Moneycontrol
Get App
SENSEX NIFTY
you are here:

Bata India Ltd.

BSE: 500043 | NSE: BATAINDIA |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE176A01028 | SECTOR: Leather Products

BSE Live

Apr 03, 10:35
1175.00 -15.25 (-1.28%)
Volume
AVERAGE VOLUME
5-Day
29,705
10-Day
44,169
30-Day
34,354
7,997
  • Prev. Close

    1190.25

  • Open Price

    1192.00

  • Bid Price (Qty.)

    1174.60 (5)

  • Offer Price (Qty.)

    1175.95 (1)

NSE Live

Apr 03, 10:35
1175.70 -14.00 (-1.18%)
Volume
AVERAGE VOLUME
5-Day
782,358
10-Day
989,192
30-Day
879,657
192,525
  • Prev. Close

    1189.70

  • Open Price

    1201.90

  • Bid Price (Qty.)

    1175.20 (19)

  • Offer Price (Qty.)

    1175.75 (13)

Annual Report

For Year :
2019 2018 2017 2016 2015 2013 2012 2011 2010

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Bata India Limited (the Company), which comprise the Balance Sheet as at March 31,2015, the Statement of Profit and Loss and Cash Flow Statement for the period then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards notified under the Companies Act, 1956, read with General Circular 8/2014 dated 4 April 2014 issued by the Ministry of Corporate Affairs. This responsibility includes the design, implementation and maintenance of internal control 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. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 auditor''s 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Companies Act, 1956 (the Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2015; (b) in the case of the Statement of Profit and Loss, of the profit for the period ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the period ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003(the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act and on the basis of the MCA Circular referred to in the Other Matters paragraph, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act and on the basis of the MCA Circular referred to in the Other Matters paragraph, 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account; (d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956, read with General Circular 8/2014 dated 4th April 2014 issued by the Ministry of Corporate Affairs; (e) On the basis of written representations received from the directors as on March 31,2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. Other Matter The Ministry of Corporate Affairs had vide its General Circular No. 07/2014, ''Dissemination of information with regards to the provisions of the Companies Act, 2013 as notified till date vis a vis corresponding provisions of the Companies Act, 1956'' (''MCA Circular''), dated April 01,2014, identified such sections of the Companies Act, 1956 that would cease/ continue to have effect from April 01,2014. Accordingly, in terms of the aforesaid MCA Circular, our reporting in respect of section 227(3)(f) of the Companies Act, 1956, and clauses (iii), (v)(a) and (b), (vi), (viii), (xiv), (xviii) of the Companies (Auditor''s Report) Order, 2003 (dealing with sections 49, 58A, 58AA, 209(1)(d) and 301 of the Companies Act, 1956) is only for the period beginning from January 1,2014 till March 31, 2014 since as per the aforementioned MCA Circular these sections have ceased to have effect from April 01,2014. Annexure referred to in paragraph 1 under the heading of our report on other legal and regulatory requirements of even date Re: Bata India Limited (''the Company'') (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) All fixed assets were physically verified by the management in the previous year in accordance with a planned programme of verifying them once in three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. (c) There was no substantial disposal of fixed assets during the year. (ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year. (b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. (iii) (a) As informed, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii) (a) to (d) of the Order are not applicable to the Company and hence not commented upon. (e) According to information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii) (e) to (g) of the Order are not applicable to the Company and hence not commented upon. (iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company. (v) (a) In our opinion , there are no contracts or arrangements that needs to be entered into the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provision of clause 4(v) (b) of the Order is not applicable to the Company and hence not commented upon. (vi) In respect of deposits accepted, in our opinion and according to the information and explanations given to us, directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under, to the extent applicable, have been complied with. We are informed by the management that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal. (vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. (viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. (ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees'' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. (c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty and cess on account of any dispute, are as follows: Name of the Nature of dues Amount statute (Rs. million) Various State Purchase tax dispute at 8.2 Sales Tax Acts Faridabad Various State Revenue Recovery against 6.7 Sales Tax Acts non-payment of demand in assessment Various State Tax in dispute u/s 92 of 2.8 Sales Tax Acts Central Sales Tax Act regarding non-submission of forms Karnataka Unclaimed input tax credit 4.1 Sales Tax Act adjusted against VAT Various State Misclassification of Article 9.68 Sales Tax Acts for VAT Payment Central Excise Excise duty demand on 1.50 Act, 1944 closing balance of exempted footwear. Central Excise Duty Demanded for sale of 7.03 Act, 1944 footwear at domestic tariff area which final hearing before commissioner concluded and order is pending. Central Excise Disallowance for trade 2.75 Act, 1944 discount for sale of footwear to retail outlet Central Excise Excise duty demanded for 15.54 Act, 1944 movement of raw material to job worker without payment of duty. Central Excise Disallowing abatement @ 9.00 Act, 1944 40% on MRP for institutional sales. Sale of Industrial Boots & Mine Safety Boots Central Excise Non compliance of the 21.48 Act, 1944 condition of the notification for marking MRP on factory seconds cleared on payment of appropriate C.E duty. Central Excise Exclusion of sales tax @ 8% 3.00 Act, 1944 for payment of an amount equal to 8%/10% on exempted footwear as per CCR 6(3)(b). Finance Disallowance of service tax 4.34 Act, 1994 credit on input service availed for outward transportation. Customs Duty demand on account of 10.84 Act, 1942 short levy of customs duty (anti-dumping duty) for which hearing before commissioner concluded and the order received. Finance Availment of wrong input 86.2 Act, 1994 service tax credit Customs Wrong availment of 83.76 Act, 1942 concessional rate of customs duty etc. against which the hearing has not finalized as yet. Income Tax Short term capital gains 230.55 Act, 1961 Income Tax Disallowance of certain 13.67 Act, 1961 expenditure Name of the Period to Forum where statute which the dispute is amount relates pending Various State 1984-85 Supreme Court Sales Tax Acts Various State 1994-95 STAT, Kerala Sales Tax Acts 1998-99 2000-01 Various State 1991-92 High Court, UP Sales Tax Acts Karnataka 2005-06 to Joint Commissioner Sales Tax Act 2008-09 Appeals Various State 2005-06 to 2006-07 VAT for tribunal, Sales Tax Acts Kerala Central Excise 1987-88 CESTAT- Kolkata Act, 1944 Central Excise 1997-99 Commissioner of Act, 1944 Central Excise, Chennai Central Excise 1995-97 CESTAT- Chennai Act, 1944 Central Excise 2004-05 to CESTAT- Kolkata Act, 1944 2005-06 Central Excise 2007 CESTAT-Kolkata Act, 1944 2008 2009 2010 Central Excise July 2004 to CESTAT-Kolkata Act, 1944 Jan 2008 Central Excise August 2004 to CESTAT-Kolkata Act, 1944 Jan 2008 Finance 2006-2010 Commissioner of Act, 1994 Central Excise, Kolkata Customs 2001 CESTAT-Kolkata Act, 1942 Finance April 2008 to CESTAT-Chennai Act, 1994 May 2012 Customs 1998-2003 CESTAT-Kolkata Act, 1942 Income Tax 2007-08 High Court, Kolkata Act, 1961 Income Tax 2008-09 (A.Y. Commissioner of Act, 1961 2009-10) Income tax (Appeal) (x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year. (xi) The Company has neither taken any loan from financial institution or bank nor issued any debentures, therefore the provision of clause 4(xi) of the Order is not applicable, hence not commented upon. (xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company. (xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company. (xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. (xvi) The Company did not have any term loans outstanding during the year. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment. (xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. (xix) The Company did not have any outstanding debentures during the year. (xx) The Company has not raised any money by way of public issue during the year. (xxi) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the management. For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm Registration No.: 301003E per Sanjay Vij Place of Signature: Gurgaon Partner Date: May 27, 2015 Membership No.: 95169