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Bengal & Assam Company Ltd.

BSE: 533095 Sector: Financials
NSE: N.A. ISIN Code: INE083K01017
BSE LIVE 15:40 | 22 Sep 1690.75 -20.00
(-1.17%)
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1710.00
PREVIOUS CLOSE 1710.75
VOLUME 4312
52-Week high 1939.80
52-Week low 861.00
P/E 66.96
Mkt Cap.(Rs cr) 1,468
Buy Price 1692.00
Buy Qty 10.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1710.00
CLOSE 1710.75
VOLUME 4312
52-Week high 1939.80
52-Week low 861.00
P/E 66.96
Mkt Cap.(Rs cr) 1,468
Buy Price 1692.00
Buy Qty 10.00
Sell Price 0.00
Sell Qty 0.00

Bengal & Assam Company Ltd. (BENGALASSAM) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

BENGAL & ASSAM COMPANY LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of BENGAL &ASSAM COMPANY LIMITED ("the Company") which comprise the Balance Sheet asat 31st March 2017 the Statement of Profit and Loss the Cash Flow Statementfor the year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the Standalone 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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 standalone financial statementsbased on our audit.

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 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 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 2017 and its Profit and its 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 Central Government of India in terms of sub-section (11) of section 143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to usduring the course of audit we give in the Annexure ‘A' a statement on the mattersspecified in the paragraphs 3 and 4 of the 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 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 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 termsof Section 164 (2) of the Act.

(f) As required by section 143(3)(i) of the Companies Act 2013 and based on thechecking of the books and records of the Company as we considered appropriate andaccording to the information and explanations given to us our separate report withrespect to the adequacy of the internal financial controls over financial reporting of theCompany and the operating effectiveness of such controls is as per Annexure ‘B'.

(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 no. 18(a) to the financial statements.

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are inaccordance with the books of accounts maintained by the Company. Refer note no. 30 to thestandalone financial statements

For Lodha & Co.
Chartered Accountants
Firm's Registration No. 301051E
N.K. Lodha
Place: New Delhi Partner
Date: 29th May 2017 Membership No.85155

Annexure "A" referred to in Paragraph 1 under the heading "Report onother legal and regulatory requirements" of our report of even date on the standalonefinancial statements of Bengal & Assam Company Limited for the year ended 31stMarch 2017

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management according to theprogramme of periodical physical verification in phased manner which in our opinion isreasonable having regard to the size of the company and the nature of its fixed assets.The discrepancies noticed on such physical verification were not material.

(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 except as stated in footnote of Note No. 10 of thestandalone financial statement.

2. The Company does not have any inventory. Accordingly we are not offering anycomments under clause 3(ii) of the Order.

3. The company has granted loan to one company covered in the register maintained undersection 189 of the Companies Act 2013 (‘the Act').

(a) In our opinion the rate of interest and other terms and conditions on which theloan had been granted to the company covered in the register maintained under section 189of the Act were not prima facie prejudicial to the interest of the Company.

(b) In respect of aforesaid loan granted the borrower has been regular in the paymentof the principal and interest as stipulated.

(c) There are no overdue amounts in respect of the loan granted to the company coveredin the register maintained under section 189 of the Act.

4. According to the information explanations and representations provided by themanagement and based upon audit procedures performed we are of the opinion that inrespect of loans and investments the Company has complied with the provisions of section185 and 186 of the Companies Act 2013. The Company has not given any guarantees orsecurity under the provisions of section 185 and 186 of the Companies Act 2013.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted deposits from public within the provision of section 73 to 76 ofthe Act or any other relevant provisions of the Act and the rules framed there under (tothe extent applicable). Therefore the provisions of the clause 3(v) of the order are notapplicable to the Company. We have been informed that no order has been passed by theCompany Law Board or National Company Law Tribunal or Reserve Bank of India or any Courtor other Tribunal in this regard.

6. In our opinion and according to information and explanation given to us the Companyis not required to maintain cost records pursuant to section 148(1) of the Companies Act2013.

7. (a) According to the records of the Company and information and explanations givento us the Company is generally regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income tax service tax cess and othermaterial statutory dues with the appropriate authorities to the extent applicable andthere are no undisputed statutory dues payable for a period of more than six months fromthe date they become payable as at 31st March 2017. As per the information andexplanations provided to us sales tax value added tax duty of customs duty of exciseare not applicable to the Company.

(b) According to the records and information & explanations given to us there areno material dues in respect of Income tax service tax that have not been deposited withthe appropriate authorities on account of any dispute. As per the information andexplanations provided to us Sales tax duty of excise duty of customs and value added taxare not applicable to the Company.

8. In our opinion on the basis of audit procedures and according to the informationand explanations given to us the Company has not defaulted in repayment of loans andborrowings to financial institutions banks and Government. There are no dues to debentureholders.

9. On the basis of information and explanations given to us term loans were appliedfor the purpose for which the loans were obtained. No moneys have been raised during theyear by way of initial public offer or further public offer.

10. Based on the audit procedure performed and on the basis of information andexplanations provided by the Management no material fraud by the Company or on theCompany by its officers or employees has been noticed or reported during the course of theaudit.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not paid/provided for anymanagerial remuneration. Accordingly provisions of clause 3(xi) of the Order are notapplicable.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. According to the information and explanations and records made available by theManagement of the Company and audit procedure performedfor transactions with the relatedparties during the year the Company has complied with the provisions of Section 177 and188 of the Act where applicable. As explained and as per records details of relatedparty transactions have been disclosed in the financial statements as per the applicableAccounting Standards.

14. According to the information and explanations given to us and based on the auditprocedure performed the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

15. On the basis of records made available to us and according to information andexplanations given to us the Company has not entered into non-cash transactions with theDirectors or persons connected with him. Accordingly we are not offering comment withrespect to compliance of Section 192 of the Act.

16. The Company is registered under section 45-IA of the Reserve Bank of India Act1934.

For Lodha & Co.
Chartered Accountants
Firm Registration No. 301051E
N.K. Lodha
Place: New Delhi Partner
Date: 29th May 2017 Membership No. 85155

Annexure ‘B' to the Independent Auditor's Report of even date on the standalonefinancial statements of Bengal & Assam Company Limited

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Bengal& Assam Company Limited ("the Company") as of March 31 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.

Auditor's 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 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 judgement 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 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 March 312017 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 Lodha & Co.
Chartered Accountants
Firm Registration No. 301051E
N.K. Lodha
Place: New Delhi Partner
Date: 29th May 2017 Membership No. 85155