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Bajaj Global Ltd.

BSE: 512261 Sector: Others
NSE: N.A. ISIN Code: INE553H01015
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Bajaj Global Ltd. (BAJAJGLOBAL) - Auditors Report

Company auditors report

To the Members of M/s BAJAJ GLOBAL LIMITED Report on the Financial Statements

We have audited the accompanying standalone financial statements of M/s Bajaj GlobalLimited ( the Company ) which comprise the balance sheet as at 31st March 2016 thestatement of profit and loss and the cash flow statement for the year then ended and asummary 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 andpresentation of these 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 financial statements based on ouraudit.

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 there under.

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 the auditors judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company s preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company s Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2016 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 2016 ( the Order ) issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure A a statement on the matters specified in the paragraph 3 and 4 ofthe 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 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 sheetthe statement of profit and loss and the cash flow statement dealt with by this Report arein agreement with the books of account;

BAJAJ GLOBAL LIMITED

(d) in our opinion the aforesaid financial statements comply with the AccountingStandards 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 thedirectors as on 31st March 2016 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2016 from being appointed as a director in termsof Section 164 (2) of the Act; (f) with respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate report in Annexure B ; and (g) with respect to the othermatters 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 andaccording to the explanations given to us:

i. the Company does not have any pending litigations which would impact its financialposition;

ii. the Company does not have any material foreseeable losses on long term contractsincluding derivative contracts which would impact its financial position;

iii. there were no amounts which are required to be transferred to the InvestorEducation and Protection Fund by the Company

Place: Nagpur For B.CHHAWCHHARIA & CO.
Date: 30th May 2016 Firm Registration No. 305123E
Chartered Accountants
Sanjay Agarwal
Partner
Membership No. 066580

ANNEXURE A TO THE AUDITORS REPORT

Referred to in paragraph 1 of our Report of even date for the year ended 31st March2016.

(i) a) Proper records showing full particulars including quantitative details andsituation of fixed assets are being updated by the company.

b) As explained to us all the fixed assets were physically verified during the year bythe management. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(ii) There is no inventory in the Company.

(iii)a) The company has granted unsecured loans to three companies covered in theregister maintained under section 189 of the Companies Act 2013.

b) The payment of principal amounts and interest are regular as per stipulationswherever such stipulations exist.

c) As explained to us there is no overdue amount of Loans exceeding Rupees one Lacs.

(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 the Companies Act 2013in respect of loans investments guarantees and securities made by the company.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits within the meaning of Sections 73 to 76 of theCompanies Act 2013 Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended).

(vi)In view of the activities of the Company maintenance of cost records under Section148(1) of the Companies Act 2013 is not applicable.

(vii)In our opinion and according to the information and explanations given to us:

a) The Company is generally regular in depositing undisputed statutory dues includingProvident Fund Employees State Insurance Income Tax Sales Tax Service Tax CustomDuty Excise Dutycess and other statutory dues as applicable with the appropriateauthorities.

b) There are no disputed dues of sales tax income tax custom duty service Taxexcise duty which have not been deposited on account of any disputes.

(viii)The company has not taken any loans from Financial Institutions or Banks orDebenture holders.

(ix)The Company has not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year under review.

(x) According to the information and explanations given to us and to the best of ourknowledge and belief no fraud on or by the Company has been noticed or reported duringthe year.

(xi)The Company has not paid any managerial remuneration under section 197 read withthe schedule V of the Companies Act 2013.

(xii)In our opinion and according to the information and explanations given to ustheCompany is not a nidhi company.

(xiii)According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act and the details of such transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards.

(xiv)According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv)According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. (xvi)The Company is a Non-Banking Financial Company and is registered under section 45- IA of the Reserv Bank ofIndia Act 1934

Place: Nagpur For B.CHHAWCHHARIA & CO.
Date: 30th May 2016 Chartered Accountants
Firm Registration No. 305123E
Sanjay Agarwal
Partner
Membership No. 066580

ANNEXURE B TO THE AUDITORS REPORT

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 M/s BajajGlobal Limited ( the Company ) as of 31st March 2016 in conjunction with our audit of thefinancial 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 ( ICAI ). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including 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 Companies Act 2013.

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 deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated 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 judgment 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 31 March 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.

Place: Nagpur For B.CHHAWCHHARIA & CO.
Date: 30th May 2016 Chartered Accountants
Firm Registration No. 305123E
Sanjay Agarwal
Partner
Membership No. 066580