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Bajaj Holdings & Investment Ltd.

BSE: 500490 Sector: Financials
NSE: BAJAJHLDNG ISIN Code: INE118A01012
BSE 00:00 | 24 Apr 2020 Bajaj Holdings & Investment Ltd
NSE 05:30 | 01 Jan 1970 Bajaj Holdings & Investment Ltd

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OPEN 1930.85
PREVIOUS CLOSE 1930.85
VOLUME 1735
52-Week high 3949.35
52-Week low 1471.85
P/E 28.12
Mkt Cap.(Rs cr) 20,938
Buy Price 1881.35
Buy Qty 1.00
Sell Price 1894.00
Sell Qty 100.00
OPEN 1930.85
CLOSE 1930.85
VOLUME 1735
52-Week high 3949.35
52-Week low 1471.85
P/E 28.12
Mkt Cap.(Rs cr) 20,938
Buy Price 1881.35
Buy Qty 1.00
Sell Price 1894.00
Sell Qty 100.00

Bajaj Holdings & Investment Ltd. (BAJAJHLDNG) - Auditors Report


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Company auditors report

Independent Auditors' Report on the Standalone Financial Statements

To the Members of Bajaj Holdings & Investment Ltd.

Report on the financial statements

We have audited the accompanying standalone financial statements of Bajaj Holdings& Investment Ltd. (‘the Company') which comprise the Balance Sheet as at 31MarcRs. 2018 the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's responsibility for the financial statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the Companies (AccountingStandards) Rules 2006 (as amended) specified under section 133 of the Act read with theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India as specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31MarcRs. 2018 its profit and its cash flows for the year ended on that date.

Other matter

The financial statements of the Company for the year ended 31 MarcRs. 2017 included inthese standalone financial statements have been audited by the predecessor auditor whoexpressed an unmodified opinion on those statements on 18 May 2017.

Report on other legal and regulatory requirements

1. As required by the Companies (Auditor's report) Order 2016 (‘the Order')issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure 1 a statement on the matters specified in paragraphs 3and 4 of the Order.

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 bestof 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 theCompany so far as it appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statements comply with theCompanies (Accounting Standards) Rules 2006 (as amended) specified under section 133 ofthe Act read with the Companies (Accounts) Rules 2014;

(e) On the basis of written representations received from the directors as on 31MarcRs. 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 MarcRs. 2018 from being appointed as a director in terms of section164(2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these standalone financial statements and theoperating effectiveness of such controls refer to our separate Report in Annexure 2 tothis report;

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer note 21 to the standalone financialstatements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Arvind Sethi

Partner

Membership Number: 89802

Pune: 18 May 2018

Annexure 1 to Independent Auditors' Report

Annexure 1 referred to in paragrapRs. 1 under the heading ‘Report on other legaland regulatory requirements' of our report of even date

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment.

(b) All property plant and equipment have not been physically verified by theManagement during the year but there is a regular programme of verification designed tocover all items in a phased manner over a period of three years which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such verification.

(c) According to the information and explanations given by the Management the titledeeds of immovable properties included in property plant and equipment; and investmentproperty are held in the name of the Company except for freehold land aggregating to RS.0.00* crore (*amounts less than 0.01 crore) where title transfer is pending and leaseholdland aggregating to RS. 1.18 crore (net block of RS. 1.16 crore) where title transfer ispending as disclosed in Note 10 to the standalone financial statements of the Company.

(ii) The Company's business does not involve inventories and accordingly therequirements under paragrapRs. 3(ii) of the Order are not applicable to the Company.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013 (‘the Act'). Accordingly the provisions of clause 3(iii) (a)(b) and (c) 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 usthere are no loans guarantees and securities given in respect of which provisions ofsection 185 of the Act are applicable and hence not commented upon. The provisions ofsection 186 of the Act in respect of investments are not applicable to the Company.

(v) The Company has not accepted any deposits within the meaning of sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable to the Companyand hence not commented upon.

(vi) To the best of our knowledge and as explained the Company is not in the businessof sale of any goods. Therefore in our opinion the provisions of clause 3(vi) of theOrder are not applicable to the Company.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund income-tax service tax goods and service taxcess and other statutory dues applicable to it. The Company did not have any statutorydues towards sales tax value added tax employees' state insurance custom duty andexise duty.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income-tax service tax goods and service tax cessand other statutory dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

(c) According to the records of the Company the dues of income-tax and service tax onaccount of any dispute are as follows:

Name of the statute Nature of dues Amount Period to which the amount relates Forum where the dispute is pending
Income-tax Act 1961 Income-tax 0.58 Financial Year 1989-90 and 1990-91 ITAT
Income-tax Act 1961 Income-tax 391.17 Financial Year 1994-95 to 2006- 07 ITAT

(viii)The Company did not have any outstanding loans or borrowing dues in respect of afinancial institution or bank or to government or dues to debenture holders during theyear.

(ix) According to the information and explanations given by the Management the Companyhas not raised any money by way of initial public offer or further public offer (includingdebt instruments) and term loans. Accordingly the provisions of clause 3(ix) are notapplicable to the Company and hence not commented upon.

(x) Based on the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the Management we report that no fraud by the Company or no fraud on the Companyby the officers and employees of the Company has been noticed or reported during the year.

(xi) According to the information and explanations given by the Management themanagerial remuneration has been paid/provided in accordance with the requisite approvalsmandated by the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion the Company is not a Nidhi Company. Accordingly the provisionsof clause 3(xii) of the Order are not applicable to the Company and hence not commentedupon.

(xiii)According to the information and explanations given by the Managementtransactions with the related parties are in compliance with sections 177 and 188 of theAct where applicable and the details have been disclosed in the notes to the financialstatements as required by the applicable accounting standards.

(xiv)According to the information and explanations given to us and on an overallexamination of the Balance Sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review. Accordingly the provision of clause 3(xiv) of the Order are not applicableto the Company and hence not commented upon.

(xv) According to the information and explanations given by the Management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in section 192 of the Act.

(xvi)According to the information and explanations given to us we report that theCompany has registered as required under section 45-IA of the Reserve Bank of India Act1934.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Arvind Sethi

Partner

Membership Number: 89802

Pune: 18 May 2018

Annexure 2 referred to in paragrapRs. 2(f) under the heading ‘Report on otherlegal and regulatory requirements' of our report of even date

Report on the internal financial controls under clause (i) of sub-section 3 of section143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of BajajHoldings & Investment Ltd. (‘the Company') as of 31 MarcRs. 2018 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management's responsibility for internal financial controls

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the‘Guidance Note') issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditor‘s responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to these standalone financial statementsbased on our audit. We conducted our audit in accordance with the Guidance Note and theStandards on Auditing as specified under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls and both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting withreference to these standalone financial statements was established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting withreference to these standalone financial statements included obtaining an understanding ofinternal financial controls over financial reporting with reference to these standalonefinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial controls system overfinancial reporting.

Meaning of internal financial controls over financial reporting with reference to thesestandalone financial statements

A company's internal financial control over financial reporting with reference to thesestandalone financial statements is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples. A company's internal financial control over financial reporting with referenceto these standalone financial statements includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent limitations of internal financial controls over financial reporting withreference to these standalone financial statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these standalone financial statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting to futureperiods are subject to the risk that the internal financial control over financialreporting with reference to these standalone financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal financialcontrols system over financial reporting with reference to these standalone financialstatements and such internal financial controls over financial reporting with reference tothese standalone financial statements were operating effectively as at 31 MarcRs. 2018based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by the Institute of Chartered Accountants of India.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Arvind Sethi

Partner

Membership Number: 89802

Pune: 18 May 2018


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