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Bhagwandas Metals Ltd.

BSE: 530095 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE656B01019
BSE LIVE 14:10 | 06 Dec 15.00 -0.75
(-4.76%)
OPEN

15.00

HIGH

15.00

LOW

15.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 15.00
PREVIOUS CLOSE 15.75
VOLUME 20
52-Week high 17.65
52-Week low 7.39
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 15.00
Sell Qty 80.00
OPEN 15.00
CLOSE 15.75
VOLUME 20
52-Week high 17.65
52-Week low 7.39
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 15.00
Sell Qty 80.00

Bhagwandas Metals Ltd. (BHAGWANDASMETAL) - Auditors Report

Company auditors report

TO THE MEMBERS OF M/s. BHAGWANDAS METALS LIMITED

Report on the Financial Statements

I have audited the accompanying financial statements of M/s. Bhagwandas MetalsLimited ("the company") which comprise the Balance Sheet as at 31 st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedthe statement of changes in Equity for the year ended and a summary of the significantaccounting policies and other explanatory information.

Management's Responsibility forthe Financial Statements

The Company's Board of directors is responsible for the matters stated in Section134(5) of the Companies Act2013 ("the Act") with respect to the preparation andpresentation of these financial statement that give a true and fair view of the financialposition financial performance and cash flows and changes in the equity of the company inaccordance with the accounting principle generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies(Accounts)Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatements whether due to fraud or error.

Auditor's Responsibility

My responsibility is to express an opinion on these financial statements based on myaudit. I have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to the included in the audit report undertheprovisions of the Act and the Rules made there under.

I conducted my audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that I 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 statement whether due to fraud or error. In making those risk assessment theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that the give 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.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the financial statements.

Opinion

In my opinion and to the best of my information and according to the explanations givento me the aforesaid financial statements give the information required by the Act in themanner so required and 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) I n the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date and

(c) In the case of cash flow statement of the cash flows for the year ended on thatdate

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order) issuedby the Central Government of India in terms of sub-section(11) of section 143 of the ActI give in the Annexure B a statement on the matters specified in the paragraph 3 and 4 ofthe Order to the extent applicable.

2. As required by Section 143(3)oftheAct I reportthat:

a. I have sought and obtained all the information and explanation which to the best ofmy knowledge and belief were necessary for the purposes of my audit.

b. In my opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from my 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 books of account.

d. In my opinion the aforesaid financial statements comply with the Accounting InStandards 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.

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 myseparate reportinAnnexureA; and

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) Rules2014 in my opinionand to the best of my information and according to the explanation given to me:

i. The company had disclosed the impact of pending litigations on its financialpositions in its stand alone financial statement.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

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

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company.

For R.R. MORE & Co.
Chartered Accountants
C.A. RAJA RAM MORE
Place: Chennai Proprietor
Date: 29.05.17 Membership No. 21233
FR. No. 2133S

Annexure Atothe Independent Auditors' Report

(Referred to in paragraph 1 (f) under "Report on other legal and regulatoryrequirements" section of my report of even date)

Report on the Internal Financial Controls under clause (i) of sub-section 3of Section143 of the Companies Act 2013 (‘the Act')

I have audited the internal financial controls over financial reporting of M/s.Bhagwandas Metals Limited(‘the Company') as of 31 March 2017 in conjunction with myaudit of the financial statements of the company for the year ended as on that 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 the 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.

Auditors' Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on my audit. I conducted my audit in accordance with theGuidance Note on Audit of Internal Financial Controls over Financial Reporting (the‘Guidance Note') and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that I comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material respects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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 depends on the auditors' judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my 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 of theManagement 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 orfraud mayoccurand not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In my opinion to the best of my information and explanation given to me the companyhas in all material respects an adequate internal financial controls system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively as at 31 March 2017 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

For R.R. MORE & Co.
Chartered Accountants
C.A. RAJA RAM MORE
Place: Chennai Proprietor
Date: 29.05.17 Membership No. 21233
FR. No. 2133S

ANNEXURE B

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT REFERRED TO IN PARAGRAPH 1 UNDER THEHEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF MY REPORT OF EVENDATE

The Annexure referred to in my Independent Auditor's Report to the members of M/s.Bhagwandas Metals Limited for the year ended on 31.03.2017.1 report that:

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

(b) These fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification and the samehave been properly dealt with in the books of account.

c) The company does not have any immovable property.

ii. The Management has conducted physical verification of inventory at reasonableintervals and no material discrepancies were noticed.

iii. As informed to me the company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnership or other parties covered in the registermaintained under section 189 of the Companies Act. Hence clause (a) (b)& (c) are notapplicable.

iv. In respect of loan investment guarantee and security the provisions of section185 & 186 of the Companies Act 2013 have been complied with.

v. The company has not accepted any deposits.

vi. Maintenance of cost records has not been specified by the Central Government undersub-section (1) of section 148 of the Companies Act. for the company.

vii. (a) According to the information and explanations given to me and on the basis ofmy examination of the records the company is regular in depositing undisputed statutorydues including provident fund employees' state insurance income-tax sales-tax servicetax duty of customs duty of excise value added tax Cess and any other statutory dueswith the appropriate authorities.

(b) According to the information and explanations given to me no undisputed amountspayable in respect of the above were in arrears as at 31 st March 2017 for a period ofmore than six months from the date they became payable.

viii. The company has not defaulted in repayment of dues to financial institutions orbanks and Government during the year. There have been no outstanding dues to debentureholders.

ix. During the year company has not raised any money through Initial Public Offer orfurther Public Offer. The company has not availed any term loans.

x. Based upon the audit procedures performed for the purpose of reporting true and fairview of the financial statements and as per the information and explanations given by themanagement I report that no fraud on the Company by its officers or employees has beennoticed or reported during the year.

xi. Managerial Remuneration has been paid/provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with schedule V to the CompaniesAct.

xii. Company is not a Nidhi Company.

xiii. All transactions with the related parties are in compliance with Section 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

xiv. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.

xv. The company has not entered into any non-cash transactions with directors orpersons connected with him.

xvi. The company is not required to be registered under section 45-I of the ReserveBankof IndiaAct 1934.

For R.R. MORE & Co.
Chartered Accountants
C.A. RAJA RAM MORE
Place: Chennai Proprietor
Date: 29.05.17 Membership No. 21233
FR. No. 2133S