The Members of Bombay Rayon Fashions Limited
Report on the Standalone Ind AS Financial Statements
1. We have audited the accompanying standalone Ind AS financialstatements of Bombay Rayon Fashions Limited ("the Company") which comprise theBalance Sheet as at 31 March 2017 the Statement of Profit and Loss (including othercomprehensive income) the Cash Flow Statement and the statement of changes in equity forthe year then ended and a summary of the significant accounting policies and otherexplanatory information (herein after referred to as "standalone Ind AS financialstatements")
Management's Responsibility for the Standalone Ind AS FinancialStatements
2. The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone Ind AS financial statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind As)specified under Section 133 of the Act read with relevant rules issued thereunder. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act; safeguarding the assets of the Company; preventing anddetecting 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 standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
3. Our responsibility is to express an opinion on these standalone IndAS financial statements based on our audit.
4. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.
5. We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the standalone Ind AS financial statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the standalone Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone Ind AS financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial controls relevant to the Company's preparation of the Standalone Ind ASfinancial statements that give a 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 standalone Ind AS financial statements.
7. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the standalone Ind ASfinancial statements.
8. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone Ind AS financial statements givethe information required by the Act in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India
including the Ind AS of the state of affairs of the Company as at 31March 2017 and its financial performance
including other comprehensive income its cash flows and the changes inequity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central
Government of India in terms of Section 143(11) of the Act we give inthe Annexure I a statement on the
matters specified in paragraphs 3 and 4 of the Order.
10. As required by Section143(3) of the Act we report that:
a. We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purpose of our audit;
b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.
c. The Balance sheet the statement of profit and loss the statementof cash flow and the statement of changes in equity dealt with by this report are inagreement with the books of account.
d. In our opinion the aforesaid standalone Ind AS financial statementscomply with the Indian Accounting Standards (Ind As) specified under Section 133 of theAct read with relevant rule issued thereunder.
e. On the basis of the written representations received from thedirectors as on 31 March 2017 and taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2017 from being appointed as a director in termsof Section164(2) of the Act;
f. We have also audited the internal financial controls over financialreporting (IFCoFR) of the Company as of 31 March 2017 in conjunction with our audit of thestandalone Ind AS financial statements of the Company for the year ended on that date andour report dated 30.05.2017 as per Annexure II expressed.
g. With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Amendment Rules2017 in our opinion and to the best of our information and according to the explanationsgiven to us:
i. As detailed in Note 42 to the standalone Ind AS financialstatements the Company has disclosed the impact of pending litigations on its standaloneInd AS financial statements;
ii. The company does not have any long term contracts includingderivative contracts for which there were any material foreseeable losses.
iii. The Company has not transferred the requisite amount which wasrequired to be transferred to the Investor Education and Protection Fund by the company.The details of which is as under:-
|Sr. No. ||Financial Year ||Amount (Rs.) |
|1. ||2008-09 ||200658/- |
iv. The company has provided requisite disclosures in its standaloneInd AS financial statements as to holdings as well as dealings in Specified Bank Notesduring the period from 8th November 2016 to 30th December 2016 andthese are in accordance with of books of accounts maintained by the company. Refer Note 45to the standalone Ind AS financial statements.
| ||For V.K BESWAL & ASSOCIATES |
| ||Chartered Accountants |
| ||CA V.K. Beswal |
| ||Partner |
|Place: Mumbai ||M No-30426 |
|Date: 30.05.2017 ||Firm Registration No:101083W |