Bijoy Hans Ltd.
|BSE: 524723||Sector: Others|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 05:30 | 01 Jan||Bijoy Hans Ltd|
|NSE 05:30 | 01 Jan||Bijoy Hans Ltd|
|BSE: 524723||Sector: Others|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 05:30 | 01 Jan||Bijoy Hans Ltd|
|NSE 05:30 | 01 Jan||Bijoy Hans Ltd|
The Members of
BIJOY HANS LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of BIJOY HANSLIMITED (the Company') which comprise the Balance Sheet as at 31 March 2017the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Management is responsible for the matters stated in Section 134(5) of the CompaniesAct 2013 (the Act') with respect to the preparation and presentation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
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 standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditors' judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone 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.
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 31 March 2017 and its Statement of profit and loss of the (loss) forthe year ended on that date and its cash flows for the year ended on that 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 we give in the Annexure A a statement on the matters specified in the paragraph3 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 31March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 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 ourseparate report in Annexure B'; and
g. with respect to the other matters to be included in the Auditors' 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 were no amount which is required to be transferred to the InvestorEducation and Protection Fund by the Company.
iv. the Company has provided requisite disclosures in its financial statementsas to holdings as well as dealing in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 and these are in accordance with thebooks of accounts maintained by the company as applicable Refer Note No. 19 of theStandalone Financial Statements.
ANNEXURE A TO THE AUDITORS' REPORT REFERRED TO IN PARAGRAPH 1 UNDER REPORT ONOTHER LEGAL AND REGULATORY REQUIREMENTS' OF OUR REPORT OF EVEN DATE TO THE MEMBERS OFBIJOY HANS LIMITED' GUWAHATI FOR THE YEAR ENDED 31ST MARCH 2017
On the basis of such checks as we considered appropriate and according to theinformation and Explanations given to us during the course of our audit we report that:
i. In respect of its Fixed Assets:
(a). The Company has maintained proper records showing full particulars and situationof fixed assets.
(b). As explanation to us the Fixed Assets have been physically verified by themanagement during the year in a phased periodical manner which in our opinion isreasonable have regard to the size of the Company and the nature of the assets. Nomaterial discrepancies were noticed on such physical verification.
(c) In respect of Immovable Properties that have been owned and disclosed as fixedassets in the financial statements of the company the title deeds are in the name of thecompany.
ii. The Inventory has been physically verified by the management during the year. Inour opinion the frequency of verification is reasonable; no material discrepancies werenoticed on physical verification of inventory as reported by the management of theCompany.
iii. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the Register maintained underSection 189 of the Act.
iv. In our opinion and according to the information and explanations given to us thecompany has not granted any security in terms of section 185 and 186 of the Companies Act2013.
v. The Company has not accepted any deposits from the public hence the directivesissued by Reserve Bank of India and the provisions of Section 73 74 75 & 76 or anyother relevant provisions of the Act.
vi. The Company is not required to maintain cost records pursuant to the Rules made bythe Central Government for the maintenance of cost accounts and records under section148(1) of the Companies Act2013.
vii. According to the information and explanations given to us and the records of theCompany's Branch examined by us in our opinion the Company's Branch is regular indepositing the undisputed statutory dues including VAT CST INCOME TAX etc. with thestatutory authorities. There is no statutory dues e.g. VAT CST INCOME TAX etc. as at31/03/2017 which have not been deposited on account of any dispute.
viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to financialinstitutions government banks. The company has not issued debenture hence reportingrequirements related thereto are not applicable.
ix. The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. The company has also notavailed any term loan hence the reporting requirements under this clause are notapplicable.
x. Based on the records examined and audit procedures adopted by us and information andexplanations furnished by the management to us we state that the company has not beeninvolved in any kind of frauds nor any such fraud on the company has been done by itsofficers or employees as reported to us or noticed by us during the course of our audit.
xi. According to the records of the Company examined by us and the information andexplanation given to us the Company does not provide for any managerial remunerationunder section 197 read with Schedule V of the Companies Act 2013.
xii. The company is not a Nidhi company and hence reporting under clause (xii) of theCARO 2016 order is not applicable.
xiii. According to the records of the Company examined by us and the information andexplanation given to us the transaction with related party are in compliance with section177 & 188 of the Companies Act 2013 and the details have been disclosed in theFinancial statements as required by applicable accounting standards.
xiv. During the company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures and hence reporting under clause (xiv) ofCARO 2016 is not applicable to the company.
xv. In our opinion the Company has not entered into any such non-cash transactionswith directors or the persons connected with him under the provisions of section 192 ofthe Companies Act 2013.
xvi. The company is not required to be registered under section 45-IA of the ReserveBank of India act 1934.
Annexure B to the Auditors' Report
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 BijoyHans Limited (the Company') as of 31st March 2017 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.
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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
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 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 we 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.
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 auditors' 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;
(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of the Management and directors of the Company; and
(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial 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.
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 31 March 2017 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.