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Bombay Cycle & Motor Agency Ltd.

BSE: 501430 Sector: Others
NSE: N.A. ISIN Code: INE691K01017
BSE LIVE 14:27 | 09 Dec 1300.00 -65.10
(-4.77%)
OPEN

1316.00

HIGH

1316.00

LOW

1300.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1316.00
PREVIOUS CLOSE 1365.10
VOLUME 50
52-Week high 1883.00
52-Week low 1254.95
P/E 18.18
Mkt Cap.(Rs cr) 26.00
Buy Price 1300.00
Buy Qty 1.00
Sell Price 1433.35
Sell Qty 12.00
OPEN 1316.00
CLOSE 1365.10
VOLUME 50
52-Week high 1883.00
52-Week low 1254.95
P/E 18.18
Mkt Cap.(Rs cr) 26.00
Buy Price 1300.00
Buy Qty 1.00
Sell Price 1433.35
Sell Qty 12.00

Bombay Cycle & Motor Agency Ltd. (BOMBAYCYCLE) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

BOMBAY CYCLE & MOTOR AGENCY LTD

Report on the Standalone Financial Statements

We have audited the accompanying financial statements of BOMBAY CYCLE & MOTORAGENCY LIMITED (the Company) which comprise the Balance Sheet as at 31st March2016 the Statement of Profit and Loss and Cash Flow Statement for the year the ended anda summary of significant accounting policies and other 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 (hereinafter referred to as "the Act") withrespect to the preparation of these standalone financial statements that give a true andfair view of the financial position and financial performance and the Cash Flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified and referred to in sub Section (1) of Section129 r/w Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error which have been used for the purpose of preparation of thestandalone financial statements by the Directors of the Company.

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 and also those issued by the Institute of Chartered Accountantsof India. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statementsare free of 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 control relevant to the Company’s preparation and fairpresentation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Directors of the Company as well as evaluating theoverall 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 accompanying financial statements read with the notes attached to andforming part of the same give the information required by the Act in the manner sorequired and also give a true and fair view in conformity with the accounting principlesgenerally accepted in India -

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;

(b) in the case of the Statement of Profit and Loss of the Profit of the Company forthe financial year ended on that date; and

(c) in the case of the Cash Flow Statement of the cash flows for the financial yearended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 (the Order) issuedby Central Government of India in terms of sub Section (11) of section 143 of the Act wegive in the Annexure A a statement on the matters specified in the paragraph 3 and 4 ofthe Order to the extent they are applicable to the Company.

2. As required by Section 143 (3) of the Act to the extent applicable and relevant wereport 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 annexed standalone financial statements comply withthe requirements of the Accounting Standards specified under and referred to in subSection (1) of Section 129 r/w 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 31March 2016 taken on record by the Board of Directors none of the directors of the companyare disqualified as on 31 March 2016 from being appointed as 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 Auditor’s Reports inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to information and explanationgiven to us:

i. The company has disclosed the impact of pending litigation in Note No. 27 (7) to thefinancial statements as complied and certified by the directors and management of thecompany on its financial position in its financial statements.

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

iii. The provisions of Investor Education and Protection Fund are not applicable to thecompany.

For N. G. THAKRAR & CO

Chartered Accountants

Firm Registration Number: 110907W

N. G. THAKRAR

(Partner) M. No. 036213

Place: Mumbai Dated: 25th May 2016.

Annexure A to the Independent Auditor’s Report

The Annexure referred to in paragraph 1 of the Independent Auditors’ Report to themembers of BOMBAY CYCLE & MOTOR AGENCY LIMITED on the Standalone FinancialStatements for the year ended March 31st 2016

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

(b)The fixed assets were physically verified by the management as per the program ofverification covering all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

(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.

ii The physical verification of inventory has been conducted at reasonable intervals bythe management. In our opinion the procedures of physical verification of inventoryfollowed by the management is reasonable and adequate in relation to the size of thecompany and the nature of its business. The company is maintaining proper records ofinventory and no material discrepancies were noticed on physical verification.

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 Companies Act 2013.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments guarantees & security.

v. The company has not accepted any deposit from public within the meaning of section73 to 76 or any other relevant provisions of the Act and the rules framed thereunder. vi.The Central Government has not prescribed the maintenance of cost records under section148(1) of the Act for any of products of the Company.

vii. (a)According to information and explanation given to us and on the basis of ourexamination of the records of the Company undisputed statutory dues including ProvidentFund Employees’ State Insurance Income Tax Sales Tax Service Tax Duty ofCustoms Duty of Excise Value Added Tax Cess and other Statutory dues have beengenerally regularly deposited during the year with the appropriate authorities.

(b) According to the information and explanations given to us and based on the recordsexamined by us the particulars of dues of Income Tax and Duty of Excise not paid as on 31stMarch 2016 on account of dispute are as follows:-

Name of the Statue Nature of Dues Amount Period to which the amount relates Forum where the dispute is pending
(Rs ) in lakhs)
Income Tax Department Income Tax 22.86 A.Y.2001-02 Supreme Court
Income Tax Department Income Tax 30.12 A.Y.2006-07 Supreme Court
Income Tax Department Income Tax 0.84 A.Y.2009-10 CIT
Central Excise Excise 6.00 - CESTAT

viii. The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year.

Accordingly paragraph 3(viii) of the Order is not applicable. ix. The Company did notraise any money by way of initial public offer or further public offer (including debtinstruments) and term loans during the year. Accordingly paragraph 3 (ix) of the Order isnot applicable.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. 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.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For N. G. THAKRAR & CO

Chartered Accountants Firm Registration Number: 110907W

N. G. Thakrar

Partner M.No.036213

Place: Mumbai

Dated: 25th May 2016.

Annexure - B to the Auditors’ Report

The Annexure referred to in paragraph 2 (f) of the Independent Auditors’ Report tothe members of BOMBAY CYCLE & MOTOR AGENCY LIMITED on the Standalone FinancialStatements for the year ended March 31st 2016

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 BombayCycle & Motor Agency Limited ("the Company") as of March 31 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear ended 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding 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.

Auditors’ 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 control 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 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 N. G. THAKRAR & CO

Chartered Accountants Firm Registration Number: 110907W

N. G. Thakrar

Partner M.No.036213

Place: Mumbai Dated: 25th May 2016.

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