Page 235 - BCML AR 2019-20

BALRAMPUR CHINI MILLS LIMITED

statements or, if such disclosures are inadequate, to modify income of H (0.74) Lacs and total comprehensive income of H 598.06
our opinion. Our conclusions are based on the audit evidence Lacs. These financial statements have been audited by other auditors
obtained up to the date of our auditors’ report. However, future whose reports have been furnished to us by the management and
events or conditions may cause the Company including it’s our opinion on the consolidated financial statements, in so far as
associates to cease to continue as a going concern; it relates to the amounts and disclosures included in respect of
the associates, and our report in terms of sub-section (3) and sub
• Evaluate the overall presentation, structure and content of the
consolidated financial statements, including the disclosures, section (11) of Section 143 of the Act, in so far as it relates to the
and whether the consolidated financial statements represent aforesaid associates, is based solely on the report of other auditors.
the underlying transactions and events in a manner that Our opinion is not modified in respect of the above matter.
achieves fair presentation;
Report on Other Legal and Regulatory Requirements
• Obtain sufficient appropriate audit evidence regarding the 1. As required by section 143(3) of the Act ,we report that to the
financial information of the entities or business activities with extent applicable ,that:
the Company including its associates to express an opinion 2. Further to our comments in the annexure referred to in the
on the consolidated financial statements. We are responsible paragraph above, as required by Section 143(3) of the Act, we
for the direction, supervision and performance of the audit report that:
of the financial statements of such entities included in the
consolidated financial statements. a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
Materiality is the magnitude of misstatements in the consolidated belief were necessary for the purposes of our audit of the
financial statements that, individually or in aggregate, makes aforesaid consolidated financial statements;
it probable that the economic decisions of a reasonably
knowledgeable user of the consolidated financial statements may b) In our opinion, proper books of account as required by law
be influenced. We consider quantitative materiality and qualitative relating to the preparation of the aforesaid consolidated
factors in (i) planning the scope of our audit work and in evaluating financial statements have been kept so far as it appears
the results of our work; and (ii) to evaluate the effect of any identified from our examination of those books and the report of the
misstatements in the consolidated financial statements other auditors;
We communicate with those charged with governance regarding, c) The Consolidated Balance Sheet, the Consolidated
among other matters, the planned scope and timing of the audit Statement of Profit and Loss (including Other
and significant audit findings, including any significant deficiencies Comprehensive Income), the Consolidated Statement
in internal control that we identify during our audit. of Changes in Equity and the Consolidated Cash Flow
Statement dealt with by this Report are in agreement
We also provide those charged with governance with a statement with the books of account maintained for the purpose of
that we have complied with relevant ethical requirements regarding preparation of the consolidated financial statements;
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our d) In our opinion, the aforesaid Consolidated financial
independence, and where applicable, related safeguards. statements comply with the Indian Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of
From the matters communicated with those charged with the Companies (Accounts) Rules, 2014;
governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements e) On the basis of the written representations received from
of the current period and are therefore the key audit matters. We the directors of the Company as on 31st March, 2020
describe these matters in our auditors’ report unless law or regulation taken on record by the Board of Directors of the Company
precludes public disclosure about the matter or when, in extremely and the report of other statutory auditors of its associate
rare circumstances, we determine that a matter should not be companies, none of the directors is disqualified as on 31st
communicated in our report because the adverse consequences March, 2020 from being appointed as a director in terms
of doing so would reasonably be expected to outweigh the public of Section 164 (2) of the Act;
interest benefits of such communication.
f) With respect to the adequacy of the internal financial
Other Matter controls with reference to financial reporting and the
We did not audit the financial statements of the two associate operating effectiveness of such controls, refer to our Report
companies, Visual Percept Solar Projects Private Limited and Auxilo in “Annexure A” which is based on the audited report of
Finserve Private Limited included in the consolidated financial the Company audited by us and two associates audited
statements for the year ended 31st March, 2020 which includes by other auditors. Our report expresses an unmodified
Company’s share of net profit of H598.80 Lacs, other comprehensive opinion on the adequacy and operating effectiveness of

Annual Report 2019-20 | 233