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Beeyu Overseas Ltd.

BSE: 532645 Sector: Others
NSE: N.A. ISIN Code: INE052B01011
BSE 00:00 | 30 Sep 2.85 0.03
(1.06%)
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2.95

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2.95

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2.68

NSE 05:30 | 01 Jan Beeyu Overseas Ltd
OPEN 2.95
PREVIOUS CLOSE 2.82
VOLUME 2899
52-Week high 6.33
52-Week low 0.64
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.95
CLOSE 2.82
VOLUME 2899
52-Week high 6.33
52-Week low 0.64
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Beeyu Overseas Ltd. (BEEYUOVERSEAS) - Auditors Report

Company auditors report

TO THE MEMBERS OF

BEEYU OVERSEAS LIMITED

Report on the Standalone Ind AS Financial Statements

1. W e have audited the accompanying standalone Ind AS financial statements of BEEYUOVERSEAS LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2021 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Statement of Cash Flows for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS Financial Statements give the information required bythe Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the

Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2021 the profit and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

2. We conducted our audit of the Standalone Financial Statements in accordance withthe Standards on Auditing ("the SAs") specified under section 143(10) of theCompanies Act 2013 ("the Act"). Our responsibilities under those standards arefurther described in the "Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements" section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia ("the ICAI") together with the independence requirements that are relevantto our audit of the Standalone Financial Statement s under the provisions of the Act andthe Rules made thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAI's Code of Ethics. We believe that theaudit evidences we have obtained are sufficient and appropriate to provide a basis for ouraudit opinion on the Standalone Financial Statements.

Key Audit Matters

3. Key Audit Matters are those matters that in our professional judgment were ofmost significance in our audit of the Standalone Financial Statements of the currentperiod. These matters were addressed in the context of our audit of the StandaloneFinancial Statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Key Audit Matter Auditors Response
1 Evaluation of Going Concern Aspect Principal Audit Observations
The Company's accumulated loss as on 31 March 2021 exceeds fifty percent of the net worth. The Company sold its tea manufacturing unit at Ooty Tamilnadu a few years ago and presently it is not carrying on any tea manufacturing activity.
The company has also leased out its office at Kolkata.
The revenue from leasing activity does not commensurate the operating expenses for past several years. Only in the financial year 2020-21 the company earned pre-tax profit of Rs.191363.
These factors raise substantial doubt that the Company will be able to continue as a going concern.

Information Other than the Standalone Financial Statements and Auditorfs ReportThereon

4. The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report CorporateGovernance and Shareholders' Information but does not include the Standalone FinancialStatements and our Auditor's Report thereon.

5. Our opinion on the Standalone Financial Statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

6. In connection with our audit of the Standalone Financial Statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

7. If based on the work we have performed we conclude that there is a materialmisstatement of this "Other Information" we are required to report that fact wehave nothing to report in this regard.

Managementfs Responsibility for the Standalone Financial Statements

8. The Company's Board of Directors is responsible for the matters stated insection 134(5) of the Act with respect to the preparation of these Standalone FinancialStatements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the Ind-AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing 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 StandaloneFinancial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

9. In preparing the Standalone Financial Statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

10. The Board of Directors is responsible for overseeing the Company's financialreporting process.

Auditorfs Responsibility for the Audit of the Standalone Financial Statements

11. Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith the SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

12. As part of an audit in accordance with the SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. W e also:

i. Identify and assess the risks of material misstatement of the StandaloneFinancial Statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

ii. Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also respon sible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

iii. Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

iv. Conclude on the appropriateness of Management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Standalone Financial Statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

v. Evaluate the overall presentation structure and content of the StandaloneFinancial Statements including the disclosures and whether the Standalone FinancialStatements represent the underlying transactions and events in a manner that achieves fairpresentation.

13. Materiality is the magnitude of misstatements in the Standalone FinancialStatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financi al statements may beinfluenced. W e consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

14. W e communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

15. W e also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

16. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the standalone financialstatements of the current period and are therefore the key audit matters. W e describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

17. Our responsibility is to express an opinion on these Standalone FinancialStatements based on our audit. In conducting our audit we have taken into account theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade thereunder and the Order issued under section 143(11) of the Act.

Report on Other Legal and Regulatory Requirements

18. As required by Section 143(3) of the Act based on our audit we report that:

a) we have sought and obtained all the information and explanations which to thebest of 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 it appears from our examination of those books.

c) the Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income Statement of Changes in Equity and the Statement of Cash Flow dealtwith by this Report are in agreement with the books of account.

d) in our opinion the aforesaid Standalone Financial Statements comply with theIndian Accounting Standards prescribed under section 133 of the Act.

e) on the basis of the written representations received from the directors of theCompany as on 31 March 2021 taken on record by the Board of Directors none of thedirectors are disqualified from being appointed as a director in terms of Section 164(2)of the Act as on 31 March 2021.

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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) with respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us noremuneration for the year ended 31st March 2021 has been paid / provided by theCompany to its Directors and therefore no comments are made in respect of compliance asenumerated in Section 197(16) read with Schedule V to the Act.

h) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. the Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements;

ii. the Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts; and iii. there were no amounts which were requiredto be transferred to the Investor Education and Protection Fund by the Company.

19. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in "Annexure B" a statement on the matters specified in paragraphs 3 and 4of the Order.

ANEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

[Referred to in Paragraph 18(f) under the heading of "Report on Other Legaland Regulatory Requirements" of our report of even date to the members of BEEYUOVERSEAS LIMITED on the Standalone Financial Statements for the year ended 31 March2021]

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of BEEYUOVERSEAS LIMITED ("the Company") as of 31 March 2021 in conjunction with ouraudit of the Standalone Financial Statements of the Company for the year ended on thatdate.

Managementfs Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India.

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its busin ess the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. W e conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over  Financial Reporting (the "Guidance Note") issued by the Institute ofChartered Accountants of India and the Standards on Auditing prescribed under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. 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.

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 ri sk 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 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 of records that in reasonable det ail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accep ted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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 to the best of our information and according to the explanations givento us the Company has in all materia l respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 March 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

ANNEXURE Bh TO THE INDEPENDENT AUDITORfS REPORT

[Referred to in Paragraph 19 under the heading of "Report on Other Legaland Regulatory Requirements" of our report of even date to the members of BEEYUOVERSEAS LIMITED on the Standalone Financial Statements for the year ended 31 March2021]

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1) In respect of its 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 phasedmanner designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the Company and nature of itsbusiness. Pursuant to the programme a portion of the fixed assets has been physicallyverified by the management during the year and no material discrepancies between the bookrecords and the physical fixed assets have been noticed.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

2) The Company is a service company primarily rendering rental services.Accordingly it does not hold any physical inventories. Thus the provisions of paragraph3(ii) of the Order are not applicable to the Company and hence not commented upon.

3) According to the information and explanations sought by us and given by theCompany and the books and records examined by us in the normal course of audit and to thebest of our knowledge and belief we state that the Company has not granted any loanssecured or unsecured to companies firms limited liability partnerships or other partiescovered in the register maintained under section 189 of the Act. Accordingly theprovisions of paragraph 3(iii)(a) to 3(iii)(c) of the Order are not applicable to theCompany and hence not commented upon.

4) In our opinion and according to the information and explanations given to usduring the course of the audit the Company has not given any loan to directors asenvisaged in section 185 of the Companies Act 2013 and has not given any loan guaranteeprovided security or acquired securities of other body corporate as envisaged in section186 of the Companies Act 2013. Accordingly the provisions of paragraph 3(iv) of theOrder are not applicable to the Company and hence not commented upon.

5) In terms of the information and explanations sought by us and given by theCompany and the books and records examined by us in the normal course of audit and to thebest of our knowledge and belief we state that the Company has not accepted any depositsfrom the public and hence the directives issued by the Res erve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Act and theCompanies (Acceptance of Deposit) Rules 2015 with regard to the deposits accepted fromthe public are not applicable. Accordingly the provision s of paragraph 3(v) of the Orderare not applicable to the Company and hence not commented upon.

6) As informed to us the maintenance of cost records has not been specified by theCentral Government under sub- section (1) of Section 148 of the Act in respect of theactivities carried on by the Company. Accordingly the provisions of paragraph 3(vi) ofthe Order are not applicable to the Company and hence not commented upon.

7) In respect of its statutory dues

(a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including  Provident Fund Employees'State Insurance Income Tax Duty of Customs Goods and Services Tax Cessand othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities.

(b) According to the information and explanations given to us there are no materialdues of Income Tax Duty of Customs Goods and Services Tax and Cesswhich have not beendeposited with the appropriate authorities on account of any dispute.

8) According to the information and explanations given to us the Company has nottaken any loan from bank financial institution andgovernment nor has it issued anydebentures. Accordingly the provisions of paragraph 3(viii) of the Order are notapplicable to the Company and hence not commented upon.

9) 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 during the year.Accordingly the provisions of paragraph 3(ix) of the Order are not applicable to theCompany and hence not commented upon.

10) According to the information and explanations given to us no material fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

11) According to the information and explanations given to us and based on ourexamination of the records of the Company no managerial remuneration has been paid orprovided by the Company.Accordingly the provisions of paragraph3(xi) of the Order are notapplicable to the Company and hence not commented upon.

12) In our opinion and according to the information and explanations given to usthe Company is not a Nidhicompany. Accordingly the provisions of paragraph3(xii) of theOrder are not applicable to the Company and hence not commented upon.

13) 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 Companies Act 2013 where applicable anddetails of such transactions have been disclosed in the Financial Statements as requiredby the applicable accounting standards.

14) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review. Accordingly the provisions of paragraph 3(xiv) of the Order arenot applicable to the Company and hence not commented upon.

15) 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 the provisions ofparagraph 3(xv) of the Order are not applicable to the Company and hence not commentedupon.

16) In our opinion the company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934.Accordingly the provisions of paragraph3(xvi) of the Order are not applicable to the Company and hence not commented upon.

.