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Bang Overseas Ltd.

BSE: 532946 Sector: Industrials
NSE: BANG ISIN Code: INE863I01016
BSE 00:00 | 20 Jul 54.80 0.85
(1.58%)
OPEN

53.90

HIGH

55.50

LOW

53.35

NSE 00:00 | 20 Jul 54.80 0.90
(1.67%)
OPEN

53.10

HIGH

55.55

LOW

52.70

OPEN 53.90
PREVIOUS CLOSE 53.95
VOLUME 4586
52-Week high 59.80
52-Week low 23.10
P/E 22.37
Mkt Cap.(Rs cr) 74
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 53.90
CLOSE 53.95
VOLUME 4586
52-Week high 59.80
52-Week low 23.10
P/E 22.37
Mkt Cap.(Rs cr) 74
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 STANDALONE FINANCIAL STATEMENTS

1. We have audited the accompanying standalone financial statements of Bang OverseasLimited ("the Company") which comprise the Balance Sheet as at March 31 2017the Statement of Profit & Loss and Cash Flow Statement for the year then ended andsummary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE

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 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 includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing 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 or error.

AUDITOR'S RESPONSIBILITY

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken in account the provision of the Act the accounting and auditingstandards and matters which required to be included in the audit report under theprovisions of the Act and Rules made there under.

5. 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 of material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditors consider internal financial control relevant to the Company's preparation of thefinancial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expression an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting andoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial 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 financial statements.

OPINION

8. In our opinion and to the best of our information and according to the

explanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with accounting principles generally accepted in India of the state of affairsof the Company as at 31st March 2017 and its Profit and its cash flow for the year endedon that date.

RE PORT ON OTHE R LE GAL AND RE GULATORY

REQUIREMENTS

9. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Companies Act 2013 we give in Annexure 'A' a statement on matters specified inparagraphs 3 and 4 of the said order.

10. As required by Section 143 (3) of the Act we report that:

(a) We have obtained all the information and explanations which to the best of ourknowledge 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 and Cash Flow Statement dealt withby this Report are in agreement with the books of accounts;

(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 written representations received from the directors as on March312017 and taken on record by the Board of Directors none of the directors aredisqualified as on March 31 2017 from being appointed as a director in terms of section164(2) of the Act;

(f) Report on Internal Financial Controls under clause (i) of sub-section 3 of Section143 of the Act is enclosed as Annexure 'B' to this report;

(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 knowledge and belief and according to the information andexplanation given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as at March 31 2017. Refer Note No. 29 to thefinancial statements.

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 312017.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management - Refer Note 37 to thefinancial statements.

For Rajendra K Gupta & Associates
Chartered Accountants
Firm Registration No.: 108373W
Sd/-
Rajendra Kumar Gupta
Place: Mumbai Partner
Date: 30th May 2017 Membership No. 9939

Annexure -A

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

Bang Overseas Limited

(Referred to in paragraph 9 of our report of the even date)

(i) (a) The Company has maintained records for fixed assets but it is

not showing full particulars including quantitative details and situation of fixedassets except for the manufacturing units.

(b) As explained to us the fixed assets of the Company have not been physicallyverified by the management at reasonable intervals.

(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 the information andexplanation provided by the management in our opinion the Company has not accepted anydeposits so far up to 31st March 2017 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 depositing with appropriate authorities undisputed statutory dues includingprovident fund employees' state insurance income tax sales tax wealth-tax customduty value added tax excise duty cess and other statutory dues as applicable to itexcept few slight 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 2017 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 tax income-tax value added tax customs duty wealth tax excise duty and cesswhich have not been 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 Rajendra K. Gupta & Associates
Chartered Accountants
Firm Registration No: 108373W
Sd/-
Rajendra Kumar Gupta
Partner
Membership No: 9939
Place: Mumbai
Date: 30th May 2017

Annexure -B

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financials Controls under Clause (i) of Subsection 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 312017 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 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 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 Act.

Auditor's 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 controls systemover 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 with generally accepted accountingprinciples. A company's internal financial control over financial reporting includes thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of 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 of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls over Financial

Reporting

7. Because of the inherent limitations of internal financial controls over

financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the 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 2017 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 Rajendra K. Gupta & Associates
Chartered Accountants
Firm Registration No: 108373W
Sd/-
Rajendra Kumar Gupta
Partner
Membership No: 9939
Place: Mumbai
Date: 30th May 2017