Brahmanand Himghar Ltd.
|BSE: 590081||Sector: Financials|
|NSE: N.A.||ISIN Code: INE318G01015|
|BSE 00:00 | 03 Mar||Brahmanand Himghar Ltd|
|NSE 05:30 | 01 Jan||Brahmanand Himghar Ltd|
|BSE: 590081||Sector: Financials|
|NSE: N.A.||ISIN Code: INE318G01015|
|BSE 00:00 | 03 Mar||Brahmanand Himghar Ltd|
|NSE 05:30 | 01 Jan||Brahmanand Himghar Ltd|
THE MEMBERS OF
M/s. BRAHMANAND HIMGHAR LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying Standalone financial statements of M/s. BRAHMANANDHIMGHAR LIMITED which comprise of the Balance Sheet as at 31st March 2017the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ('the Act') with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including 1Accounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgements andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial control that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
Basis for Qualified Opinion
We refer to Note no. 22 (i) of the Financial Statements regarding non-provision ofdepreciation on Tangible Assets aggregating to Rs 1552604/- for the year under reviewfor non operation of the plant (cold storage) during the year.
Had such provision been made the Net Profit for year would have been reduced byRs.1552604/- with a corresponding reduction in the provision for taxation as the relateddepreciation remains unclaimed under the I.T Act.
In our opinion and to the best of our information and according to the explanationsgiven to us except for the effect of matter described on the basis for qualified opinionparagraph above the aforesaid consolidated financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the consolidated state ofaffairs of the group and its associates as at 31st March 2017 and theirconsolidated profit and their consolidated cash flows for the year ended on that date.
Emphasis Of Matter
The Company has in the preceding financial year disposed of one of its Cold Storagewhich constitutes a substantial parts of its tangible assets affecting the operation ofthe Company and the other cold Storage has alSo not been operational during this year.This has in our opinion affected the going concern status of the Company.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in Annexure-A a statement on the matters specified in the paragraph 3 and 4 of theOrder to the extent applicable.
2. The company is registered with Reserve Bank of India as Non Banking Finance CompanyVide Registration No-B-05.02695 dt 09.08.2001. Additional Particulars as required byReserve Bank of India under Non-Systemically Important Non-Banking Financial (Non-DepositAccepting or Holding) Companies Prudential Norms (Reserve Bank) Directions 2015 areattached under separate ' Annexure -I to the Financial Statements.
3. As required by Section 143 (3) of the Act we report that:
a. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;
b. In our opinion proper books of account as required by law have been kept by thecompany so far as appears from our examination of those books.
c. The Balance Sheet and the Statement of Profit and Loss and Cash Flow dealt with bythis Report are in agreement with the books of account;
d. In our opinion the aforesaid Financial Statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
e. On the basis of written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2017 from being appointed as a director interms of Section 164(2) of the Act and
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 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 knowledge and belief and according to the information andexplanations given to us ;
i) The Company has no pending litigations as at 31st March 2017.
ii) The Company has no material foreseeable losses on long term contracts includingderivative contracts as on 31st March 2017.
iii) There has been no amount required to be transferred to the investor Education andProtection fund by the Company during the year ended 31st March 2017.
iv) The Company has provided requisite disclosure in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember2016 to 30th December 2016 and these are in accordance with the books ofaccounts maintained by the Company. Refer Note 22(v) to the financial statements.
Re. : M/S. BRAHMANAND HIMGHAR LIMITED (31.03.17)
Annexure-A referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2017
i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b) The Fixed Assets have been physically verified by the Management at reasonableintervals during the year and no material discrepancies have been noticed on suchverification.
c) According to the information & explanations given to us and on the basis of ourexamination of the records of the Company the title deed of immovable property is held inthe name of the Company.
ii) The company has no opening and closing inventory. Hence Paragraph 3(ii) of theOrder is not applicable.
iii) The Company has not granted any loan to parties covered in the register maintainedunder Section 189 of the Companies Act 2013. Hence Sub Clause (a) (b) & (c) ofParagraph 3(iii) are not applicable.
iv) In our opinion and according to information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto loans and investments made.
v) The Company has not accepted any deposits from the public within the meaning ofsections 73 and 74 of the Act and the rules framed there under to the extent notified.
vi) In our opinion and according to the information and explanation given to us thecompany's activities do not require maintenance of any cost records.
vii) a) According to the information and explanations provided to us and as per therecords of the Company examined by us in our opinion the Company is regular indepositing undisputed statutory dues including income tax provident Fund and otherstatutory dues as applicable to it with the appropriate authorities.
b) As explained to us and the records of the company examined by us there are nodisputed statutory dues which have not been deposited.
viii) According to the records of the company examined by us and the information andexplanation given to us the company has not defaulted in repayment of dues to anyfinancial institution or bank or debenture holders as at the balance sheet date.
ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and terms loans during the year. Accordinglyparagraph 3(ix) of the Order is not applicable.
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 the requisite approvals mandated by the provisions ofSection 197 read with Schedule V of 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 ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.
xiv) According to the information and explanations given to us and based on ourexamination 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.
xv) According to the information and explanations given to us and based on ourexaminations 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.
xvi) The company is a registered Non-Banking Financial Company u/s 45-1A of the ReserveBank of India Act 1934 obtained the Certificate of Registration.
Re. : M/S. BRAHMANAND HIMGHAR LIMITED(31.03.2017)
Annexure B to the Auditors Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013.
We have audited the internal financial controls over financial reporting of M/S.BRAHMANAND HIMGHAR LIMITED ("the Company") as of March 31 2017 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note of Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013 (: the Act").
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing as specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.
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 control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial control system overfinancial reporting.
Meaning of Internal Financial Controls Over Financial Reporting.
A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (l) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company. (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with 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 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. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.