You are here » Home » Companies » Company Overview » Budge Budge Company Ltd

Budge Budge Company Ltd.

BSE: 538789 Sector: Industrials
NSE: N.A. ISIN Code: INE948C01026
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high
52-Week low
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high
52-Week low
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty

Budge Budge Company Ltd. (BUDGEBUDGECO) - Auditors Report

Company auditors report

TO THE MEMBERS OF BUDGE BUDGE COMPANY LIMITED

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of BUDGE BUDGE COMPANY LIMITEDwhich comprise the Balance Sheet as at 31st March 2015 the Statement of Profit and Lossthe Cash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.

MANAGEMENT’S RESPONSIBILTY 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("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 Standard 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.

AUDITOR’S 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 thereunder.

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 anddisclosures 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 statement that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose forexpressing an opinion on whether the Company has in place an adequate internal financialcontrol system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall 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 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 2015 and its profit 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 2015 ("theOrder") issued by the Central Government of India in terms of sub section (11) ofSection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 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 Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31stMarch 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to other 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 :

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note No. 27 to the financial statements.

(ii) The Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For JAIN & CO.
Chartered Accountants
Registration No. 302023E
P-21/22 Radha Bazar Street M. K. JAIN
Kolkata - 700 001 Partner
Dated the 23rd day of May 2015 Membership No. 055048

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

REFEERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL AND

REGULATORY REQUIREMENTS"OF OUR REPORT OF EVEN DATE.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that :

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

b) As explained to us some of the fixed assets have been physically verified by themanagement at reasonable intervals. We have been informed that no material discrepancieswere noticed on such verification.

2. a) As explained to us inventory has been physically verified during the year by themanagement at reasonable intervals.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the company and the nature of its business.

c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its inventory. No material discrepancy was noticedon physical verification of stocks by the management as compared to book records.

3. According to the information and explanations given to us and on the basis ofexamination of books of account We are of the opinion that the Company has grantedunsecured loans to companies listed in the register maintained under section 189 of theAct. The amount of outstanding loans as on 31st March 2015 is Rs. 16049278/-. We are ofthe opinion that the company is regular in receipt of both principal and interest amount.

4. In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventories fixed assets andwith regards to sale of goods and services. During the course of our audit no majorinstance of continuing failure to correct any weaknesses in the internal controls has beennoticed.

5. The Company has not accepted deposits from the public covered within the meaning ofdirectives issued by the Reserve Bank of India and provisions of Section 73 to Section 76or any other relevant provisions of the Act and rules framed there under.

6. As per information & explanation given by the management maintenance of costrecords has been specified by the Central Government under sub section (1) of Section 148of the Act and we are of the opinion that prima facie the prescribed accounts and recordshave been made and maintained. We have not however made a detailed examination of therecords with a view to determine whether they are accurate or complete.

7. a) According to the records of the company undisputed statutory dues includingProvident Fund Employees State Insurance Income-tax Sales-tax Wealth Tax Service TaxCustom Duty Excise Duty Value Added Tax and Cess to the extent applicable and any otherstatutory dues have generally been regularly deposited with the appropriate authorities.According to the information and explanations given to us there were no outstandingstatutory dues as on 31st March 2015 for a period of more than six months from the datethey became payable.

b) According to the information and explanations given to us and on the basis of thedocuments and records the disputed statutory dues which have not been deposited with theappropriate authorities are given in Annexure-1.

c) According to the information and explanations given to us and on the basis of thedocuments no amount is required to be transferred to Investor Education and ProtectionFund in accordance with the relevant provisions of the Companies Act1956 (1 of 1956) andrules made thereunder for the year ending 31st March 2015.

8. The Company does not have any accumulated losses as at 31st March 2015 and hasincurred cash loss during the financial year ended 31st March 2015.

9. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto financial institutions and banks.

10. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from bank or financial institutions;

11. Based on our audit procedures and on the information given by the management wereport that the company has applied the money received as term loans during the year forthe purposes for which they were obtained.

12. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

For JAIN & CO.
Chartered Accountants
Registration No. 302023E
P-21/22 Radha Bazar Street M. K. JAIN
Kolkata - 700 001 Partner
Dated the 23rd day of May 2015 Membership No. 055048

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard