You are here » Home » Companies » Company Overview » Bagadia Colourchem Ltd

Bagadia Colourchem Ltd.

BSE: 530197 Sector: Industrials
NSE: N.A. ISIN Code: INE365H01014
BSE LIVE 14:50 | 02 Dec 11.50 -0.02
(-0.17%)
OPEN

11.50

HIGH

11.50

LOW

11.50

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.50
PREVIOUS CLOSE 11.52
VOLUME 731
52-Week high 14.88
52-Week low 5.20
P/E
Mkt Cap.(Rs cr) 4.24
Buy Price 11.50
Buy Qty 324.00
Sell Price 0.00
Sell Qty 0.00
OPEN 11.50
CLOSE 11.52
VOLUME 731
52-Week high 14.88
52-Week low 5.20
P/E
Mkt Cap.(Rs cr) 4.24
Buy Price 11.50
Buy Qty 324.00
Sell Price 0.00
Sell Qty 0.00

Bagadia Colourchem Ltd. (BAGADIACOLOURCH) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

To

The Members of Bagadia Colourchem Limited Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of Bagadia ColourchemLimited (‘the Company’) which comprise the Balance Sheet as at 31st March2015 and the Statement of Profit and Loss the Cash Flow Statement for the year thenended 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

"We have taken into account the provisions of the Act the Accounting and AuditingStandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder."

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements. "We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone financial statements."

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31stMarch 2015 and its loss and its cash flows for the year ended on that date.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements: a)Note 2.1.2 in the financial statements which indicates that the Company has lost more than80% of the accumulated surplus during two years (2014-15 and 2013-14) as the Company hasincurred net loss in these two years and it also incurred a Cash Loss in the previousyear These conditions indicate the existence of a material uncertainty that may castsignificant doubt about the Company’s ability to continue as a going concern.However the financial statements of the Company have been prepared on a going concernbasis for the reasons stated in the said Note. b) Note 2.8 in the financial statementswhich indicates that the Company has not followed Accounting Standard (AS) 28 for‘Impairment of Assets’ . Its impact on the profits is not known.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 (‘theOrder’) issued by the Central Government of India in terms of sub-section (11) ofSection 243 of the Companies Act 2013 we give in the Annexure a statement on the mattersspecified in paragraphs 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 bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

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

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 except for the fact that the Company has not followedAccounting Standard (AS) 28 for ‘Impairment of Assets’. Its impact on theprofits is not known. (As referred to in sub-paragraph (b) under the Emphasis of Mattersparagraph above) (e) The going concern matter described in sub-paragraph (a) under theEmphasis of Matters" paragraph above in our opinion may have an adverse effect onthe functioning of the Company.

(f) On the basis of the written representations received from the Directors as on 31stMarch 2015 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition ii. The Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection

Fund by the Company.

For S. G. Shende & Co.
Chartered Accountants
Firm Reg. No. 120915W
Shreepad G. Shende
Place : Pune Proprietor
Date : 28/04/2015 Membership No. 041692

Annexure to the Auditors’ Report referred to in Paragraph 3 of our report of evendate on the Accounts for the year ended on 31st March 2015 of Bagadia Colourchem Limited

For S. G. Shende & Co. Chartered Accountants
Firm Reg. No. 120915W
Shreepad G. Shende
Place : Pune Proprietor
Date : 28/04/2015 Membership No. 041692

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

(b) All the assets have not been physically verified by the management during the yearbut there is a regular verification programme of which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were said to be noticed on verification.

(ii) verification (a) The inventory has been physically verified during the year by themanagement. In our opinion the frequency of is reasonable.

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the Company and the nature of itsbusiness

(c) The Company is maintaining proper records of inventory. The discrepancies noticedverification physical between the physical stocks and the book records were not material.

(iii) (a) According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to companies firms or other parties listedin the register maintained under section 189 of the Companies Act 2013. Thereforeclauses (iii) (a) and (iii) (b) of paragraph 3 of the Companies (Auditors Report) Order2015 are not applicable to the Company for the current year.

(iv) According to the information and explanations given to us there are adequateinternal control system commensurate with the size of the Company and the nature of itsbusiness with regard to purchase of inventory fixed assets and with regard to the sale ofgoods and services if any. As per information given to us no major weaknesses in theinternal control system have been identified by the management or the internal auditors ofthe Company during the year. During the course of our audit nothing had come to ournotice that may suggest a major weaknesses in the internal control system of the Company.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public within the meaning of Sections 73 to 76 of theCompanies Act 2013 and the rules framed thereunder.

(vi) We were informed that the Company has not maintained cost records prescribed bythe Central Government under Section 148 (1) of the Companies Act 2013.

(vii) (a) According to the records of the Company examined by us in our opinion theCompany is generally regular in depositing undisputed statutory dues including Income-taxSales-tax Wealth Tax Duty of Customs Duty of Excise Value Added Tax Cess and othermaterial statutory dues as applicable with the appropriate authorities in India.

We have been informed that the Company is not liable to pay Provident Fund andEmployees State Insurance & Service Tax.

(b) According to the records of the Company examined by us there are no dues ofIncome-tax Sales-tax Wealth Tax Service Tax Duty of Customs Duty of Excise ValueAdded Tax or Cess which have not been deposited on account of any dispute.

(c) According to the records of the Company examined by us there are no amounts whichwere required to be transferred to Investor Education and Protection Fund in accordancewith the relevant provisions of the Companies Act 1956 and rules made thereunder.

(viii) The Company’s accumulated losses as at the end of the Financial Year areless than fifty per cent of its Net Worth. The Company has not incurred cash loss duringthe Financial Year covered by our audit but it has incurred cash loss in the immediatelypreceding Financial Year. (ix) According to the information and explanations given to usthe Company has not defaulted in repayment of dues to a financial institution or bank.There are no debentures issued by the Company.

(x) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions duringthe year. (xi) As informed to us the Company has not raised any term loans during theyear.

(xii) During the course of our examination of the books and records of the Companycarried out in accordance with the Auditing Standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe year nor have we been informed of such case by the management.

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard