You are here » Home » Companies » Company Overview » Orient Bell Ltd

Orient Bell Ltd.

BSE: 530365 Sector: Consumer
NSE: ORIENTBELL ISIN Code: INE607D01018
BSE LIVE 15:40 | 20 Nov 306.25 0.60
(0.20%)
OPEN

305.00

HIGH

308.80

LOW

302.50

NSE 15:40 | 20 Nov 308.20 0.10
(0.03%)
OPEN

303.20

HIGH

309.95

LOW

302.00

OPEN 305.00
PREVIOUS CLOSE 305.65
VOLUME 3449
52-Week high 375.30
52-Week low 138.80
P/E 28.92
Mkt Cap.(Rs cr) 436
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 305.00
CLOSE 305.65
VOLUME 3449
52-Week high 375.30
52-Week low 138.80
P/E 28.92
Mkt Cap.(Rs cr) 436
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Orient Bell Ltd. (ORIENTBELL) - Auditors Report

Company auditors report

To the Members of M/S ORIENT BELL LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying financial statements of

Orient Bell Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2016 the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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. 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 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2016 its profit and 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 ("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 matters specified inthe paragraph 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 with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.

(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".

(g) With respect to the 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. On the basis of written representations received from the management of the Companythe Company does not have any pending litigations which would impact its financialposition; except for the cases which are disclosed under sub-note "ContingentLiabilities" under Note No. 8(a) of the financial statements.

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For S.R. Dinodia & Co. LLP
Chartered Accountants
Firm Regn. No. 001478N/N500005
(Pradeep Dinodia)
Place : New Delhi Partner
Dated : 23rd May 2016 M. No. 080617

Annexure ‘A’ to the Independent Auditor’s Report

The Annexure referred to in independent Auditors’ Report to the members of theCompany on the standalone financial statements for the year ended March 31 2016 wereport that:

i) In respect of fixed assets:

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

b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified at periodic intervals. In accordance with this programmefor the year no material discrepancies were noticed on such verification. In our opinionsuch periodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets.

c) On the basis of written representation received from the management of the Companythe title deeds of immovable properties held in the name of the Company are mortgaged withthe Banks for securing the long term borrowings and credit limits raised by the Company.

ii) In respect of its inventory:

a) On the basis of information and explanation provided by the management inventorieshave been physically verified by the management during the year except the inventories intransit. In our opinion the frequency of physical verification followed by the managementis reasonable.

b) No material discrepancies were noticed on verification between the physical stocksand the book records.

iii) (a) to (c) According to the information and explanation given to us the Companyhad not granted loans secured or unsecured to any of the Companies firms or otherparties covered in the register maintained under section 189 of the Companies Act 2013.Therefore the provisions of paragraph 3(iii) (a) to (c) of the Companies (Auditor’sReport) Order 2016 are not applicable to the Company.

iv) According to the information and explanation given to us the Company has no loansguarantees and security covered under the provisions of section 185 and 186 of theCompanies Act 2013. During the year Company has made investment in compliance with theprovisions of the section 186 of the Companies Act 2013.

In our opinion and according to the information and explanation given to us since theCompany has not accepted any deposits therefore the question of the compliance of anydirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Companies Act and the rules framed there under doesnot arise.

On the basis of available information and explanation provided to us the CentralGovernment has not prescribed maintenance of cost records under sub-section (1) of section148 of the Companies Act 2013 read with Companies (Cost Records and Audit) AmendmentRules 2014 dated December 31 2014 to the current operations carried out by the Company.Accordingly the provisions of paragraph 3(vi) of the Companies (Auditor’s Report)Order 2016 are not applicable to the Company.

(a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees’ state insurance income tax sales tax servicetax duty of customs duty of excise value added tax cess and any other statutory dueswith appropriate authorities. Further there were no undisputed outstanding statutory duesas on the last day of the financial year concerned for a period of more than six monthsfrom the date they became payable.

(b) According to the records of the Company examined by us and the information andexplanations given to us there were no dues of income tax or sales tax or service tax orduty of customs or duty of excise or value added tax except the following which have notbeen deposited on account of any dispute:

Name of the Statute Nature of Dispute Amount (in Rs) Period Forum where dispute is pending
U.P. Vat Act Entry tax and other dues 1191100 2000-01 & 2003-04 Allahabad High Court
U.P. Vat Act Sales Tax 2740918 2002-03 Allahabad High Court
U.P. Vat Act Entry tax and other dues (1)320813 2002-03 Ghaziabad Tribunal
U.P. Vat Act Sales Tax (1)34594 2003-04 Allahabad High Court
U.P. Vat Act Sales Tax 1098623 2003-04 Allahabad High Court
U.P. Vat Act Sales Tax (1)1894965 2003-04 Allahabad High Court
U.P. Vat Act Sales Tax 973790 2004-05 Allahabad High Court
U.P. Vat Act Sales Tax 1208757 2005-06 Allahabad High Court
U.P. Vat Act Sales Tax (1)765898 2006-07 Allahabad High Court
Gujarat Vat Sales Tax 330568 2010-11 Astt. Commissioner of Commercial Tax
Gujarat Vat Sales Tax (1) 372499 2006-07 Gujarat Value Added Tax Tribunal Ahmedabad
Karnataka Vat Sales Tax 5387496 2012-13 Joint Commissioner (Appeals)
Karnataka Vat Sales Tax 1190173 2013-14 Joint Commissioner (Appeals)
Karnataka Vat Sales Tax 2846280 2014-15 Joint Commissioner (Appeals)
A.P.VAT Act Sales Tax 489768 2005-06 & 2006-07 High Court of A.P.
A.P.VAT Act Sales Tax (1)534158 2009-10 Commissioner (Appeals)
A.P.VAT Act Sales Tax (1)934777 2009-10 Commissioner (Appeals)
Delhi Vat Act Sales Tax 111732 2009-10 Vat Officer
Delhi Vat Act Sales Tax 289470 2010-11 Vat Officer
Mumbai Vat Act Sales Tax 27246 2006-07 Vat Officer
Mumbai Vat Act Sales Tax 18394 2008-09 Commissioner of Sales Tax
Appeal II
Mumbai Vat Act Sales Tax 1314013 2008-09 Commissioner of Sales Tax Appeal II
Kerala Vat Act Sales Tax (1)283774 2005-06 Assistant commissioner Ernakulam
Kerala Vat Act Sales Tax 7087329 2009-10 Assistant commissioner Ernakulam
West Bengal Vat Act Sales Tax 14745867 2011-12 Jt. Commissioner (Appeal)
Goa Vat Act Sales Tax 3707 2008-09 Vat Officer
Haryana Vat Act Sales Tax 10433 2013-14 Excise & Taxation Officer- cum-Assessing Authority Sonepat
Haryana Vat Act Sales Tax 121318 2015-16 Commissioner (Appeal)- Excise & Taxation Officer
Central Excise & Customs Act Excise & other dues (1)680440 2005-2010 CESTAT Noida
Central Excise & Customs Act Excise & other dues 670460 2005-2010 Excise Tribunal Noida
Central Excise & Customs Act Excise & other dues 175946 2008-09 Commissioner (Appeals) Noida
Central Excise & Customs Act Excise & other dues 173833 2010-2011 Commissioner (Appeals) Noida
Central Excise & Customs Act Excise & other dues (1)4366321 2011-2012 Commissioner (Appeals) Noida
Central Excise & Customs Act Excise & other dues (1)1810793 2010-11 Commissioner (Appeals) Noida
Central Excise & Customs Act Excise & other dues (1)75045 2014-15 Commissioner (Appeals) Noida
Central Excise & Customs Act Excise & other dues (1)128928 2014-15 Commissioner (Appeals) Noida
Central Excise & Customs Act Excise & other dues 232056 2005-2010 CESTAT Ahmedabad
Central Excise & Customs Act Excise & other dues 156151 2007-2010 CESTAT Ahmedabad
Central Excise & Customs Act Excise & other dues (1)4661297 2010-2013 Appellate Tribunal
Central Excise & Customs Act Excise & other dues 11102931 2011-12 CESTAT Bangalore
Custom Tariff Act 1975 Custom Duty 8500000 2001-02 CEGAT New Delhi
Income Tax Act 1961 Income Tax 1692841 AY:1990-91 ITAT Ahmedabad
Income Tax Act 1961 Income Tax 2237194 AY:1995-96 Gujarat High Court
Income Tax Act 1961 Income Tax 762880 AY:2003-04 ITAT Ahmedabad
Income Tax Act 1961 Income Tax 1630483 AY:2003-04 ITAT Ahmedabad
Income Tax Act 1961 Income Tax 31057825 AY:2011-12 CIT (Appeals) Ahmedabad
Income Tax Act 1961 Income Tax 1097511 AY:2009-10 ITAT Delhi
Income Tax Act 1961 Income Tax 1097511 AY:2009-10 CIT (Appeals) Delhi
Income Tax Act 1961 Income Tax 834757 AY:2010-11 ITAT Delhi

(1)Net of amounts paid under protest. viii) On the basis of information and explanationprovided to us Company has not defaulted in repayment of loans and borrowings to thebank. There were no dues outstanding towards debenture holders as at March 31 2016.

ix) The Company did not raise any money by way of initial public or further publicoffer (including debt instruments) during the year. The term loans taken during the yearwere applied for the purpose for which the same has been raised.

x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

xi) The Company has paid / provided managerial remuneration to its directors during theyear in accordance with provisions of section 197 read with Schedule V to the CompaniesAct 2013 as applicable to the Company.

xii) The Company is not a nidhi company hence the provisions of paragraph 3(xii) of theCompanies (Auditor’s Report) Order 2016 are not applicable to the Company.

xiii) During the course of our examination of the books and records of the Company alltransactions entered with the related parties are in compliance with section 177 and 188of Companies Act 2013 and the details have been disclosed in the financial statementsetc as required by the applicable accounting standards. xiv) The Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review. Accordingly the provisions of paragraph 3(xiv)of the Companies (Auditor’s Report) Order 2016 are not applicable to the Company.

xv) The Company has not entered into any non-cash transactions with directors orpersons connected with him. Accordingly the provisions of paragraph 3(xv) of theCompanies (Auditor’s Report) Order 2016 are not applicable to the Company.

xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of paragraph 3(xvi) of the Companies(Auditor’s Report) Order 2016 are not applicable to the Company.

Annexure ‘B’ to the Independent Auditor’s Report of even date on thestandalone financial statement of Orient Bell Limited

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 Orient BellLimited ("the Company") as of March 31 2016 in conjunction with our audit ofthe standalone financial statements of the Company for the year 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgement including the assessment of the risks of materialmisstatement 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 S.R. Dinodia & Co. LLP
Chartered Accountants
Firm Regn. No. 001478N/N500005
(Pradeep Dinodia)
Place : New Delhi Partner
Dated : 23rd May 2016 M. No. 080617