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Bhagwandas Metals Ltd.

BSE: 530095 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE656B01019
BSE 00:00 | 22 Mar 68.10 3.00
(4.61%)
OPEN

67.90

HIGH

68.10

LOW

61.85

NSE 05:30 | 01 Jan Bhagwandas Metals Ltd
OPEN 67.90
PREVIOUS CLOSE 65.10
VOLUME 2078
52-Week high
52-Week low
P/E 52.38
Mkt Cap.(Rs cr) 25
Buy Price 67.00
Buy Qty 1.00
Sell Price 67.90
Sell Qty 10.00
OPEN 67.90
CLOSE 65.10
VOLUME 2078
52-Week high
52-Week low
P/E 52.38
Mkt Cap.(Rs cr) 25
Buy Price 67.00
Buy Qty 1.00
Sell Price 67.90
Sell Qty 10.00

Bhagwandas Metals Ltd. (BHAGWANDASMETAL) - Auditors Report

Company auditors report

To

The Members of

Bhagwandas Metals Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Bhagwandas Metals Limited("the Company") which comprise the Balance Sheet as at March 31st 2018 theStatement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibilityforthe Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standardsspecified under Section 133 of theAct read with relevant rules issued thereunder.

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 Ind ASfinancial 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 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 making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof thefinancial 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 including Ind AS specified under section 133 of theAct of the state of affairs of the Company as at March 31st 2018 and its profit totalcomprehensive income its cash flow and the changes in equity for the year ended on thatdate.

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 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 it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with Ind AS specifiedunder Section 133 of the Act read with relevant rules issued there under.

e) On the basis of the written representations received from the directors as on March31st 2018 taken on record by the Board of Directors none of the directors isdisqualified as on March 31st 2018 from being appointed as a director in terms of Section164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting and the operating effectiveness of such controls refer to our separate Reportin Annexure B to this report;

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

a. The Company has disclosed the impact of litigations on its financial position in itsfinancial statements.

b. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts.

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

Place: Chennai For Heena Shah & Associates
Date :30/05/2018 Chartered Accountants
Firm's Reg. No. 144928W
Heena Haren Shah
Proprietor
Mem. No. 091652

AnnexureAto Auditors' Report

The Annexure referred to in our Independent Auditor's Report to the members of thecompany on the financial statements for the year ended 31st March 2018 we report that:

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanation given to us and the books of accounts and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that:

1) a) The Company has maintained proper records showing full particulars including

quantitative details and situation of fixed assets.

b) As explained to us the fixed assets have been physically verified by the managementat reasonable intervals and no material discrepancies were noticed on such verification.

c) The company does not have any Immovable Property.

2) In our opinion the inventories have been physically verified during the year atreasonable intervals by the management and as explained to us no material discrepancieswere noticed on physical verification.

3) As informed the company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act 2013. Hence clause (a) (b) & (c) are not applicable.

4) 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 Companies Act 2013in respect of grant of loans investments guarantees and security.

5) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from public. Therefore the provisions of clause (v)of the paragraph 3 of the CARO 2015 are not applicable to the company.

6) The maintenance of cost records u/s 148 (1) (d) of the Companies Act 2013 has notbeen specified by the Central Government.

7) In respect ofstatutory dues:

a) According to the records of the Company undisputed statutory dues includingprovident fund employees state insurance income tax sales tax service tax customduty excise duty value added tax cess and other material statutory dues have beengenerally regularly deposited with the appropriated authorities. Further no undisputedamounts payable in respect thereof were outstanding at the year end for a period of morethan six months from the date they became payable.

b) According to the information and explanation provided to us no undisputed amountspayable in respect of the above were in arrears as at 31st March 2018 for a period of morethan six months from the date they became payable.

8) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to a financial institution or a bank orgovernment or debenture holders during the year.

9) In our opinion and according to the explanations and information given to us thecompany did not raise money by way of initial public offer or further public offerincluding debt instrument and term loan during the year.

10) According to the information and explanations given to us no material fraud bycompany or on the company by its officers or employees has been noticed or reported duringthe year.

11) In our opinion and according to the explanations and information given to us thecompany has paid managerial remuneration in accordance with the requisite approvalsmandated by the provisions of Section 197 read with schedule V to the Companies Act 2013.

12) The Company is not a Nidhi Company hence reporting under paragraph 3(xii) of theOrder is not applicable.

13) According to information and explanations given to us and based on examination ofthe records of the Company transaction with related parties are in compliance withsection 177 and 188 of the Act where applicable and details of such transactions have beendisclosed in the financial statements as required by applicable Ind As.

14) According to information and explanations given to us and based on examination ofthe records of the Company the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

15) According to information and explanations given to us and based on examination ofthe records of the Company the company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

16) The Company is not required to be registered under Section 45-IAof the Reserve Bankof IndiaAct 1934.

Place: Chennai For Heena Shah & Associates
Date : 30/05/2018 Chartered Accountants
Firm Regn. No. 144928W
Heena Haren Shah
Proprietor
Mem.No.: 091652

Annexure B to Auditors' Report

Report on the Internal Financial Controls under Clause (i)of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of BhagwandasMetals Limited as of March 31st 2018 in conjunction with our audit of the standalonefinancial statements of the Company for the year ended on that date.

Management's Responsibility forlnternal 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 Companies Act 2013 to the extentapplicable to an Audit of Internal Financial Controls Over Financial Reporting and theGuidance Note issued by ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls overfinancial reporting was establishedand maintained and if such controls operated effectively in all material respects. Ouraudit involves performing procedures to obtain audit evidence about the adequacy of theinternal financial controls system overfinancial reporting and their operatingeffectiveness.

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 system over financial reportingincluded obtaining an understanding of internal financial controls system over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material 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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31st 2018 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.

Place: Chennai For Heena Shah & Associates
Date : 30/05/2018 Chartered Accountants
Firm Regn. No. 144928W
Heena Haren Shah
Proprietor
Mem.No.: 091652