Mar 31, 2021
To THE MEMBERS OF BAMBINO AGRO INDUSTRIES LIMITED Report on the Audit of Ind AS Financial Statements
We have audited the accompanying Ind AS financial statements of Bambino Agro Industries Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2021, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary ofthe significant accounting policies and other explanatory information.
Management''s Responsibility for the Ind AS Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
We conducted our audit, of Ind As Financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plans and perform audit to obtain reasonable assurance about whether the Ind AS Financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation ofthe Ind AS financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 Ind AS and other accounting principles generally accepted in India, of the state of
affairs of the Company as at 31st March, 2021, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Emphasis of Matter
We draw to your attention to a matter presented or disclosed in the financial statement that, in our judgement, is of such importance that it is fundamental to users'' understanding of the financial statements:
1. A petition is filed by two substantial equity shareholders before the Honorable National Company Law Tribunal, Hyderabad Bench, with CP No. 20 of 2021under sections 241, 242 &245 of the Companies Act 2013 against the company, and the matter is taken up for hearings and the proceedings are under progress.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) ofthe Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of 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 the Company so far as it appears from our examination ofthose books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 ofthe Act.
e) On the basis of the written representations received from the directors of the Company as on 31st March, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2021 from being appointed as a director in terms ofSection 164(2) ofthe Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its Ind AS financial statements; - Refer note iv(c) to IND - AS Financial statements
ii. The Company did not have any long-term contracts for which there were any material foreseeable losses. The Company did not have any derivative contracts;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
2. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government
in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in
paragraphs 3 and 4 ofthe Order.
For Kumar and Giri
Chartered Accountants FRN: 001584S
Place: Hyderabad J BHADRA KUMAR
Date: 29th June 2021 (Partner)
UDIN: 21025480AAAACV7997 M.No. 025480
Mar 31, 2018
Report on the Ind AS Financial Statements
We have audited the accompanying Ind AS financial statements of Bambino Agro Industries Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Ind AS Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder and the Order issued under section 143(11) of the Act.
We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS financial statements are free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the Ind AS financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 Ind AS and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of 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 the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors of the Company as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its Ind AS financial statements.
ii. The Company did not have any long-term contracts for which there were any material foreseeable losses. The Company did not have any derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
2. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.
Annexure "Aâ to the Independent Auditor''s Report
(Referred to in paragraph 1(f) under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date to the members Bambino Agro Industries Limited on the Ind AS financial statements for the year ended 31st March, 2018)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Bambino Agro Industries Limited ("the Company") as of 31st March, 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the criteria for internal financial control over financial reporting established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Annexure "Bâ to the Independent Auditor''s Report
(Referred to in paragraph 2 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date to the members of Bambino Agro Industries Limited on the Ind AS financial statements for the year ended 31st March, 2018)
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of the fixed assets.
(b) The Company has a program of verification to cover all the items of fixed assets in a phased manner over a period of three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain fixed assets were physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us, the records examined by us and based on the examination of registered sale deeds/share certificate provided to us, we report that, the title deeds, comprising all the immovable properties of buildings, are held in the name of the Company as at the balance sheet date.
(ii) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals. No material discrepancies were noticed on physical verification.
(iii) The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act hence reporting under clause (iii) of paragraph 3 of the Order is not applicable.
(iv) The Company has not granted any loans, made investments or provided guarantees or securities hence reporting under clause (iv) of paragraph 3 of the Order is not applicable.
(v) According to the information and explanations given to us, the Company has not accepted any deposit during the year. The Company does not have unclaimed deposits as at 31st March, 2018 and accordingly, the provisions of Sections 73 to 76 or any other relevant provisions of the Act are not applicable to the Company.
(vi) The maintenance of cost records has not been specified by the Central Government under section 148(1) of the Act.
(vii) According to the information and explanations given to us in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Income-tax, Goods and Services Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund, Income tax, Goods and Services Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at 31st March, 2018 for a period of more than six months from the date they became payable.
(viii) In our opinion and according to the information and explanations given by the management, company has not defaulted in repayment of loans or borrowing to a bank or Financial institution or government. The Company has taken following loans or borrowings from financial institutions, banks and government during the year. Company has not issued any debentures.
Amount in Rs.
Type of Loan |
Name of Bank / Financial Institution |
Amount of Loan |
Working Capital loan |
HERO FIN CORP. LTD |
Rs. 5,00,00,000/- |
(ix) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause (ix) of paragraph 3 of the Order is not applicable.
(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us, the Company has paid/provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of paragraph 3 of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with section 177 and 188 of the Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the Ind AS financial statements etc. as required by the applicable accounting standards.
(xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of paragraph 3 of the Order is not applicable.
(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or directors of its holding company or persons connected with them and hence provisions of Section 192 of the Act are not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 hence reporting under clause (xiv) of paragraph 3 of the Order is not applicable.
For Kumar and Gin
Chartered Accountants
FRN: 001584S
J BHADRA KUMAR
Place: Hyderabad (Partner)
Date: 30th May 2018 M.No. 025480
Mar 31, 2016
TO THE MEMBERS OF BAMBINO AGRO INDUSTRIES LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of Bambino Agro Industries Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant 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 Section 134(5) of the Companies Act, 2013 ("the Act") with respect to 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 the 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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,
a) in case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2016;
b) in the case of Statement of Profit and Loss, of the profit for the year ended on that date; and
c) in the case of 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, 2016 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure - 1 a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) (i) of the Companies Act, 2013, we had given in Annexure - 2, the report on Internal Financial Controls over Financial Reporting.
3. 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 best of 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 the Company so far as it appears from our examination of those books
(c) The accounts of the branch offices of the Company have been audited by us under Section143 (8) of the Act and have been properly dealt with by us in preparing this report.
(d) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account and with the accounts of the branches
(e) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(f) On the basis of the written representations received from the directors as on 31st March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position.
ii. In our opinion and as per the information and explanations provided to us, The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
Annexure-1 to the Independent Auditors Report
(Referred to in Paragraph 1 under section (Report on the Other Legal and Regulatory Requirements, of our report even date)
(i) (a) According to the information and explanations given to us, the Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.
(b) According to the information and explanations given to us, majority of the fixed assets have been physically verified by the management during the year. There is a phased program of verification which in our opinion, is at reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification;
(c) All the title deeds of the immovable properties are held in the name of the Company.
(ii) According to the information and explanations given to us, the inventories have been physically verified at reasonable intervals by the management and no material discrepancies were noticed on such verification.
(iii) According to the information and explanations given to us, the Company has not granted any loans nor has it made any investments or given any guarantee or security which are covered under the provisions of Section 185 and 186 of the Companies Act, 2013.
(iv) According to the information and explanations given to us, the Company has not accepted any deposits in terms of the directives issued by Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under.
(v) The Central Government has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013.
(vi) (a) According to the information and explanations given to us, the company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues, as are applicable, with the appropriate authorities. According to the information and explanations given to us, there are no arrears of outstanding statutory dues as at the last day of the financial year under audit for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues of income tax or sales tax or service tax or duty of customs or duty of excise or value added tax which have not been deposited on account of dispute..
(vii) According to the information and explanations given to us, the company has not defaulted in repayment of dues, to a financial institution or bank during the year however there are delays in few cases. There are no debenture holders.
(viii) According to the information and explanations given to us, during the year under review, the Company has not raised any money by way of initial public offer, further public offer, or term loans and hence the reporting requirement on the purpose of application of the same is not warranted.
(ix) According to the information and explanations given to us and based upon the audit procedures performed by us, no fraud by the Company or on the Company committed by its officers or employees has been noticed or reported during the year.
(x) According to the information and explanations given to us, the directors of the company included managing director have not received any remuneration during the financial year, the managerial remuneration paid to other managerial personal during the year is in compliance with the provisions of Section 197 read with Schedule V of the Companies Act, 2013.
(xi) As the Company is not a Nidhi Company in terms of the provisions of the Companies Act, 2013 read with Nidhi Rules, 2014, the matters to be reported under clause (xii) are not applicable.
(xii) According to the information and explanations given to us, in respect of the transactions with the related parties, the Company has complied with the provisions of Section 177 and 188 of the Companies Act. 2013, wherever applicable. In our opinion, the details as required by the applicable accounting standards have been disclosed in the financial statements for the year under review.
(xiii) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Hence, reporting requirement on compliance with Section 42 of the Companies Act, 2013 and purpose of application of the funds so raised is not applicable.
(xiv) According to the information and explanations given to us, the Company has not entered into any noncash transactions with directors or persons connected with him and hence, reporting requirement on compliance with the provisions of Section 192 of the Companies Act, 2013 is not applicable.
(xv) According to the information and explanations given to us and in our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Annexure-2 to the Independent Auditors Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act"):
We have audited the internal financial controls over financial reporting of BAMBINO AGRO INDUSTRIES LIMITED ("the Company") as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit.
We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
For PRV ASSOCIATES
Chartered Accountants
F.R. No : 006447S
S. RAMNATH
Place : Hyderabad PARTNER
Date : 26-05-2016 Membership No. 019201
Mar 31, 2015
We have audited the accompanying financial statements of BAMBINO AGRO
INDUSTRIES LIMITED ("the company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the period then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors are responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
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 principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, 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 have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. 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
financial control relevant to the Company's preparation of the
financial statements that give true and fair view in order to design
audit procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of accounting policies
used and the reasonableness of the accounting estimates made by
Company's Directors, 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 on the financial
statements.
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;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
b) in the case of the Statement of Profit and Loss, of the profit for
the period ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
Report on other Legal and Regulatory Requirements
1) As required by Companies (Auditor's Report) Order 2015 issued by the
Central Government of India in terms of Sub Section (11) of section 143
of the Act (hereinafter referred to the Order), and on the basis of
such checks of books and records of the company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure 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 best of 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 the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the 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 aforesaid financial statements comply with the
Accounting Standards 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 31st March, 2015 taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and in accordance with Rule 11of Companies (Audit and Auditors), 2014,
in our opinion and to the best of our information and according to the
explanations given to us :
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
ii. In our Opinion and as per the information and explanations
provided to us the Company has not entered into any long term
contracts, requiring provision under applicable laws or accounting
standards, for material foreseeable losses, and
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Independent Auditors Report
(Referred to in Paragraph 1 under section (Report on the Other Legal and
Regulatory Requirements, of our report even date)
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) A Majority of the assets of the company have been physically
verified by the management during the year. There is a phased program
of verification which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets. No material
discrepancies were noticed on such verification.
(ii) (a) The inventories have been physically verified at reasonable
intervals by the management.
(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 is maintaining proper records of inventories
and no material discrepancies were noticed on such verification.
(iii) As informed to us, the company has not granted any loans, secured
or unsecured to companies, firms or other parties covered in the
register maintained under section 189 of Companies Act, 2013.
Accordingly, section 3(iii)(a) & (b) of the order are not applicable to
the company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size and nature of the business for the purchase of inventory,
fixed assets and for the sale of goods and services. During the course
of our audit, we have not observed any continuing failure to correct
major weaknesses in internal control system.
(v) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits in terms of
directives issued by Reserve Bank of India and the provisions of
Sections 73 to 76 or any other relevant provisions of the companies
Act, and rules framed there under.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Companies Act, 2013.
(vii) (a) The company is generally regular in depositing undisputed
statutory dues including provident fund, employees state insurance,
income tax, sales tax, wealth tax, service tax, duty of customs, duty of
excise, value added tax, cess and any other statutory dues with the
appropriate authorities and we have been informed that there are no
arrears of outstanding dues as at the last day of financial year under
audit for a period of more than six months from the date they become
payable.
(b) According to the information and explanations given to us, no
undisputed amount is payable in respect of income tax or sales tax or
wealth tax or service tax or duty of customs or duty of excise or value
added tax or cess as at 31st March, 2015.
(c) In our opinion and according to the information and explanation
given to us, amounts required to be transferred to investor education
and protection fund in accordance with the relevant provisions of the
Companies Act 1956 (1 of 1956) and rules made thereunder are not
applicable to the company.
(viii) The company has no accumulated losses at the end of the
financial year under audit. The company has not incurred cash losses
during the financial year covered by audit and immediately preceding
financial year.
(ix) According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to a financial
institution or Bank during the year. There are no debenture holders.
(x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions, the terms and conditions are not
prejudicial to the interests of the Company.
(xi) According to the information and explanations given to us, no term
loans were obtained during the period under audit.
(xii) Based upon the audit procedures performed and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the period of our audit.
For PRV ASSOCIATES
Chartered Accountants
F.R. No : 006447S
S. RAMNATH
Place : Hyderabad PARTNER
Date : 28-05-2015 Membership No. 019201
Sep 30, 2014
We have audited the accompanying financial statements of Bambino Agro
Industries Limited (the company), which comprise the Balance Sheet as
at 30th September 2014 and 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''s responsibility for the financial statements
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 principles generally accepted in India, including
accounting standard referred to in sub section (3c) of section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit We conducted our audit in accordance with
auditing standards 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
misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosure in the financial statements. The procedure
selected depends on the auditors'' judgment, including the assessment of
risks of material misstatements of 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 financial statements in orderto design audit procedures
that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of company''s internal
control. An audit also includes evaluating the appropriateness of
accounting policies used and also the reasonableness of the accounting
estimates made by the management, as well as evaluating the overall
presentation of financial statements. We believe that the audit
evidence that 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
explanation 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 accounting principles generally accepted in
India.
a. In case of Balance Sheet of the state of affairs of the company as
at 30th September 2014
b. In case of Statement of Profit and Loss, of the profit for the year
ended as on that date and
c. In case of Cash Flow Statement, of the cash flow 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, ("the
order") issued by the Central Government of India in terms of Section
227 (4A) of the Companies Act, 1956, we have given in the annexure a
statement on the matters specified in paragraphs 4 & 5 of the Order.
2. As required by Section 227(3) of the Act, we report that We have
obtained all the information and explanations, which to the best of our
knowledge and belief were necessary for the purpose of ouraudit.
a. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
b. 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.
c. In our opinion, the Balance Sheet and Profit and Loss and Cash Flow
Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act
d. On the basis of representations received from the Directors as on
30.09.2014 and taken on record by the Board of Directors, we report
that none of the Directors is disqualified as on 30.09.2014 from being
appointed as Directors in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
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) A majority of the assets of the Company have been physically
verified by the management during the year. There is a phased program
of verification which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets. No material
discrepancies were noticed on such verification.
c) During the year, the company has not disposed off substantial part
of the Fixed Assets.
ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanation
given to us the procedure 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. In respect of
stock of finished goods lying with C&FA we have been informed the
Company has physically verified the stocks at regular intervals.
c) In our opinion and according to the information and explanation
given to us the company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii) Unsecured loans from Directors is an amount ofRs. 14,30,27,980/-
(Previous year Rs. 6,64,56,424/-) as at the balance sheet date and the
terms and conditions of which are not prima facie prejudicial to the
interest of the Company. No interest was paid on such loans.
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 purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
v) a) According to the information and explanations given to us, we are
of the opinion thatthe transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
b) In our opinion and 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 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
vi) The Company has not accepted any deposits as defined under sections
58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance
and Deposits Rules, 1975). In our opinion and according to the
information and explanation given to us, based on the view taken by the
Company, Unsecured Loans obtained from Directors listed in the
Registers maintained U/s.301 of Companies Act, 1956, do not fall within
the purview of the Section 58(A) of the Companies Act, 1956 and the
Rules made there under.
vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii) The Central Government has prescribed maintenance of Cost Records
Under Section 209(1 )(d) of the Companies Act, 1956 for the Company.
Cost Audit for the current year is in progress.
ix) a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employee''s state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it
b) According to the information and explanations given to us, no
undisputed amount payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at
September 30, 2014 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
x) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current and
immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
xii) The company has not granted any loans and advances on the basis of
security byway of pledge of shares, debentures and other securities.
xiii) In our opinion, the company is not a chit fund or a nidhi /
mutual benefit fund/society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments, accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans by others from banks or financial
institutions are not prejudicial to the interest of the company.
xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
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
investment and vice-versa.
xviii) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act
xix) According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued
debentures.
xx) The company has not raised money by way of public issues.
xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit
For PRV ASSOCIATES
Chartered Accountants,
F.RNO.006447S
M.V. PURUSHOTTAMA RAO
Place : Hyderabad PARTNER
Date : 13th November 2014 Membership No.007393
Sep 30, 2013
We have audited the accompanying financial statements of Bambino Agro
Industries Limited (the company), which comprise the Balance Sheet as
at 30th September 2013, and 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''s responsibility for the financial statements
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 principles generally accepted in India, including
accounting standard referred to in sub section (3C) of section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit We conducted our audit in accordance with
auditing standards 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosure in the financial statements. The procedure
selected depends on the auditors'' judgment, including the assessment
of risks of material misstatements of 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 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 company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and also also the reasonableness of the
accounting estimates made by the management, as well as evaluating the
overall presentation of financial statements. We believe that the audit
evidence that 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
explanation 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 accounting principles generally accepted in
India;
a. In case of Balance Sheet of the state of affairs of the company as
at 30th September 2013
b. In case of statement of Profit & Loss, of the profit or loss for
the year ended as on that date, and
c. In case of cash flow statement, of the cash flow 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, ("the
Order") issued by the Central Government of India in terms of Section
227 (4A) of the Companies Act, 1956, we give in the Annexure a
statement on the matters specified in paragraphs 4& 5 of the 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 accounts 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 & 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 & Loss and
Cash flow statement comply with the accounting standards referred to in
sub section (3C) of Section 211 of the Companies Act
e. On the basis of representations received from the Directors as on
30.09.2013 and taken on record by the Board of Directors, we report
that none of the Directors is disqualified as on 30.09.2013 from being
appointed as Directors in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
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) A majority of the assets of the Company have been physically
verified by the management during the year. There is a phased program
of verification which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets. No material
discrepancies were noticed on such verification.
c) During the year, the company has not disposed off substantial part
of the Fixed Assets.
ii) a) The inventory has been physically verified during the year by
the management In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanation
given to us the procedure 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. In respect of
stock of finished goods lying with C&FA we have been informed the
Company has physically verified the stocks at regular intervals.
c) In our opinion and according to the information and explanation
given to us the company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii) Unsecured loans from Directors and others, is an amount of
Rs.6,64,56,424/- (Previous year Rs.8,29,97,751/-) as at the balance sheet
date and the terms and conditions of which are not prima facie
prejudicial to the interest of the Company. No interest was paid on
such loans.
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 purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
v) a) According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301of the Companies Act, 1956 have
been so entered.
b) In our opinion and 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 and exceeding the value of rupees five lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
vi) The Company has not accepted any deposits as defined under sections
58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance
and Deposits Rules, 1975). In our opinion and according to the
information and explanation given to us, based on the view taken by the
Company, Unsecured Loans obtained from Directors and others, listed in
the Registers maintained U/s.301 of Companies Act, 1956, do not fall
within the purview of the Section 58(A) of the Companies Act, 1956 and
the Rules made there under.
vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii) The Central Government has prescribed maintenance of Cost Records
Under Section 209(1)(d) of the Companies Act, 1956 for the Company.
Compliance report of maintenance of cost records for the year ending
30-09-2012 of cost audit has been obtained. Cost Audit for the current
year is in progress.
ix) a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employee''s state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it.
b) According to the information and explanations given to us, no
undisputed amount payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at
September 30, 2013 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
x) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xi) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
xii) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments, accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
xiii) In our opinion, the terms and conditions on which the company has
given guarantees for loans by others from banks or financial
institutions are not prejudicial to the interest of the company.
xiv) In our opinion, the term loans have been applied for the purpose
for which they were raised.
xv) 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
investment and vice-versa.
xvi) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act
xvii) According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued
debentures.
xviii) The company has not raised money by way of public issues.
xix) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit
For PRV ASSOCIATES
Chartered Accountants
F.R No : 006447S
M.V. PURUSHOTTAMA RAO
Place : Hyderabad PARTNER
Date : 13th November 2013 Membership No : 7393
Sep 30, 2010
1. We have audited the attached Balance Sheet of Bambino Agro
Industries Limited, as at 30th September 2010 and the Profit and Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial state- ments based on our audit.
2. We conducted our audit in accordance with auditing standards
generally 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 mis-statements. An audit
includes examining, on test basis, evidence supporting the amounts and
disclosures 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 financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion and report thereto.
3. As required by the Companies (Auditors Report Order, 2003, issued
by the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956, and on the basis of such checks of the books and records of
the company, as we considered appropriate, we enclose in the annexure a
statement on the matters specified in the said Order.
4. Further to our comments in Annexure referred to in Paragraph (3)
above.
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, the Company has kept proper books of accounts as
required by law so far as appears from our examination of such books.
c. The Balance Sheet and the Profit and Loss Account dealt with by
this report are in agreement with the books of account.
d. In our opinion, the Balance Sheet and Profit and Loss Account
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
e. On the basis of representations received from the Directors as on
30.09.2010 and taken on record by the Board of Directors, we report
that none of the Directors is disqualified as on 30.09.2010 from being
appointed as Directors in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f. In our opinion, and to the best of our information and according to
the explanations given to us, read with the accounting policies and
Notes to the Accounts (Schedule W), the said accounts subject to note
No.IV regarding change in accounting policy in respect of Inter
Divisional Transfers. (effect on profits Nil), give the information
required by the Companies Act, 1956 in the manner so required and give
us a true and fair view in conformity with the accounting principles
generally accepted in India.
1. In case of Balance Sheet, of the state of affairs of the Company as
at 30th September, 2010 and
2. In the case of the Profit and Loss Account of the Company for the
year ended on that date.
3. In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
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) A majority of the assets of the Company have been physically
verified by the management during the year. There is a phased program
of verification which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets. No material
discrepan- cies were noticed on such verification.
c) During the year, the company has not disposed off substantial part
of the Fixed Assets.
ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanation
given to us the procedures of physical verification of inventories
followed by the management are reasonable and ad- equate in relation to
the size of the company and the nature of its business. In respect of
stock of finished goods lying with C&FA, we have been informed that the
Company has physically verified the stocks at regular intervals.
c) In our opinion and according to the information and explanation
given to us the company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii) Unsecured loans from Directors and others, is an amount of
Rs.9,25,31,053/- (Previous year Rs.9,48,52,318/-) as at the balance
sheet date and the terms and conditions of which are not prima facie
prejudicial to the interest of the Company. No interest was paid on
such loans.
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 purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
v) a) According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
b) In our opinion and 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 and exceeding the value of rupees five akhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
vi) The Company has not accepted any deposits as defined under sections
58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance
and Deposits Rules, 1975). In our opinion and according to the
information and explanation given to us, based on the view taken by the
Company, Unsecured Loans obtained from Directors and others, listed in
the Registers maintained U/s.301 of Companies Act, 1956, do not fall
within the purview of Section 58(A) of the Companies Act, 1956 and the
Rules made there under.
vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii) The Central Government has not prescribed maintenance of Cost
Records under Section 209(1)(d) of the Companies Act, 1956 for the
Company.
ix) a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees state insurance, income tax, sales tax, wealth tax, cus- tom
duty, excise duty, cess and other material statutory dues applicable to
it.
b) According to the information and explanations given to us, no
undisputed amount payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at
September 30, 2010 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
x) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xi) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. There- fore, the provisions of clause 4 (xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
xii) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
xiii) In our opinion, the terms and conditions on which the company has
given guarantees for loans by others from banks or financial
institutions are not prejudicial to the interest of the company.
xiv) In our opinion, the term loans have been applied for the purpose
for which they were raised.
xv) 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
investment and vice-versa.
xvi) According to the information and explanations given to us, the
company has not made prefer- ential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
xvii) According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued
debentures.
xviii) The company has not raised money by way of public issues.
xix) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For PRV ASSOCIATES
Chartered Accountants
F.R. No: 006447S
Place: Hyderabad M.V.PURUSHOTTAMA RAO
Date: 26. 11.2010
PARTNER
Membership No : 7393