You are here » Home » Companies » Company Overview » Bengal & Assam Company Ltd

Bengal & Assam Company Ltd.

BSE: 533095 Sector: Financials
NSE: N.A. ISIN Code: INE083K01017
BSE LIVE 15:40 | 26 May 1604.85 29.40
(1.87%)
OPEN

1598.50

HIGH

1635.00

LOW

1598.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1598.50
PREVIOUS CLOSE 1575.45
VOLUME 477
52-Week high 1939.80
52-Week low 482.20
P/E 45.71
Mkt Cap.(Rs cr) 1,393
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1598.50
CLOSE 1575.45
VOLUME 477
52-Week high 1939.80
52-Week low 482.20
P/E 45.71
Mkt Cap.(Rs cr) 1,393
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 Auditor’s 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 & ASSAMCOMPANY LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profitand Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting explanatory 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 of 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 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 arefree 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 financialstatements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas 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 2016 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 ("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’ a statementon the matters specified 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 oftheCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the Directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 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 report on the internalfinancial controls overfinancial reporting 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. TheCompany does not have any pending litigations which would impact its financial position.

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 2016 Membership No. 85155

ANNEXURE TO THE AUDITORS’ REPORT

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 2016

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 regards to the size of the Company and the nature of its fixed assets.The discrepancies noticed on such physicalverification . 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 propertiesare held in the name of the Company except as stated in footnote of Note No. 10 ofthe standalone 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.

(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 the case of the loan granted to the company covered in the register maintainedunder section 189 of the Act the borrower has been regular in the payment of theprincipal and interest as stipulated.

(c) There are no overdue amounts in respect of the loan granted to a company covered inthe 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 investments guarantees and security the Company has complied with theprovisions of the 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 provisions of sections 73 to 76of the Act or any other relevant provisions of the Act and the rules framed there under(to the extent applicable). Therefore the provisions of the clause 3(v) of the order arenot applicable 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 duesincluding provident fund employees state insurance income tax service tax cessand other material statutory dues with the appropriate authorities to the extentapplicable and there are no undisputed statutory dues payable for a period of more thansix months from the date they become payable as at 31st March 2016. As per theinformation and explanations provided to us sales tax value added tax duty ofcustoms duty of excise are 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 depositedwith the appropriate authorities on account of any dispute. As per the informationand explanations provided to us Sales tax duty of customs duty of excise andvalue added tax are 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 managerial remuneration has been paid/providedin accordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

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

13. According to the information and explanations and records made available by themanagement of the Company and audit procedure performed for 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 standalone financial 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 private placement of shares or fullyor 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: 30th May 2016 Membership No. 85155

ANNEXURE TO THE AUDITORS’ REPORT

Annexure ‘B’ To The Independent Auditor’s Report of Even Date on theStandalone Financial 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 2016 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 assetsthe prevention 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 sufficientand appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting a process designedto provide reasonable control Acompany’sinternalfinancial overfinancial assuranceregarding financialreporting and the financialstatements for external reliabilityofpreparationof purposes in accordance with generally accepted accounting principles. Acompany’s internal financial control over financial reporting includes those policiesand procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the company’s assets that could have a materialeffect 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 31 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 Lodha & Co. Chartered Accountants
Firm Registration No. 301051E
N.K. Lodha
Place: New Delhi Partner
Date: 30th May 2016 Membership No. 85155