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Batliboi Ltd.

BSE: 522004 Sector: Engineering
NSE: BATLIBOI ISIN Code: INE177C01022
BSE 16:01 | 26 Mar 14.50 -0.50
(-3.33%)
OPEN

14.10

HIGH

15.30

LOW

14.10

NSE 05:30 | 01 Jan Batliboi Ltd
OPEN 14.10
PREVIOUS CLOSE 15.00
VOLUME 8863
52-Week high 29.75
52-Week low 11.50
P/E
Mkt Cap.(Rs cr) 42
Buy Price 14.50
Buy Qty 70.00
Sell Price 14.90
Sell Qty 200.00
OPEN 14.10
CLOSE 15.00
VOLUME 8863
52-Week high 29.75
52-Week low 11.50
P/E
Mkt Cap.(Rs cr) 42
Buy Price 14.50
Buy Qty 70.00
Sell Price 14.90
Sell Qty 200.00

Batliboi Ltd. (BATLIBOI) - Auditors Report

Company auditors report

To the Members of Batliboi Limited.

1. Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of BatliboiLimited ("the Company") which comprises of Balance Sheet as at 31stMarch 2018 and the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of Changes in Equity and the Statement of Cash Flows for the year then endedand a summary of the significant accounting policies and other explanatory information.

2. Management's Responsibility for the Standalone Ind AS 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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended and other accounting principles generally accepted in India.

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 standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

3. Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on 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 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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone Ind AS financial statements. The procedures selected dependon the auditor's judgement including the assessment of the risks of material misstatementof the standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements.

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

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its loss total comprehensive income itscash flows and the changes in equity for the year ended on that date.

5. Other Matters

The comparative financial information of the company for the year ended 31stMarch 2017 and the transition date opening balance sheet as at 1st April 2016prepared in accordance with Ind AS included in these standalone Ind AS financialstatements have been audited by the predecessor auditor who had audited the financialstatements for the relevant periods. The report of the predecessor auditor on thecomparative financial information and the opening balance sheet dated 20th February2018 expressed an unmodified opinion.

Our opinion on the standalone Ind AS financial statements and our report on Other Legaland Regulatory requirements below is not modified in respect of these matters.

6. Report on Other Legal and Regulatory Requirement

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 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraph 3and 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 purposes 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 the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Cash Flow Statement dealt with by thisreport are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with relevant rulesissued thereunder;

(e) On the basis of written representations received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the director isdisqualified as on 31st March 2018 from being appointed as a director in termsof sub section (2) of section 164 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; and

(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 has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statement – refer Note No. 22 to thestandalone Ind AS financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich provision is required to be made for any material foreseeable losses;

iii. There are no amounts which are required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Mukund M. Chitale & Co.
Chartered Accountants
Firm Registration No. 106655W
Place : Mumbai (A. V. Kamat)
Date : 22nd May 2018 Partner
M. No. 039585

Annexure A to the Independent Auditor's Report

Annexure referred to in para 6(1) of the Independent Auditors' Report of even date tothe members of Batliboi Limited on the standalone Ind AS financial statements for the yearended 31st March 2018 we report that ;

i) a) As per information and explanations given to us the Company has maintained FixedAssets Register. The Company is in process of updating its existing fixed asset registerto give quantitative details and the situation of fixed assets.

b) As per information and explanations given to us the Fixed Assets have beenphysically verified by the management at reasonable intervals. In our opinion thefrequency of verification is reasonable having regard to the size of the operations of theCompany and on the basis of explanations received no material discrepancies were noticedduring the verification.

c) According to the information and explanation given to us and the records ofimmovable properties of land which are freehold land and disclosed as fixed assets in thestandalone Ind AS financial statements we report that title deed of immovable propertyare held in the name of Company.

ii) As per information and explanations given to us the inventory has been physicallyverified by the management at reasonable intervals. In our opinion the frequency ofverification is reasonable having regard to the size of the Company and nature of itsbusiness. The discrepancies noticed on verification between the physical stocks and thebook records were not material and have been appropriately dealt with.

iii) According to the information and explanations given to us the Company has notgranted any loans or advances secured or unsecured to companies firms or other partiescovered in the register maintained under section 189 of the Act. Accordingly the clause3(iii) (a) (b) and (c) of the Order are not applicable to the Company and hence notcommented upon.

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 Act in respect ofloans investments guarantees and security.

v) The Company has not accepted any deposits from the public within the meaning of thedirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Act and the rules framed there under.

vi) We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 prescribed by the Central Government underSection 148(1) (d) of the Companies Act 2013 and are of the opinion that prima faciethe prescribed accounts and cost records have been maintained. We have however not madea detailed examination of the cost records with a view to determine whether they areaccurate or complete.

vii) a) According to the records of the Company during the year there have been delayson several occasions in depositing undisputed statutory dues such as provident fundinvestor education and protection fund employee's state insurance income tax sales taxservice tax duty of customs duty of excise value added tax cess and other statutorydues applicable to the Company with the appropriate authorities for certain part of theyear. There were no undisputed amounts payable which are outstanding as on 31stMarch 2018 for a period of more than six months from the date they became payable.

b) There are no dues of income tax sales tax service tax and duty of excise whichhave not been deposited on account of any dispute except the amount mentioned in the tablegiven below :

Name of the Statute Nature of Dues Disputed Amount (In Lakhs) Period to which it pertains Forum where pending
Sales Tax Act of various states Sales Tax 65.23 F.Y. 1987 to F.Y. 2000 Sales Tax Appellate/Revisiona Authority-up to Commissioner Level
Sales Tax 53.08 " Sales Tax Appellate Tribunal
Central Excise Act 1941 Excise Duty 2.47 F.Y 1995-97 Central Excise Appellate Tribunal
Total Rs.* 120.78

* The Company has filed appeals against the respective order and has paid Rs. 40.40Lakhs against the dispute.

viii) According to the records of the Company examined by us and information andexplanations given to us the Company has not defaulted in repayment of loans orborrowings to any financial institution or bank.

ix) The company has not raised any money from public and also has not taken any termloan during the year.

x) During the course of our examination of books of account and as far asrecords/details made available and verified by us and according to the information andexplanations given to us we have neither come across any instance of material fraud bythe Company or on the Company by its officers or employees has been noticed and reportedduring the year nor have we been informed of any such case by the management.

xi) According to the information and explanations given to us and based on verificationof records the Company has paid/ provided managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theAct.

xii) As the company is not a Nidhi company clause 3(xii) of the Order are notapplicable to the Company.

xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Section 177 and 188 of the Act and details of such transactions have beendisclosed in the standalone Ind AS financial statements as required by the applicableaccounting standards.

xiv) The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

xv) According to the records of the Company examined by us and information andexplanations given to us the company has not entered into non cash transactions with thedirectors or persons connected with them.

xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Mukund M. Chitale & Co.
Chartered Accountants
Firm Registration No. 106655W
Place : Mumbai (A. V. Kamat)
Date : 22nd May 2018 Partner
M. No. 039585

Annexure B to the Independent Auditor's Report

Annexure referred to in para 6(2)(f) to the Independent Auditor's Report of even dateto the members of Batliboi Limited on the standalone Ind AS financial statements for theyear ended 31st March 2018.

Report on the Internal Financial Control under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") We have audited the internalfinancial controls over financial reporting of Batliboi Limited ("the Company")as of 31st March 2018 in conjunction with our audit of the standalone Ind AS financialstatements of the Company for the year ended on 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 Reportingissued by the Institute of Chartered Accountants of India. 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 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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 judgement including the assessment of the risks ofmaterial misstatement of the standalone Ind AS financial statements whether due to fraudor 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 standalone Ind AS financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standaloneInd AS financial statements in accordance with generally accepted accounting principlesand that receipts 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 the standaloneInd AS 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 31 2018 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 Mukund M. Chitale & Co.
Chartered Accountants
Firm Registration No. 106655W
Place : Mumbai (A. V. Kamat)
Date : 22nd May 2018 Partner
M. No. 039585