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Bombay Dyeing and Manufacturing Company Ltd.

BSE: 500020 | NSE: BOMDYEING |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE032A01023 | SECTOR: Textiles - Processing

BSE Live

Mar 30, 16:00
44.80 1.30 (2.99%)
Volume
AVERAGE VOLUME
5-Day
186,551
10-Day
223,185
30-Day
244,494
254,100
  • Prev. Close

    43.50

  • Open Price

    41.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Mar 30, 15:59
44.60 1.10 (2.53%)
Volume
AVERAGE VOLUME
5-Day
1,068,425
10-Day
1,252,700
30-Day
1,427,981
1,955,548
  • Prev. Close

    43.50

  • Open Price

    42.30

  • Bid Price (Qty.)

    44.60 (4934)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of The Bombay Dyeing and Manufacturing Company Limited (the Company), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year 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 the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act) read with the General circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. 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 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, 2014; (b) in the case of the Statement of Profit and Loss, of the profit of the Company 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. Emphasis of Matter 1. We draw attention to Note 35 to the financial statements regarding agreements to sell certain apartments in the proposed residential towers being constructed at Island City Centre to SCAL Services Ltd., an associate company, for a consideration of Rs. 1,505.64 crores (2012-13: Rs. 667.07 crores). The Company has during the year recognized net revenues of Rs. 670.13 crores (2012- 13: Rs. 323.11 crores) and resultant profit before tax of Rs. 355.45 crore (2012-13: Rs. 203.96 crore) from sale of apartments to SCAL. 2. We draw attention to Note 39 to the financial statements regarding the remuneration paid to the Managing Director being in excess of the limits prescribed under sections 198 and 309 of the Companies Act 1956 by Rs. 2.92 crore, due to inadequacy of profits. The excess remuneration is subject to the approval of the Central Government for which an application has been made. Our opinion is not qualified in respect of the above matters. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003, (the Order) as amended, issued by the Central Government in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. As required by section 227(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, 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, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act read with the General circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013; and (e) on the basis of written representations received from the directors as at March 31, 2014, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act. Referred to in paragraph 1 under the heading of Report on Other Legal and Regulatory Requirements of our report of even date. 1. (a) The Company has maintained records showing particulars, including quantitative details and situation of fixed assets. The records of certain assets need to be assimilated to make identification possible. (b) The Company has a program for physical verification of fixed assets in a phased manner. In our opinion, the period of verification is reasonable, having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed in respect of the assets physically verified during the year. (c) In our opinion, the fixed assets disposed off during the year are not substantial and therefore do not affect the going concern assumption. 2. (a) The inventories have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. (b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories 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 generally maintaining proper records of inventory. The discrepancies noticed on verification between physical stock and book records were not material in relation to the operations of the Company and the same have been properly dealt with in the books of account. 3. (a) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to Companies, fi rms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 except an interest free shareholders'' deposit of Rs. 15.22 crores to a joint venture company, as stated in Note 15 (a). (b) As stated above, the said shareholders'' deposit has been given free of interest. (c) As stated in Note 15 (a), the repayment of the said deposit has been extended up to the year 2015 as permitted by Reserve Bank of India. (d) No amount is overdue as the terms of repayment have been extended Up to 2015. (e) According to the information and explanation given to us, the Company has taken secured/unsecured loans aggregating Rs. 130 crores from two companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum principal amount involved during the year was Rs. 130 crores and the balance outstanding as at the year-end is Rs. 40 crores. (f) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions on which the loans have been taken from companies listed in the register maintained under section 301 of the Companies Act, 1956 were not prima facie prejudicial to the interest of the Company. (g) In our opinion and as per the records examined by us, the payment of principal amount and interest thereon is regular. 4. In our opinion and according to the information and explanations given to us, the Company has internal control procedures which are generally adequate, commensurate with the size of the Company and nature of its business, with regard to purchases of inventory, fixed assets, and for the sale of goods and services. On the basis of our examination of the books and records and the information and explanations given to us, we have not come across any continuing failure to correct major weakness in the internal control system. 5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have generally been so entered. (b) According to the information and explanation given to us, transactions in pursuance of such contracts or arrangements entered into the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party have been made at prices which are reasonable having regard to the prevailing market prices or at prices for which similar transactions have been made with other parties, except for the transactions where a comparison of prices could not be made since there was no similar transactions with other parties or transactions of a special nature where comparable alternative quotations were not available. 6. In our opinion and according to the information and explanations given to us, the Company has complied with the provision of sections 58A, 58AA or any other applicable provisions of the Companies Act,1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. According to the information and explanations given to us, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal. 7. In our opinion, the Company has an internal audit system, commensurate with the size and nature of its business. 8. We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956 in respect of Textile division and Polyester Staple Fibre division of the Company and are of the opinion that prima facie, the prescribed records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of records for any other product or services of the Company. 9. (a) According to the records of the Company, undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Employees State Insurance, Income tax, Sales tax, Wealth tax, Service tax, Excise duty, Customs duty, Cess and other material statutory dues applicable to it have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts were in arrears, as on 31st March 2014 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues of Sales tax, Income tax, Custom duty, Wealth tax, Service tax, Excise duty or Cess which have not been deposited on account of any dispute, except as stated below: No. Name of the statute Nature of dues Amount (Rs. In crores) 1 Income Tax Act, 1961 Income tax 0.03 Income tax 0.02 Income tax 0.13 2 The Customs Act, 1962 Interest on customs 0.95 duty 3 The Central Excise Act, 1944 Excise Duty 0.16 Excise Duty 0.70 Service Tax 0.76 Excise Duty 0.08 Excise Duty 9.85 * Interest on excise 0.20 duty 4 Municipal Corporation of Octroi 2.16 Greater Mumbai Octroi Rules, 1965 Name of the statute Period to which the Forum where dispute is pending amount relates Income Tax Act, 1961 2007-08 Deputy Commissioner of Income Tax- TDS, Mumbai 2008-09 Deputy Commissioner of Income Tax- TDS, Mumbai 2009-10 Commissioner of Income Tax (Appeals), Mumbai The Customs Act, 1962 1995 to 2012 Commisioners of Customs (Appeals), Mumbai The Central Excise Act, 1944 1989-90 to 1995-96 Commisioners of Central Excise (Appeals), Mumbai 1995-96 to 1997-98, Customs, Excise and Service Tax 2000-01 to 2003-04 Appellate Tribunal (CESTAT), Mumbai 2003-04 to 2005-06 Commissioner of Service Tax, Mumbai Tribunal 2008-2010 Commissioner of Central Excise, Customs & Service Tax, Raigad 2010-2012 Commissioner of Central Excise, Customs & Service Tax, Raigad 2002-2006 Bombay High Court Municipal Corporation 2007-2008 Deputy Assessor & Collector of Greater Mumbai Octroi Rules, 1965 (Octroi) * The company has obtained a stay against the said demand from CESTAT 10. The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks, financial institution or debenture holders. 12. In our opinion and according to the information and explanations given to us, the Company has maintained adequate records where the company has granted loans and advances on the basis of security by way of pledge of shares. 13. The company is not a chit fund or a nidhi/mutual benefit fund/ society. Therefore, the provision of clause 4 (xiii) of the said Order are not applicable to the Company. 14. According to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein where the Company is dealing or trading in shares, securities, debentures and other investments and such securities are held by the Company in it''s own name except to the extent of the exemption granted under section 49 of the Companies Act, 1956. 15. In our opinion and according to the information and explanations given to us, the terms and conditions on which the Company has given any guarantees for loans taken by others from banks or financial institutions are not prima facie prejudicial to the interest of the Company. 16. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which they were obtained. 17. In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, the funds raised on short term basis have not been used for long term investment. 18. The Company has not made any preferential allotment of shares to any parties or Companies covered in the register maintained under section 301 of the Act. 19. The Company has not issued any debentures during the year. 20. The Company has not raised any money by public issues during the year. Accordingly, the question of disclosure of end use of such monies does not arise. 21. Based on the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the year. For Kalyaniwalla & Mistry Chartered Accountants Firm Reg No. 104607W Ermin K. Irani Place: Mumbai Partner Date: May 27, 2014 Membership No: 35646