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B & A Ltd.

BSE: 508136 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE489D01011
BSE 00:00 | 27 Mar 98.60 4.60
(4.89%)
OPEN

98.00

HIGH

98.70

LOW

95.50

NSE 05:30 | 01 Jan B & A Ltd
OPEN 98.00
PREVIOUS CLOSE 94.00
VOLUME 755
52-Week high 170.00
52-Week low 89.80
P/E 11.71
Mkt Cap.(Rs cr) 31
Buy Price 95.55
Buy Qty 1.00
Sell Price 98.60
Sell Qty 100.00
OPEN 98.00
CLOSE 94.00
VOLUME 755
52-Week high 170.00
52-Week low 89.80
P/E 11.71
Mkt Cap.(Rs cr) 31
Buy Price 95.55
Buy Qty 1.00
Sell Price 98.60
Sell Qty 100.00

B & A Ltd. (BA) - Auditors Report

Company auditors report

To

The Members of B & A LIMITED

Report on the Standalone Indian Accounting Standard (Ind AS) Financial Statements

1. We have audited the accompanying standalone Ind AS Financial Statements of B&ALIMITED ("the Company") which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss (including other comprehensive income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS Financial Statements

2. 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 Ind AS Financial Statements that give a true and fair view of thefinancial position financial performance (including other comprehensive income) cashflows and changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified in the Companies(Indian Accounting Standards) Rules 2015 (as amended) under Section 133 of the Act. 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 standalone Ind AS FinancialStatements that give a true and fair view and are free from material misstatement(s)whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone Ind AS FinancialStatements based on our audit.

4. 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.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10)of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS Financial Statements are freefrom material misstatement(s).

6. An audit involves performing procedures to obtain audit evidence about the accountsand the disclosures in the standalone Ind AS Financial Statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement(s) of the standalone Ind AS Financial Statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS Financial Statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASFinancial Statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS Financial Statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its total comprehensive income (comprising of profitand other comprehensive income) its cash flows and changes in equity for the year endedon that date.

Other Matter

9. The financial information of the Company for the year ended March 31 2017 and thetransition date opening Balance Sheet as at April 1 2016 included in these standalone IndAS Financial Statements are based on the previously issued statutory Financial Statementsfor the years ended March 31 2017 and March 31 2016 respectively prepared in accordancewith the Companies (Accounting Standards) Rules 2006 (as amended) which were audited byus and on which we expressed an unmodified opinion dated May 27 2017 and May 28 2016respectively. The adjustments to those Financial Statements for the differences inaccounting principles adopted by the Company on transition to the Ind AS have been auditedby us.

Our opinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

10. 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 accounts 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 (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with in thisReport are in agreement with the books of accounts;

(d) in our opinion the aforesaid standalone Ind AS Financial Statements comply withthe Indian Accounting Standards specified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2015 (as amended);

(e) on the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164(2) of the Act and

(f) our opinion on whether the Company has adequate internal financial controls systemin place and whether such controls are operating effectively is given in "AnnexureI" to this report.

11. 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:

(a) the Company has disclosed liabilities of a contingent nature and claims notacknowledged by it (refer Note 43.5 in standalone Ind AS Financial Statements) thequantum of which however are in our opinion not such as would impact the financialposition of the Company.

(b) the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses and

(c) there has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended March 312018.

12. 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 givein "Annexure II" a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

For Ghosal Basu & Ray
Chartered Accountants
(Firm Regn. No. : 315080E)
Prasun Kr. Basu
Place : Kolkata Partner
Date : 21st May 2018 (Membership No. 016178)

[Annexure I to Independent Auditor's Report Dated 21 May 2018]

[Referred to in paragraph 10(f) of the Independent Auditor's Report of even date to themembers of B & A Limited on the standalone Ind AS Financial Statements as at and forthe year ended 31 March 2018 ]

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 B&ALimited (‘‘the Company'') as of March 31 2018 in conjunction with our auditof the standalone Ind AS 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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") issued by the Institute of Chartered Accountants of Indiaas well as the Standards on Auditing also issued by ICAI and deemed to be prescribedunder Section 143(10) of the Companies Act 2013 to the extent such standards areapplicable to an audit of internal financial controls. Those Standards and the Guidance

56 B&A Limited

Note require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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(s) 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 controls systemover 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 standalone Ind AS Financial Statements for external purposes in accordancewith generally 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 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 2018 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 Ghosal Basu & Ray
Chartered Accountants
(Firm Regn. No. : 315080E)
Prasun Kr. Basu
Place : Kolkata Partner
Date : 21st May 2018 (Membership No. 016178)

[Annexure II to Independent Auditor's Report dated 21 May 2018]

[Referred to in paragraph 12 of the Independent Auditor's Report of even date to themembers of B & A Limited on the standalone Ind AS Financial Statements as at and forthe year ended 31 March 2018 ]

Matters to be included in the auditor's report Under Companies (Auditors' Report)Order 2016

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of its fixed assets;

(b) We are informed that these fixed assets have been physically verified by themanagement at reasonable intervals and as reported to us no material discrepancies werenoticed on such verification and

(c) The title deeds of the immovable properties appearing in the books of the Companyas its assets are held in the Company's name.

(ii) Physical verification of inventories was carried out at reasonable intervals bythe management and discrepancies between physical and book balances which were notmaterial have been properly dealt with in the accounts.

(iii) The Company has granted unsecured loan to a company covered in the registermaintained under section 189 of the Companies Act 2013 and

(a) the terms and conditions of the grant of such loan are not prejudicial to theinterest of the Company

(b) the loan is not due for repayment unless and until the bank loan is repaid by theCompany and as such the question of whether the loan is overdue does not arise.

(iv) 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 Companies Act 2013in respect of loans and investments made. The Company has not given any guarantee andsecurity in terms of the above Sections.

(v) The Company has not accepted deposits of the nature that attracts the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Companies Act 2013 and the rules framed thereunder. Hence thequestion of our reporting under this clause does not arise.

(vi) The Company has made and maintained the cost records specified by the CentralGovernment of India under sub-section (1) of Section 148 of the Companies Act 2013.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income tax sales tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues to theappropriate authorities;

(b) The Company has disputed the following demands raised by government authorities andhas preferred appeal before the appellate authority established under the respectivetaxing laws:

(i) Rs. 1261660 under Central Excise Act 1944 (ii) Rs.18054094 under AssamAgricultural Income Tax Act 1939 (iii) Rs. 1529000 under Income Tax Act 1961 (viii)TheCompany has not defaulted on the repayment of its borrowings which have been obtainedfrom banks.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments). Money raised from banks by way of term loanswere applied for the purposes for which those were raised.

(x) No fraud by the Company or any fraud on the Company by its officers or employeeshas been noticed or reported to us during the year.

(xi) Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the CompaniesAct 2013.

(xii) This Company is not a Nidhi Company; hence the question of our reporting underthis clause does not arise.

(xiii) All transactions with the related parties are in compliance with Sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in the

Standalone Ind AS Financial Statements as required by the Ind AS.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review; hence thequestion of our reporting under this section does not arise.

(xv) The Company has not entered into any non-cash transactions with directors orpersons related to any of them and hence the question of our reporting under this clausedoes not arise.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For Ghosal Basu & Ray
Chartered Accountants
(Firm Regn. No. : 315080E)
Prasun Kr. Basu
Place : Kolkata Partner
Date : 21st May 2018 (Membership No. 016178)