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Bharatiya Global Infomedia Ltd.

BSE: 533499 Sector: IT
NSE: BGLOBAL ISIN Code: INE224M01013
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VOLUME 4517
52-Week high 5.47
52-Week low 1.90
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
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OPEN 3.08
CLOSE 2.90
VOLUME 4517
52-Week high 5.47
52-Week low 1.90
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bharatiya Global Infomedia Ltd. (BGLOBAL) - Auditors Report

Company auditors report

To the Members of

M/s. BHARATIYA GLOBAL INFOMEDIA LIMITED

Report on the Financial Statements

Opinion

We have audited the accompanying standalone financial statements of M/s.BHARATIYA GLOBAL INFOMEDIA LIMITED which comprises the Balance Sheet as at March 312021 and the standalone Statement of Profit and Loss (including comprehensive income)standalone statement of change in equity and standalone statement of cash flow for theyear 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 theexplanations given to us the aforesaid financial statements give the information requiredby the Act in the manner so required and give a adverse view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2021 and Profit and other comprehensive Income change in equity and cashflow for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance 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.

Basis for Adverse Opinion

According to the information and explanations given to us and based onour audit the following observations have been identified as at March 31 2021:

Subject to non-provision of amount recoverable from inter-corporatedeposits amounting to principal amount of Rs 5.40 crores along with accrued interestthereby increasing the profit by the same amount as further detailed in note no. 32 ofnotes to accounts non-provision of penalty imposed by SEBI of Rs 6 crores as furtherdetailed in note no 31 and confirmation and reconciliation of some of accounts as furtherdetailed in note no. 29.

Chief financial officer of the Company has resigned from the companyw.e.f. 30th May 2018. The company has not file the required information tilldate as required under section 203 the act read with Rule 8 and Rule 8A of the companies(appointments & remuneration of Managerial Personnel) Rules 2014. And also notinformed to the Ministry of Corporate Affairs for appointment of new Chief Financialofficer w.e.f 14th August 2018.

Emphasis of Matter

i. We draw your attention to Note 40 to the standalone financialresults which explain the uncertainties and the management's assessment of thefinancial impact due to restrictions and other conditions related to the COVID -19pandemic for which a definitive assessment of the impact in the subsequent period isdependent upon circumstances as the evolve. ii. The company is not regular inpayment of statutory dues such as TDS and Income Tax. iii. The company has notfiled TDS returns for the current financial year as yet. iv. Debtors and creditorsof the company are subject to confirmation and reconciliation hence may requireadjustment if any of balances and corresponding impact on Net profit if any.

Key audit matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Reporting of key audit matters as per SA 701 Key Audit Matters areapplicable to the Company.

Key Audit Matters Addressed the same in our Audit Report
Revenue Recognition
Recognition of revenue at a point in time based on satisfaction of performance obligation requires estimates and judgments regarding timing of satisfaction of cost incurred to segment/unit and the estimated cost for completion of some final pending works. Our audit procedures on revenue recognition included the following:
Due to judgment and estimates involved revenue recognition is considered as key audit matter • We verified performance obligations satisfied by the Company;
• We tested sale proceeds received from customers to test transfer of controls;
• We verified calculation of revenue to be recognized and matching of related cost;

Responsibility of Management for the Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these Standalone financial statements that give a true and fair view ofthe financial position and financial performance of the Company in accordance with theaccounting principles generally accepted in India including the accounting Standardsspecified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities selection and application of appropriate implementation and maintenance ofaccounting 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 and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the Standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

That Board of Directors is also responsible for overseeing thecompany's financial reporting process

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial 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. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these Standalone financial statements.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government of India in terms of subsection(11) of section 143 of the Act we give in the "Annexure A" a statement on thematters specified in the paragraph 3 and 4 of the order to the extent applicable.

As required by Section 143(3) of the Act we report that:

We have sought but could not obtain all the information andexplanations which to the best of our knowledge and belief were necessary for the purposesof our audit. In our opinion proper books of account as required by law have not beenkept by the Company so far as it appears from our examination of those books Except forthe matter described in the Basis for Adverse Opinion paragraph above the StandaloneBalance Sheet the Standalone Statement of Profit and Loss (including other comprehensiveincome) the standalone statement of change in equity and the standalone statement CashFlow Statement dealt with by this Report are in agreement with the books of account;

Including for the matter described in the Basis for Adverse Opinionparagraph above in our opinion the aforesaid financial statements not comply with theIND AS specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014; The matter described in the Basis for Adverse Opinion paragraphabove in our opinion may have an adverse effect on the functioning of the Company;

On the basis of the written representations received from the directorsas on 31 March 2021 taken on record by the Board of Directors none of the directors ofthe Company is disqualified as on 31 March 2021 from being appointed as a director interms of Section 164(2) of the Act. With respect to adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B''.

With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous: The Company is not having any pending litigations except as qualified above and Noteno 43 of the notes to accounts which would impact its financial position.

The Company did not have any long-term contracts including derivativecontracts; as such the question of commenting on any material foreseeable losses thereondoes not arise. There has not been any occasion in case of the Company during the yearunder report to transfer any sums to the Investor Education and Protection Fund. Thequestion of delay in transferring such sums does not arise.

Annexure - A to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to themembers of the Company on the financial statements for the year ended 31stMarch 2021 we report that:

In respect of the Company's fixed assets:

The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets. The fixed assets of theCompany were physically verified in full by the management during the year. According tothe information and explanations given to us and as examined by us no materialdiscrepancies were noticed on such verification. The Company has no its own immovableproperty as per the standalone financial statement.

The inventory has been physically verified by the management duringthe year. In our opinion the frequency of such verification is reasonable. According tothe information and explanations given to us and as examined by us no materialdiscrepancies were noticed on such verification.

According to the information and explanations give to us and basedon our examination of the records of the Company the Company has granted any loanssecured or unsecured to Companies firms or other parties covered in the registermaintained under section 189 of the Companies Act 2013. Accordingly the provisionsstated in paragraph 3 (iii) of the order are applicable to the Company.

According to the information and explanations give to us and basedon our examination of the records of the Company the Company has granted any loansinvestments guarantees and security under the provisions of section 185 and 186 of theAct. Accordingly the provisions stated in paragraph 3 (iv) of the order are applicable tothe Company.

According to the information and explanations give to us and basedon our examination of the records of the Company the Company has not accepted depositswithin the meaning of section 73 to 76 of the act. Accordingly the provisions stated inparagraph 3 (v) of the order are not applicable to the Company.

According to the information and explanations give to us and basedon our examination of the records of the Company the Central Government has prescribedthe maintenance of cost records under section 148(1) of the Act but these accounts andrecords were not applicable to the Company for the period ended 31st March2021.

According to the information and explanations given to us andon the basis of our examination of the records of the Company Company has not beenregular in depositing undisputed statutory dues including provident fund employees'state insurance income-tax TDS sales-tax value added tax service tax duty of exciseduty of customs. Cess and any other statutory dues to the appropriate authorities.

According to the information and explanations given to usthe undisputed amounts payable in respect of provident fund employees' stateinsurance income tax TDS sales tax value added tax service tax duty of excise dutyof customs cess and other statutory dues were in arrears as at 31st March 2021for a period of more than six months from the date they became payable cannot beascertained due to non-availability of the records except the amount of VAT of Rs. 2101517/- and TDS of Rs. 35 24446/-

According to the information and explanations given to us there areno material dues of income tax tds sales tax value added tax service tax duty ofcustoms duty of excise which have not been deposited with the appropriate authorities onaccount of any dispute.

Income Tax:-

Name of the Statute Nature of dues Amount (In Rupees) Period to which the amount relates Remarks if any
Income Tax Act 1961 Demand u/s 115_WE 127167 2009-10 Application for Rectification u/s 154 has already been submitted
Income Tax Act 1961 Demand u/s 220(2) 119522 2011-12 Adjusted against refund of AY 2013-14 and 2014-15
Income Tax Act 1961 Demand u/s 144 28560510 2012-13 Action taken not disclosed to us.
Income Tax Act 1961 Demand u/s 143 (1)a 19367632 2017-18 The management has informed us that there is a mistake in the intimation issued u/s 143(1)(a) the company will follow the matter and move application for rectification u/s 154 of the Income Tax Act 1961 and the actual demand will be nearly Rs 8 lakh instead of Rs 193.68 lakh.
Income Tax Act 1961 Demand u/s 234 E as per 40800 2019-20 Action not disclosed to us.
Traces Data available online portal of Income Tax 231199 2018-19
26400 2017-18
21400 2016-17
348674 Upto 2015-16

In our opinion and according to the information and explanations givento us the company has no outstanding dues to any financial institutions or banks or anygovernment or any debenture holders during the year. Accordingly paragraph 3 (viii) ofthe order is not applicable.

The Company did not raise any money by way of initial public offer orfurther public offer (including debt instruments) and term loans during the year.Accordingly paragraph 3 (ix) of the Order is not applicable.

According to the information and explanations given to us we areunable to comment whether any material fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the course of our audit.

According to the records of the Company examined by us and as per theinformation and explanations given to us managerial remuneration has been paid during theyear.

According to the records of the Company examined by us and as per theinformation and explanations given to us the Company is not a nidhi company. Accordinglyparagraph 3 (xii) of the Order is not applicable.

According to the information and explanations given to us and based onour examination of the records of the Company transactions with the related parties withsections 177 and 188 of the Act where applicable as required by the applicable IND AS

According to the information and explanations give to us and based onour examination 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. Accordingly paragraph 3(xiv) of the Order is not applicable.

According to the information and explanations given to us and based onour examination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the order is not applicable.

The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934. Accordingly paragraph 3(xvi) of the Order is notapplicable.

Annexure-B to the Independent Auditor's Report

Report on the Internal Financial Controls

We have audited the internal financial controls over financialreporting of BHARATIYA GLOBAL INFOMEDIA LIMITED (CIN No. L74999DL1994PLC062967)("the Company") as of March 31 2021 in conjunction with our audit of thestandalone IND AS 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 andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence to theCompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note and the Standards on Auditing as specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance 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 performingprocedures to obtain audit evidence about the adequacy of the internal financial controlsover financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the internal financial controls over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of theCompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the Company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

For SAMPRK & ASSOCIATES
Chartered Accountants
Firm Reg. No. 013022N
Sd/-
CA. Pankaj Sharma Partner
Place: Noida M. No.093446
Date: 25th June 2021 UDIN: 21093446AAAAHQ4976

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