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Bervin Investments & Leasing Ltd.

BSE: 531340 Sector: Financials
NSE: N.A. ISIN Code: INE348I01018
BSE 10:01 | 30 Jun 35.25 -1.85
(-4.99%)
OPEN

37.10

HIGH

37.10

LOW

35.25

NSE 05:30 | 01 Jan Bervin Investments & Leasing Ltd
OPEN 37.10
PREVIOUS CLOSE 37.10
VOLUME 228
52-Week high 57.65
52-Week low 13.70
P/E 1.46
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 35.25
Sell Qty 1750.00
OPEN 37.10
CLOSE 37.10
VOLUME 228
52-Week high 57.65
52-Week low 13.70
P/E 1.46
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 35.25
Sell Qty 1750.00

Bervin Investments & Leasing Ltd. (BERVININVEST) - Auditors Report

Company auditors report

To

The Members of

BERVIN INVESTMENT & LEASING LTD.

New Delhi

Opinion

We have audited the standalone financial statements of BERVIN INVESTMENT & LEASINGLTD. ("the Company") which comprise the balance sheet as at March 31st2020" and the statement of Profit and Loss and Statement of Cash Flow for the yearthen ended; and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

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 March 31 2020 and the statement of Profit and Loss and its cash flows for the yearended on that date.

Basis for Opinion

We conducted our audit in accordance with-the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013 Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial 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 together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

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") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of

Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the 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 financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting 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.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Thus Board of Directors is also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is ahighlevel of assurance but is not a guarantee that an audit conducted in accordance with SAsWill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

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 we give in the Annexure ‘A' a statement on the matters specified inparagraphs 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 Company has no branch as on 31 March 2020

d) the Balance Sheet the Statement of Profit and Loss and statement of cash flowsdealt with by this Report are in agreement with the books of account;

e) 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;

f) on the basis of written representations received from the directors as on 31 March2020 taken on record by the Board of Directors none of the directors is disqualified

as on 31 March 2020 from being appointed as a director in terms of Section 164(2) ofthe Act;

g) 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';

h) with respect to the matter to be included in the Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the bestof our information and according to the explanations given to us :

i) the Company does not have any pending litigations which would impact its financialposition;

ii) the Company did not have any long-term contracts including derivatives

contracts for which there were any material foreseeable losses;

iii) there were no amounts which required to be transferred by the Company to the

Investor Education and Protection Fund.

For and on behalf of G K NIGAM & ASSOCIATES

Chartered Accountants

FRN: 04972N

UD1N : 20036455 AAAADB2769

(G.K. NIGAM)

Partner M. No. 36455

Place: New Delhi

Dated: July 312020

The Annexure 'A' referred to in our report to the members of Bervin Investment &Leasing Ltd. (the 'Company') for the year ended on March 31 2020. We report that;

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner at regular intervals. In accordancewith this programme certain fixed assets were verified during the year and no materialdiscrepancies were noticed on such verification. In our opinion this periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its assets.

(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 heldif any are in the name of the-Company.

(ii) The Company does not have any inventories as such; clause (ii) of the order is notapplicable.

(iii) The Company has not granted any loans secured or unsecured to companiesfirmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013 hence clauses iii (a) (b) & (c) of the orderare 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 Act with respectto the loans investments guarantees and securities.

(v)The Company has not accepted any deposits from the public

(vi) The Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Act for any of the services rendered by the Company

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax value added tax duty of customs goods & service tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of employees' state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms goods & service tax cess and other material statutory dues were in arrearsas at March 31 2020 for a period of more than six months from the date they becamepayable.

(b) According to the information and explanations given to us there are no materialdues of income tax or sales tax or Goods & service tax: or duty of customs or duty ofexcise or value added tax which have not been deposited with the appropriate authoritieson account of any dispute.

(vii) The Company does not have any loan or borrowings from any financial Institutionbank Government or dues to debenture holders.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. There being no term loans withthe company.

(x) 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.

(xi) No managerial remuneration has been paid or provided by the Company during theyear. Therefore clause (xi) of para — 3 of the order is not applicable.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly clause xii of the order is not applicable tothe Company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company there were no transactions with the relatedparties hence compliance of Section 177 and 188 of the Act are not applicable.

(xiv) 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.

(xv) 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 Director or persons connected with him. Accordingly clause xv of theorder is not applicable to the company.

(xvi) The Company is registered under Section 45-IA of the Reserve Bank of India Act1934.

For and on behalf of G K NIGAM & ASSOCIATES

Chartered Accountants

FRN: 04972N

UDIN: 20036455AAAADB2769 (G.K. NIGAM)

Partner M. No. 36455

Place: New Delhi

Dated: July 312020

BERVIN INVESTMENT & LEASING LTD.

Report on the Internal Financial Controls under Clause (il of Sub-Section 3 of Section143 of the Companies Act. 2013 (the ‘Act*) for the year ended March 31.2020

We have audited the internal financial controls over financial reporting of BERVININVESTMENT & LEASING LTD. (the ‘Company') as of March 31 2020 in conjunctionwith our audit of the financial statements 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 Financial Controls over Financial Reporting issued byInstitute of Chartered Accountants of India. These responsibilities include thedesignimplementation and maintenance of adequate internal financial controls that wereoperating 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 under theCompanies 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 deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance 168 Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over 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 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 mis-statement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial 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; (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 over-ride ofcontrols material mis-statements 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 opinionthe 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 2020 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 and on behalf of G K NIGAM & ASSOCIATES

Chartered Accountants

FRN: 04972N

UDIN : 20036455AAAADB2769 (G.K. NIGAM)

Partner M. No. 36455

Place: New Delhi

Dated: July 312020

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