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Bangalore Fort Farms Ltd.

BSE: 539120 Sector: Others
NSE: N.A. ISIN Code: INE578R01011
BSE 00:00 | 09 Dec 15.95 -0.05
(-0.31%)
OPEN

15.95

HIGH

15.95

LOW

15.95

NSE 05:30 | 01 Jan Bangalore Fort Farms Ltd
OPEN 15.95
PREVIOUS CLOSE 16.00
VOLUME 50
52-Week high 20.45
52-Week low 13.25
P/E 9.55
Mkt Cap.(Rs cr) 8
Buy Price 15.20
Buy Qty 5.00
Sell Price 15.95
Sell Qty 1850.00
OPEN 15.95
CLOSE 16.00
VOLUME 50
52-Week high 20.45
52-Week low 13.25
P/E 9.55
Mkt Cap.(Rs cr) 8
Buy Price 15.20
Buy Qty 5.00
Sell Price 15.95
Sell Qty 1850.00

Bangalore Fort Farms Ltd. (BANGALOREFORT) - Auditors Report

Company auditors report

To

The Members of BANGALORE FORT FARMS LIMITED

Report on the Financial Statements

We have audited the accompanying Financial Statements of BANGALORE FORT FARMSLIMITED ("the Company") which comprise the Balance Sheet as at March31 2018 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial 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 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 also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

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 from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe 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 the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstancesbut not for the purpose of expressing an opinion on whether the Company has in place anadequate internal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's

Directors as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) In case of the Balance Sheet of the state of affairs of the Company as at March 312018 b) In the case of Statement of Profit Loss of the Profit for the year ended on thatdate and c) In case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Emphasis of Matters

(a) We draw attention to Note No. 27.5 to the financial statements relating to theCompany's Private Placement of Preferential Issues amounting to Rs. 21944000 /-(2194400 Share @ 10/- Each Fully paid up ) to Non-Promoters.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory requirements

1. 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 Act2013 we give in the Annexure "A" a statement on the matters specifiedin 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 it 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 account;

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 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (2) of the Act.

f) 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".

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 2016 in our opinion and to thebest of our information and according to the explanations given to us:

i. The Company does not have any pending litigations as on balance sheet date whichwould impact its financial position.

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended 31st March 2018.

ANNEXURE "A" REFERRED TO IN PARAGRAPH 1 OF REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS

i) In our opinion and according to the information and explanations given to us therewere no fixed assets of the Company. Accordingly the provisions of clause 3 (i ) ( a) (b)and (c) of the Order are not applicable to the Company and hence not commented upon.

ii) In our opinion and according to the the information and explanations given to usinventory has been physically verified by the management at reasonable interval and thefrequency of verification is reasonable.

iii) The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Act and as suchclauses (iii) (a) and (b) of the order are not applicable to the company.

iv) 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 the loans and investments made and guarantees and security provided by it.

v) The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

vi) The Company is not required to maintain cost records as specified by the CentralGovernment under sub-section (1) of section 148 of the Companies Act 2013.

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

a. The company is regular in depositing undisputed statutory dues including Income taxService tax Value Added Tax Central Sales tax Goods & Service tax ProfessionalTax Customs duty and any other statutory dues with the appropriate authorities during theyear. According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at 31st March 2018 for aperiod of more than six months from the date they became payable.

b. According to the information and explanations given to us there is no dues ofCustom

Duty/Excise Duty/Income Tax & Sales Tax which have not been deposited on account ofany dispute.

viii) According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government or dues to debenture holders as at thebalance sheet date.

ix) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

x) Based upon the audit procedures performed and the information and explanations givenby the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

xi) Based upon the audit procedures performed and the information and explanationsgiven by the management there were no payment /provisions for managerial remunerationduring the year. Accordingly the provisions of clause 3 (xi) of the Order are notapplicable to the Company and hence not commented upon.

xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.

xiii) In our opinion all transactions with the related parties pursuant to section 177and 188 of Companies Act 2013 and the details have been disclosed in the financialstatement etc. as require by applicable accounting standards.

xiv) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has made preferential allotment of Equity shares(2194400 Share) @ 10/- each fully paid up during the year under review. Accordingly theprovisions of Section 42 of Companies Act 2013 have been complied with .

xv) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

xvi) In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi)of the Order are not applicable to the Company and hence not commented upon.

Annexure - B TO THE INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OFBANGALORE FORT FARMS 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 ofBANGALORE FORT FARMS 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 :-

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 Reporting (the "Guidance Note") issued by theInstitute of Chartered Accountants of India (ICAI)". 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 the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 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 my /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 financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that:

a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

b) 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 authorizations of management and directors of the Company; and

c) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial effect on the 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 31st March 2018 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by the ICAI".