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Budge Budge Company Ltd.

BSE: 538789 Sector: Industrials
NSE: N.A. ISIN Code: INE948C01026
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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 standalone financial statements of BUDGE BUDGE COMPANYLIMITED(‘the Company’) which comprise the Balance Sheet as at 31st March 2016the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standard specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

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. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting 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 2016 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" a statement on the mattersspecified in paragraphs 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 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2016 from being appointed as a director in terms ofSection 164(2) of the Act.

f) With respect to the adequacy of internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separatereport in "Annexure B" and

g) 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. 28 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
P-21/22 Radha Bazar Street Registration No. 302023E
CA M. K. JAIN
Kolkata - 700 001 Partner
Dated the 23rd day of May 2016 Membership No. 055048

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT

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

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.

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) No material discrepancy was noticed on physical verification of stocks by themanagement as compared to book records.

3. The Company has granted loans to body corporates covered in the register maintainedunder section 189 of the Companies Act 2013 and

a) In our opinion the rate on interest and other terms and conditions on which loanshad been granted to the body corporate listed in the register maintained under Section 189of the Act were not prima facie prejudicial to the interest of the Company.

b) The loan so granted to the body corporate is repayable on demand.

c) The amount of outstanding loans as on 31st March 2016 is Rs. 18183893/-. We areof the opinion that the company is regular in receipt of both principal and interestamount.

4. 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 loans and investments made.

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 Sections 73 to Section 76or any other relevant provisions of the Act and rules framed there under are notapplicable;

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 Tax Custom DutyExcise Duty Value Added Tax and Cess to the extent applicable and any other statutorydues have been regularly deposited with the appropriate authorities. According to theinformation and explanations given to us there were no outstanding statutory dues as on31st of March 2016 for a period of more than six months from the date they becamepayable.

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 in Annexure-1.

8. 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 ofloans or borrowings to a financial institution bank government or dues to debentureholders during the year.

9. The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.

10. 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.

11. According to the information and explanations given 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 said Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company.

13. 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.

14. 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.

15. 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.

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

For JAIN & CO.
Chartered Accountants
P-21/22 Radha Bazar Street Registration No. 302023E
Kolkata - 700 001 CA M. K. JAIN
Partner
Dated the 23rd day of May 2016 Membership No. 055048

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT

REFEERRED TO IN PARAGRAPH 2(f) UNDER THE HEADING "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS"OF OUR REPORT OF EVEN DATE

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 BUDGE BUDGECOMPANY LIMITED ("the Company") as of 31 March 2016 in conjunction with ouraudit 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 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.

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.

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.

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 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 31 March 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 JAIN & CO.
Chartered Accountants
P-21/22 Radha Bazar Street Registration No. 302023E
Kolkata - 700 001 CA M. K. JAIN
Partner
Dated the 23rd day of May 2016 Membership No. 055048

ANNEXURE-1

Disputed Statutory Dues as on 31-03-2016

Name of the Statue Nature of Dues Financial Year to which the amount relate Forum where dispute is pending Amount. Amount.
Rs Rs
B.F.(S.T.) Act ’41 Assessment Dues 1994-95 W.B.C.T. A & R Board 586397 586397
C.S.T. Act ’56 DO 1996-97 2004-05 2006-07 W.B.C.T. A & R Board 22484354
2002-03 Addl. Commissioner High Court Kolkata 2191838
2003-04 West Bengal Taxation Tribunal 2754263 27430455
W.B.S.T. Act ’94 DO 1996-97 1998-99 2004-05 W.B.C.T. A & R Board 10962056
DO 1999-00 2002-03 2003-04 West Bengal Taxation Tribunal 11445753 22407809
W.B. VAT 2003 DO 2005-06 2007-08 2008-09 2010-11 2011-12 W.B.C.T. A & R Board 29089699
DO 2012-13 Sr. Jt. Commissioner 2862182
DO 2006-07 Addl. Commissioner 929552 32881433
CST ACT 1956 DO 2012-13 Sr. Jt. Commissioner 2050726
DO 2007-08 to 2011-12 W.B.C.T. A & R Board 58469290 60520016
143826110