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Bajaj Corp Ltd.

BSE: 533229 Sector: Consumer
NSE: BAJAJCORP ISIN Code: INE933K01021
BSE LIVE 15:40 | 09 Dec 366.90 -0.45
(-0.12%)
OPEN

367.25

HIGH

368.25

LOW

361.35

NSE LIVE 15:46 | 09 Dec 365.85 0.65
(0.18%)
OPEN

367.45

HIGH

367.45

LOW

360.10

OPEN 367.25
PREVIOUS CLOSE 367.35
VOLUME 3146
52-Week high 438.30
52-Week low 350.55
P/E 21.76
Mkt Cap.(Rs cr) 5411.78
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 367.25
CLOSE 367.35
VOLUME 3146
52-Week high 438.30
52-Week low 350.55
P/E 21.76
Mkt Cap.(Rs cr) 5411.78
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bajaj Corp Ltd. (BAJAJCORP) - Auditors Report

Company auditors report

To the Members of Bajaj Corp Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Bajaj CorpLimited (‘the Company’) which comprises the Balance Sheet as at March 312016 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand 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 of 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 standalone financial statements that give a true and fair view and are free frommaterial misstatement 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance 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 theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatement. An audit involves performing procedures to obtain auditevidence about the amounts and the disclosures in the financial statements. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Inmaking those risk assessments the auditor considers internal financial control relevantto the Company’s preparation of the financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 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 March 31 2016 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 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure ‘A’ a statement on the mattersspecified in the paragraph 3 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount. 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.

e) On the basis of the written representations received from the directors as on March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164 (2) of theAct. f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B". g) With respect to the other matters to beincluded in the Auditor’s Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinion and to the best of our information and accordingto the explanations given to us; i. The Company does not have any pending litigationswhich would impact its financial position. ii. The Company did not have any long-termcontracts including derivative contracts for which there were any material foreseeablelosses. iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For R.S. Dani & Company
Chartered Accountants
ICAI Firm registration number: 000243C
C.P. Kothari
Partner
Membership No.: 072229
Place : Mumbai
Date : April 12 2016

Annexure ‘A’

Annexure referred to in paragraph 1 under the heading "Report on other legal andregulatory requirements" of our report of even date

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

(b) As explained to us the fixed assets have been physically verified by themanagement at reasonable intervals during the year and no material discrepancies werenoticed on verification.

(c) Based upon the audit procedure performed and according to the records of theCompany title deeds of all the immovable properties are held in the name of the Company.

(ii) The Inventories of finished goods stores spare part and raw materials have beenphysically verified by the management. In our opinion the frequency of verification isreasonable. On the basis of our examination of the records of inventory we are of theopinion that the discrepancies noticed on verification between the physical stocks andbook records were not material and have been properly dealt with in the books of accounts.

(iii) (a) The Company has granted unsecured loans to two wholly own subsidiarycompanies covered in the register maintained under section 189 of the Act which wererepaid during the year. In our opinion and according to the information and explanationsgiven to us the rate of interest and other terms and conditions of the grant of suchloans are not prima facie prejudicial to the interest of the Company.

(b) In respect of loans granted repayment of the principal amount is as stipulated andpayment of interest has been regular.

(c) There is no overdue amount of loans granted to companies listed in the registermaintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of Act in respect ofloans investments guarantees and security to the extent applicable to it.

(v) According to the information and explanations given to us the company has notaccepted any deposit from the public within the meaning of section 73 to 76 of the Act andthe rules framed thereunder. Therefore the provision of clause 3(v) of the Order is notapplicable to the Company. (vi) To the best of our knowledge and as explained CentralGovernment has not prescribed the maintenance of cost records under sub-section (1) ofsection 148 of the Companies Act 2013 for the products of the Company. Therefore in ouropinion the provisions of clause 3(vi) of the Order are not applicable to the Company.

(vii) (a) According to records of the Company the Company has been regular indepositing with appropriate authorities undisputed statutory dues including ProvidentFund Employees’ State Insurance Income-tax Sales-tax Service-tax Custom DutyExcise Duty Value Added tax Cess and other statutory dues to the extent applicable toit.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees’ State Insurance Income-tax Servicetax Sales-tax Customs Duty Excise Duty Value Added tax Cess and other materialstatutory dues were outstanding at the year end for a period of more than six monthsfrom the date they became payable. (b) According to the information and explanations givento us there are no dues of income tax sales-tax service tax customs duty excise dutyand value added tax which have not been deposited on account of any dispute.

(viii) Based on our audit procedures and as per the information and explanations givenby the management we are of the opinion that the Company has not defaulted in repaymentof dues to bank or government. The Company did not have any outstanding dues in respect offinancial institution or debentures during the year.

(ix) We have verified that the end use of money raised by public issue is as disclosedin the notes to the financial statements. The Company did not have any term loansoutstanding during the year.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given bythe management we report that no fraud on or by the Company has been noticed or reportedduring the year.

(xi) In our opinion the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act.

(xii) In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund /society. Therefore the provisions of clause 3(xii) of the Order are not applicable to theCompany.

(xiii) In our opinion all the transactions with the related parties are in compliancewith section 177 and 188 of Act where applicable and the details have been disclosed inthe financial statements as required by applicable accounting standard.

(xiv) The Company has not made any preferential allotment or private placement ofshares or partly or fully convertible debentures during the year therefore reportingunder clause 3(xiv) shall not be applicable.

(xv) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company we report that the Company has notentered into any non-cash transaction with directors or persons connected with him.

(xvi) In our opinion the company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For R. S. Dani & Company
Chartered Accountants
ICAI Firm registration number: 000243C
C. P. Kothari
Partner
Membership No.: 072229
Place : Mumbai
Date : April 12 2016

Annexure ‘B’

Annexure to the independent auditor’s report of even date on the Standalonefinancial statements of Bajaj Corp Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Bajaj CorpLimited ("the Company") as of March 31 2016 in conjunction with our audit ofthe standalone 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 internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s Judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’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 financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For R. S. Dani & Company
Chartered Accountants
ICAI Firm registration number: 000243C
C. P. Kothari
Partner
Membership No.: 072229
Place : Mumbai
Date : April 12 2016

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