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Bombay Oxygen Investments Ltd.

BSE: 509470 Sector: Financials
NSE: N.A. ISIN Code: INE01TL01014
BSE 00:00 | 09 Dec 12112.65 -45.00
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NSE 05:30 | 01 Jan Bombay Oxygen Investments Ltd
OPEN 12026.00
PREVIOUS CLOSE 12157.65
VOLUME 21
52-Week high 21554.95
52-Week low 10216.00
P/E
Mkt Cap.(Rs cr) 182
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12026.00
CLOSE 12157.65
VOLUME 21
52-Week high 21554.95
52-Week low 10216.00
P/E
Mkt Cap.(Rs cr) 182
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bombay Oxygen Investments Ltd. (BOMBAYOXYGEN) - Auditors Report

Company auditors report

To the Members Bombay Oxygen Investments Limited Report on the Audit of the FinancialStatements Opinion

We have audited the accompanying Ind AS financial statements of Bombay OxygenInvestments Limited ("the Company") which comprises of the Balance Sheet asat 31st March 2022 the Statement of Profit and Loss (Including Other ComprehensiveIncome) Statement of Cash Flows and Statement of changes in Equity for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to as"the financial statements").

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 2022 and its profit (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 and the Rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate 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 Board's Report including management discussion and analysis anda Report on Corporate Governance but does not include the financial statements and ourauditor'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 financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements the Management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to the going concern and using the going concern basis of accounting unless theManagement either intends to liquidate the Company or to cease operations or has norealistic alternative 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 assurance but 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 controls system in place and the operatingeffectiveness of such controls.

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

(d) In our opinion the aforesaid financial statements comply 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 2022 taken on record by the Board of Directors none of the Directors aredisqualified as on 31st March 2022 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 section 197(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) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in the financial statements (Refer Note 24 of the Ind AS Financial Statements) ;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

iv. (a) The Management has represented that to the best of its knowledge and beliefno funds (which are material either individually or in the aggregate) have been advancedor loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries ;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries ;

(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement. v. The dividend declared and paid by theCompany during the year is in accordance with Section 123 of the Act. vi. As required bythe Companies (Auditor's Report) Order 2020 (the "Order") issued by the CentralGovernment in terms of Section 143(11) of the Act we give in "Annexure A" astatement on the matters specified in paragraphs 3 and 4 of the Order.

For S G C O & Co. LLP
Chartered Accountants
Firm's Registration No. 112081W/W100184
Suresh Murarka
Partner
Membership No. 44739
Mumbai 23rd May 2022 UDIN: 22044739AJKNYZ1207

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 for the year ended 31st March 2022.

As required by the Companies (Auditors Report) Order 2020 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) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its Property Plant and Equipment.

b) Since the Company does not have any intangible assets paragraph 3 (i) of the saidOrder is not applicable to the Company.

(B) Property plant and equipment have been physically verified by the managementduring the year in accordance with a phased programmed of verification which in ouropinion is reasonable considering the size of the Company and the nature of its assets.The frequency of verification is reasonable and no discrepancies have been noticed onsuch physical verification.

(C) According to the information and explanations given to us and on the basis of ourexamination of records of the Company the title deeds of immovable properties (other thanproperties where the Company is the lessee and the lease agreements are duly executed infavour of the lessee) disclosed in the financial statements are held in the name of theCompany as at the Balance Sheet date.

(D) According to the information and explanations given to us and on the basisof our examination of records of the Company the Company has not revalued its PropertyPlant and Equipment (including Right of Use assets) or intangible assets or both duringthe year.

(E) According to the information and explanations given to us and on the basis of ourexamination of records of the Company no proceedings have been initiated or are pendingagainst the Company for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The Company being a Non-Banking Financial Company (NBFC) is primarily engagedin investment in securities debentures and other products. Accordingly it does not holdany inventories at the year end hence paragraph 3(ii)(a) of the Order is not applicable.

(b) During any point of time of the year the Company has not been sanctioned workingcapital limits in excess of five crore rupees in aggregate from banks or financialinstitutions on the basis of security of current assets hence paragraph 3(ii)(b) of theOrder is not applicable.

(iii) a) During the year the Company has not made investments in provided anyguarantee or security or granted any loans or advances in the nature of loans secured orunsecured to companies firms Limited Liability Partnerships or any other parties. TheCompany being a Non-Banking Financial Company (NBFC) hence paragraph 3 (iii) (a) of theOrder are not applicable to the Company.

b) According to the information and explanations given to us the Company has madeinvestments guarantees provided security given and the terms and conditions of the grantof all loans and advances in the nature of loans and guarantees provided are notprejudicial to the company's interest.

c) According to the information and explanations given to us the Company has not takenor granted any loans and advances hence paragraph 3 (iii) (c) (d) (e) & (f) of theOrder are not applicable to the Company.

(iv) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there are no loans investments guarantees andsecurities granted in respect of which provisions of Section 185 and Section 186 areapplicable to the Company except 186(1) and hence not commented upon. The Company has notmade any investments through more than two layers of investment companies as required inSection 186(1) of the Act.

(v) The Company has not accepted any deposits from the public in accordance with theprovisions of sections 73 to 76 of the Act and the rules framed there under.

(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 Goods and Service tax Provident Fund Employees' State Insurance Income-TaxGoods and Service Tax and other material statutory dues applicable to it to theappropriate authorities. Considering the nature of business that the Company is engagedin Sales Tax Custom Duty Excise Duty and Value Added Tax are not applicable to theCompany. There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income-tax Goods and Service Tax and other material statutory dues inarrears as at 31st March 2022 for a period of more than six months from the datethey became payable.

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 (F.Y.) 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) According to the information and explanations given to us and based on ourexamination of records of the Company there are no transactions which are not recorded inthe books of account have been surrendered or disclosed as income during the year in thetax assessments under the Income Tax Act 1961 (43 of 1961).

(ix) According to the information and explanations given to us the Company has notborrowed any loans from bank or financial institution henceparagraph IX (a) (b) (c)(d) (e) &(f) of the Order are not applicable to the Company.

(x) a) 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(x)(a) of the Order are not applicable to the Company.

b) Since the Company has not made any preferential allotment or private placement ofshares or convertible debentures (fully partially or optionally convertible) during theyear Clause 3(x)(b) of the Order are not applicable to the Company.

(xi) a) According to the information and explanations given to us no material fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

b) No report under sub-section (12) of section 143 of the Companies Act has been filedby the auditors in Form ADT-4 as prescribed under rule 13 of the Act.

c) As represented to us by the management there are no whistle blower complaintsreceived by the Company during the year.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Hence paragraph XII (a) (b) & (c) of the Order arenot applicable to the Company.

(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) a) In our opinion and based on our examination the Company has an internal auditsystem commensurate with the size and nature of its business.

b) We have considered the internal audit reports of the Company issued till date forthe period under audit.

(xv) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with the directors or persons connected with them during the year underreview. Accordingly paragraph 3 (xv) of the Order is not applicable to the Company.

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

b) According to the information and explanation given to us and based on ourexamination of the records the Company has not conducted any Non-Banking Financial orHousing Finance activities and hence the clause 2(xvi)(b) of the said order is notapplicable.

c) According to the information and explanation given to us and based on ourexamination of the records the Company is a not a Core Investment Company (CIC) asdefined in the regulations made by the Reserve Bank of India hence this clause is notapplicable to the Company.

(xvii) According to the information and explanation given to us and based on ourexamination of the records of the Company it has not incurred cash losses in thefinancial year and in the immediately preceding financial year.

(xviii) There has been no resignation of the Statutory Auditors of the Company duringthe year.

(xix) On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment financial liabilities other information accompanying thefinancial statements and our knowledge of the Board Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the Balance Sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

(xx) (a) According to the information and explanation given to us and based on ourexamination of the records of the Company it has already spent the required amount as perthe section 135 of the said Act.

(b) Since there is not any amount remaining unspent under section (5) of the section135 of the Act and hence clause (xx)(b) is not applicable.

(xxi) According to the information and explanation given to us and based on ourexamination of the records of the Company preparation of consolidated financialstatements is not applicable to the Company hence paragraph XXI of the Order is notapplicable to the Company.

For S G C O & Co. LLP
Chartered Accountants
Firm's Registration No. 112081W/W100184
Suresh Murarka
Partner
Membership No. 44739
Mumbai 23rd May 2022 UDIN: 22044739AJKNYZ1207

ANNEXURE "B" to the Independent Auditor's Report of even date on the Ind ASfinancial statements of

Bombay Oxygen Investments Limited for the year ended 31st March 2022.

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 reportingof BombayOxygen Investments Limited ("the Company") as of 31st March 2022 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended 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 theAct.

ANNEXURE "B" to the Independent Auditor's Report of even date on the Ind ASfinancial statements of 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 the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of Ind AS financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorizations of Management and Directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial 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 2022 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
Membership No. 44739
Mumbai 23rd May 2022 UDIN: 22044739AJKNYZ1207

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