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Banaras Beads Ltd.

BSE: 526849 Sector: Industrials
NSE: BANARBEADS ISIN Code: INE655B01011
BSE LIVE 14:49 | 15 Dec 65.80 2.55
(4.03%)
OPEN

65.30

HIGH

66.00

LOW

63.10

NSE 14:43 | 15 Dec 65.90 2.75
(4.35%)
OPEN

63.60

HIGH

66.70

LOW

63.50

OPEN 65.30
PREVIOUS CLOSE 63.25
VOLUME 3210
52-Week high 102.45
52-Week low 42.25
P/E 25.91
Mkt Cap.(Rs cr) 44
Buy Price 64.55
Buy Qty 5.00
Sell Price 66.40
Sell Qty 3.00
OPEN 65.30
CLOSE 63.25
VOLUME 3210
52-Week high 102.45
52-Week low 42.25
P/E 25.91
Mkt Cap.(Rs cr) 44
Buy Price 64.55
Buy Qty 5.00
Sell Price 66.40
Sell Qty 3.00

Banaras Beads Ltd. (BANARBEADS) - Auditors Report

Company auditors report

TO THE SHAREHOLDERS OF BANARAS BEADS LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of Banaras BeadsLimited ('the Company') which comprise the balance sheet as at 31 March 2017 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 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the financial statements. The procedures selected depend onthe auditor'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's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures 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 as well asevaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion 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 of the state of affairs of the Company as at 31March 2017 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 by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in the paragraph 3and 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;

(e) on the basis of the written representations received from the directors as on 31March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as a director in terms of Section164 (2) of the Act; and

(f) 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 has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note -32 & 33 to the financialstatements;

ii. the Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts - and

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company as no amount was due to betransferred during the year.

vi. The company had provided the requisite disclosure vide note no. 29 in its financialstatements as to holdings as well as dealings in specified bank notes during the periodfrom 08.11.2016 to 30.12.2016 and these are in accordance with the books of accountsmaintained by the company.

For Kamal Kishore & Co.
Chartered Accountants
(Firm No 007424C)
Sd/-
Place: VARANASI (Kamal Kishore Srivastava)
Date: 25. 05. 2017 Partner M. No. 071639

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT

THE ANNEXURE REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF BANARAS BEADSLIMITED. ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31ST MARCH 2017.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that: 1.(a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets. (b) As explained to us fixedassets have been physically verified by the management at reasonable intervals; nomaterial discrepancies were noticed on such verification. (c) According to the informationand explanations given to us and on the basis of our examination of the records of theCompany the title deeds of immovable properties are held in the name of the Company.

2 As explained to us inventories have been physically verified during the year by themanagement at reasonable intervals and the discrepancy noticed on physical verification ofstocks as compared to book records were not material and have been properly dealt with inthe books of accounts. 3. According to the information and explanations given to us and onthe basis of our examination of the books of account the Company has granted unsecuredloans to companies firms or other parties listed in the register maintained under Section189 of the Companies Act and as explained to us the terms and conditions are notprejudicial to the interest of the company and no schedule of repayment has beenstipulated however interest has been paid up to 31.3.17.

4. In our opinion an according to the information an explanation given to us thecompany has complied with the provision of

Section 185 and 186 of the act with respect to the investment and loan made. 5.

5. The Company has not accepted any deposits from the public.

6. Reporting under clause 3(v) of the order is not applicable as the Company’sbusiness activities are not covered by the companies (Cost Records and Audit) Rules 2014.

7. According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees’ State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cess to theextent applicable and any other statutory dues have generally been regularly depositedwith the appropriate authorities. According to the information and explanations given tous there were no outstanding statutory dues as on 31st of March 2017 for aperiod of more than six months from the date they became payable.

8. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has taken only working capital loansfrom banks and has not defaulted in repayment of dues to the bank. The company does nothave any borrowing from financial institution and has not issued debentures.

9. The Company has not raised moneys by way of initial public offer or future publicoffer (including debt instruments) or term loans and hence reporting under clause 3(ix) ofthe Order is not applicable.

10. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

11. In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act. 12.The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order isnot applicable.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Act where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the standalone financial statements as required by the applicableaccounting standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of the Order is not applicable to the Company.

15.In our opinion and according to the information and explanations given to us duringthe year the Company has not entered into any non-cash transactions with its Directors orpersons connected to its Directors and hence provisions of Section 192 of the Act are notapplicable.

16. The Company is not required to be registered under Section 45-I of the Reserve Bankof India Act 1934.

For Kamal Kishore & Co.
Chartered Accountants
(Firm No 007424C)
Sd/-
Place: VARANASI (Kamal Kishore Srivastava)
Date : 25. 05. 2017 Partner M. No. 71639

ANNEXURE ‘A’ TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1(f) under on other Legal and Regulatory Requirements’section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under (i) of Sub-section 3 of Section 143of the Companies Act2013 ("the Act) of Banaras BeadsLimited.

We have audited the internal financial controls over financial reporting of BanarasBeads Limited ( ‘ the Company’) as of March 31 2017 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended andas at 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 (‘the Guidance Note’).These responsibilities include the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuing the orderly andefficient conduct of its business including adherence to Company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial as required 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 accordance with the Guidance Note and the Standards requirethat 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 reporting included obtaining an understanding of internal financialcontrols over financial reporting assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditors’ judgmentincluding the assessment of the risk of material misstatement of the standalone Ind ASfinancial 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future period are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the polices or procedures may deteriorate.

Opinion.

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlsystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2017 based on the internal controlover reporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note.

For Kamal Kishore & Co.
Chartered Accountants
(Firm No 007424C)
Sd/-
Place: VARANASI (Kamal Kishore Srivastava)
Date : 25. 05. 2017 Partner M. No. 71639