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Bombay Oxygen Investments Ltd.

BSE: 509470 Sector: Financials
NSE: N.A. ISIN Code: INE01TL01014
BSE 00:00 | 26 Feb 10500.00 -150.00
(-1.41%)
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10500.00

HIGH

10989.00

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10350.00

NSE 05:30 | 01 Jan Bombay Oxygen Investments Ltd
OPEN 10500.00
PREVIOUS CLOSE 10650.00
VOLUME 77
52-Week high 12358.50
52-Week low 8511.60
P/E 6.69
Mkt Cap.(Rs cr) 158
Buy Price 10400.05
Buy Qty 1.00
Sell Price 10549.80
Sell Qty 1.00
OPEN 10500.00
CLOSE 10650.00
VOLUME 77
52-Week high 12358.50
52-Week low 8511.60
P/E 6.69
Mkt Cap.(Rs cr) 158
Buy Price 10400.05
Buy Qty 1.00
Sell Price 10549.80
Sell Qty 1.00

Bombay Oxygen Investments Ltd. (BOMBAYOXYGEN) - Auditors Report

Company auditors report

To the Members Bombay Oxygen Investments Limited (Formerly known as Bombay OxygenCorporation Limited) Report on the Audit of the Financial Statements Opinion

We have audited the accompanying Ind AS financial statements ofBombay OxygenInvestments Limited ("the Company") which comprise the Balance Sheet as at31st March 2020 the Statement of Profit and Loss (Including Other Comprehensive Income)Statement of Cash Flows and Statement of changes in Equity for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information (hereinafter referred to as "the financialstatements").

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 CompaniesAct 2013 as amended (the "Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under Section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2020 and its loss (Financialperformance including Other Comprehensive Income) its Cash Flows and changes in Equityfor the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the "Auditor's Responsibilities for theAudit of the Financial Statements" section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Act Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion on the financial statements.

Key Audit Matters

1. Key audit matters are those matters that in our professional judgement were ofmost significance in our audit of the financial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters.

2. We have determined that there are no key audit matters to be communicated in ourreport.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the management discussion and analysisBoard's Report and Report on Corporate Governance but does not include the financialstatements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under Section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgements and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financialcontrols that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due 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.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

1. 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 a highlevel of assurancebut 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.

2. As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional skepticism throughout the audit. We also :

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether theCompany has adequate internal financial system in place and the operating effectiveness ofsuch controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

3. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

4. We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

5. From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 Companies Act 2013 we give in the Annexure A statement on the matters specified inparagraphs 3 and 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 financial statements dealt with by this Report are in agreement with the booksof accounts. comply with the Indian Accounting Standards (Ind AS)

(d) In our opinion the aforesaid financial statements complaints with the IndianAccounting standards (IND AS) specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the Directors as on 31stMarch 2020 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2020 from being appointed as a director in terms of Section164 (2) of the Act.

(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 other matters to be included in the Auditor's Report in accordancewith the requirements of Section197(16) of the Act as amended in our opinion and to thebest of our information and according to the explanations given to us the remunerationpaid by the Company to its Directors during the year is in accordance with the provisionsof Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed otherdetails under section 197 (16) which are required to be commented upon by us. (h) Withrespect to the other matters 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 hasdisclosed the impact of pending litigations on its financialposition in the financialstatements (Refer Note 28 of the Ind AS Financial Statements). ii. The Company did nothave any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses. iii. There has been no delays in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company.

For S G C O & Co. LLP
Chartered Accountants
Firm's Registration No. 112081W/ W100184
Suresh Murarka
Partner
Mumbai 31st July 2020 Membership No. 44739
UDIN: 20044739AAAAE19376

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in Paragraph 1 under the heading "Report on Other Legaland Regulatory Requirements" in our Independent Auditor's Report to the members of BombayOxygen Investments Limited (Formerly known as Bombay Oxygen Corporation Limited) forthe year ended 31st March 2020.

As required by the Companies (Auditor's Report) Order 2016 and according to theinformation and explanations given to us during the course of the audit and on the basisof such checks of the books and records as were considered appropriate we report that :(i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets. b) As explained to us allproperty plant and equipment have not been physically verified by the management duringthe year but the fixed assets have been physically verified by the management inaccordance with a phased programme of verification which in our opinion is reasonableconsidering the size of the Company and the nature of its assets. The frequency ofverification is reasonable and no discrepancies have been noticed on such physicalverification. c) According to the information and explanations given to us and on thebasis of our examination of records of the Company the title deeds of immovableproperties are held in the name of the Company.

(ii) The inventory has been physically verified by the management at reasonableintervals. Discrepancies noticed on physical verification of inventories as compared tobook records were not material and have been properly dealt with in the books of account.The Company is converted into NBFC during the year and primarily engaged in investment insecurities debentures and other products. Accordingly it does not hold any inventoriesat the year end.

(iii) The Company has not granted any loans to the parties covered in the registermaintained under Section 189 of the Act. Hence paragraph 3 (iii) (a) (b) and (c) of thesaid Order are not applicable to the Company. (iv) In our opinion and according to theinformation and explanation given to us Section 185 of the Companies Act 2013 is notapplicable since the Company has not granted loan to any Director during the year.TheCompany has not given any loans or guarantees and being a Non-Banking Financial Companyits investments are exempted under Section 186(11) (b) hence the Company has compliedwith the provisions of Section 185 and 186 of the Act as applicable.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public. In respect of unclaimed deposits the Company hascomplied with the provisions of sections 73 to 76 or anyother relevant provisions of theCompanies Act 2013.

(vi) The Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Act for the Company hence paragraph 3(vi) of the Order is notapplicable.

(vii) a) The Company has been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income-Tax Goods and Service Taxand other material statutory dues applicable to it to the appropriate authorities.Considering the nature of business that the Company is engaged in Sales Tax Custom DutyExcise Duty and Value Added Tax are not applicable to the Company.

There were no undisputed amounts payable in respect of Provident Fund Employees' StateInsurance Income-TaxGoods and Service Tax and other material statutory dues in arrearsas at 31st March 2020 for a period of more than six months from the date they becamepayable.

b) According to the information and explanations given to us dues of income tax salestax value added tax service tax duty of customs duty of excise goods and service taxwhich have not been deposited on account of any dispute with the relevant authorities areas under :

Nature of Liability Amount (Rs In lakhs) Period to which the matter pertains Forum at which the dispute is pending
Income Tax 37.85 2009-10 CIT (A) Mumbai
Income Tax 139.31 2010-11 CIT (A) Mumbai
Income Tax 14.20 2011-12 CIT (A) Mumbai
Income Tax 0.33 2016-17 CIT (A) Mumbai
Income Tax 9.97 2018-19 CIT (A) Mumbai

(viii) As the Company does not have any loans or borrowings from any financialinstitution or bank or Government nor has it issued any debentures as at the balancesheet date the provisions of Clause 3(viii) of the Order are not applicable to theCompany.

(ix) The Company has not raised any money by way of initial public offer furtherpublic offer (including debt instruments) and term loans during the year. Accordingly theprovisions of Clause 3(ix) of the Order are not applicable to the 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) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in accordance with requisite approvals mandated by the provisions of Section197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexaminations of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the Ind AS financial statements asrequired by applicable accounting standards.

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

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

(xvi) The Company has obtained the requisite registration as a Non-Banking FinancialInstitution under Section 45 IA of the Reserve Bank of India Act 1934.

For S G C O & Co. LLP
Chartered Accountants
Firm's Registration No. 112081W/ W100184
Suresh Murarka
Partner
Mumbai 31st July 2020 Membership No. 44739
UDIN: 20044739AAAAE19376

ANNEXURE "B" to the Independent Auditor's Report of even date on the Ind ASfinancial statements of Bombay Oxygen Investments Limited (Formerly known as Bombay OxygenCorporation Limited) for the year ended 31st March 2020.

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

We have audited the internal financial controls over financial reporting ofBombayOxygen Investments Limited (Formerly known as Bombay Oxygen Corporation Limited)("the Company") as of 31st March 2020 in conjunction with our audit of the IndAS 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 controls over financial reporting criteriaestablished by the Company considering the essential components of internal controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India ("ICAI"). 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 toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013("the Act").

Auditor's 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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the 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 over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 controls based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the Ind AS financial statements whether due to fraud orerror.

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 control systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial controls over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of Ind AS financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company's internal financial controls overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets provide reasonable assurance that transactionsare recorded as necessary to permit preparation of Ind AS 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 and (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 Ind AS 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 controlsover 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 31st March 2020 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.

For S G C O & Co. LLP
Chartered Accountants
Firm's Registration No. 112081W/ W100184
Suresh Murarka
Partner
Mumbai 31st July 2020 Membership No. 44739
UDIN: 20044739AAAAE19376

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