TO,
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. BRAHMANAND
HIMGHAR LIMITED which comprise of the Balance Sheet as at 31st March, 2017,
the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and
a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 (the Act) with respect to the preparation and
presentation of these standalone financial statements that give a true and fair view of
the financial position, financial performance and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including 1
Accounting Standards specified under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules,2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgements and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial control, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these standalone financial statements
based on our audit. We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in the audit report
under the provisions of the Act and Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Companys preparation of the
financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by the Companys Directors, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide 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 of
depreciation on Tangible Assets aggregating to Rs 15,52,604/- for the year under review
for non operation of the plant (cold storage) during the year.
Had such provision been made the Net Profit for year would have been reduced by
Rs.15,52,604/- with a corresponding reduction in the provision for taxation as the related
depreciation remains unclaimed under the I.T Act.
Qualified Opinion
In our opinion and to the best of our information and according to the explanations
given to us, except for the effect of matter described on the basis for qualified opinion
paragraph above, the aforesaid consolidated financial statements give the information
required by the Act in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the consolidated state of
affairs of the group and its associates as at 31st March, 2017, and their
consolidated 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 Storage
which constitutes a substantial parts of its tangible assets, affecting the operation of
the 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 (Auditors Report) Order, 2016 (the Order) issued by
the Central Government of India in terms of sub-section (11) of section 143 of the Act, we
give in Annexure-A, a statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. The company is registered with Reserve Bank of India as Non Banking Finance Company
Vide Registration No-B-05.02695 dt 09.08.2001. Additional Particulars as required by
Reserve Bank of India under Non-Systemically Important Non-Banking Financial (Non-Deposit
Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015 are
attached, 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 our
knowledge 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 the
company 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 by
this Report are in agreement with the books of account;
d. In our opinion, the aforesaid Financial Statements comply with the Accounting
Standards 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 31st
March, 2017 taken on record by the Board of Directors, none of the directors are
disqualified as on 31st March, 2017, from being appointed as a director in
terms of Section 164(2) of the Act, and
f. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate report in "Annexure-B;
g. With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our knowledge and belief and according to the information and
explanations 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 including
derivative contracts as on 31st March, 2017.
iii) There has been no amount required to be transferred to the investor Education and
Protection fund by the Company during the year ended 31st March, 2017.
iv) The Company has provided requisite disclosure in its financial statements as to
holdings as well as dealings in Specified Bank Notes during the period from 8th
November,2016 to 30th December, 2016 and these are in accordance with the books of
accounts maintained by the Company. Refer Note 22(v) to the financial statements.
|
For KHANDELWAL PR A JAP ATI & CO. |
|
Chartered Accountants, |
|
Firm Registration No. 313154E |
| PLACE: KOLKATA |
(SAMIR KUMAR POLAI) |
| DATED : 30.05.2017 |
Partner |
|
Membership No. - 303724 |
Re. : M/S. BRAHMANAND HIMGHAR LIMITED (31.03.17)
Annexure-A referred to in our Independent Auditors Report to the members of the
Company on the standalone financial statements for the year ended 31 March, 2017,
i) a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
b) The Fixed Assets have been physically verified by the Management at reasonable
intervals during the year and no material discrepancies have been noticed on such
verification.
c) According to the information & explanations given to us and on the basis of our
examination of the records of the Company, the title deed of immovable property is held in
the name of the Company.
ii) The company has no opening and closing inventory. Hence Paragraph 3(ii) of the
Order is not applicable.
iii) The Company has not granted any loan to parties covered in the register maintained
under Section 189 of the Companies Act, 2013. Hence Sub Clause (a), (b) & (c) of
Paragraph 3(iii) are not applicable.
iv) In our opinion and according to information and explanations given to us, the
Company has complied with the provisions of section 185 and 186 of the Act, with respect
to loans and investments made.
v) The Company has not accepted any deposits from the public within the meaning of
sections 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, the
companys activities do not require maintenance of any cost records.
vii) a) According to the information and explanations provided to us and as per the
records of the Company examined by us, in our opinion, the Company is regular in
depositing undisputed statutory dues including income tax, provident Fund and other
statutory 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 no
disputed statutory dues which have not been deposited.
viii) According to the records of the company examined by us and the information and
explanation given to us, the company has not defaulted in repayment of dues to any
financial 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 further
public offer (including debt instruments) and terms loans during the year. Accordingly,
paragraph 3(ix) of the Order is not applicable.
x) According to the information and explanations given to us, no material fraud by the
Company or on the Company by its officers or employees has been noticed or reported during
the course of our audit.
xi) According to the information and explanation given to us and based on our
examination of the records of the Company, the Company has paid /provided for managerial
remuneration in accordance with the requisite approvals mandated by the provisions of
Section 197 read with Schedule V of the Act.
xii) In our opinion, and according to the information and explanations given to us, the
Company is not a nidhi company. Accordingly Paragraph 3(xii) of the Order is not
applicable.
xiii) According to the information and explanations given to us and based on our
examination of the records of the Company, transactions with the related parties are in
compliance with Sections 177 and 188 of the Act where applicable and details of such
transactions have been disclosed in the financial statements as required by the applicable
accounting standards.
xiv) According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year.
xv) According to the information and explanations given to us and based on our
examinations of the records of the Company, the Company has not entered into non-cash
transactions 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 Reserve
Bank of India Act, 1934 obtained the Certificate of Registration.
|
For KHANDELWAL PRAJAPATI & CO. |
|
Chartered Accountants, |
|
Firm Registration No. 313154E |
| PLACE: KOLKATA |
(SAMIR KUMAR POLAI) |
| DATED: 30.05.2017 |
Partner |
|
Membership No. - 303724 |
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 Section
143 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 in
conjunction with our audit of the standalone financial statements of the Company for the
year ended on that date.
Managements Responsibility for Internal Financial Controls.
The Companys Management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note of Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India. These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to the Companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013 (: the Act").
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note") and the Standards on Auditing as specified under section
143(10) of the Act, to the extent applicable to an audit of internal financial controls,
both applicable to an audit of Internal Financial Controls and, both issued by the
Institute of Chartered Accountants of India. Those Standards and the Guidance Note require
that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls over financial
reporting was established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgement, including the assessment of the risks of
material misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the internal financial control system over
financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting.
A Companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A Companys internal financial control over financial
reporting includes those policies and procedures that (l) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company. (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
management and directors of the company and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys 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 financial
reporting including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected. Also
projections of any evaluation of the internal financial controls over financial reporting
to future periods are subject to the risk that the internal financial control over
financial reporting may become inadequate because of changes in conditions or that the
degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March, 31,2017, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
|
For KHANDELWAL PRAJAPATI & CO. |
|
Chartered Accountants, |
|
Firm Registration No. 313154E |
| PLACE: KOLKATA |
(SAMIR KUMAR POLAI) |
| DATED : 30.05.2017 |
Partner |
|
Membership No. - 303724 |
+91-9892691696
