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BNK Capital Markets Ltd.

BSE: 500069 Sector: Financials
NSE: N.A. ISIN Code: INE418C01012
BSE 00:00 | 18 Jun 193.75 1.25
(0.65%)
OPEN

193.90

HIGH

193.90

LOW

192.20

NSE 05:30 | 01 Jan BNK Capital Markets Ltd
OPEN 193.90
PREVIOUS CLOSE 192.50
VOLUME 356
52-Week high 196.80
52-Week low 51.95
P/E 13.70
Mkt Cap.(Rs cr) 194
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 193.90
CLOSE 192.50
VOLUME 356
52-Week high 196.80
52-Week low 51.95
P/E 13.70
Mkt Cap.(Rs cr) 194
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

BNK Capital Markets Ltd. (BNKCAPITAL) - Auditors Report

Company auditors report

TO THE MEMBERS OF BNK CAPITAL MARKETS LTD.

Report on the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone financial statements of BNK CAPITAL MARKETS LIMITED (the Company) which comprises the Balance Sheet as at March 31 2019 the Statement of Profit and Loss and statement of cash flows for the year then ended and notes to the financial statements including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at March 312019 Profit and its cash flows 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 responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibility of Management for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies making judgments and estimates that are reasonable and prudent and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the company's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 sub-section (11) of section 143 of the Companies Act 2013 we give in the 'Annexure A' a statement on the matters specified in paragraphs 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 and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

a. In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

b. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

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

d. On the basis of the written representations received from the directors as on 31st March 2019 taken on record by the Board of Directors none of the directors is disqualified as on 31st March 2019 from being appointed as a director in terms of Section 164 (2) of the Act.

e. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate report in Annexure- B;

f. As required under Non-Banking Financial Companies Auditor's Report (Reserve Bank) Directions 2008 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us we further state that:

i. The Company has obtained the Certificate of Registration from Reserve Bank of India for registration as Non-banking Financial Company without accepting public deposits on 9th December 2004 (Certificate No. B.05.02574).

ii. In terms of its Assets / Income Pattern for the financial year 31st March 2019 the Company is entitled to continue to hold such Certificate of Registration.

We further state that:

 The Board of Directors has passed a board resolution for the Non- acceptance of any public deposits.

 The Company has not accepted any public deposits during the year.

 The Company has complied with the Prudential Norms relating to Income Recognition Accounting Standards Asset Classification and Provisioning for Bad and Doubtful Debts as applicable to it.

 The Company is not a Systematically Important Non Deposit taking Non- Banking Financial Company.

Our opinion is not qualified in respect of this matter; and

g. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) 2014 in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements as referred to Note 27 to the financial statements.

ii. In our opinion and as per the information and explanations provided to us the Company did not have any long term contracts including derivative contracts for which there were any materials foreseeable losses.

iii. There has been no delay in transferring the amounts required to be transferred to the Investor Education and Protection Fund by the Company.

FOR SANTOSH CHOUDHARY & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM'S REGISTRATION NO - 323720E
CA SANTOSH KUMAR CHOUDHARY
Place: KolkataPARTNER
Date: 25th May 2019MEMBERSHIP NO. 058692

ANNEXURE-ATOTHE INDEPENDENT AUDITOR'S REPORT

Referred to in Paragraph 1 under the heading of Report on Other Legal and Regulatory Requirements of our report of even date we report that:

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

(b) All the fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

(c) The Company holds no immovable property in its own name and possession.

2. (a) The inventories have been physically verified at reasonable intervals by the management.

(b) In our opinion no material discrepancies were noticed on such physical verification.

3. As per the information given to us the company has granted loans secured or unsecured to companies firms or other parties covered in the register maintained under section 189 of the Companies Act 2013:

(a) In respect of aforesaid loan granted the schedule of repayment was stipulated and the repayment is regular.

(b) In our opinion and according to the information and explanations given to us the terms and conditions of the grant of such loan are not prejudicial to the interest of the company.

(c) In respect of the said Loans and Interest thereon there are no amounts overdue more than 90 days.

4. In our opinion and according to the information and explanations given to us the provisions of section 185 and 186 of the Companies Act 2013 have been complied with in respect of loans investments guarantees and securities.

5. According to the information and explanations given to us the company has not accepted any deposits in terms of directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act 2013 and the rules framed there under are not applicable to the Company.

6. The maintenance of cost records as specified by the Central Government under sub section (1) of section 148 of the Companies Act 2013 is not applicable to the Company.

7. The Company is regular in depositing undisputed statutory dues including Investor Education and Protection Fund Income Tax Goods and Service Tax Cess and other statutory dues as applicable to the appropriate authorities and no undisputed amounts payable in respect of the aforesaid dues were outstanding as on 31st March 2019 for a period of more than six months from the date they became payable.

8. The Company has not defaulted in repayment of dues to its financial institution(s) and its bank during the year. Accordingly paragraph 3(viii) of the Order is not applicable.

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

10. According to the information and explanations given to us no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

11. According to the information and explanations given to us the remuneration of the Managing Director of the Company has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act 2013.

12. In our opinion and according to the information and explanations given to us the Company is not a Nidhi Company. Accordingly the requirements as per clause 3(xii) of the Order is not applicable to the Company.

13. According to the information and explanations given to us and based on our examination of the records of the Company transactions with the related parties are in compliance with section 177 & 188 of the Companies Act 2013 where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

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

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

16. The Company had obtained the registration under section 45-IA of the Reserve Bank of India Act 1934 with effect from 9th December 2004 and has been carrying on of the business of Non-Banking Financial Institution without accepting public deposit.

FOR SANTOSH CHOUDHARY & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM'S REGISTF5ATION NO - 323720E
CA SANTOSH KUMAR CHOUDHARY
Place : KolkataPARTNER
Date: 25th May 2019MEMBERSHIP NO. 058692

Annexure - B to the Independent Auditor's Report of even date on the Standalone Financial Statements of BNK Capital Markets Limited.

Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section 143 of the Companies Act 2013 (the Act)

We have audited the internal financial reporting of BNK Capital Markets Limited (the Company) as of 31st March 2019 in conjunction with our audit of the standalone 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 internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with 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 be prescribed under section 143(10) of the Companies Act 2013 to the extent applicable to an audit of internal financial controls both applicable to an audit of Internal Financial 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 and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment including the assessment of the risks 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 to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2019 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

FOR SANTOSH CHOUDHARY & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM'S REGISTRATION NO - 323720E
CA SANTOSH KUMAR CHOUDHARY
Place : KolkataPARTNER
Date: 25th May 2019MEMBERSHIP NO. 058692