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Bella Casa Fashion & Retail Ltd.

BSE: 539399 Sector: Industrials
NSE: N.A. ISIN Code: INE344T01014
BSE LIVE 15:15 | 22 Nov 215.00 -5.00
(-2.27%)
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215.05

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215.05

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 215.05
PREVIOUS CLOSE 220.00
VOLUME 2000
52-Week high 240.00
52-Week low 32.60
P/E 65.95
Mkt Cap.(Rs cr) 215
Buy Price 207.50
Buy Qty 1000.00
Sell Price 220.00
Sell Qty 1000.00
OPEN 215.05
CLOSE 220.00
VOLUME 2000
52-Week high 240.00
52-Week low 32.60
P/E 65.95
Mkt Cap.(Rs cr) 215
Buy Price 207.50
Buy Qty 1000.00
Sell Price 220.00
Sell Qty 1000.00

Bella Casa Fashion & Retail Ltd. (BELLACASA) - Auditors Report

Company auditors report

To

The Members of

Bella Casa Fashion & Retail Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Bella Casa Fashion &Retail Limited (‘the Company') which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary 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 thereunder.

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 on 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 the explanationsgiven to us aforesaid financial statements give the information required by the Act inthe manner so required give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;

(b) In the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the

Government of India in terms of sub-section (11) of Section 143 of the Act and on thebasis of such checks of the books and records of the Company as we considered appropriateand according to the information and explanations given to us we give in the Annexure1 a statement on the matters specified in the paragraphs 3 and 4 of the said Order.

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 accounts 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

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

f) With respect to the adequacy of the Internal Financial Controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure 2.

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 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 2.28 to the financial statements.

ii. The company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management Refer Note [2.32].

For Kalani & Company
Chartered Accountants
FRN 000722C
Sd/-
[Bhupender Mantri]
Partner
Place: Jaipur M. No. 108170
Date: 15th May 2017

ANNEXURE 2 TO THE INDEPENDENT AUDITORS' REPORT

Referred to in our report of even date to the members of BELLA CASA FASHION &RETAIL LIMITED on the accounts for the year ended 31st March 2017

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 Bella CasaFashion & Retail Limited (‘the Company') as on 31st March 2017 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 (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 ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial control over financial reporting includedobtaining an understanding of internal financial control 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's judgment including the assessment of the risks ofmaterial misstatement of the financial 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 controls systemover financial 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 controlsover 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 31st March 2017 based on theinternal controls over financial reporting criteria established by the Company consideringthe components of internal controls stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the ICAI.

For Kalani & Company
Chartered Accountants
FRN 000722C
Sd/-
[Bhupender Mantri]
Partner
Place: Jaipur M. No. 108170
Date: 15th May 2017

ANNEXURE 1 TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in paragraph (1) of ‘Report on other Legal and RegulatoryRequirements' of our Independent Auditors' Report of even date to the members of the BellaCasa Fashion & Retail Limited Jaipur on the Financial statements for the year endedon 31st March 2017 we report that:

(i) a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets (property plant andequipments).

b) As explained to us the fixed assets (property plant and equipments) have beenphysically verified by the management during the year in a phased periodical manner whichin our opinion is reasonable having regard to the size of the company and nature of itsassets. No material discrepancies were noticed on such physical verification.

c) Based on our verification and according to information and explanations given to usthe title deeds of immovable properties are held in the name of the company.

(ii) As per the information and explanation given to us the Company's management hascarried out physical verification of inventory at regular intervals. No materialdiscrepancies were noticed on such physical verification.

(iii) The Company has not granted any loans secured or unsecured to any companiesfirms limited liability partnership or other parties covered in register maintained undersection 189 of the Companies Act 2013 hence reporting under (iii)(a) (iii)(b) and(iii)(c) is not applicable.

(iv) The Company has not granted any loans or given any guarantee and security coveredunder section 185 of the Act. In respect of investments made Company has complied withthe provisions of section 186 of Act.

(v) The company has not accepted any deposits during the year hence reporting underthis clause is not applicable.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the goods manufactured by the Company hencereporting under this clause is not applicable.

(vii) a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccounts in respect of undisputed statutory dues including provident fund employee stateinsurance income tax sales tax service tax duty of customs duty of excise valueadded tax cess and other material statutory dues have generally been regularly depositedwith the appropriate authorities and there are no undisputed dues outstanding as on 31stMarch 2017 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us there are no unpaid duesof Sales tax Service Tax duty of Customs duty of Excise or value added tax underdispute except Income Tax as stated hereunder:-

S. No. Name of Statue Nature of dues Forum where dispute is pending Demand (in Rs.) Amount deposited (under Protest) (in Rs.)
1 Income Tax Act 1961 Income Tax Demand for A.Y. 2012-13 CIT (Appeals) Jaipur 86450 86450
2 Income Tax Act 1961 Income Tax Demand for A.Y. 2013-14 CIT (Appeals) Jaipur 327100 50000
TOTAL 413550 136450

(viii) Based on examination of books of accounts and information and explanation givento us the Company has not defaulted in repayment of loans or borrowings to a financialinstitution or bank. Company has not issued any debentures hence nothing is due todebenture holders.

(ix) According to the information and explanations given to us the company has notraised money by way of initial public offer or further public offer and the money raisedby the company by way of term loan have been applied for the purpose for which they wereobtained.

(x) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company no material fraud by the company or any fraudon the Company by its officers or employees has been noticed or reported during the year.

(xi) The managerial remuneration has been paid in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

(xii) The company is not a Nidhi Company hence reporting under this clause is notapplicable.

(xiii) All the transactions with the related parties are in compliance with sections177 and 188 of Companies Act 2013 and the details have been disclosed in the FinancialStatements as required by the applicable accounting standards.

(xiv) Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under audit.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him as covered under section 192 of Companies Act 2013.

(xvi) According to the information and explanations given to us the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act1934.Accordingly provision of clause 3(xvi) of the order is not applicable to thecompany.

For Kalani & Company
Chartered Accountants
FRN 000722C
Sd/-
Place: Jaipur [Bhupender Mantri]
Date: 15th May 2017 Partner
M. No. 108170