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Bemco Hydraulics Ltd.

BSE Live

Jul 10, 16:00
67.10 3.15 (4.93%)
Volume
AVERAGE VOLUME
5-Day
74
10-Day
56
30-Day
137
1
  • Prev. Close

    63.95

  • Open Price

    67.10

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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Bemco Hydraulics is not listed on NSE

Annual Report

For Year :
2018 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

1. We have audited the attached Balance Sheet of BEMCO HYDRAULICS LTD as at 31st March, 2012 and also the annexed Statement of Profit and Loss and Cash Flow Statement of the Company for the year ended on that date. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors'' Report) Order, 2003 (as amended) issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956 and on the basis of such checks of books and records we considered necessary and according to the information and explanations given to us, we give below our comments on the matters specified in paragraph 4 & 5 of the said Order as far as applicable: i. The Company has maintained proper records showing full particulars, including quantitative details and situation of its Fixed Assets. The Fixed Assets have been physically verified by the Management during the year. In our opinion, the frequency of verification is reasonable. Discrepancies were noticed on such verification as compared to book records, which were not material, have been adequately dealt with in the books of accounts. 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) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. c) The Company is maintaining proper records of inventory. Discrepancies between book balance and physical records, which were not material, have been adequately dealt with in the books of accounts. iii. a) As informed, the company has not granted any loan, secured or unsecured, to companies, firms or parties covered in the register maintained under Section 301 of the Companies Act, 1956 b) The Company has taken unsecured loan from five companies covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.64, 127, 286 and year - end balance of such loan taken was Rs. 24, 624, 391. c) In our opinion, the rate of interest and other terms and conditions on which loan has been taken from companies and parties covered in the Register maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company. d) The Company is regular in repaying the principal amount as stipulated and has been regular in the payment of interest. iv. In our opinion and according to the information & explanation given to us, there is an adequate internal control system commensurate with the size of the Company & nature of its business, for the purchases of inventory and fixed assets and for sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. v. a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into a register in pursuance of Section 301 of the Companies Act, 1956 have been so entered. b) In our opinion and according to the information & explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices, which are reasonable, having regard to the prevailing market prices at the relevant time. vi. In our opinion & according to the information & explanations given to us, the Company has not accepted any deposit from public during the year. vii. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. viii. We are informed that maintenance of cost records has not been prescribed by the Central Government under Sec 209(l)(d) of the Companies Act, 1956. ix. a) The Company is regular in depositing undisputed statutory dues with appropriate authorities. There were no undisputed statutory dues as at the last day of the financial year outstanding for a period of more than six months from the date they became payable. b) As informed, there are no disputed dues of sales tax, income tax, customs duty, wealth tax, service tax, excise duty or cess as at the year-end except the dues as given below: Nature of Nature Amount Period Forum where dispute is Statute of dues (Rs) pending Karnataka Value Sales Tax 17,17,545/- 2007-08 Joint Commissioner of Added Tax Act, (incl. interest & penalty) Commercial Taxes,2003 Belgaum Division, Belgaum Karnataka Value Sales Tax 70,832/- 2003-04 High Court, Karnataka Added Tax Act, 2003 Karnataka Value Sales Tax 75,062/- 2004-05 High Court, Karnataka Added Tax Act, 2003 x. The Company does not have accumulated losses at the end of the financial year. It has not incurred cash losses in the current financial year and in the immediately preceding financial year. xi. (a) As per books and records maintained by the Company and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institution/ banks except for the following Period Amount(Rs) Less than 30 days 3,718,499/- More than 30 days upto 60 days 5,281,883/- (b) The Company has not issued any debentures. xii. As informed and explained to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii. In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund nidhi/mutual benefit fund/ societies. xiv. In respect of Investment in Shares, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The shares are held in the name of the company or in demat form. 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. In our opinion, the Term Loan were applied for the purpose for which they were raised. 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 to finance long-term investments. xviii. The Company has made any preferential allotment of 300,000 preference shares to a company covered in the register maintained under section 301 of the Companies Act, 1956 during the year. In our opinion, the prices at which the preference shares have been allotted are not prima facie prejudicial to the interests of the Company. xix. During the period covered by our audit report, the Company has not issued any debentures. xx. The Company has not raised any money from 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 fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. Further to above- 4. 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. 5. In our opinion, proper books of accounts as required by law have, been kept by the Company so far as appears from our examination of the books. 6. The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by the report are in agreement with the books of account. 7. In our opinion, the Profit and Loss Account, Balance Sheet and Cash Flow Statement, comply with the applicable Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956. 8. On the basis of written representations received from the directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. 9. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with significant accounting policies and notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India: a. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2012; b. In the case of Statement of Profit and Loss, of the Profit for the year ended on that date. AND c. In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date. For A.C.BHUTERIA & CO. Chartered Accountants Firm Registration No. 303105E (MOHIT BHUTERIA) Place: Kolkata Partner Dated: 28.05.2012 Membership no. 56832