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Bengal & Assam Company Ltd.

BSE: 533095 Sector: Financials
NSE: N.A. ISIN Code: INE083K01017
BSE LIVE 15:40 | 02 Dec 1005.20 -12.90
(-1.27%)
OPEN

1020.00

HIGH

1023.00

LOW

998.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1020.00
PREVIOUS CLOSE 1018.10
VOLUME 22016
52-Week high 1335.00
52-Week low 410.30
P/E 34.99
Mkt Cap.(Rs cr) 872.51
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1020.00
CLOSE 1018.10
VOLUME 22016
52-Week high 1335.00
52-Week low 410.30
P/E 34.99
Mkt Cap.(Rs cr) 872.51
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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

Company auditors report

Independent 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 2015 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 judgements 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating 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 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 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us during the course of audit we give in the Annexure 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 2015 taken on record by the Board of Directors except one director Mr. L. R. Puri(since demised) none of the directors is disqualified as on 31st March 2015from being appointed as a director in terms of Section 164 (2) of the Act.

(f) 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 does not have any pending litigations which would impact its financialposition.

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.

For LODHA & CO.
Chartered Accountants
Firm Registration No. - 301051E
N. K. LODHA
Place: New Delhi Partner
Date: 30th May 2015 Membership No.: - 85155

ANNEXURE TO THE AUDITORS' REPORT

Annexure referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date for the year ended 31stMarch 2015

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.

2. Company does not have any inventory. Accordingly the provisions of Clause 3(ii) ofthe Order are not applicable.

3. The Company has not granted any loan secured or unsecured to any companies firms orother parties covered in the register maintained under Section 189 of the Companies Act2013. Accordingly the provisions of Clause 3(iii) (a) & (b) of the Order are notapplicable.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the Company and thenature of its business with regard to purchase of fixed assets and for the sale ofshares/securities . Based on the audit procedure performed and on the basis of informationand explanations provided by the management during the course of audit we have notobserved any continuing failure to correct major weaknesses in internal control system.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposit from the public within the meaning of Section 73 to76 of the Act and rules framed thereunder and the directives issued by Reserve Bank ofIndia or any other relevant provisions of the Act. We have been informed that no order hasbeen passed by the Company Law Board or National Company Law Tribunal or Reserve Bank ofIndia or any Court or other tribunal in this regard.

6. The Central Government has not prescribed the maintenance of the cost records undersection 148(1) of the Act for any of the services rendered by the Company.

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 Wealth Tax Income Tax Service Tax Cessand other material statutory dues with the appropriate authorities to the extentapplicable and there were no undisputed statutory dues payable for a period of more thansix months from the date they became payable as at 31st March 2015. Asexplained Sales Tax VAT Custom Duty and Excise Duty are not applicable to the Company.

(b) According to the records and information & explanations given to us there areno dues in respect of Wealth Tax Service Taxand Cess that have not been deposited withthe appropriate authorities on account of any dispute and the dues in respect of Incometax that have not been deposited with the appropriate authorities on account of disputeand the forum where the dispute is pending are given below:-

Name of the statute Nature of the dues Period Amount (In Rs.) Forum where dispute is pending
Income Tax Act Income Tax 2003-04 26946/- Assessing Officer
1995-96 1997-98 1998-99 1999-2000 2001-02 2002-03 440518/- CIT (A)

(c) According to the records of the Company and information and explanation given tous the amount required to be transferred to the Investor Education and Protection Fundhas been transferred by the Company to such fund within time.

8. The Company does not have accumulated losses at the end of the financial year andhas not incurred cash losses in the current financial year & in the immediatelypreceding financial year.

9. In our opinion on the basis of audit procedure and according to the information andexplanations given to us the Company has not defaulted in repayment of dues to financialinstitutions or banks. The Company has no dues to debenture holders during the year.

10. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.

11. On the basis of information and explanations given to us term loan were appliedfor the purpose for which the loans were obtained.

12. Based on the audit procedure performed and on the basis of information andexplanations provided by the management no fraud on or by the Company has been noticed orreported during the course of our audit.

For LODHA & CO.
Chartered Accountants
Firm Registration No. - 301051E
N. K. LODHA
Place: New Delhi Partner
Date: 30th May 2015 Membership No.: - 85155

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