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B P Capital Ltd.

BSE: 536965 Sector: Financials
NSE: N.A. ISIN Code: INE947C01010
BSE 00:00 | 27 May 7.45 -0.03
(-0.40%)
OPEN

6.61

HIGH

7.45

LOW

6.61

NSE 05:30 | 01 Jan B P Capital Ltd
OPEN 6.61
PREVIOUS CLOSE 7.48
VOLUME 203
52-Week high 11.43
52-Week low 2.93
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.61
CLOSE 7.48
VOLUME 203
52-Week high 11.43
52-Week low 2.93
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

B P Capital Ltd. (BPCAPITAL) - Auditors Report

Company auditors report

TO THE MEMBERS OF B. P. CAPITAL LIMITED

I. Report on the Audit of the Financial Statements

1 . Opinion

A. We have audited the accompanying Financial Statements of B. P. Capital Limited("the Company") which comprise the Balance Sheet as at March 31 2021 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date and asummary of the significant accounting policies and other explanatory information(hereinafter referred toas"theFinancial Statements").

B. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Financial Statementsgivetheinformationrequired bythe Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("IndAS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2021 the Loss and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate

2. Basis for Opinion

We conducted our audit of the Financial Statementsin accordance with the Standardson Auditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor’s

Responsibilities for the Audit of the Standalone Financial Statementssection of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of CharteredAccountants of India (ICAI) together with the independencerequirements that are relevant to our audit ofthe financial statementsunder the provisionsof the Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI’s Code of Ethics.We believe thattheauditevidencewe have obtained is sufficient and appropriate to provide abasis for our audit opinion on the Standalone Financial Statements.

Emphasis on Other Matter

We draw attention to the following matters

(i) The company had recorded the cost of the investment at the face value of theequity shares issued and had not determined the fair value as required by IND AS 109.

3. Information Other than the Financial Statements and Auditor’s Report Thereon

A. The Company’s Board of Directors is responsible for the preparation of theother information. The other information comprises the information includedintheManagementDiscussionandAnalysis Board’sReportincluding Annexures toBoard’s Report Business Responsibility Report Corporate Governance andShareholder’s Information but does not include the Standalone Financial Statementsand our auditor’s reportthereon. Our opinion on the standalone financial statementsdoes not cover the other information and we do not express any form of assuranceconclusion thereon

B. In connection with our audit of the financial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially in consistent with the Financial Statements or our knowledge obtained duringthe course of our audit or otherwise appears to be materiallymisstated. If based on thework we have performed we conclude that there is amaterialmisstatementofthis otherinformation we are required to report that fact. We have nothing to report in thisregard.

4. Management’s Responsibility for theStandalone Financial Statements

A. The Company’s Board of Directors is responsible for the matters stated insection 134(5) of the Act with respect to the preparation of these Standalone FinancialStatements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud orerror.

B. In preparing the Financial Statements management is responsible for assessing theCompany’s ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to doso.

The Board of Directors are responsible for overseeing the Company’s financialreporting process.

5. Auditor’s Responsibilities for the Audit of the Standalone FinancialStatements

A. Our objectives are to obtain reasonable assurance about whether the FinancialStatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions ofusers taken on thebasis of these Standalone Financial Statements.

B. As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

i) Identify and assess the risks of material misstatement of the financial statementswhether due to fraudor error design and perform audit procedures responsive to thoserisks and obtain audit evidence that issufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internalcontrol.

ii) Obtain an understanding of internal financial controls relevant to the auditinorder to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of suchcontrols

iii) Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made bymanagement

iv) Conclude on the appropriateness of management’s use of the going concern basisof accounting and based on theaudit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the Financial Statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a goingconcern

v) Evaluate the overall presentation structure and content of the Standalone FinancialStatements including the disclosures and whether the Standalone Financial Statementsrepresent the underlying transactions and events in a manner that achievesfairpresentation

C. Materiality is the magnitude of misstatements in the Standalone Financial Statementsthat individually or inaggregate makes it probable that the economic decisions of areasonably knowledgeable user of the Standalone Financial Statementsmay be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the Financial Statements.

D. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings includinganysignificant deficiencies in internal control that we identify during our audit.

E. We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. F. From the matters communicatedwith those charged with governance we determine those matters that were of mostsignificance in the audit of the Financial Statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor’s reportunless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication

II. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in "Annexure A" a statement on the matters specified in paragraphs 3and 4 of the Order.

2. As required by Section 143(3) of the Act based on our audit we reportthat:

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 thosebooks.

C. The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books ofaccount

D. In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014

E. On the basis of the written representations received from the directors as on March31 2021 taken on recordby the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164 (2) oftheAct.

F. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls please refer toour separate Report in "Annexure B". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company’s internalfinancial controls over financial reporting.

G. With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act asamended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 ofthe Act.

H. 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i) The Company has disclosed the impact of pending litigations if anyon its financialposition in its Financial Statements

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts

iii) There has been no delay in transferring amounts required to be transferred tothe InvestorEducationand Protection Fund by theCompany.

For Nemani Garg Agarwal & Co.

Chartered Accountants

Firm Reg. No. 010192N
Sd/-
SK Nemani
Partner
Place : New Delhi Membership no. 037222
Date : 29th June 2021 UDIN:21037222AAAAFD9483

Annexure "A" to the Independent Auditors’ Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal RegulatoryRequirement’ of our report of even date to the IND AS financial statements of theCompany for the year ended March 31 2021:

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we further state as under:

1. The Company does not have any fixed assets and accordingly the requirements underparagraph (i) (a) and (b) are not applicable to the Companyand hence not commentedupon.According to the information and explanations given by the management there are noimmovable properties included infixed assets of the Company and accordingly therequirements under paragraph (i)(c) are not applicable to the Company

2. There is no inventory in the company and therefore there is no question of physicalverification of inventory.

3. Accordingly to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Act. Accordingly paragraph 3 (iii) ofthe order is not applicable.

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 Companies Act 2013in respect of loans investments guarantees and security.

5. The Company has not accepted any deposits from the public. Therefore the directiveissued by the Reserve Bank of India and the provision of section 73 to 76 or any otherrelevant provisions of the Companies Act 2013 and the rules framed there under does notarise.

6. As informed to us maintenance of cost records has not been prescribed by theCentral Government U/s. 148(1) of the Companies Act 2013.

7. (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the company is regular in depositingundisputed statutory dues within in the prescribed time to the appropriate authorities andthere are no arrears of outstanding statutory dues as on the last day of the financialyear for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us there are no statutorydues which have not been deposited on account of any dispute.

8. According to the information and explanations given to us the company has notdefaulted in repayment of dues to any financial institution or banks.

9. According to the information & explanation given to us and the records of theCompany examined by us the Company has not raised any money by way of initial public offeror further public offer (including debt instruments) or term loans during the year.

10. Based on the audit procedures performed and the information and explanations givenby the management we report that no fraud by the company and nor any fraud on the companyby its officers or employees has been noticed or reported during the year.

11. No Managerial Remuneration is paid by the company during the year hence provisionsof Section 197 read with Schedule V to Companies Act 2013 are not applicable.

12. In our opinion the company is not a Nidhi company within the meaning of relevantlaw.

13. Based on the audit procedures performed and the information and explanations givenby the management all transactions with related parties are in compliance with theprovisions of section 177 and 188 of the Companies Act 2013 and requisite details havebeen disclosed in the IND AS financial statements as required by the applicable accountingstandards.

14. Based on the audit procedures performed and the information and explanations givenby the management the company has not made any preferential allotment or privateplacement of shares or partly convertible debentures u/s 42 of the Companies Act 2013during the year.

15. Based on the audit procedures performed and the information and explanations givenby the management the company has not entered in to any non-cash transaction withdirectors or others in contravention of section 192 of the Companies Act 2013.

16. In our opinion the company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934.

For Nemani Garg Agarwal & Co.

Chartered Accountants

Firm Reg. No. 010192N
Sd/-
SK Nemani
Partner
Place : New Delhi Membership no. 037222
Date : 29th June 2021 UDIN:21037222AAAAFD9483

Annexure "B" to the Independent Auditor’s Report of even date on the INDAS financial statements ofB. P. CAPITAL 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 B. P.CAPITAL LIMITED("the Company") as of March 31 2021 in conjunction with ouraudit of the IND AS 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. 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 theprevention 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 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 IND AS 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 process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of IND AS 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 the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of IND AS financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the IND AS 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 2021 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 Nemani Garg Agarwal & Co.

Chartered Accountants

Firm Reg. No. 010192N
Sd/-
SK Nemani
Partner
Place : New Delhi Membership no. 037222
Date : 29th June 2021 UDIN:21037222AAAAFD9483

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