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Bambino Agro Industries Ltd.

BSE: 519295 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE921D01013
BSE 00:00 | 04 Dec 214.35 4.40
(2.10%)
OPEN

213.95

HIGH

215.00

LOW

205.55

NSE 05:30 | 01 Jan Bambino Agro Industries Ltd
OPEN 213.95
PREVIOUS CLOSE 209.95
VOLUME 4843
52-Week high 239.80
52-Week low 80.00
P/E 17.26
Mkt Cap.(Rs cr) 172
Buy Price 212.10
Buy Qty 50.00
Sell Price 214.35
Sell Qty 40.00
OPEN 213.95
CLOSE 209.95
VOLUME 4843
52-Week high 239.80
52-Week low 80.00
P/E 17.26
Mkt Cap.(Rs cr) 172
Buy Price 212.10
Buy Qty 50.00
Sell Price 214.35
Sell Qty 40.00

Bambino Agro Industries Ltd. (BAMBINOAGROIND) - Auditors Report

Company auditors report

To THE MEMBERS OF BAMBINOAGRO INDUSTRIES UNITED

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of Bambino Agro Industries Limited (the Company) which comprise the Balance Sheet as at 31 st March 2019 and the Statement of Profit and Loss (including Other Comprehensive Income) the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position financial performance including other comprehensive income cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements based on our audit

We conducted our audit of Ind As Financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act Those Standards require that we comply with ethical requirements and plans and perform audit to obtain reasonable assurance about whether the Ind AS Financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the Ind AS financial statements whether due to fraud or error. In making those risk assessments the auditor considers internal financial control relevant to the Company's preparation of the Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the Ind AS financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us the aforesaid Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the Ind AS and other accounting principles generally accepted in India of the state of affairs of the Company as at 31 st March 201 9 and its profit total comprehensive income its cash flows and the changes in equity forthe year ended on thatdate.

Reporton Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our auditwe report that

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe purposes of our audit

b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other Comprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account

d) In our opinion the aforesaid Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act

e) On the basis of the written representations received from the directors of the Company as on 31 st March 201 9 taken on record by the Board of Directors none of the directors is disqualified as on 31st March 201 9 from being appointed as a director in terms of Section 164(2) of the Act

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate Report in Annexure A. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 201 4 as amended in our opinion and 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 financial position in its Ind AS financial statements;

ii. The Company did not have any long-term contracts for which there were any material foreseeable losses. The Company did not have any derivative contracts;

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

2. As required by the Companies (Auditor's Report) Order 2016 (the Order) issued by the Central Government in terms of Section 143(11) of the Act we give in Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.

For Kumar and Giri
Chartered Accountants
FRN: 0015845
Place: Hyderabad J BHADRA KUMAR
Date: 30th May 2019(Partner) M.No. 025480

Annexure A to the Independent Auditor's Report

With reference to the Annexure A referred to in our Report of even date to the Members of Bambino Agro Industries Limited ('the Company') on the Ind AS financial statements for the year ended 31st March 2019 we report that

(i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets.

(b) The Company has a program of verification to cover all the items of fixed assets in a phased manner over a period of three years which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program certain fixed assets were physically verified by the management during the year. According to the information and explanations given to us no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us the records examined by us and based on the examination of registered sale deeds/share certificate provided to us we report that the title deeds comprising all the immovable properties of buildings are held in the name of the Company as at the balance sheet date.

(ii) As explained to us the inventories were physically verified during the year by the Management at reasonable intervals. No material discrepancies were noticed on physical verification.

(iii) The Company has not granted any loans secured or unsecured to companies firms Limited Liability Partnerships or other parties covered in the register maintained under Section 1 89 of the Act hence reporting under clause (iii) of paragraph 3 of the Order is not applicable.

(iv) The Company has not granted any loans made investments or provided guarantees or securities hence reporting under clause (iv) of paragraph 3 of the Order is not applicable.

(v) According to the information and explanations given to us the Company has not accepted any deposit during the year. The Company does not have unclaimed deposits as at 31 st March 201 9 and accordingly the provisions of Sections 73 to 76 or any other relevant provisions of the Act are not applicable to the Company.

(vi) The maintenance of cost records has not been specified by the Central Government undersection 148(1) of the Act

(vii) According to the information and explanations given to us in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory dues including Provident Fund Income-tax Goods and Services Tax Customs Duty and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund Income tax. Goods and Services Tax Sales Tax Service Tax Customs Duty Excise Duty Value Added Tax Cess and other material statutory dues in arrears as at 31stMarch2019 for a period of more than six months from the date they became payable.

(viii) According to the information and explanations given to us and the records of the Company examined by us the Company has not defaulted in repayment of loans and borrowings to Banks. The Company did not have any dues to Financial Institution or Government nor has it issued any debentures as at the balance sheet date.

(ix) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause (ix) of paragraph 3 of the Order is not applicable.

(x) To the best of our knowledge and according to the information and explanations given to us no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us the Company has paid/provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of paragraph 3 of the Order is notapplicable.

(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with section 177 and 188 of the Act where applicable for all transactions with the related parties and the details of related party transactions have been disclosed in the Ind AS financial statements etc as required by the applicable accounting standards.

(xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of paragraph 3 of the Order is not applicable.

(xv) In our opinion and according to the information and explanations given to us during the year the Company has not entered into any non-cash transactions with its directors or directors of its holding company or persons connected with them and hence provisions of Section 192 of the Act are not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934 hence reporting under clause (xiv) of paragraph 3 of the Order is not applicable.

For Kumar and Giri
Chartered Accountants
FRN: 001584S
Place: HyderabadJ BHADRA KUMAR
Date: 30th May 2019(Partner) M.No. 025480

Annexure B to the Independent Auditor's Report

The Annexure B referred to in our Report of even date to the Members of Bambino Agro Industries Limited (the Company1) on the Ind AS financial statements for the year ended 31 st March 2019

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (the Act)

We have audited the internal financial controls over financial reporting of Bambino Agro Industries Limited (the Company) as of 31 st March 2019 in conjunction with our audit 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 internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of intemal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to Company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Companies Act 201 3.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over finandal reporting of the Company based on our audit We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013 to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition use or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of lntemal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations given to us the Company has in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 st March 2019 based on the criteria for internal financial control over financial reporting established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Kumar and Giri
Chartered Accountants
FRN: 001584S
J BHADRA KUMAR
Place: Hyderabad(Partner)
Date: 30th May 2018M.No. 025480

   

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