You are here » Home » Companies » Company Overview » Bangalore Fort Farms Ltd

Bangalore Fort Farms Ltd.

BSE: 539120 Sector: Others
NSE: N.A. ISIN Code: INE578R01011
BSE LIVE 13:12 | 03 Nov Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 13.80
PREVIOUS CLOSE 14.45
VOLUME 8
52-Week high 31.95
52-Week low 12.60
P/E 276.00
Mkt Cap.(Rs cr) 3.60
Buy Price 13.80
Buy Qty 92.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.80
CLOSE 14.45
VOLUME 8
52-Week high 31.95
52-Week low 12.60
P/E 276.00
Mkt Cap.(Rs cr) 3.60
Buy Price 13.80
Buy Qty 92.00
Sell Price 0.00
Sell Qty 0.00

Bangalore Fort Farms Ltd. (BANGALOREFORT) - Auditors Report

Company auditors report

To

The Members of

BANGALORE FORT FARMS LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of BANGALORE FORTFARMS LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2015 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors are responsible for the matters stated in section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flow of the Company in accordance with theaccounting policies 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 provision of the Act for safeguarding of 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 andprudence ; and design implementation and maintenance of adequate internal financialcontrols that are operating effectively for ensuring the adequacy and completeness of theaccounting 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.

AUDITORS' RESPONSIBILITY

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

We have taken into accounts 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 rules made thereunder.

We have conducted our audit in accordance with the Standards on Auditing specifiedunder section 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 theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments weconsider internal financial control relevant to the Company's preparation of the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial control system overfinancial reporting and the operating effectiveness of such control. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by 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 standalone financial statements.

OPINION

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 with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 its profit or loss and its 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 2015 (" 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 purpose 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 Statement of Profit and Loss and Cash Flow Statement dealt withby 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 written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a Director in terms ofsection 164(2) of the Act; and

f. With respect to the other matters to be included in the Auditor’s Reports inaccordance with Rule 11 of the companies (Audit and Auditors ) rules 2014 in ouropinion and to the best of our information and according to the explanation given to us:

i. The Company does not have any pending litigation which would impact its financialposition.

ii. The Company did not have any long term contracts including derivatives contractsfor which there 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.

For S. K. Sengupta & Associates

Chartered Accountants

Firm Registration No. 322550E
S.K.Sengupta

Propietor

Membership No.056709
Place : Kolkata
Date : May 25 2015

Annexure to Independent Auditors’ Report

The Annexure referred to in our independent Auditors’ Report to the Members of theCompany on the standalone financial statements for the year ended 31st March 2015 wereport that:

1) The Company has no fixed assets therefore the maintenance of records showing fullparticulars including quantitative details and situation of fixed assets does not arise.

2) a) The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable.

b)The procedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c) On the basis of our examination of the records of inventory we are of the opinionthat the company is maintaining the proper records of inventory. The discrepancies noticedon verification between the physical stock and the book records were not material.

3) There are no Companies firms or other parties covered in the registered maintainedunder section 189 of the Companies Act 2013 to which the Company has granted loans.

4) In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regards to purchase of inventory and with regard to the saleof goods and services. During the course of our audit no major weaknesses have beennotices in the internal control.

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

6) The Central Government has not prescribed the maintenance of cost records undersection 148 (1) of the Act for any class of the companies engage in agricultureactivities.

7) (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 value added Tax wealth tax customsduty excise duty service tax cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountpayable in respects of income tax wealth tax sales tax value added Tax service taxcustoms duty and excise duty were outstanding as at 31st March 2015 for the period ofmore than six months from the date they become payable.

(c) According to the records of the Company there are no dues of sales-tax income-tax customs duty wealth tax value added Tax service tax excise duty / cess whichhave not been deposited on account of any dispute.

(d) According to the information and explanations given to us the amounts which wererequired to be transferred to the investors education and protection fund in accordancewith the relevant provisions of the Companies Act 1965 (1 of 1965) and rules there underhas been transferred to such fund with in time.

8) The Company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses in the financial year and in the immediate precedingfinancial year.

9) The Company did not have any outstanding dues to financial institutions bank ordebenture holders during the year.

10) In our opinion and accordance to the information given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institution.

11) The Company did not have any term loans outstanding during the year.

12) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

For S. K. Sengupta & Associates

Chartered Accountants

Firm Registration No. 322550E
S. K. Sengupta
Place : Kolkata

Propietor

Date : May 25 2015 Membership No.056709

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard