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Bansal Multiflex Ltd.

BSE: 538439 Sector: Others
NSE: BANSAL ISIN Code: INE668X01018
BSE 05:30 | 01 Jan Bansal Multiflex Ltd
NSE 05:30 | 01 Jan Bansal Multiflex Ltd

Bansal Multiflex Ltd. (BANSAL) - Auditors Report

Company auditors report

(For Standalone Financial Statements)

To

The Members of

BANSAL MULTIFLEX LIMITED

Report on the Financial Statements

We have audited the accompanying Financial Statements of BANSAL MULTIFLEX LIMITED(hereinafter referred to as "the Company") which comprises the Balance Sheet asat 31st March 2018 the Statement of Profit and Loss and the Cash flowStatement for the year then ended and a summary of significant accounting policies andother explanatory information(hereinafter referred to as "the FinancialStatements").

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 Financial Statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2015.

This responsibility also 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 which have been used for the purpose of preparation of the FinancialStatement by the Directors of the Company as aforesaid.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. In conducting our Audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under section143(11) of the Act.

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 theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the 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.

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 as at March 312018;

b) In the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 (the Order) issued by theCentral Government in terms of Section 143 (11) of the Act we give in the Annexure - Astatement on the matters Specified in paragraphs 3 and 4 of the Order.

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 of aforesaidfinancial statements;

(b) I n our opinion proper books of account as required by law relating to preparationof the aforesaid financial statements have been kept by the Company so far as it appearsfrom our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account maintained for thepurpose of preparation of the financial statement.

(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 of the Companyas on March 312018 taken on record by the Board of Directors of the Company none of thedirectors are disqualified as on March 312018 from being appointed as a director in termsof Section 164 (2) of the Act.

(f) 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 theOrder.

(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 information and according to the explanations given to us:

I. The Company does not have any pending litigations which would impact itsconsolidated 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 Group Company.

For M/s Kishor Goyal & Co.

Chartered Accountants FRN: 008897N

Kishor Goyal

(Partner)

Membership No: 047286

Date : 25/05/2018

Place : Ahmedabad

"Annexure A" to the Independent Auditors' Report (For Standalone FinancialStatements)

Referred to in paragraph 1 under the heading 'Report on Other Legal & RegulatoryRequirement' of our report of even date to the financial statements of the Company for theyear ended March 312018:

1. In Respect of Fixed Assets

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

b) The Fixed Assets have been physically verified by the management in a phased mannerdesigned to cover all the items over a period of three years which in our opinion isreasonable having regard to the size of the company and nature of its business. Pursuantto the program a portion of the fixed asset has been physically verified by themanagement during the year and no material discrepancies between the books records and thephysical fixed assets have been noticed.

c) The Title deed of immovable properties is held in the name of the company.

2. In Respect of Inventories

The management has conducted the physical verification of inventory at reasonableintervals.

3. Compliance under section 189 of The Companies Act 2013

The Company has not granted any loan to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act.

4. Compliance under section 185 and 186 of The Companies Act 2013

While doing transaction for loans investments guarantees and security provisions ofsection 185 and 186 of Companies Act 2013 have been complied with.

5. Compliance under section 73 to 76 of The Companies Act 2013 and Rules framed thereunder while accepting Deposits

In our opinion and according to the information and explanations given to us the groupcompany has not accepted any deposits in contravention of directives issued by ReserveBank of India and the provisions of section 73 to 76 or any other relevant provisions ofthe Act and the rules framed there under where applicable. No order has been passed bythe Company Law Board or National Company Law Tribunal or Reserve Bank of India or anycourt or any other.

6. Maintenance of cost records

The Company is not required to maintain cost records pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section (1) of section148 of the Companies Act 2013.

7. Deposit of Statutory Dues

(a) The Company is regular in depositing the undisputed statutory dues includingprovident fund employees' state insurance income tax sales tax wealth tax servicetax custom duty Goods and Service Tax excise duty cess and other statutory duesapplicable to the Company with the appropriate authorities. No undisputed amounts payablein respect of the aforesaid statutory dues were outstanding as at the last day of thefinancial year for a period of more than six months from the date they become payable.

(b) There is no dispute with the revenue authorities regarding any duty or tax payable.

8. Repayment of Loans and Borrowings

Based on our audit procedures and according to the information and explanations givento us we are of the opinion the Company has not defaulted in repayment of dues to afinancial institution bank Government or dues to debenture holders.

9. Utilization of Money Raised by Public Offers and Term Loan For which they Raised

The Company has raised Rs. 6.20 Crore by way of Initial Public Offer and the moneyraised has been utilised for the purpose mentioned in the prospectus. Further the Companyhas not applied term loans for the purposes other than for which those are raised.

10. Reporting of Fraud During the Year

Based on our audit procedures and the information and explanation made available to usno such fraud noticed or reported during the year.

11. Managerial Remuneration

Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

12. Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio

As per information and records available with us The Company is not Nidhi Company.

13. Related party compliance with Section 177 and 188 of companies Act - 2013

All transactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 wherever applicable and the details have been disclosed in theFinancial Statements etc as required by the applicable accounting standards.

14. Compliance under section 42 of Companies Act - 2013 regarding Private placement ofShares or Debentures

Not applicable as no preferential allotment made during the year.

15. Compliance under section 192 of Companies Act 2013

The company has not entered into any non-cash transactions with directors or personsconnected with him.

16. Requirement of Registration under 45-IA of Reserve Bank of India Act 1934

The company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act.

For M/s Kishor Goyal & Co.

Chartered Accountants FRN: 008897N

Kishor Goyal

(Partner)

Membership No: 047286

Date : 25/05/2018

Place : Ahmedabad

"Annexure B" to the Independent Auditor's Report (For Standalone FinancialStatements)

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 of BANSALMULTIFLEX LIMITED ("the Company") as of March 31 2018 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

The respective Board of Directors of the Company are 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. 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 safeguarding ofits 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 Companies Act 2013.

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 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.

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 our audit opinion on the Company's internal financial controls systemover 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 (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material 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 March 312018 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 M/s Kishor Goyal & Co.

Chartered Accountants FRN: 008897N

Kishor Goyal

(Partner)

Membership No: 047286

Date : 25/05/2018

Place : Ahmedabad