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Bang Overseas Ltd.

BSE: 532946 Sector: Industrials
NSE: BANG ISIN Code: INE863I01016
BSE LIVE 11:58 | 28 Jul 36.00 -0.60
(-1.64%)
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NSE 12:16 | 28 Jul 36.00 -0.90
(-2.44%)
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36.00

HIGH

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OPEN 36.00
PREVIOUS CLOSE 36.60
VOLUME 1000
52-Week high 52.40
52-Week low 19.20
P/E 8.89
Mkt Cap.(Rs cr) 49
Buy Price 36.00
Buy Qty 200.00
Sell Price 37.45
Sell Qty 250.00
OPEN 36.00
CLOSE 36.60
VOLUME 1000
52-Week high 52.40
52-Week low 19.20
P/E 8.89
Mkt Cap.(Rs cr) 49
Buy Price 36.00
Buy Qty 200.00
Sell Price 37.45
Sell Qty 250.00

Bang Overseas Ltd. (BANG) - Auditors Report

Company auditors report

To

The Members of

Bang Overseas Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

1. We have audited the accompanying standalone financial statements of Bang OverseasLimited ("the Company") which comprise the Balance Sheet as at March 31 2016the Statement of Profit & Loss and Cash Flow Statement for the year then ended andsummary of significant accounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone 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 133of the Act read with Rule 7 of the Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

AUDITOR’S RESPONSIBILITY

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken in account the provision of the Act the accounting and auditingstandards and matters which required to be included in the audit report under theprovisions of the Act and Rules made there under.

5. 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 ofmaterialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’sjudgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditors consider internal financial control relevant to the Company’spreparation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expression an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and operating effectiveness of such controls. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

7. 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

8. 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 withaccounting principles generally accepted in India of the state of affairs of the Companyas at31st March 2016 and its profit and its cash flow for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

9. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government oflndia in terms of subsection (11) ofsection 143 of the Companies Act 2013 we give in Annexure ‘A’ a statement onmatters specified in paragraphs 3 and 4 of the said order.

10. As required by Section 143 (3) of the Act we report that:

(a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of accounts;

(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 written representations received from the directors as on March312016 and taken on record by the Board of Directors none of the directors aredisqualified as on March 312016 from being appointed as a director in terms of section164(2) of the Act.

(f) Report on Internal Financial Controls under clause (i) of subsection 3 of Section143 of the Act is enclosed as Annexure ‘B’ to this report.

(g) 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 knowledge and belief and according to the information andexplanation given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as at March 312016. Refer Note No. 29 to thefinancial statements.

ii. The Company did not have any long term contracts including derivative contracts forwhich there were material foreseeable losses:

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended March 312016.

For Rajendra K Gupta & Associates
Chartered Accountants
Firm Registration No.: 108373W
Rajendra Kumar Gupta
Partner Place: Mumbai
Membership No. 9939 Date: 30 May 2016

Annexure -A

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

Bang Overseas Limited

(Referred to in paragraph 9 of our report of the even date)

(i) (a) The Company has maintained recordsforfixed assets but it is not showing fullparticulars including quantitative details and situation of fixed assets except for themanufacturing units.

(b) As explained to us thefixed assets of the Company have not been physicallyverified by the management at reasonable intervals.

(c) According to the information and explanation given to us and on the basis ourexamination of the records of the Company the title deed of immovable properties are heldin the name of the Company.

(ii) According to the information and explanation given to us the management hasconducted physical verification in respect of stock at reasonable intervals except tradingdivision. No material discrepancies have been noticed on physical verification of stocksas compared to books for manufacturing units where physical verification has been carriedout by the management.

(iii) The Company has not granted any loans or advances in the nature of loans to theparties covered in the register maintained under Section 189 of the Act. Hence thequestion of reporting whether the receipt of principal and interest are regular andwhether reasonable steps of recovery of over dues of such loans are taken does not arise.

(iv) The Company has not given any loans nor made any investment during the year. Henceprovision of Section 185 and 186 of the Act are not applicable to the Company.

(v) Based on our scrutiny of the Company’s records and according to theinformation and explanation provided by the management in our opinion the Company hasnot accepted any deposits so far upto 31st March 2016 which are ‘deposits’within the meaning of Rule2(b) of the Companies (Acceptance of Deposit) Rules 2014.

(vi) According to information and explanation provided by the management during theyear Company is not engaged in production of any goods or provision of any service forwhich the Central Government has prescribed particulars relating to utilization ofmaterial or labour or other items of cost. Hence the provisions of section 148(1) of theAct do not apply to the Company. Hence in our opinion no comment on maintenance of costrecords under section 148(1) of the Act is required.

(vii) (a) According to the records of the Company the Company is regular in depositingwith appropriate authorities undisputed statutory dues including provident fundemployees’ state insurance income tax sales tax wealth-tax custom duty valueadded tax excise duty cess and other statutory dues as applicable to it exceptfew slightdelays.

According to the information and explanations given no undisputed amounts payable inrespect of income-tax sales tax value added tax custom duty and excise duty wereoutstanding as at 31st March 2016 for a period of more than six months from the date theybecame payable;

(b) According to the records of the Company there are no dues of sales taxincome-tax value added tax customs duty wealth tax excise duty and cess which have notbeen deposited on account of any dispute;

(viii) Based on our audit procedures and on the basis of information and explanationgiven by the management we are of opinion that the Company has not defaulted in repaymentof loan or borrowing from financial institutions or banks or dues to debenture holders.

(ix) According to the records of the Company the Company has not raised any moneys byway of Initial Public Offer or Further Public Offer nor has the Company obtained any termloan. Hence comments under the clause are not called for.

(x) Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on the Company by its officer or employees or anyfraud by the Company has been noticed or reported during the course of our audit.

(xi) According to information and explanation given to us and based on our examinationof the records of the Company the Company has paid/provided managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V of the Act.

(xii) In our opinion and to the best of our information and according to theexplanations provided by the management we are of the opinion that the Company is not anidhi hence in our opinion the requirements of Clause 3(xii) of the Order does not applyto the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of records of the Company transactions with the related parties are incompliance with Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of records of the Company the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the 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. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under Section 45-1A of the ReserveBank of India Act 1934.

For Rajendra K. Gupta & Associates

Chartered Accountants

Firm Registration No: 108373W

Rajendra Kumar Gupta

Partner

Membership No: 9939

Place: Mumbai

Date: 30 May 2016

Annexure -B

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

Report on the Internal Financials Controls under Clause (i) of Subsection 3 of Section143 of the Act.

1. We have audited the internal financial controls over financial reporting of BangOverseas Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditors’ Responsibility

3. 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 Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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’sjudgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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

6. 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

7. 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 orprocedures 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 Rajendra K. Gupta & Associates

Chartered Accountants

Firm Registration No: 108373W

Rajendra Kumar Gupta

Partner

Membership No: 9939

Place: Mumbai

Date: 30 May 2016