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NCC Blue Water Products Ltd.

BSE: 519506 Sector: Others
NSE: N.A. ISIN Code: INE630N01019
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NSE 05:30 | 01 Jan NCC Blue Water Products Ltd
OPEN 6.82
PREVIOUS CLOSE 6.82
VOLUME 200
52-Week high 9.76
52-Week low 6.00
P/E 4.67
Mkt Cap.(Rs cr) 5
Buy Price 6.82
Buy Qty 2500.00
Sell Price 7.16
Sell Qty 4500.00
OPEN 6.82
CLOSE 6.82
VOLUME 200
52-Week high 9.76
52-Week low 6.00
P/E 4.67
Mkt Cap.(Rs cr) 5
Buy Price 6.82
Buy Qty 2500.00
Sell Price 7.16
Sell Qty 4500.00

NCC Blue Water Products Ltd. (NCCBLUEWATER) - Auditors Report

Company auditors report

To

The Members of

NCC Bluewater Products Limited

Report on the Ind AS Financial Statements Opinion

We have audited the accompanying Ind AS Financial Statements of NCC BLUEWATERPRODUCTS LIMITED ("the Company") which comprise the Balance Sheet as at 31March 2019 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and Statement of Cash Flows for the year then ended and asummary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS Financial Statements give the information required bythe Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2019 and its Profit (including othercomprehensive income) changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Ind AS FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the Ind AS Financial Statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the Ind AS Financial Statements.

Material Uncertainty Relating to Going Concern

We draw your attention to Note 22 to the Ind AS Financial Statements regardingpreparation of Ind AS Financial Statements on a going concern basis considering thecircumstances stated in the said note and pending crystallization of company's plans forrevamping its operations.

Our opinion is not modified in respect of the above matter.

Key Audit Matters:

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Ind AS Financial Statements of the current period. Thesematters were addressed in the context of our audit of the Ind AS Financial Statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Except for the matter described in the Material Uncertainty Related to Going Concernsection we have determined that there are no other key audit matters to communicate inour report.

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

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the Ind AS Financial Statements and our auditor's report thereon.

Our opinion on the Ind AS Financial Statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS Financial Statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the Ind AS Financial Statements or our knowledge obtainedduring the course of our audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Management's Responsibility for the Ind AS Financial Statements

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 Ind AS Financial Statementsthat give a true and fair view of the financial position and financial performance of theCompany and cash flows of the company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Ind AS Financial Statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error. In preparing the Ind AS Financial Statements management is responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

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

Auditor's Responsibility for the audit of Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS Financial Statements.

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

• Identify and assess the risks of material misstatement of the Ind AS FinancialStatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the companyhas adequate internal financial controls system in place and the operating effectivenessof such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 Ind AS Financial Statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern including the disclosures and whether the Ind AS FinancialStatements represent the underlying transactions and events in a manner that achieves fairpresentation.

• Evaluate the overall presentation structure and content of the Ind AS FinancialStatements including the disclosures and whether the Ind AS Financial Statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

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

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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Ind AS Financial Statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when 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

A. 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 Act we give in the Annexure 1 a statement on the matters specified inthe paragraph 3 and 4 of the order.

B. 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 Statement of Profit and Loss and cash flow statement dealt withby this Report are in agreement with the books of accounts;

d) in our opinion the Balance Sheet Statement of Profit and Loss and cash flowstatement comply with the Accounting Standards referred to in section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

e) on the basis of written representations received from the directors as on March 312019 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 from being appointed as a director in terms of subsection (2) ofsection 164 of the Act;

f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure_ 2". Our Report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's financial controlsover financial reporting.

g) In our opinion and to the best of our information and according to the explanationsgiven to us no remuneration has been paid or provided by the Company to its directorsduring the year. Hence reporting under the requirement of section 197 sub-section (16) ofthe Act not applicable.

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 does not have any pending litigations which would impact its financialposition and

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

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

for K.P.Rao & Co.
Chartered Accountants
(Regn.No.003135S)
K. Viswanath
Partner
Membership No. 022812
Place: Hyderabad
Date: May 29 2019

ANNEXURE - 1 TO THE AUDITOR'S REPORT OF EVEN DATE ON THE IND AS FINANCIAL STATEMENTS OFNCC BLUEWATER PRODUCTS LIMITED

(Referred to in paragraph A under "Report on Other Legal RegulatoryRequirements" section of our report of even date to the members of NCC BluewaterProducts Limited) We report that;

1) 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 during the year andno material discrepancies between books records and the physical fixed assets have beennoticed.

c. According to the information and explanation given to us we have verified the titledeeds of the immovable properties of the company with respect to Land except 51.69 acresof D.Patta Land with book value of Rs. 14.10 Lakhs.

2) In our opinion and according to the explanation given to us the company does notcarry any inventory. Accordingly paragraph 3(ii) of the order is not applicable to thecompany.

3) According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms limited liability partnershipsor other parties covered in the register maintained under section 189 of the Act andaccordingly paragraph 3(iii) of the Order are not applicable.

4) In our opinion and according to the information and explanations given to us theCompany has not advanced any loan to any director given any guarantee provided anysecurity in connection with any loan taken by any director or made investment in more thantwo layers of investment companies as per the provisions of section 185 and 186 of theAct. Accordingly reporting under clause (iv) of paragraph 3 of the order is notapplicable.

5) In our opinion and according to the information and explanation given to us theCompany has not accepted deposits to which directions issued by the Reserve Bank of Indiaand the provisions of section 73 to 76 or any other relevant provisions of the CompaniesAct 2013 were applicable. Accordingly reporting under clause (v) of paragraph 3 of theOrder is not applicable.

6) According to the information and explanations given to us the provisions of Section148(1) of the companies act 2013 and rules made there under relating to maintenance ofcost records are not applicable. Accordingly reporting under clause (vi) of paragraph 3of the Order is not applicable.

7) According to the information and explanations given to us and according to the booksand records as produced and examined by us in accordance with the generally acceptedauditing practices in India in respect of statutory dues:

a) The Company has been generally regular in depositing undisputed statutory duesincluding provident fund employee state insurance income tax sales tax service tax /Goods and service tax duty of customs duty of excise value added tax cess and anyother statutory dues applicable to it with the appropriate authorities during the year.

b) There were no undisputed amounts payable in respect of provident fund employeestate insurance income tax wealth tax sales-tax service tax value added tax cess andany other statutory dues which were in arrears as at March 31 2019 for a period of morethan six months from the date they became payable.

c) There are no dues of income tax sales tax service tax duty of customs duty ofexcise or value added tax that have not been deposited on account of any dispute.

8) In our opinion and according to the information and explanations given to us theCompany does not have any loans or borrowings from any financial institutions banksGovernment or debenture holders during the year; accordingly paragraph 3(viii) of theOrder is not applicable.

9) The Company has not raised any monies during the reporting period by way ofinitial public offer (including debt instruments) or further public offer. The Company hasnot raised any monies by way of 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 fraud by or by itsofficers or employees on the company has been noticed or reported during the year.

11) According to the information and explanations give to us and based on ourexamination of the records of the Company no managerial remuneration has been paid orprovided during the year. Accordingly paragraph 3(xi) of the Order is not applicable.

12) According to the information given to us the Company is not a Nidhi Company.Accordingly reporting under clause (xii) of paragraph 3 of the Order is not applicable.

13) According to the information and explanations given to us and based on ourexamination of the records all transactions with the related parties are in compliancewith Section 177 and Section 188 of the Act where applicable and the details have beendisclosed in the Ind AS Financial Statements as required by the applicable accountingstandards.

14) 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 convertible debentures during the reporting period. Accordinglyreporting under clause (xiv) of paragraph 3 of the Order is not applicable.

15) According to the information and explanations given to us and based on ourexamination of the records the Company has not entered into any non-cash transactionswith any directors or persons connected with him and hence provisions of section 192 ofthe Act. Accordingly reporting under clause (xv) of paragraph 3 of the Order is notapplicable.

16) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

for K.P.Rao & Co.
Chartered Accountants
(Regn.No.003135S)
K. Viswanath
Partner
Membership No. 022812
Place: Hyderabad
Date: May 29 2019

"ANNEXURE 2" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE IND ASFINANCIAL STATEMENTS OF NCC BLUEWATER PRODUCTS LIMITED

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 reporting of NCCBluewater Products Limited ("the company") as of March 31st 2019 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 control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on 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 company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

Auditors' 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 on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by Institute ofChartered Accountants of India (ICAI) and deemed to be prescribed under section 143(10) ofthe Act to the extent applicable to an audit of internal financial controls bothapplicable to an audit of Internal Financial Controls and both issued by the ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgments including the assessment of the risks of material misstatement of theInd AS 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 Company's internal financial controls systemover financial 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 Ind AS Financial Statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control 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 of the company; 2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASFinancial Statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and 3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASFinancial 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 controlover 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 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 31 2019 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".

for K.P.Rao & Co.
Chartered Accountants
(Regn.No.003135S)
K. Viswanath
Partner
Membership No. 022812
Place: Hyderabad
Date: May 29 2019