Page 153 - BCML AR 2019-20

BALRAMPUR CHINI MILLS LIMITED

on the Company’s ability to continue as a going concern. If we 2. Further to our comments in the annexure referred to in the
conclude that a material uncertainty exists, we are required to paragraph above, as required by Section 143(3) of the Act, we
draw attention in our auditors’ report to the related disclosures report that:
in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit a) We have sought and obtained all the information and
evidence obtained up to the date of our auditors’ report. explanations which to the best of our knowledge and
However, future events or conditions may cause the Company belief were necessary for the purposes of our audit;
to cease to continue as a going concern;
b) In our opinion, proper books of account as required by law
• Evaluate the overall presentation, structure and content of the have been kept by the Company so far as it appears from
financial statements, including the disclosures, and whether our examination of those books;
the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation. c) The Balance Sheet, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement
Materiality is the magnitude of misstatements in the standalone of Changes in Equity and the Cash Flow Statement dealt
financial statements that, individually or in aggregate, makes with by this Report are in agreement with the books of
it probable that the economic decisions of a reasonably account;
knowledgeable user of the standalone financial statements may
be influenced. We consider quantitative materiality and qualitative d) In our opinion, the aforesaid standalone financial
factors in (i) planning the scope of our audit work and in evaluating statements comply with the Indian Accounting Standards
the results of our work; and (ii) to evaluate the effect of any identified specified under Section 133 of the Act, read with Rule 7 of
misstatements in the standalone financial statements. the Companies (Accounts) Rules, 2014;

We communicate with those charged with governance regarding, e) On the basis of the written representations received from
among other matters, the planned scope and timing of the audit the directors as on 31st March, 2020 taken on record by
and significant audit findings, including any significant deficiencies the Board of Directors, none of the directors is disqualified
in internal control that we identify during our audit. as on 31st March, 2020 from being appointed as a director
in terms of Section 164 (2) of the Act;
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding f) With respect to the adequacy of the internal financial
independence, and to communicate with them all relationships controls with reference to financial statements of the
and other matters that may reasonably be thought to bear on our Company and the operating effectiveness of such
independence, and where applicable, related safeguards. controls, refer to our separate Report in “Annexure B”. Our
report expresses an unmodified opinion on the adequacy
From the matters communicated with those charged with and operating effectiveness of the internal control with
governance, we determine those matters that were of most reference to the financial statements of the Company.
significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these 3. With respect to the other matters to be included in the Auditors’
matters in our auditors’ report unless law or regulation precludes Report in accordance with Rule 11 of the Companies (Audit
public disclosure about the matter or when, in extremely rare and Auditors) Rules, 2014, in our opinion and to the best of our
circumstances, we determine that a matter should not be information and according to the explanations given to us:
communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public i. The Company has disclosed the impact of pending
interest benefits of such communication. litigations on its financial position in its financial statements
– Refer Note 36(1) to the financial statements;
Report on Other Legal and Regulatory Requirements
ii. The Company did not have any long term contracts
1. As required by the Companies (Auditor’s Report) Order, 2016 including derivative contracts for which there were any
(“the Order”), issued by the Central Government of India in material foreseeable losses.
terms of sub-section (11) of section 143 of the Act, we give
in the “Annexure A” a statement on the matters specified in iii. There were no amounts which were required to be
paragraphs 3 and 4 of the Order, to the extent applicable. transferred to the Investor Education and Protection Fund
by the Company.

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