Mar 31, 2015
We have audited the accompanying standalone financial statements of BCB
Finance Limited ('the Company'), which comprise the balance sheet as at
31 March 2015, the statement of profit and loss and the cash flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Standalone 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 and presentation of these standalone 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 standalone
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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as
at 31 March 2015 and its profit and its 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
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 it appears from our examination of those
books;
(c) 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;
(d) in our opinion, the aforesaid standalone 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 the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) 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 has disclosed the impact of pending litigations on its
financial position in its financial statements
ii. the Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable
losses, if any, on long-term contracts including derivative contracts,
if any, to the financial statements; and
iii. There has been no delay in transferring amounts, if required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the standalone financial statements for the
year ended 31 March 2015, we report that:
(i) the Company does not have any fixed assets;
(ii) the Company does not have any inventory;
(iii) the company has granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act and
(a) the receipt of the principal amount and interest are regular; and
(b) there is no overdue amount
(iv) there an adequate internal control system commensurate with the
size of the Company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
There is no continuing failure to correct major weaknesses in internal
control system;
(v) the Company has not accepted deposits;
(vi) the Company is not required to maintain cost records under
sub-section (1) of section 148 of the Companies Act;
(vii) (a) the Company 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;
(b) There are no disputes for dues 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. The Income tax website has an outstanding claim of Rs.
48.82 lakh for AY 2008-09 against the company. The company has
submitted that the same is an error on part of the Income Tax
department and needs to be rectified.
(c) There is no amount required to be transferred to investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956);
(viii) the Company's has no accumulated losses at the end of the
financial year
(ix) the Company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders;
(x) the Company has not given any guarantee for loans taken by others
from bank or financial institutions;
(xi) no term loans have been availed by the Company;
(xii) no fraud on or by the Company has been noticed or reported during
the year.
For Bhatter & Co.
Chartered Accountants
Firm Registration No. 131092W
Sd/ -
D.H. Bhatter
Proprietor
Membership No. 16937
Place: Mumbai
Date: 5-Aug-15
Mar 31, 2014
We have audited the attached financial statements of BCB FINANCE
LIMITED ("the Company"), which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year ended on the date annexed thereto, and a summary of
significant accounting policies and other explanatory information,
which we have signed under reference to this report.
Management''s Responsibility for the Financial Statements
The Company''s 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 referred to in sub-section
(3C) of Section 211 of the Companies Act, 1956 ("the Act")read with
General circular 15/2013 dated 13.09.2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013 and in
accordance with the accounting principles generally accepted in India.
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.
Auditors'' 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. 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 inconformity 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 March 31,2014;
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(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 (''the
Order'') issued by the Central Government of India in terms of Section
227 (4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 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 purposes of our
audit;
(b) In our opinion, proper books of accounts 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, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211 (3C) of the Act and the General Circular
15/2013 dated 13.09.2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013; and
(e) On the basis of the written representations received from the
directors as on March 31, 2014 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 Section 274(1)(g) of the
Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
[Referred to in paragraph under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date]
(i) The Company does not have any fixed assets
(ii) Physical verification of inventory has been conducted at
reasonable intervals by the management;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification
iii) (a) The Company has granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
Number of parties 2
Amount involved in the transactions Rs. 4.8 Crore
(b) The rate of interest and other terms and conditions of loans given
by the Company are prima facie not prejudicial to the interest of the
Company
(c) Entire principal amount and interest have been received as on date
(d) There are no overdue amounts
(e) The Company taken not any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
(iv) There is an adequate internal control system commensurate with the
size of the Company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services
(v) (a) 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; and
(b) Transactions made in pursuance of such contracts or arrangements
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 deposits from the public
(vii) The Company has an internal audit system commensurate with its
size and nature of its business;
(viii) Maintenance of cost records is not applicable on the Company
(ix) (a) The Company regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth tax, Service
tax, Custom Duty, Excise Duty, cess and any other statutory dues with
the appropriate authorities
(b) There are no dues of Income tax/ Sales tax /Wealth tax/ Service
tax/ Custom duty/ Excise duty/ cess have not been deposited on account
of any dispute
(x) The Company does not have accumulated losses at the end of the
financial year, and has not incurred cash losses in current financial
year or the immediately preceding financial year;
(xi) The Company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders
(xii) Adequate documents and records are maintained in cases where the
Company has granted loans and advances on the basis of security by way
of pledge of shares, debentures and other securities
(xiii) Provisions of any special statute applicable to chit fund are
not applicable to the Company
(xiv) In its dealing or trading in shares, securities, debentures and
other investments, proper records have been maintained of the
transactions and contracts and whether timely entries have been made
therein; and shares, securities, debentures and other investments have
been held by the Company in its own name
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions
(xvi) No term loans have been obtained;
(xvii) Funds raised on short-term basis have not been used for long
term investment
(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) No debentures have been issued by the Company
(xx) No public issues was made by the Company in the current financial
year
(xxi) No fraud on or by the Company has been noticed or reported during
the year
For and on behalf of
MOHANLAL JAIN & CO.
Chartered Accountants
(Firm Reg. No: 106532W)
Sd/-
Mohanlal Jain
Proprietor
(M.No. 036824)
Place: Mumbai
Date: 30th May, 2014
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