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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

Apr 03, 16:00
46.65 0.90 (1.97%)
Volume
AVERAGE VOLUME
5-Day
162,096
10-Day
199,262
30-Day
243,787
192,773
  • Prev. Close

    45.75

  • Open Price

    46.80

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Apr 03, 15:59
46.60 0.85 (1.86%)
Volume
AVERAGE VOLUME
5-Day
1,085,859
10-Day
1,168,005
30-Day
1,415,279
1,035,174
  • Prev. Close

    45.75

  • Open Price

    46.60

  • Bid Price (Qty.)

    46.60 (625)

  • 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 Standalone Financial Statements We have audited the accompanying standalone financial statements of THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and the Cash Flow statement for the year then ended, and a summary of significant accounting policies andother explanatory information. Management''s Responsibility for the Financial Statements The Company''s 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 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 the 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 provision 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 judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls, 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. Auditor''s Responsibility Our responsibility is to express an opinion on these 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 the Rules made thereunder. 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 the 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s 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. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 state of affairs of the Company as at March 31, 2015 and its profit and its cash flows for the year ended on that date. Emphasis of Matters We draw attention to: 1. Note No. 36 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., a Group company, in terms of various MOUs entered between the companies till March 2015. The Company has during the year recognized net revenues of Rs. 301.11 crores (2013-14: Rs. 670.13 crores) and resultant profit before tax of Rs. 224.49 crores (2013-14: Rs. 355.45 crores) on sale of apartments to SCAL. 2. Note 38 to the financial statements regarding the giving of advance possession of earmarked lands at Spring Mills, Wadala to MCGM and MHADA under the Integrated Development Scheme as per the provisions of DCR 58. In lieu of the physical possession given to MCGM, the Company has recognized the entitlement of additional Development Rights (FSI) available for its own use and has converted the same into stock in trade at market value. An amount of Rs. 351.24 crores has been released from Revaluation Reserve to the credit of the Statement of Profit and Loss in respect of areas agreed for sale /sold and percentage of work completed. 3. Note 40 to the financial statements regarding the remuneration paid to the Managing Director being in excess of the limits prescribed under sections 197 read with schedule V of the Companies Act, 2013 by Rs. 3.26 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 modified in respect of the above matters. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143 (3) of the Act, we report that: a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. c) The Balance Sheet, the 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 aforesaid standalone 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 the written representations received from the directors as on March 31, 2015 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 Section 164 (2) of the Act. f) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: a. The Company has disclosed the impact of pending litigations on its financial position in the financial statements - Refer Notes 30 and 39 to the financial statements. b. The Company does not have any long term contracts including derivative contracts for which there were any material foreseeable losses. c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT The Annexure referred to in Para 1 ''Report on Other Legal and Regulatory Requirements'' of our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended March 31, 2015. i) (a) The Company has maintained records showing full 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. ii) a) The Management has conducted physical verification of inventory (excluding stocks lying with third parties) at reasonable intervals. In respect of inventory lying with third parties, these have substantially been confirmed by them. 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. iii) a) The Company has granted unsecured loans/ deposits to two companies and an interest free shareholders'' deposit to a jointly controlled entity covered in the register maintained under section 189 of the Companies Act. The principal amount and interest on the loans/ deposits have been repaid regularly, as stipulated. The shareholder''s deposit is free of interest and repayment thereof has been extended up to December 2015 as permitted by Reserve Bank of India. b) There is no amount overdue more than rupees one lakh as on the Balance sheet date, as the repayment of the shareholder''s deposit has been extended. iv) In our opinion and according to the information and explanations given to us, the Company has an internal control system which is 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. v) In our opinion and according to the information and explanations given to us, the Company has complied with directives issued by reserve Bank of India and the provision of sections 73 to 76 or any other applicable provisions of the Act and The Companies (Acceptance of Deposits) Rules, 2014 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. vi) We have broadly reviewed the books of accounts and records maintained by the Company in respect of manufacture of products covered under the Rules made by the Central Government for maintenance of cost records, under section 148 (1) of the Companies Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete. vii) a) According to the information and explanation given to us and the records examined by us, the Company is generally regular in depositing undisputed statutory dues, including dues pertaining to Provident Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise , Value Added Tax, Cess and any other statutory dues with the appropriate authorities. We have been informed that there are no undisputed dues which have remained outstanding as at the end of the financial year, 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 Income tax 0.26 2 The Customs Act, 1962 Interest on 0.95 customs duty 3 The Central Excise Act, Excise Duty 0.16 1944 Excise Duty 0.56 Excise Duty 0.03 Excise Duty 0.09 Excise Duty 0.02 Service Tax 0.76 Interest on 0.20 excise duty 4 Municipal Corporation of Octroi 2.16 Greater Mumbai Octroi Rules, 1965 No.Name of the statute Period to which Forum where dispute is the amount pending relates 1 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 2010-11 Commissioner of Income Tax (Appeals), Mumbai 2 The Customs Act, 1962 1995 to Commisioners of 2012 Customs (Appeals), Mumbai 3 The Central Excise Act, 1989-90 to Commissioner of Central 1944 1995-96 Excise (Appeals), Mumbai 1995-96 to Customs, Excise and Service 1996-97 Tax Appellate Tribunal (CESTAT), Mumbai 1997-1998 Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai 2000-2001 Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai 2001-2004 Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai 2003-04 to Commissioner of Service Tax 2005-06 Mumbai Tribunal 2002-2006 Bombay High Court 4 Municipal Corporation of 2007-2008 Deputy Assessor & Collector Greater Mumbai Octroi (Octroi) Rules, 1965 c) According to the information and explanations given to us, the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time. viii) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the current financial year and in the immediately preceding financial year. ix) 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 institutions or debenture holders. x) In our opinion and according to the information and explanations given to us, the terms and conditions on which the Company has given guarantees for loans taken by its jointly controlled entity from banks or financial institutions are not prima facie prejudicial to the interest of the Company. xi) 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. xii) Based upon the audit procedures performed by us, to the best of our knowledge and belief and according to the information and explanations given to us by the Management, no fraud on, or by the company, has been noticed or reported during the year. For KALYANIWALLA & MISTRY Chartered Accountants Firm Registration No. 104607W ERMIN K. IRANI Partner Mumbai, May 25, 2015 Membership No.: 35646