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Bangalore Fort Farms Ltd.

BSE: 539120 Sector: Others
NSE: N.A. ISIN Code: INE578R01011
BSE LIVE 14:30 | 14 Jun 11.85 0.55
(4.87%)
OPEN

11.85

HIGH

11.85

LOW

11.85

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.85
PREVIOUS CLOSE 11.30
VOLUME 1
52-Week high 28.70
52-Week low 8.46
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 11.85
Sell Qty 299.00
OPEN 11.85
CLOSE 11.30
VOLUME 1
52-Week high 28.70
52-Week low 8.46
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 11.85
Sell Qty 299.00

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 31st March 2016the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary 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 and principles generally accepted in India including the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with provision of the Act for safeguarding of the assetsof the Company and for preventing and detecting frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudence ; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the adequacy 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.

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

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 2016 its profit or loss and its cash flows forthe year ended on thatdate. 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 forthe 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 2016 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2016 from being appointed as a director in terms ofsection 164(2) of the Act;

(f) With respect to the adequacy of the Internal Financial Control over FinancialReporting of the Company and the operating effectiveness of such controls refer to ourseparate report in the annexure B; and

(g) 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
Place: Kolkata Chartered Accountants
Date: May 302016 Firm Registration No. 322550E

ANNEXURE 'A' TO AUDITOR'S REPORT

The Annexure referred to in our independent Auditors' Report to the members of theCompany on the standalone financial statements fortheyear ended 31st March 2016 we reportthat:

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 managementare reasonable 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 2016 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 does not have any outstanding dues to financial institutions bank ordebenture holders during the year

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

11. The Company does 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
Place: Kolkata Chartered Accountants
Date: May 302016 Firm Registration No. 322550E

ANNEXURE 'B' TO THE 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 BangaloreFort Farms LTD. ("the Company") as of 31 March 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the 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 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.

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 weaknes 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 whetherdueto fraud orerror.

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 systemoverfinancial 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 (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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.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 31 March 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 S.K.sengupta & Associates
Place: Kolkata Chartered Accountants
Date: May 302016 Firm Registration No. 322550E