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Bang Overseas Ltd.

BSE: 532946 Sector: Industrials
NSE: BANG ISIN Code: INE863I01016
BSE 00:00 | 06 Dec 17.35 -0.45
(-2.53%)
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17.05

HIGH

17.55

LOW

17.05

NSE 00:00 | 06 Dec 17.50 0.05
(0.29%)
OPEN

17.00

HIGH

17.85

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OPEN 17.05
PREVIOUS CLOSE 17.80
VOLUME 2234
52-Week high 63.40
52-Week low 14.90
P/E
Mkt Cap.(Rs cr) 24
Buy Price 17.00
Buy Qty 5.00
Sell Price 17.35
Sell Qty 10.00
OPEN 17.05
CLOSE 17.80
VOLUME 2234
52-Week high 63.40
52-Week low 14.90
P/E
Mkt Cap.(Rs cr) 24
Buy Price 17.00
Buy Qty 5.00
Sell Price 17.35
Sell Qty 10.00

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 ofBang Overseas Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2018 the Statement of Profit & Loss (including Other Comprehensive Income)the Cash Flow

Statement and the Statement of Changes in Equity for the year thenended and summaryofsignificantaccounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIALSTATEMENTS

2. The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance (including other comprehensive income )cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standardsspecified in the Companies ( Indian Accounting Standards) Rules 2015 (as amended) underSection 133 of the Act. This responsibility includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

3. Our responsibility is to express an opinion on these standalonefinancial statements based on our audit.

4. We have taken in account the provision of the Act the accountingand auditing standards and matters which required to be included in the audit report underthe provisions of the Act and Rules made there under.

5. We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.

6. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements.

The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorsconsider 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 overallpresentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the standalone financialstatements.

OPINION

8. In our opinion and to the best of our information and according tothe 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 2018 and its profit (including other comprehensiveincome) its cash flow and the changes in equity for the year ended on that date.

OTHER MATTER

9. The financial information of the Company for the year ended March31 2017 and the transition date opening balance sheet as at April 1 2016 included inthese standalone financial statements are based on the previously issued statutoryfinancial statements for the years ended March 31 2017 and March 31 2016 prepared inaccordance with the Companies (Accounting Standards) Rules 2006 (as amended) which wereaudited by us on which we expressed an unmodified opinion dated May 30 2017 and May 302016 respectively. The adjustments to those financial statements for the differences inaccounting principles adopted by the Company on transition have been audited by us.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

10 As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013 we give in Annexure ‘A' astatement on matters specified in paragraphs 3 and 4 of the said order.

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

(a) We have obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss (including othercomprehensive income) the Cash Flow Statement and the statement of changes in equitydealt with by this Report are in agreement with the books of accounts;

(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014;

(e) On the basis of written representations received from the directorsas on March 312018 and taken on record by the Board of Directors none of the directorsare disqualified as on March 31 2018 from being appointed as a director in terms ofsection 164(2) of the Act.

(f) Report on Internal Financial Controls under clause (i) ofsubsection 3 of Section 143 of the Act is enclosed as Annexure

‘B' to this report.

(g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our knowledge and belief and according tothe information and explanation given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements as at March 31 2018. Refer Note No. 34 tothe financial statements. ii. The Company did not have any long term contracts includingderivative contracts for which there were material foreseeable losses: iii. There has beenno delay in transferring amounts required to be transferred to the Investor Education andProtection Fund by the Company during the year ended

March 31 2018.

For BHATTER & COMPANY

Chartered Accountants

Firm Regd. No. 131092W

Sd/-

DAULAL H BHATTER

Proprietor

Membership No: 016937.

Place: Mumbai

Dated:30th May 2018

Annexure -A

ANNEXURE TO THE INDEPENDENT AUDITORS' 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 showingfull particulars including quantitative details and situation of fixed assets.

(b) As explained to us the fixed assets of the Company have beenphysically verified by the management at reasonable interval.

(c) According to the information and explanation given to us and on thebasis our examination of the records of the Company the title deed of immovableproperties are held in the name of the Company.

(ii) According to the information and explanation given to us themanagement has conducted physical verification in respect of stock at reasonable intervalsexcept trading division. No material discrepancies have been noticed on physicalverification of stocks as compared to books for manufacturing units where physicalverification has been carried out by the management.

(iii) The Company has not granted any loans or advances in the natureof loans to the parties covered in the register maintained under

Section 189 of the Act. Hence the question of reporting whether thereceipt of principal and interest are regular and whether reasonable steps of recovery ofover dues of such loans are taken does not arise.

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

(v) Based on our scrutiny of the Company's records and accordingto the information and explanation provided by the management in our opinion the Companyhas not accepted any deposits so far up to 31st March 2018 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 themanagement during the year Company is not engaged in production of any goods or provisionof any service for which the Central Government has prescribed particulars relating toutilization of material or labour or other items of cost. Hence the provisions of section148(1) of the Act 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 isregular 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 undisputedamounts payable in respect of income-tax sales tax value added tax custom duty andexcise duty were outstanding as at 31st March 2018 for a period of more than six monthsfrom the date they became payable;

(b) According to the records of the Company there are no dues of salestax income-tax value added tax customs duty wealth tax excise duty and cess whichhave not been deposited on account of any dispute;

(viii) Based on our audit procedures and on the basis of informationand explanation given by the management we are of opinion that the Company has notdefaulted in repayment of loan or borrowing from financial institutions or banks or duesto debenture holders.

(ix) According to the records of the Company the Company has notraised any moneys by way of Initial Public Offer or Further Public Offer nor has theCompany obtained any term loan. Hence comments under the clause are not called for.

(x) Based upon the audit procedures performed and information andexplanations given by the management we report that no fraud on the Company by itsofficer or employees or any fraud 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 onour examination of the records of the Company the Company has paid/provided anymanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section

197 read with Schedule V of the Act.

(xii) In our opinion and to the best of our information and accordingto the explanations provided by the management we are of the opinion that the Company isnot a nidhi hence in our opinion the requirements of Clause 3(xii) of the Order does notapply to the

Company.

(xiii) According to the information and explanations given to us andbased on our examination of records of the Company transactions with the related partiesare in compliance 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 andbased on our examination of records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

(xv) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under Section 45-

1A of the Reserve Bank of India Act 1934.

For BHATTER & COMPANY

Chartered Accountants

Firm Regd. No. 131092W

Sd/-

DAULAL H BHATTER

Proprietor

Membership No: 016937.

Place: Mumbai

Dated:30th May 2018

Annexure -B

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

Report on the Internal Financials Controls under Clause (i) ofSubsection 3 of Section 143 of the Act.

1. We have audited the internal financial controls over financialreporting of Bang Overseas Limited ("the Company") as of March 31 2018 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial

Reporting (the "Guidance Note") and the Standards onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal

Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

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

Inherent Limitations of Internal Financial Controls over FinancialReporting

7. Because of the inherent limitations of internal financial controlsover 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 adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2018 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note on

Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For BHATTER & COMPANY

Chartered Accountants

Firm Regd. No. 131092W

Sd/-

DAULAL H BHATTER

Proprietor

Membership No: 016937.

Place: Mumbai

Dated:30th May 2018