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Bambino Agro Industries Ltd.

BSE: 519295 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE921D01013
BSE 00:00 | 24 Apr 224.80 -0.20
(-0.09%)
OPEN

220.00

HIGH

224.80

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215.05

NSE 05:30 | 01 Jan Bambino Agro Industries Ltd
OPEN 220.00
PREVIOUS CLOSE 225.00
VOLUME 180
52-Week high 356.20
52-Week low 166.70
P/E 68.96
Mkt Cap.(Rs cr) 180
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 220.00
CLOSE 225.00
VOLUME 180
52-Week high 356.20
52-Week low 166.70
P/E 68.96
Mkt Cap.(Rs cr) 180
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bambino Agro Industries Ltd. (BAMBINOAGROIND) - Auditors Report

Company auditors report

TO THE MEMBERS OF BAMBINO AGRO INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Bambino Agro IndustriesLimited ("the Company") which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 theauditor's 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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 financial 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

a) in case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;

b) in the case of Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (hereinafterreferred to the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanations given to us we give in the Annexure – 1 a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) (i) of the Companies Act 2013 we had given inAnnexure – 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 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 accounts of the branch offices of the Company have been audited by us underSection 143 (8)of the Act and have been properly dealt with by us in preparing thisreport.

(d) 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 and with the accountsof the branches.

(e) 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.

(f) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2)of the Act.

(h) 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. In our opinion and as per the information and explanations provided to usTheCompany did not have any long-term contracts including derivative contracts for whichthere 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.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management

FOR PRV ASSOCIATES
Chartered Accountants
Firm Reg. No. 006447S
S RAMNATH
Place: Hyderabad PARTNER
Dated: 23-05-2017 Membership No. 019201

Annexure-1 to the Independent Auditors Report

(Referred to in Paragraph 1 under section (Report on the Other Legal and RegulatoryRequirements of our report even date)

((i) (a) According to the information and explanations given to us the Company ismaintaining proper records showing full particulars including quantitative details andsituation of fixed assets.

(b) According to the information and explanations given to us majority of the fixedassets have been physically verified by the management during the year. There is a phasedprogram of verification which in our opinion is at reasonable intervels having regard tothe size of the company and the nature of its assets. No material discrepancies werenoticed on such verification;

(c) All the title deeds of the immovable properties are held in the name of theCompany.

(ii) According to the information and explanations given to us the inventories havebeen physically verified at reasonable intervals by the management and no materialdiscrepancies were noticed on such verification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to the companies firms or other parties coveredin the register maintained under section 189 of companies' act 2013. Accordingly thesub-clause (a) (b) and (c) are not applicable to the company. Loans and advances torelated parties are trade advances given in the ordinary course of carrying on thebusiness of the company.

(iv) According to the information and explanations given to us the Company has notgranted any loans nor has it made any investments or given any guarantee or security whichare covered under the provisions of Section 185 and 186 of the Companies Act 2013.

(v) According to the information and explanations given to us the Company has notaccepted any deposits in terms of the directives issued by Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed there under.

(vi) The Central Government has not prescribed the maintenance of cost records undersub-section (1) of section 148 of the Companies Act 2013.

(vii) (a) According to the information and explanations given to us the company isgenerally regular in depositing undisputed statutory dues including provident fundemployees state insurance income tax service tax with the appropriate authorities.According to the information and explanations given to us the arrears of outstandingstatutory dues as at the last day of the financial year under audit for a period of morethan six months from the date they became payable are Service Tax 29.88 Lacs and TaxDeducted at Source 5.23 Lacs.

(b) According to the information and explanations given to us there are no dues ofsales taxes or service tax or duty of customs or duty of excise or value added tax whichhas not been deposited on account of dispute except Income tax of an amount Rs. 14.50lakhs. The deputy commissioner of Income Tax – circle 1(2) Hyderabad had raised theaforesaid said demand against the company for the Assessment Year 2013-14. The companyreferred an appeal before Commissioner of Income Tax Appeals VI Hyderabad. No provisionhas been made in the books for the aforesaid demand.

(viii) According to the information and explanations given to us the company has notdefaulted in repayment of dues to a financial institution or bank during the year howeverthere are delays in few cases. There are no debenture holders.

(ix) According to the information and explanations given to us during the year underreview the Company has not raised any money by way of initial public offer furtherpublic offer or term loans and hence the reporting requirement on the purpose ofapplication of the same is not warranted.

(x) According to the information and explanations given to us and based upon the auditprocedures performed by us no fraud by the Company or on the Company committed by itsofficers or employees has been noticed or reported during the year.

(xi) According to the information and explanations given to us the managerialremuneration paid to Directors during the year is in compliance with the provisions ofSection 197 read with Schedule V of the Companies Act 2013.

(xii) As the Company is not a Nidhi Company in terms of the provisions of the CompaniesAct 2013 read with Nidhi Rules 2014 the matters to be reported under clause (xii) arenot applicable.

(xiii) According to the information and explanations given to us in respect of thetransactions with the related parties the Company has complied with the provisions ofSection 177 and 188 of the Companies Act. 2013 wherever applicable. In our opinion thedetails as required by the applicable accounting standards have been disclosed in thefinancial statements for the year under review.

(xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. Hence reporting requirement oncompliance with Section 42 of the Companies Act 2013 and purpose of application of thefunds so raised is not applicable.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him andhence reporting requirement on compliance with the provisions of Section 192 of theCompanies Act 2013 is not applicable.

(xvi) According to the information and explanations given to us and in our opinion theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

FOR PRV ASSOCIATES
Chartered Accountants
Firm Reg. No. 006447S
S. RAMNATH
Place : Hyderabad PARTNER
Date : 23-05-2017 Membership No. 019201

Annexure-2 to the Independent 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 BambinoAgro Industries Limited ("the Company") as of March 31 2017 in conjunction withour 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 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 the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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

Pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company;

Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

Provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the company's assets that could have a material effecton 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 2017 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 PRV ASSOCIATES
Chartered Accountants
Firm Reg. No. 006447S
S RAMNATH
Place: Hyderabad PARTNER
Dated: 23-05-2017 Membership No. 019201