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Biddle Sawyer Limited
Auditors’ Report
(1) We have audited the attached Balance Sheet of BIDDLE SAWYER
LIMITED as at 31st December, 2012, and also the Profit and Loss
Account of the Company for the year ended on that date, annexed
thereto both of which, we have signed under reference to this report.
These financial statements are the responsibility of the Company’s
management. Our responsibilities are to express opinion on these
financial statements based on our audit.
(2) We conducted our audit in accordance with auditing standards
accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatements. An audit
also includes examining on a test basis, evidence supporting the
amounts and disclosure in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
presentation of the financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
(3) As required by the Companies (Auditor’s Report) Order, 2003,
issued by the Central Government in terms of Section 227 (4A) of
the Companies Act, 1956, of India (the Act) and on the basis of
such checks as we considered appropriate and according to the
confirmation and explanation given to us, we enclose in the Annexure
a statement on the matter specified in paragraphs 4 and 5 of the
said Order.
(4) Further to our comments in paragraph 3, 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, in so far as appears from our
examination of the books of the Company.
(c) The Balance Sheet and Profit and Loss Account and cash flow
statement referred to in this report are in agreement with the
books of accounts.
(d) In our opinion, the Balance sheet and the Profit & Loss Account
and cash flow statement, complies with the mandatory accounting
standards referred to in Section 211(3C) of the Companies
Act, 1956.
(e) On the basis of our review of the confirmation received from
the Companies in which the Directors of the Company serve
as Director and the information and explanations given to us,
none of the Directors of the Company prima facie are disqualified
from being appointed as Directors under clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
(f) Subject to the above, in our opinion, and to the best of our
information and according to explanations given to us, the said
accounts give the information required by Companies Act, 1956,
in the manner so required and gives a true and fair view:
(i) in the case of the Balance sheet, of the state of affairs of the
Company as at 31st December, 2012,
(ii) in the case of the Profit and Loss Account, of the Profit of
the Company for the year ended on that date.
And
(iii) in the case of the Cash Flow Statement, of the cash flow for
the year ended on that date.
For CORNELIUS & DAVAR
Firm Registration No. 101963W
Chartered Accountants
RUSTOM D. DAVAR
(Partner)
Membership No.: F. 10620
Place: Mumbai
Date: 19th February, 2013
Annexure to the Auditors’ Report
(Referred to in paragraph (3) of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the
management and no material discrepancies have been noticed
on such verification.
(c) In our opinion, the Company has not disposed of a substantial
part of fixed assets during the year and the going concern
status of the Company is not affected.
(ii) (a) As explained to us, the inventory has been physically verified
by management at reasonable intervals during the year. In our
opinion, the frequency of such verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate
in relation to the size of the Company and the nature of its
business.
(c) In our opinion and according to the information and
explanations given to us, the Company has maintained proper
records of inventory. The discrepancies noticed on verification
between the physical stocks and the book records were not
material.
(iii) The Company has not taken or granted any loans, secured or
unsecured from/to companies, firms, or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory and fixed assets, and
with regard to the sale of goods and services. Further, on the basis
of our examination of the books of account and according to the
information and explanations given to us, we have not come across
nor have we been informed of any instance of major weaknesses in
the aforesaid internal controls.
(v) In our opinion and according to the information and explanations
given to us, there are no contracts or arrangements referred to in
Section 301 of the Act during the year that need to be entered in the
register maintained under that Section. Accordingly, clause (v) (b) of
paragraph 4 of the Order is not applicable to the Company for the
current year.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits
from public.
(vii) The Company has internal audit system commensurate with size of
the Company and the nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
company, pursuant to the Rules made by the Central Government
of India for the maintenance of cost records, under clause (d) of
sub-section (1) of Section 209 of the Act and are of the opinion
that prima facie, the prescribed accounts and records have been
generally been maintained and are under preparation. We have not,
however, made a detailed examination of the records with a view
to determining whether they are accurate or complete.
(ix) (a) According to the books of accounts and records as produced
and examined by us in accordance with the generally accepted
auditing practices in India, in our opinion, the Company is
generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, Investor
Education and Protection Fund, employees’ state insurance,
income-tax, sales-tax, wealth-tax, service-tax, customs duty,
excise duty, cess and other material statutory dues applicable
to it. According to the information and explanations given to us,
no undisputed amount payable in respect of aforesaid dues