       In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

 

Report on other legal and regulatory requirements.

1.      As required by the Companies (Auditor's Report) Order, 2003 (as amended) issued by the Central Government of India in terms of section 227(4A) of ‘The Companies Act, 1956’ (the ‘Act’) and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said 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 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 the Company so far as appears from our examination of those books

c.       The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d.      In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular no. 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;

e.       on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub–section (1) of section 274 of the Companies Act, 1956.

 

 

For G.P. Agrawal & Co.

Chartered Accountants

F.R.No– 302082E

 

(CA. Ajay Agrawal)

Membership No. 17643

Partner

7A, Kiran Shankar Roy Road,

Kolkata – 700001,

Dated: 26th September,2014

INDEPENDENT AUDITOR’S REPORT

To The Members of BHARAT ROAD NETWORK LIMITED (Contd.)

 

                                    ANNEXURE TO THE AUDITORS’ REPORT

Statement referred to in our report of even date to the members of BHARAT ROAD NETWORK LIMITED on the accounts for the year ended 31st March, 2014.

(i)         a)    The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

 

            b)    The fixed assets have been physically verified by the management during the year. To the best of our knowledge, no material discrepancy was noticed on such verification.

 

            c)     The Company has not disposed of substantial part of fixed assets during the year.

 

ii)         As the Company has no inventory, the provisions of para ii (a), (b) and (c) of paragraph 4 of the said order are not applicable to the Company.

             

iii)        a)    The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly clauses (iii)(b) to (iii)(d) of paragraph 4 of the said order are not applicable to the Company.

 

            b)    The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, clauses (iii)(e) to (iii)(g) of paragraph 4 of the said order are not applicable to the Company.

         

iv)                    On the basis of information and explanation given to us, we are of the opinion that the Company has an adequate internal control system commensurate with the size of the Company and the nature of its business. We have not observed any continuing failure to correct major weaknesses in internal control.

 

v)        a)    Based on the audit procedures applied by us and according to the  information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

 

b)   According to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 exceeding the value of Rupees five lakhs or more in respect of any party have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

 

vi)        The Company has not accepted any deposit within the meaning of section 58A, 58AA or any other relevant provisions of the Act and the rules framed there under.

 

 

INDEPENDENT AUDITOR’S REPORT

To The Members of BHARAT ROAD NETWORK LIMITED (Contd.)

 

vii)      In our opinion, the internal audit system of the Company is commensurate with the size of the Company and the nature of its business.

 

viii)      The provisions regarding maintenance of cost records are not applicable to the Company.

 

ix)        a)    According to the records, the company is generally regular in depositing undisputed statutory dues including Income Tax with appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2014 for a period of more than six months from the date of becoming payable. As per the explanation given to us the provisions of Investor Education & Protection Fund, , Employees State Insurance, , Sales Tax, Wealth Tax, Customs Duty, Excise Duty and Cess are not applicable to the company.

     

            b)     According to the information and explanation given to us, there are no disputed statutory dues as on 31st March, 2014.

 

x)         The accumulated losses of the Company have not exceeded 50 % of the net worth as at the year end. The Company has not incurred cash loss during the year covered by our audit and in the immediately preceding financial year.

 

xi)        The Company has not defaulted in payment of dues to a financial institution. Further, the Company has no dues to bank and has not issued any debenture.

 

xii)       The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures or other similar securities.

 

xiii)      The provisions of any special statue applicable to Chit Fund, Nidhi or Mutual Benefit Society are not applicable to this Company.

 

xiv)      The Company is not dealing or trading in shares and securities. The Company has maintained proper records of transactions and contracts in respect of investment in shares, securities, debentures and timely entries have been made therein. All shares, securities, debentures have been held by the Company in its own name.

 

xv)       According to the records of the Company and the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

 

xvi)      On the basis of our examination and according to the information and explanation given to us, the term loans have been applied for the purpose for which the loans were obtained.

 

xvii)     According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short–term basis have been used for long term Investments.

 

To The Members of BHARAT ROAD NETWORK LIMITED (Contd.)

 

xviii)    The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

 

xix)      The Company has not issued any secured debentures.

xx)       The Company has not raised any moneys by public issue during the year covered by our audit report.

xxi)      In our opinion and according to the information and explanation given to us, no fraud on the company or by the Company has been noticed or reported during the year that causes the financial statements materially misstated.

 

 

For G.P. Agrawal & Co.

Chartered Accountants

F.R.No– 302082E

 

 

(CA. Ajay Agrawal)

Membership No. 17643

Partner

7A, Kiran Shankar Roy Road,

Kolkata – 700001,

Dated: 26th September, 2014

 

 

 

 

 

 

 

Disclosure in auditors report relating to fixed assets

a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. b) The fixed assets have been physically verified by the management during the year. To the best of our knowledge, no material discrepancy was noticed on such verification. c) The Company has not disposed of substantial part of fixed assets during the year.

Disclosure in auditors report relating to companies internal audit system

In our opinion, the internal audit system of the Company is commensurate with the size of the Company and the nature of its business.

Disclosure relating to quantitative details of fixed assets

The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

Disclosure relating to physical verification and material discrepancies of fixed assets

The fixed assets have been physically verified by the management during the year. To the best of our knowledge, no material discrepancy was noticed on such verification

Disclosure relating to fixed assets disposed off

The Company has not disposed of substantial part of fixed assets during the year

Disclosure in auditors report relating to inventories

As the Company has no inventory, the provisions of para ii (a), (b) and (c) of paragraph 4 of the said order are not applicable to the Company.

Disclosure in auditors report relating to loans

a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly clauses (iii)(b) to (iii)(d) of paragraph 4 of the said order are not applicable to the Company. b) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, clauses (iii)(e) to (iii)(g) of paragraph 4 of the said order are not applicable to the Company.

Disclosure about loans granted or taken by parties covered under section 301 of companies act

The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly clauses (iii)(b) to (iii)(d) of paragraph 4 of the said order are not applicable to the Company.

Disclosure regarding terms of payment of loans granted or taken

The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, clauses (iii)(e) to (iii)(g) of paragraph 4 of the said order are not applicable to the Company.

Disclosure in auditors report relating to internal control system

On the basis of information and explanation given to us, we are of the opinion that the Company has an adequate internal control system commensurate with the size of the Company and the nature of its business. We have not observed any continuing failure to correct major weaknesses in internal control.

Disclosure in auditors report relating to contracts and arrangements under section 301 of companies act

a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section. b) According to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 exceeding the value of Rupees five lakhs or more in respect of any party have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

Disclosure relating to presence of register for necessary transactions

Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

Disclosure in auditors report relating to deposits accepted from public

The Company has not accepted any deposit within the meaning of section 58A, 58AA or any other relevant provisions of the Act and the rules framed there under.

Disclosure in auditors report relating to maintenance of cost records

The provisions regarding maintenance of cost records are not applicable to the Company.

Disclosure in auditors report relating to statutory dues

a) According to the records, the company is generally regular in depositing undisputed statutory dues including Income Tax with appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2014 for a period of more than six months from the date of becoming payable. As per the explanation given to us the provisions of Investor Education & Protection Fund, , Employees State Insurance, , Sales Tax, Wealth Tax, Customs Duty, Excise Duty and Cess are not applicable to the company. b) According to the information and explanation given to us, there are no disputed statutory dues as on 31st March, 2014.

Disclosure in auditors report relating to accumulated losses

The accumulated losses of the Company have not exceeded 50 % of the net worth as at the year end. The Company has not incurred cash loss during the year covered by our audit and in the immediately preceding financial year.

Disclosure in auditors report relating to default in repayment of financial dues

The Company has not defaulted in payment of dues to a financial institution. Further, the Company has no dues to bank and has not issued any debenture.

Disclosure in auditors report relating to loans and advances granted by way of pledge of shares debentures and other securities

The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures or other similar securities.

Disclosure in auditors report relating to provisions under special statute

The provisions of any special statue applicable to Chit Fund, Nidhi or Mutual Benefit Society are not applicable to this Company.

Disclosure in auditors report relating to adequacy of records maintained by share trading companies

The Company is not dealing or trading in shares and securities. The Company has maintained proper records of transactions and contracts in respect of investment in shares, securities, debentures and timely entries have been made therein. All shares, securities, debentures have been held by the Company in its own name.

Disclosure in auditors report relating to guarantee given

According to the records of the Company and the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

Disclosure in auditors report relating to term loans used for purpose other than for purpose they were raised

On the basis of our examination and according to the information and explanation given to us, the term loans have been applied for the purpose for which the loans were obtained.

Disclosure in auditors report relating to nature and amount of fund raised for short–term has been used for long–term or vice versa

According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short–term basis have been used for long term Investments.

Disclosure in auditors report relating to preferential allotment of shares

The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

Disclosure in auditors report relating to securities created against debentures issued

The Company has not issued any secured debentures.

Disclosure in auditors report relating to purpose and end use of money raised through public issues

The Company has not raised any moneys by public issue during the year covered by our audit report.

Disclosure in auditors report relating to any material fraud reported during period

In our opinion and according to the information and explanation given to us, no fraud on the company or by the Company has been noticed or reported during the year that causes the financial statements materially misstated.

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