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Banaras Beads Ltd.

BSE: 526849 Sector: Industrials
NSE: BANARBEADS ISIN Code: INE655B01011
BSE LIVE 15:24 | 06 Dec 44.15 1.30
(3.03%)
OPEN

46.00

HIGH

46.00

LOW

43.20

NSE LIVE 15:00 | 06 Dec 44.10 0.60
(1.38%)
OPEN

46.50

HIGH

46.50

LOW

44.00

OPEN 46.00
PREVIOUS CLOSE 42.85
VOLUME 1300
52-Week high 63.00
52-Week low 36.00
P/E
Mkt Cap.(Rs cr) 29.32
Buy Price 44.05
Buy Qty 100.00
Sell Price 44.90
Sell Qty 10.00
OPEN 46.00
CLOSE 42.85
VOLUME 1300
52-Week high 63.00
52-Week low 36.00
P/E
Mkt Cap.(Rs cr) 29.32
Buy Price 44.05
Buy Qty 100.00
Sell Price 44.90
Sell Qty 10.00

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 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 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 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 Jon 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. Anaudit also includes 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 me 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 2016 and its profit and its cash flows fof 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 subsection (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 receivedfrom the directors as on 31 March 2016 taken on record by the Board of Directors none ofthe directors is disqualified as on 31 March 2016 from being appointed as a director interms of Section 164 (2) of the Act; and

(f) with respect to the other matters to be included in the Auditor's Repon inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014in 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 -3133 & 34 to the financialstatements; ii. the Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts - and iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Companyas no amount was due to be transferred during the year.

For Kamal Kishore & Co.
Chartered Accountants
(Firm No007424C)
Sd/-
Place: VARANAS1 (Kamal Kishore Srlvastava)
Date: 26.05.2016 Partner M. No.071639

ANNEXURETO INDEPENDENTAUDITORS'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 MARCH2016.

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 fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld 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 on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act Consequently the provisions of clauses iii (a) to iii(c) of the order are not applicable to the Company.

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 tothe investment made. No loan and guarantee has been often to director etc.

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

6. As explained to us by the management maintenance of cost records as specified by theCentral Government under sub-section (1) of section 148 of the Companies Act are notapplicable to the company 7. (a) According to the records of the company undisputedstatutory dues including Provident Fund Investor Education and Protection FundEmployees' State Insurance Income-tax Sales-tax Wealth Tax Service Tax Custom DutyExcise Duty cess to the extent applicable and any other statutory dues have generallybeen regularly deposited with the appropriate authorities. According to the informationand explanations given to us there were no outstanding statutory dues as on 31st of March2016 for a period of more than six months from the date they became payable exceptdisputed service tax amounting to Rs.7.34 Lakhs.

(b) According to the information and explanation given to us following amount of duesof tax and cess which have not been deposited on account of disputes:-Service Tax AppealPending at Commissioner Appeal 7.34 Lakhs

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 theOrder is not 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 45-1 of the Reserve Bankof India Act 1934.

For Kama) Kishore & Co.
Chartered Accountants
(FirmNo007424C)
Sd/-
Place: VARANASI (Kama! Kishore Srivastava)
Date: 26. 05. 2016 Partner M. No. 71639

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