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Bombay Potteries & Tiles Ltd.

BSE: 502216 Sector: Infrastructure
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Bombay Potteries & Tiles Ltd
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Bombay Potteries & Tiles Ltd. (BOMBAYPOTTERIES) - Auditors Report

Company auditors report

To The Members of

BOMBAY POTTRIES & TILES LTD.

Report on Financial Statements

We have audited the accompanying financial statements of BOMBAY POTTRIES & TILESLTD (the "Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the 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 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) Rules2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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. ‘

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors 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 aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 and its loss 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 by sub-section 11 of section 143 of the Act wegive in the "Annexure A" attached hereto our comments on the matters specifiedin the paragraphs 3 and 4 of the said Order.

2. As required by sub-section 3 of Section 143 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the ' Companies(Account) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 201? 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 section164 (2) of the Cbmpanies Act 2013.

(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 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:

1. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

2. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

3. As at the year end there were no amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

4. The Company has provided requisite disclosures in the Financial Statements asregards its holding and dealings in specified Bank Notes as defined in the NotificationS.O. 3407 [E] dated November 8 2016 of the Ministry of Finance during the period fromNovember 8 2016 to December 30 2016. Based on Audit Procedures performed and therepresentations provided to us by the Management we report that the disclosures are inaccordance with the Books of account maintained by the Company and as produced to us bythe Management.

For ANIL JAYKANT & CO.

Chartered Accountants

Firm Registration No. 100437W

ANIL J. SHAH

Partner

Membership No: 011584

Place : Mumbai

Date : 31.05.2017

annexure "a" to the Independent Auditors Report

Annexure referred to in Paragraph 1 of our report of even date.

1.1. The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

1.2. All the fixed assets have been physically verified by the Management at reasonableintervals and no material discrepancies were noticed on such verification.

1.3. The Title Deeds of immovable property are held in the name of the Company as onthe date of the Balance Sheet.

2. The Company does not have inventory and thus Clause 2 is not applicable in thiscase.

3. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnership or other parties covered in the Register maintained underSection 189 of the Companies Act 2013 and thus Clause No. 3 is not applicable in thiscase.

4. The Company has not advanced any loan or made any investment or given any guaranteeor security and thus Clause No.4 is not applicable to the Company.

5. The Company has not accepted any deposits from the public. Thus Clause 5 is notapplicable to the Company.

6. The Central Government has not prescribed for maintenance of cost records undersection 148 (1) of the Companies Act 2013 for the Company.

7. (a) The Company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Wealth TaxService Tax Custom Duty Excise Duty Value Adt^ed Tax Cess and other statutory dues asapplicable with the appropriate authority during the year. According to the informationand explanations given to us there are no undisputed amount payable in respect of theabove statutory dues which have remained outstanding as at March 31 2017 for a period ofmore than six months from the date they became payable.

(b) There are no dues of Income Tax or Sales Tax or Wealth Tax or Service Tax Customduty Excise Duty VAT which have not been deposited on account of any dispute with theappropriate authorities.

8. The Company has not obtained any loan from any Financial Institution or Bank orGovernment or Debenture holders. Thus Clause 8 of the Order is not applicable.

9. The Company has not raised moneys by way of initial Public Offer or further Publicoffer including debt instruments and term loans. Accordingly Clause 9 of the Order is notapplicable to the Company.

10. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or any fraud on theCompany by its officers or employees has been noticed or reported during the year.

11. The Company has not paid any managerial Remuneration nor provided for anyManagerial remuneration. Thus Clause 11 is not applicable to the Company.

12. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofClause 12 of the Order are not applicable to the Company.

13. The Company has not entered in to any transactions with the related parties andthus Clause 13 of the Order is not applicable to the Company.

14. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 14 of the Order are not applicable to the Company.

15. Based upon the audit procedures performed and the information and explanationsgiven by the Management the Company has not entered in to any non cash transactions withDirectors or persons connected with him. Accordingly the provisions of Clause 15 of theOrder are not applicable to the Company .

16. In our opinion the Company is not required to be registered under Section 45- 1Aof the Reserve bank of India Act 1934 and accordingly the provisions of Clause 16 of theOrder are not applicable to the Company and hence not commented upon.

for ANIL JAYKANT & CO.

Chartered Accountants Firm

Registration No: 100437W

ANIL J. SHAH

Proprietor

Membership No: 011584

Place : Mumbai

Date : 31.05.2017

ANNEXURE "B" TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF BOMBAY POTTERIES & TILES LIMITED.

Report on the Internal Financial Controls 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 BOMBAYPOTTERIES & TILES LIMITED ("the Company") as of March 31 2017 inconjunction with our audit of the financial statements of the Company for the year endedon 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") 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 company's policies the safeguarding ofits 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.

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 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 judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea 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 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use‘or disposition ofthe company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reportirig to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the 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 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".

For Anil jaykant & co.

Chartered Accountants

Firm Registration No: 100437W

ANIL J. SHAH

Proprietor

Membership No: 011584

Place : Mumbai

Date : 31.05.2017