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Bang Overseas Ltd.

BSE: 532946 Sector: Industrials
NSE: BANG ISIN Code: INE863I01016
BSE 00:00 | 23 Sep 43.50 -0.65
(-1.47%)
OPEN

43.90

HIGH

44.05

LOW

43.15

NSE 00:00 | 23 Sep 43.15 -0.80
(-1.82%)
OPEN

43.95

HIGH

44.15

LOW

42.50

OPEN 43.90
PREVIOUS CLOSE 44.15
VOLUME 2813
52-Week high 77.75
52-Week low 30.60
P/E 12.87
Mkt Cap.(Rs cr) 59
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 43.90
CLOSE 44.15
VOLUME 2813
52-Week high 77.75
52-Week low 30.60
P/E 12.87
Mkt Cap.(Rs cr) 59
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bang Overseas Ltd. (BANG) - Auditors Report

Company auditors report

To

The Members of

Bang Overseas Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Bang Overseas Limited ("theCompany") which comprise the Balance Sheet as at March 31 2021 and the Statementof Profit & Loss statement of changes in equity and statement of cash flow for theyear then ended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

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 Companies Act 2013 in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2021 and its profit/loss changes in equity andits cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on

Auditing (SAs) specified under section 143(10) of the Companies Act 2013. Ourresponsibilities under those Standards are further described in the Auditor’sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the financial statements under the provisions of the Companies Act 2013and the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to be communicated in ourreport.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial 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 (changes in equity) and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements the Board of Directors is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’sfinancial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

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 of users taken on thebasis of these financial statements.

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

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient 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 internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and based on the audit 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 going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor’s report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 Companies Act 2013 we give in the "Annexure A" a statementon the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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 purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss the Statement of Change in Equityand the Cash Flow Statement dealt with by this Report are in agreement with the books ofaccounts;

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

(e) On the basis of written representations received from the directors as on March312021 and taken on record by the Board of Directors none of the directors aredisqualified as on March 31 2021 from being appointed as a director in terms of section164(2) of the Act.

(f) As required by Section 197(16) of the Act we report that the Company has paidremuneration to its directors during the year in accordance with the provisions of andlimits laid down under Section 197 read with Schedule V to the Act.

(g) 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".

(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 in our opinionand to the best of our knowledge and belief and according to the information andexplanation given to us:

i. The Company does not have pending litigations as at March 31 2021.

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

iii. 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 312021.

For BHATTER & COMPANY

Chartered Accountants

Firm Regd. No. 131092W

DAULAL H BHATTER

Proprietor

Membership No: 016937.

Place: Mumbai

Dated: 30th June 2021

UDIN: 21016937AAAAGR6175

Annexure -A

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

Bang Overseas Limited

(i) (a) The Company has maintained records for fixed assets showing full particularsincluding quantitative details and situation of fixed assets.

(b) As explained to us the fixed assets of the Company have been physically verifiedby the management at reasonable interval.

(c) According to the information and explanation given to us and on the basis ourexamination of the records of the Company the title deed of immovable properties are heldin the name of the Company.

(ii) According to the information and explanation given to us the management hasconducted physical verification in respect of stock at reasonable intervals except tradingdivision. No material discrepancies have been noticed on physical verification of stocksas compared to books for manufacturing units where physical verification has been carriedout by the management.

(iii) The Company has not granted any loans or advances in the nature of loans to theparties covered in the register maintained under Section 189 of the Act. Hence thequestion of reporting whether the receipt of principal and interest are regular andwhether reasonable steps of recovery of over dues of such loans are taken does not arise.

(iv) The Company has not given any loans nor made any investment during the year. Henceprovision of Section 185 and 186 of the Act are not applicable to the Company.

(v) Based on our scrutiny of the Company’s records and according to theinformation and explanation provided by the management in our opinion the Company hasnot accepted any deposits so far up to 31st March 2021 which are ‘deposits’within the meaning of Rule2(b) of the Companies (Acceptance of Deposit) Rules 2014.

(vi) According to information and explanation provided by the management during theyear Company is not engaged in production of any goods or provision of any service forwhich the Central Government has prescribed particulars relating to utilization ofmaterial or labour or other items of cost. Hence the provisions of section 148(1) of theAct do not apply to the Company. Hence in our opinion no comment on maintenance of costrecords under section 148(1) of the Act is required.

(vii) (a) According to the records of the Company the Company is regular in depositingwith appropriate authorities undisputed statutory dues including provident fundemployees’ state insurance income tax sales tax wealth-tax custom duty valueadded tax excise duty cess and other statutory dues as applicable to it except fewslight delays.

According to the information and explanations given no undisputed amounts payable inrespect of income-tax sales tax value added tax custom duty and excise duty wereoutstanding as at 31st March 2021 for a period of more than six months from the date theybecame payable;

(b) According to the records of the Company there are no dues of sales taxincome-tax value added tax customs duty wealth tax excise duty and cess which have notbeen deposited on account of any dispute;

(viii) Based on our audit procedures and on the basis of information and explanationgiven by the management we are of opinion that the Company has not defaulted in repaymentof loan or borrowing from financial institutions or banks or dues to debenture holders.

(ix) According to the records of the Company the Company has not raised any moneys byway of Initial Public Offer or Further Public Offer nor has the Company obtained any termloan. Hence comments under the clause are not called for.

(x) Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on the Company by its officer or employees or anyfraud by the Company has been noticed or reported during the course of our audit.

(xi) According to information and explanation given to us and based on our examinationof the records of the Company the Company has paid/provided any managerial remunerationin accordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V of the Act.

(xii) In our opinion and to the best of our information and according to theexplanations provided by the management we are of the opinion that the Company is not anidhi hence in our opinion the requirements of Clause 3(xii) of the Order does not applyto the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of records of the Company transactions with the related parties are incompliance with Section 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.

(xiv) According to the information and explanations given to us and based on ourexamination of records of the Company the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.

(xv) 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. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under Section 45-1A of the ReserveBank of India Act 1934.

For BHATTER & COMPANY

Chartered Accountants

Firm Regd. No. 131092W

DAULAL H BHATTER

Proprietor

Membership No: 016937.

Place: Mumbai

Dated: 30th June 2021

UDIN: 21016937AAAAGR6175

Annexure -B

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

Report on the Internal Financials Controls under Clause (i) of Sub-section 3 of Section143 of the Act.

1. We have audited the internal financial controls over financial reporting of BangOverseas Limited ("the Company") as of March 31 2021 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued 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 Act.

Auditors’ Responsibility

3. 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.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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.

5. 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

6. 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 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 financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance 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 havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. 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 of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For BHATTER & COMPANY

Chartered Accountants

Firm Regd. No. 131092W

DAULAL H BHATTER

Proprietor

Membership No: 016937.

Place: Mumbai

Dated: 30th June 2021

UDIN: 21016937AAAAGR6175

.