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Bengal & Assam Company Ltd.

BSE: 533095 Sector: Financials
NSE: N.A. ISIN Code: INE083K01017
BSE 00:00 | 20 Mar 1695.00 -51.30
(-2.94%)
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1755.00

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1755.00

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1695.00

NSE 05:30 | 01 Jan Bengal & Assam Company Ltd
OPEN 1755.00
PREVIOUS CLOSE 1746.30
VOLUME 175
52-Week high 2575.00
52-Week low 1160.00
P/E 52.95
Mkt Cap.(Rs cr) 1,471
Buy Price 1655.00
Buy Qty 10.00
Sell Price 1740.00
Sell Qty 5.00
OPEN 1755.00
CLOSE 1746.30
VOLUME 175
52-Week high 2575.00
52-Week low 1160.00
P/E 52.95
Mkt Cap.(Rs cr) 1,471
Buy Price 1655.00
Buy Qty 10.00
Sell Price 1740.00
Sell Qty 5.00

Bengal & Assam Company Ltd. (BENGALASSAM) - Auditors Report

Company auditors report

TO THE MEMBERS OF BENGAL & ASSAM COMPANY LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of BENGAL &ASSAM COMPANY LIMITED ("the Company") which comprise the Balance Sheet asat 31st March 2018 the Statement of Profit and Loss the Cash Flow Statementfor the year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act

2013 ("the Act") withrespecttothepreparationofthesestandalonefinancialstatements that give a true and fair viewcash flows of the Company in accordance with the accounting ofthefinancial principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy the accounting records relevant to thepreparation and presentation of the financialstatements that give a true and fair view andare free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 there under.

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 ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom 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 assessments the auditor considersinternal financial control relevant to the Company's preparation statements that give atrue and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2018 and its Profit and its cash flows for the yearndedon that date.

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 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to usduring the course of audit we give in the Annexure ‘A' a statement on the mattersspecified in the paragraphs 3 and 4 of the Order.

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 it appears from our examination of those books. (c) The Balance Sheetthe Statement of Profit and Loss and the Cash Flow Statement dealt with by this Reportare in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the 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) As required by section 143(3)(i) of the Companies Act 2013 and based on thechecking of the books and records of the Company as we considered appropriate andaccording to the information and explanations given to us our separate report withrespect to the adequacy of the internal financial controls over financial reporting of theCompany and the operating effectiveness of such controls is as per Annexure ‘B'.

(g) With respect to the other matters to be included in the Auditors 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 does not have pending litigationsonits financialstatements positionits refer note no. 20 to the standalone financial statements. ii. The Company did not haveany long-term contracts including derivative contracts for which there were any materialforeseeable losses. iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

For Lodha & Co.
Chartered Accountants
Firm Registration No. 301051E
N.K. Lodha
Place: New Delhi Partner
Date: 19th May 2018 Membership No. 85155

ANNEXURE TO THE AUDITORS' REPORT

Annexure "A" referred to in paragraph 1 under the heading "Report onother legal and regulatory requirements" of our report of even date on the StandaloneFinancial Statements of Bengal & Assam Company Limited for the year ended 31stMarch 2018

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

(b) The fixedassets have been physically verified by the management according to theprogramme of periodical physical verification in phased manner which in our opinion isreasonable having regard to the size of the noticed on such physical verification werecompanyandthenatureofitsfixed not material.

(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 except as stated in footnote of Note No. 10 of thestandalone financial statement.

2. The Company does not have any inventory. Accordingly we are not offering anycomments under clause 3(ii) of the Order.

3. The company has granted loan to one company covered in the register maintained undersection 189 of the Companies Act 2013 (‘the Act').

(a) In our opinion the rate of interest and other terms and conditions on which theloan had been granted to the company covered in the register maintained under section 189of the Act were not prima facie prejudicial to the interest of the Company.

(b) In respect of aforesaid loan granted the borrower has been regular in the paymentof the principal and interest as stipulated.

(c) There are no overdue amounts in respect of the loan granted to the company coveredin the register maintained under section 189 of the Act.

4. According to the information explanations and representations provided by themanagement and based upon audit procedures performed we are of the opinion that inrespect of loans and investments the Company has complied with the provisions of section185 and 186 of the Companies Act 2013. The Company has not given any guarantees orsecurity under the provisions of section 185 and 186 of the Companies Act 2013.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted deposits from public within the provision of section 73 to 76 ofthe Act or any other relevant provisions of the Act and the rules framed there under (tothe extent applicable). Therefore the provisions of the clause 3(v) of the order are notapplicable to the company. We have been informed that no order has been passed by theCompany Law Board or National Company Law Tribunal or Reserve Bank of India or any Courtor other Tribunal in this regard.

6. In our opinion and according to information and explanation given to us the companyis not required to maintain cost records pursuant to section 148(1) of the Companies Act2013.

7. (a) According to the records of the Company and information and explanations givento us the Company is generally regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income tax service tax goods and servicetax cess and other material statutory dues with the appropriate authorities to the extentapplicable and there are no undisputed statutory dues payable for a period of more thansix months from the date they become payable as at 31st March 2018. As per theinformation and explanations provided to us sales tax value added tax duty of customsduty of excise are not applicable to the Company.

(b) According to the records and information & explanations given to us there areno material dues in respect of Income tax service tax goods and service tax that havenot been deposited with the appropriate authorities on account of any dispute. As per theinformation and explanations provided to us Sales tax duty of excise duty of customs andvalue added tax are not applicable to the Company.

8. In our opinion on the basis of audit procedures and according to the informationand explanations given to us the Company has not defaulted in repayment of loans andborrowings to financial institutions banks andGovernment. The Company has not issued anydebentures.

9. On the basis of information and explanations given to us term loans were appliedfor the purpose for which the loans were obtained. No moneys have been raised during theyear by way of initial public offer or further public offer.

10. Based on the audit procedure performed and on the basis of information andexplanations provided by the management no material fraud by the Company or on theCompany by its officers or employees has been noticed or reported during the course of theaudit.

11. According to the information and explanations give to us and based on ourexamination of the records of the

Company the Company has paid or provided for the managerial remuneration in accordancewith the requisite approvals mandated by the provisions of section 197 read with scheduleV to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. According to the information and explanations and records made available by themanagement of the Company and audit procedure performed for transactions with the relatedparties during the year the Company has complied with the provisions of Section 177 and188 of the Act where applicable. As explained and as per records details of relatedparty transactions have been disclosed in the financial statements as per the applicable

Accounting Standards.

14. According to the information and explanations given to us and based on the auditprocedure performed the

Company has not made any preferential allotment or private placement of shares or fullyor partly convertible debentures during the year.

15. On the basis of records made available to us and according to information andexplanations given to us the Company has not entered into non-cash transactions with thedirectors or persons connected with him. Accordingly we are not offering comment withrespect to compliance of Section 192 of the Act.

16. The Company is registered under section 45-IA of the Reserve Bank of India Act1934.

For Lodha & Co.
Chartered Accountants
Firm Registration No. 301051E
N.K. Lodha
Place: New Delhi Partner
Date: 19th May 2018 Membership No. 85155

Annexure ‘B' to the Independent Auditor's Report of even date on the StandaloneFinancial Statements of Bengal & Assam Company Limited

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 Bengal& Assam Company Limited ("the Company") as of March 31 2018 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 financialreporting 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financialcontrolsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's 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 financial reporting was established and maintained and if suchcontrols 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 operating overfinancial reporting included obtaining an understanding of internal financial assessingthe risk that a material weakness exists and testing and evaluating the design andoperating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgments 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 regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sinternal financial control over financial reporting includes those policies and proceduresthat (1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the reasonable assurancethat transactions are recorded as necessary to permit preparation of financial statementsin accordance 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 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 Lodha & Co.
Chartered Accountants
Firm Registration No. 301051E
N.K. Lodha
Place: New Delhi Partner
Date: 19th May 2018 Membership No. 85155