You are here » Home » Companies » Company Overview » Bervin Investments & Leasing Ltd

Bervin Investments & Leasing Ltd.

BSE: 531340 Sector: Financials
NSE: N.A. ISIN Code: INE348I01018
BSE 00:00 | 22 Mar 10.95 -0.46
(-4.03%)
OPEN

10.91

HIGH

11.98

LOW

10.91

NSE 05:30 | 01 Jan Bervin Investments & Leasing Ltd
OPEN 10.91
PREVIOUS CLOSE 11.41
VOLUME 53
52-Week high 28.80
52-Week low 10.75
P/E 2.09
Mkt Cap.(Rs cr) 6
Buy Price 10.91
Buy Qty 1000.00
Sell Price 11.98
Sell Qty 30.00
OPEN 10.91
CLOSE 11.41
VOLUME 53
52-Week high 28.80
52-Week low 10.75
P/E 2.09
Mkt Cap.(Rs cr) 6
Buy Price 10.91
Buy Qty 1000.00
Sell Price 11.98
Sell Qty 30.00

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

Company auditors report

To

The Members of

BERVIN INVESTMENT & LEASING LTD.

New Delhi

Report on the Financial Statements

We have audited the accompanying financial statements of BERVIN INVESTMENT &LEASING LTD. ("the Company") which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss and Statement of Cash Flow for the year then endedand a summary of significant accounting policies and other explanatory 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") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position and financial performance and cash flows of Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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 of the state of affairs of the Company as at 31stMarch 2018 and in respect of its profit & loss account of its loss for the year endedand its cash flows for the year ended on 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 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 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;

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 as on 31 March2018 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2018 from being appointed as a director in terms of Section 164(2) of theAct;

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';

g) 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 contractsfor which there were any material foreseeable losses;

iii) there were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund.

For and on behalf of

G K NIGAM & ASSOCIATES

Chartered Accountants

FRN: 04972N

(G.K. NIGAM)

Partner

M. No. 36455

Place: New Delhi

Dated: April 28 2018

ANNEXURE ‘A' TO THE AUDITORS' REPORT

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 2018. 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 companies firmsLimited 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 2018 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.

(viii) 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 by theCompany or on the Company by its officers or employees has been noticed or reported duringthe 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

(G.K. NIGAM)

Partner

M. No. 36455

Place: New Delhi

Dated: April 28 2018

Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section143 of the Companies Act 2013 (the ‘Act') for the year ended March 31 2018

We have audited the internal financial controls over financial reporting of BERVININVESTMENT & LEASING LTD. (the ‘Company') as of March 31 2018 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 the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to Company's policies 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.

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 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 and on behalf of G K NIGAM & ASSOCIATES

Chartered Accountants FRN: 04972N

(G.K. NIGAM)

Partner M. No. 36455

Place: New Delhi Dated: April 28 2018