Mar 31, 2023
Report On The Audit Of The Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Financial Statements of BALMER LAWRIE INVESTMENTS Limited (âthe Companyâ), which comprise the Standalone Balance Sheet as at 31st March 2023, the Standalone Statement of Profit and Loss(including Other Comprehensive Income), and the Statement of Changes in Equity and the Standalone Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information(hereinafter referred to as âStandalone financial Statementsâ)
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 Companies Act,2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards )Rules 2015, as amended,(âInd ASâ) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2023, the profit and total comprehensive Income, and changes in equity and its cash flows for the year ended on that date.
Basis for opinion
We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. We have determined that there are no key audit matters to be communicated in our report.
information other than the standalone Financial statements and auditorsâ report Thereon
The Companyâs Board of Directors is responsible for other information. The other information comprises the information included in the Companyâs Annual Return but does not include the Financial Statements and our Auditorâs report thereon.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial statements
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Actâ) with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position and financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with relevant rules issued there under.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of 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.
In preparing the Standalone Financial Statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Companyâs financial reporting process.
Auditorâs responsibilities for the Audit of the Financial statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
⢠Evaluate the appropriateness and reasonableness of disclosures made by the board of directors in terms of the requirements specified under regulation 33 of the listing regulations.
⢠Conclude on the appropriateness of managementâs use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure, and content of the Financial Statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
⢠Obtain sufficient appropriate audit evidence regarding the Standalone Financial Results of the Company to express an opinion on the Standalone Financial Results.
Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorsâ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2020 ("the Orderâ), issued by the Central Government Of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the âAnnexure Aâ, a Statement on the matters specified in paragraphs 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 explanation 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss including Other Comprehensive Income, the standalone cash flow statement and the statement of changes in equity dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with relevant rules thereunder.
e) The provision of Section 164(2) of the Companies Act 2013 are not applicable to the Government Companies in terms of notification No GSR 463( E ) dated 5th June 2015 issued by the Ministry of Corporate Affairs (MCA) , Government of India.
f) With respect to the adequacy of the Internal Financial Controls over Financial Reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure Bâ.
g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 as amended, in our opinion and to the best of our information and according to the explanations given to us
i. The Company does not have any pending litigations which does have any impact on its financial position in its financial statements ;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses,
iii. There has been no delay in transferring amounts, required to be transferred ,to the Investor Education and Protection Fund by the company.
iv. a) The management has represented that, to the best of its knowledge and belief, other
than has disclosed in the notes to the accounts ,no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entities, including foreign entities(âintermediariesâ) with the understanding, whether recorded in writing or otherwise, that the intermediaries shall, whether, directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the company (âultimate beneficiariesâ) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries;
b) The management has represented, that, to the best of its knowledge and belief, other than has disclosed in the notes to the accounts ,no funds have been received by the company or any person(s) or entities, including foreign entities(âfunding partiesâ) with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the funding party (âultimate beneficiariesâ) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries; and
c) Based on such audit procedures that we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused to believe that representation under sub clause (i) and (ii) of Rule 11(e) as provide under (a) and (b) above, contain any material mis-statement.
V. As stated in note number 13 to the standalone financial statement:
a) The final dividend proposed for the previous year, declared and paid by the company during the year is in accordance with section 123 of the Act, as applicable.
b) The Board of Directors of the company have proposed final dividend for the year which is subject to the approval of the members at the ensuring Annual general meeting. The amount of dividend proposed in accordance with section 123 of the Act, as applicable.
VI. Provision to rule 3(1) of the companies(accounts) rules, 2014 for maintaining books of accounts using accounting software which has a feature of recording audit trail(edit log) facility is applicable to the company with effect from 1st April 2023, and accordingly, reporting under Rule 11(g) of companies (Audit and Auditors) Rules,2014 is not applicable for the financial year ended 31st March, 2023.
h) As required Under Section 143(5) of the Companies Act , 2013 we furnish in âAnnexure Câ compliance to the directions issued by the Comptroller & Auditor General of India after complying the suggested methodology of audit the action taken thereon and its impact on the accounts and financial statement of the Company.
For DBK ASSOCIATES Chartered Accountants FRN. 322817E PULAK CHATTERJEE (Partner)
dated: 30th May, 2023 Membership No : 056493
Place: KOLKATA
UDIN: 23056493BGVEGW8837
Mar 31, 2018
Report on the Financial Statements
1. We have audited the accompanying financial statements of Balmer Lawrie Investments Limited, which comprise the Balance Sheet as at 3 1 March, 2018, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
2. The Management and Board of Directors of the company are responsible for the matters stated in Section 134(5) of âthe Companies Act, 2013 of India with respect to 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 principles generally accepted in India, including the Accounting Standards specified under Section l33 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 provisions 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.
Auditorsâ Responsibility
3. Our responsibility is to express an opinion on these financial statements based on our audit.
4. 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 there under.
5. 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.
6. 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 auditorâs 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 Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the fmancial statements.
Opinion
8. In our opinion, and to the best of our information and according to the explanations given to us, the accompanying 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 31 March 2018;
(b) in the case of the Statement of Profit and Loss, of the profit 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.
Other Matter
9. The financial statements of the Company for the year ended 31 March 2017 were audited by another firm of chartered accountants, Bhattacharya Das & Co. who, vide their report dated 12 May, 2017 expressed an unmodified opinion on those financial statements.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
10. As required by âthe Companies (Auditorâs Report) Order, 2016â, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to as the âOrderâ), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the âAnnexure Aâ statement on the matters specified in paragraphs 3 and 4 of the Order.
11. 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 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 it 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 accompanying financial statements dealt with by this report 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 written representations received from the directors as on 31st March 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018, from being appointed as a director in terms of Section 164(2) of the Act;
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ;
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule II 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:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements- refer note no. 13 to the financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company;
(h) As required Under Section 143(5) of Companies Act,2013 we furnish in âAnnexure Câ compliance to the directions issued by the Comptroller & Auditor General of India.
Referred to in paragraph 10 of the Independent Auditorsâ Report of even date to the members of Balmer Lawrie Investments Limited on the financial statements for the year ended 31 st March 2018
i. The Company does not hold any fixed assets during the year ended 31 March, 2018. Therefore, the provisions of Clause 3(i) of the Order are not applicable to the Company.
ii. The Company does not hold any inventory, therefore, the provisions of Clause 3(ii) of the said Order are not applicable to the Company.
iii. According to the information and explanations given to us and based on the audit procedures conducted by us, the Company has not granted any loans, secured or unsecured, to companies, limited liability partnership firm, firms or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3(iii)[(a), (b) and (c)] of the said order are not applicable to the Company.
iv. According to the information and explanations given to us and based on the audit procedures conducted by us, the company has neither granted any loan, guarantee security, nor purchased any investments so the provisions of Clause 3(iv) of the order is not applicable to the company.
v. The Company has not accepted any deposits from the public within the meaning of Sections 73 to 76 of the Act and the rules framed there under. Therefore, the provision of clause 3(v) of the order is not applicable to the company.
vi. The Central Government of India has not prescribed the maintenance of cost records under subsection (1) of Section 148 of the Act for any of the products of the Company.
vii. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues, including Income tax, GST and other material statutory dues, as applicable, with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31March, 2018 for a period of more than six months from the date of becoming payable.
(b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of dues of income-tax as at 31sl March, 2018 which have not been deposited on account of a dispute, are as follows:
Name of the statute |
Nature of dues |
Amount (Rs.) |
Period to which the amount relates |
Forum where the disput is pending |
Income Tax Act - 1961 |
Demand under section 143(3) dt. 20.10 2010 |
2,95,530.00 |
A.Y.2008-09 |
CIT(Appeals)Kolkata |
viii. As the Company does not have any borrowings from any financial institution or bank or Government nor has it issued any debentures as at the balance sheet date, the provisions of Clause 3(viii) of the Order are not applicable to the Company.
ix. The Company has not raised any money by way of term loans. Accordingly, the provisions of Clause 3(ix) of the Order are not applicable to the Company.
x. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.
xi. The company has not provided any managerial remuneration for the year ended 31 March, 2018. Therefore, the provisions of Clause 3(xi) of the Order are not applicable to the Company.
xii. The Company is not a nidhi company, accordingly, paragraph 3(xii) of the Order is not applicable.
xiii. According to the information and explanations given to us and the records of the Company examined by us, all the transactions with related parties are in compliance with section 177 and 188 of the Companies Act, 2013 and has been properly disclosed in the Financial Statements as required by the applicable accounting standards.
xiv. According to the information & explanation given to us and the records of the Company examined by us, no money was raised through preferential allotment/private placements of shares/fully/partly convertible debentures during the year under review, hence, the provisions of Clause 3(xiv) of the said order is not applicable to the Company
xv. According to the information & explanation given to us and the records of the Company examined by us, Company has not entered into any non-cash transactions with directors or person connected with him.
Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi. According to the information and explanations given to us, The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 as the Reserve Bank of India has exempted the Company to comply with the formalities of registration and minimum net owned funds, under the Notification No. DNBS.153/CGM(LMF)-200 1 dated December 10, 2001.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Balmer Lawrie Investments Limited as of 31 March, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedutes selected depend on our judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the Internal Financial controls over financial reporting to future periods are subject to risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018.
Place : Kolkata For D.K. Chhajer & Co.
Date: 21st May 2018 Chartered Accountants
Firm Registration No. 304138E
Partner
Tapan K. Mukhopadhyay
Membership No. 017483
Mar 31, 2015
1) We have audited the accompanying financial statements of Balmer
Lawrie Investments Limited, which comprise the Balance sheet as at
March 31st, 2015, the Statement of Profit & Loss and Cash Flow
Statement for the year the ended, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENT
2) The Management and Board of Directors of the company are responsible
for the matters stated in Section 134(5) of the Companies Act, 2013
with respect to 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
principles generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act, read with rule 7 of
Companies (Accounts) Rules 2014. This responsibility includes
maintenance of adequate accounting records in accordance with the
provisions 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; design, implementation
and maintenance of adequate internal financial controls, that are
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
3) 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 there under. 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.
4) 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 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 controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
Directors, as well as evaluating the overall presentation of the
financial statements.
5) We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
OPINION
6) In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid 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 31st March 2015, its profit/loss and its cash flow for the year
ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
7) As required by the Companies (Auditor's Report) Order, 2015 (lithe
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 paragraphs 4 and 5 of the Order.
8) As required by section 143(3) of the Act, we further 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
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 & Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with rule 7 of the Companies (Accounts) Rules 2014.
e) On the basis of written representations received from the directors
as on March 31st, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31st, 2015, from
being appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
(i) The company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note. 13 of the
financial statements.
(ii) The company did not have any long term contracts including
derivate contracts and as such the question of commenting on any
material foreseeable losses thereon does not arise.
(iii) The company has transferred such amount which was required to be
done to the Investor Education and Protection Fund on time.
9) As required by Section 143(5) of the Companies Act 2013, we further
report on Directions of the Comptroller and Auditor General of India as
under:
Sl. Auditor's
Description
No. Comments
1. If the Company has been selected for
disinvestment, a complete status
report in terms of valuation of Assets
(including intangible assets and
land) and Liabilities (including
Committed& General Reserves) Not Applicable.
may be examined including the
mode and present stage of
disinvestment process.
2. Please report whether there are There were no such
any cases of waiver/ write off of case,reported during
debts/ loans/ interest etc., the audit period.
if yes, the reasons therefore
and amount involved.
3. Whether proper records are The Company does not
maintained for inventories have any fixed
lying with third parties assets/ inventories.
& assets received as gift Thus maintenance
from Govt or other authorities. of records/ registers
for assets including
inventory is not
required.
4. A report on age-wise analysis of As per the
pending legal/arbitration cases information
including the reasons of pendency and explanation
and existence/ effectiveness of a received by the
monitoring mechanism for management, no such
expenditure on all legal cases cases are pending.
(foreign and
local) may be given.
Annexure referred to in Paragraph 7 of our Report of even date to the
members of Balmer Lawrie Investments Limited on the accounts of the
company for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. There are no Fixed Assets in the Company; hence this clause is not
applicable.
2. There are no Inventory in the Company and as such this clause is
not applicable.
3. According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted loans, secured or unsecured, to companies, firms or other
parties covered in the register maintained under Section 189 of the
Companies Act, 2013. Therefore, the provision of this clause of the
Companies (Auditor's Report) Order,2015 is not applicable to the
Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories, fixed assets, and for sale
of goods & services. Further, on the basis our examination of the books
and records of the company and according to the information and
explanation given to us no major weaknesses in the internal controls
has been noticed.
5. The Company has not accepted any deposits covered under section 73
to 76 or any other relevant provisions of the Companies Act 2013 and
the rules framed there under.
6. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under sub-section (1) of section 148 of the Companies Act
2013.
7. (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing undisputed statutory dues including Investor
Education and Protection Fund, income tax and any other material
Statutory dues, as applicable with the appropriate authorities and no
statutory dues as on 31st of March, 2015 was outstanding for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us and based
on the records of the company examined by us there are no dues of
income tax and other statutory dues which have not been deposited on
account of any disputes except the following:
Name of the Nature of Dues Amount in
Statute Rs.
Income Tax Demand under section 2,95,530.00
Act,1961 143(3) dt. 26.10.2010
Name of the Period to which the Forum where
Statute amount relates dispute is pending
Income Tax A.Y.2008-09 CIT (Appeals) Kolkata
Act,1961
(c) There has been no delay in transfer of sums to the Investor
Education and Protection Fund during the year covered under audit.
8. The company has no accumulated losses and the company has not
incurred cash losses during the financial year covered by our audit and
the immediately preceding financial year.
9. According to the records of the company examined by us and as per
the information and explanation given to us, the company has not
availed of any loans from any financial institution or banks and has
not issued debentures.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loan taken by others from a
bank or financial institution during the year.
11. In our opinion and according to the information and explanation
given to us the company has not raised any term loans during the year
12. During the course of our examination of the books of records of the
company carried in accordance with the auditing standards generally
accepted in India, we have neither come across any instance of fraud on
or by the Company noticed or reported during the year nor have we been
informed of such instance by the management.
For S. K. Naredi & Co.
Chartered Accountants
Firm Registration No : 003333C
Rashmi Chhawchharia
Place : Kolkata (Partner)
Date : 27th May, 2015 Membership No. : 401727
Mar 31, 2014
We have audited the accompanying financial statements of BALMER LAWRIE
INVESTMENTS LIMITED ("the Company"), which comprise the Balance Sheet
as at 31st March 2014, the Statement of Profit and Loss and the 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"). 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. 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:
i. In the case of the Balance sheet, of the State of Affairs of the
Company as at 31 March 2014;
ii. In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
iii. In the case of the Cash flow statement, of the Cash flows for the
year ended on that date.
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 of India 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
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 Companies Act, 1956; and
e. as per Notification No. G.S.R 829(E) dated 21.10.2003, issued under
section 620(1) of the Companies Act, 1956 clause (g) of sub-section (1)
of 274 of the Companies Act, 1956 is not applicable to the government
companies.
Annexure to the Auditors'' Report
The Annexure referred to in our report to the members of "BALMER LAWRIE
INVESTMENTS LTD." ("the Company") for the year ended 31st March 2014.
We
report that:
1 There are no Fixed Assets in the Company, hence this clause in not
applicable.
2 There is no inventory in the company and as such the clause is not
applicable.
3 a. According to the information and explanations given to us, during
the year, the Company had not granted any loans, secured or unsecured
to companies, firms or other parties covered in register maintained
under section 301 of the Companies Act, 1956. Accordingly, the
provisions of clause 4(iii) (a) to (d) of the order are not applicable
to the company and hence not commented upon.
b. According to the information and explanations given to us, during
the year, the Company had not taken any loans, secured or unsecured
from companies, firms or other parties covered in register maintained
under section 301 of the Companies Act, 1956. Accordingly, the
provisions of clause 4(iii) (e) to (g) of the order are not applicable
to the company and hence not commented upon.
4 In our opinion and according to the information and explanation given
to us, there is an adequate internal control system commensurate with
the size of the Company and the nature of its business for purchases of
inventory, fixed assets and with regard to the sale of goods &
services. Further, on the basis of our examination of the books and
records of the Company carried out in accordance with the auditing
standards generally accepted in India we have neither come across nor
have been informed of any continuing failure to correct major
weaknesses in the aforesaid internal controls system.
5 In our opinion and according to the information and explanation given
to us, there were no such contract or arrangement u/s 301 during the
Financial Year.
6 The Company has not accepted any deposits from public pursuant to
Section 58A and 58AA or any other relevant provision of the Act.
7 In .our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8 The Central Government has not prescribed the maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956.
9 a. According to information and explanations given to us, and the
records of the Company examined by us, the Company is generally regular
in depositing undisputed statutory dues including Investor Education
Protection Fund and other material statutory dues as applicable.
b. According to the information and explanation given to us, no
undisputed amounts payable in respect of Investor Education and
Protection Fund, income tax, and other material statutory dues were in
arrears, as at 31st March 2014 for a period of more than six months
from the date they became payable.
c. According to the information and explanation given to us, there are
no dues of income tax and other statutory dues, which have been
deposited with the appropriate authorities on account of any dispute
except for the following:
Name Nature Amount Period to Forum
of the of Dues in Rs. which the where
Statute amount dispute is
relates pending
Income Demand 295,530.00 A.Y ClT
Tax under 2008-09 (Appeals)
Act, 1961 Section Kolkata
143(3)
dt.
26.10.2010
10 The Company has no accumulated losses and the company has not
incurred cash losses in the current year and immediately preceding
financial year.
11 In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to the
financial institutions or banks.
12 According to the information and explanations given to us and based
on the documents and records produced before us, the Company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities, hence the
maintenance of document and records does not arise.
13 In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund society. Therefore the proVisions of clause 4(xiii) of the
Order are not applicable to the Company.
14 In Our opinion, the company is not dealing in or trading in shares,
securities, debentures or other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable to the Company.
15 According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16 No term loans have been raised by the company during the year.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on a short-term basis, which have
been used for long-term investment.
18 According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the registered maintained under section 301 of
the Companies Act, 1956.
19 The Company has not issued any debentures.
20 The Company has not raised any money by public issues during the
year.
21 Based upon the audit procedures performed for the purpose or
reporting the true and fair view of the financial statements and
according to the information and explanation given by the management,
we report that no fraud on or by the company has been noticed or
reported during the course of our audit.
For s. K. Naredi & Co.
Chartered Accountants
Firm''s registration number: 003333C
Rashmi Chhawchharia
Place: Kolkata Partner
Date: 29th May, 2014 Membership Number: 401727
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of BALMER LAWRIE
INVESTMENTS LIMITED ("the Company"), which comprise the Balance Sheet
as at 31 March 2013, the Statement of Profit and Loss and the 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"). 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. 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:
i. in the case ofthe balance sheet, ofthe state of affairs of the
Company as at 31 March 2013;
ii. in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
iii. in the case of the cash flow statement, of the cash flows for the
year ended on that date.
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 of India 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
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 Companies Act, 1956; and
e) as per Notification No. G.S.R 829{E) dated 21.10.2003, issued under
section 620(1) of the Companies Act, 1956 clause (g) of sub-section (1)
of 274 of the Companies Act, 1956 is not applicable to the government
companies.
The Annexure referred to in our report to the members of "BALMER LAWRIE
INVETMENTS LTD." (the Company") for the year ended 31 March 2013. We
report that:
1) There are no Fixed Assets in the Company, hence this clause is not
applicable.
2) There is no inventory in the company and as such the clause is not
applicable.
3) a. According to the information and explanations given to us,
during the year, the Company had not granted any loans, secured or
unsecured to companies, firms or other parties covered in register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the provisions of clause 4(iii) (a) to (d) of the order are not
applicable to the company and hence not commented upon.
b. According to the information and explanations given to us, during
the year, the Company had not taken any loans, secured or unsecured
from companies, firms or other parties covered in register maintained
under section 301 of the Companies Act, 1956. Accordingly, the
provisions of clause 4(iii) (e) to (g) of the order are not applicable
to the company and hence not commented upon.
4) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for
purchases of inventory, fixed assets and with regard to the sale of
goods & services. Further, on the basis of our examination of the books
and records of the Company carried out in accordance with the auditing
standards generally accepted in India we have neither come across nor
have been informed of any continuing failure to correct major
weaknesses in the aforesaid internal controls system.
5 a. In our opinion and according to the information and explanations
given to us, the particulars of contract or arrangement referred to in
Section 301 of the Act have been entered in the register required to be
maintained under that section.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to prevailing market price at the relevant time.
6 The Company has not accepted any deposits from public pursuant to
Section 58A and 58AA or any other relevant provision of the Act.
7 In our opinion, the company has an internal audit system commensurate
with the size and nature of its business.
8 The Central Government has not prescribed the maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956.
9 According to information and explanations given to us, and the
records of the Company examined by us, the Company is generally regular
in depositing undisputed statutory dues including Investor Education
Protection Fund and other material statutory dues as applicable.
b. According to the information and explanation given to us, no
undisputed amounts payable in respect of Investor Education and
Protection Fund, income tax, and other material statutory dues were in
arrears, as at 31st March 2013 for a period of more than six months
from the date they became payable.
11 In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to the
financial institutions or banks.
12 According to the information and explanations given to us and based
on the documents and records produced before us, the Company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities, hence the
maintenance of document and records does not arise.
13 In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund society. Therefore the provisions of clause 4(xiii) of the
Order are not applicable to the Company.
14 In Our opinion, the company is not dealing in or trading in shares,
securities, debentures or other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable to the Company.
15 According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16 No term loans have been raised by the company during the year.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on a short-term basis, which have
been used for long- term investment.
18 According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the registered maintained under section 301 of
the Companies Act, 1956.
19 The Company has not issued any debentures.
20 The Company has not raised any money by public issues during the
year.
21 Based upon the audit procedures performed for the purpose or
reporting the true and fair view of the financial statements and
according to the information and explanation given by the management,
we report that no fraud on or by the company has been noticed or
reported during the course of our audit.
For S. K. Naredi & Co.
Chartered Accountants
Firm''s registration number: 003333C
Rashmi Chhawchharia
Place: Kolkata Partner
Date: 30th May 2013 Membership number: 401727
Mar 31, 2012
We have audited the accompanying financial statements of Balmer Lawrie
Investments Ltd. (The Company), which comprise the balance sheet as at
31st March, 2012, and the statement of Profit and Loss Account and also
the Cash Flow Statement for the year ended on that date annexed thereto
which we have signed under reference to this report.
1. Management is responsible for 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
accounting principles generally accepted in India, including accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956.
2 . Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with auditing standards generally accepted in 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 of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, 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 company's internal control. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement's presentation. We believe that the audit
evidence we have obtained is appropriate to provide a basis for our
audit opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amended) Order, 2004
(together the order) issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Companies Act, 1956 (the
Act), and on the basis of such checks of the books and records of the
Company as we considered appropriate and according to the information
and explanation given to us we give in the annexure a statement on the
matters specified in paragraph 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in Para 3
above, 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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in Subsection (3C) of Section 211of the Act 1956.
e) As Per Notification No. G.S.R 829(E) dated 21.10.2003, issued under
section 620(1) of the Companies Act, 1956 clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956 is not applicable to
Government companies.
5. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statement together
with notes thereon annexed thereto, give in the prescribed manner the
information required by the Companies Act, 1956 and give a true and
fair view in conformity with the accounting policies generally accepted
in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012;
(ii) in the case of Statement of the Profit and Loss Account, of the
Profit for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. There are no Fixed Assets in the Company, hence this clause in not
applicable.
2. There is no inventory in the company and as such the clause is not
applicable.
3. a. According to the information and explanations given to us,
during the year, the Company had not granted any loans, secured or
unsecured to companies, firms or other parties covered in register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the provisions of clause 4 (in) (a) to (d) of the order are not
applicable to the company and hence not com mented upon.
b. According to the information and explanations given to us, during
the year, the Company had not taken any loans, secured or unsecured
from companies, firms or other parties covered in register maintained
under section 301 of the Companies Act, 1956. Accordingly, the
provisions of clause 4(iii) (e) to (g) of the order are not applicable
to the company and hence not commented upon.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for
purchases of inventory, fixed assets and with regard to the sale of
goods & services. Further, on the basis of our examination of the books
and records of the Company carried out in accordance with the auditing
standards generally accepted in India we have neither come across nor
have been informed of any continuing failure to correct major
weaknesses in the aforesaid internal controls system.
a. In our opinion and according to the information and explanation
given to us, the particulars of contract or arrangement referred to in
Section 301 of the Act have been entered in the register required to be
maintained under that section.
b. In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to prevailing market price at the relevant time.
6. The Company has not accepted any deposits from public pursuant to
Section 58A and 58AA or any other relevant provision of the Act.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956.
9. a. According to information and explanations given to us, and the
records of the Company examined by us, the Company is generally regular
in depositing undisputed statutory dues including Investor Education
Protection Fund and other material statutory dues as applicable.
b. According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, and other material
statutory dues were in arrears, as at 31st March 2012 for a period of
more than six months from the date they became payable.
c. According to the information and explanation given to us, there are
no dues of income tax and other statutory dues, which have been
deposited on account of any dispute except for the Demand of Rs. 2.96
lacs paid in protest with Commissioner of Income Tax (Appeal) for AY
2008-09 . Appeal is pending for disposal as on 31st March 2012.
10. The Company has no accumulated losses and the company has not
incurred cash losses in the current year and immediately preceding
financial year.
11. In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to the
financial institutions or banks.
12. According to the information and explanations given to us and
based on the documents and records produced before us, the Company has
not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities, hence the
maintenance of document and records does not arise.
13. In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. In Our opinion, the company is not dealing in or trading in
shares, securities, debentures or other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report)
Order, 2003 (as amended) are not applicable to the Company.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. No term loans have been raised by the company during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on a short-term basis, which have
been used for long-term investment.
18. According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the registered maintained under section 301 of
the Companies Act, 1956.
19. The Company has not issued any debentures.
20. The Company has not raised any money by public issues during the
year.
21. Based upon the audit procedures performed for the purpose or
reporting the true and fair view of the financial statements and
according to the information and explanation given by the management,
we report that no fraud on or by the company has been noticed or
reported during the course of our audit.
For and on behalf of
S. K. Naredi & Co.
Chartered Accountants
Firm Registration No -003333C
(Rashmi Chhawchharia)
Place: Kolkata Partner
Date: 18thMay, 2012 Membership No: 401727
Mar 31, 2011
1. We have audited the attached Balance Sheet of Balmer Lawrie
Investments Limited as at 31st March, 2011, the related Profit & Loss
Account for the year ended on that date and the Cash Flow Statement
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act 1956, as amended by Companies
(Auditor's Report) (Amendment) Order, 2004, we enclose in the Annexure,
a statement on the matter specified in paragraphs 4 & 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
i) 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;
ii) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
iv) In our opinion, the Balance Sheet and Profit & Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in section 211 (3C) of the Companies
Act, 1956;
v) In our opinion and to the best of our information and according to
the explanations given to us, the accounts give the information
required by the Companies Act, 1956, 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 31st March, 2011 and
b) in the case of the Profit & Loss Account, 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 of the
Company for the year ended on that date.
ANNEXURE referred to in Paragraph (3) of our report of even date
1. (a) The Company has not granted any loan, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956 and
accordingly, paragraph 4(iii) (b), (c) and (d) of the Order are not
applicable.
(b) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Act and accordingly, paragraph 4(iii) (e),(f)
and (g) of the Order are not applicable.
2. In our opinion and according to the information and explanations
given to us there is an adequate internal control procedure
commensurate with the size of the Company.
3. According to information and explanations given to us, there has
been no contract and arrangement during the year, the particulars of
which need to be entered into the register maintained under Section 301
of the Act.
4. The Company has not accepted any deposit from the public and hence
the provisions of Section 58A and 58AA of the Companies Act, 1956 and
the rules made there under are not applicable to the Company.
5. In our opinion, the Company has an adequate internal audit system
commensurate with the size and nature of its business.
6. (a) According to the Company's records undisputed statutory dues
including provident fund, investor education and protection fund,
employees' state insurance, income-tax, sales-tax, wealth-tax, service
tax, custom duty, excise duty, cess have generally been regularly
deposited with the appropriate authorities.
(b) According to the information and explanations given to us, there
were no undisputed dues in respect of provident fund, investor
education and protection fund, employees' state insurance, income-tax,
wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and
other statutory dues outstanding as on 31st March, 2011 for a period of
more than six months from the date they became payable.
(c) According to the records of the company, there are no outstanding
dues of income tax, sales-tax, wealth tax, service tax, custom duty,
excise duty and cess as on 31st March, 2011 on account of any dispute.
7. The Company has no accumulated losses as on 31st March, 2011 and it
has also not incurred cash losses in the current financial year and in
the immediately preceding financial year.
8. In our opinion and according to the information and explanations
given to us, we are of the opinion that the Company has not defaulted
in repayment of dues to a financial institution, bank or debenture
holders.
9. According to the information and explanations given to us and based
on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
10. The company is not carrying on the business of a chit fund and is
also not a nidhi/mutual benefit fund/society.
11. Though the Company is a non-banking finance company under the
Reserve Bank of India Act, 1934, it is not in the business of trading
in securities, debentures and other investments, in terms of the
notification issued by the Reserve Bank of India.
12. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
13. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
14. The Company has not raised any fund by way of issue of debentures.
15. The Company has not raised any money by public issues.
16. Based upon the audit procedures performed and as per the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit for the financial year 2010-2011.
17. No other clause of the Companies (Auditor's Report) Order, 2003,
as amended by the Companies (Auditor's Report) (Amendment) Order, 2004
issued by the Central Government, is applicable.
For J. Gupta & Co.
Chartered Accountants
Firm Registration No. 314010E
S. P. Datta
Place : Kolkata Partner
Date : 30th May, 2011 Membership No. 13852
Mar 31, 2010
1. We have audited the attached Balance sheet of Balmer Lawrie
Investments Limited as at 31st March 2010 the related Profit & Loss
Account for the year ended on that date and Cash Flow Statement annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Govt, of India in terms of sub-section (4A) of section
227 of the Companies Act 1956, as amended by Companies (Auditors
Report) (Amendment) Order, 2004, we enclose in the Annexure, a
statement on the matter specified in paragraphs 4 & 5 of the said Order
.
4. Further to our comments in the Annexure referred to above, we
report that :- i) 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;
ii) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) The Balance sheet, profit & loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
iv) In our opinion, the Balance Sheet and Profit & Loss Account and
Cash Flow Statement dealt with by this report comply with accounting
standards referred to in section 211 (3C) of the Companies Act, 1956;
v) In our opinion and to the best of our information and according to
the explanations given to us, the accounts give the information
required by the Companies Act. 1956, 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 31st March, 2010 and
b) In the case of the Profit & Loss Account, 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 of the
company for the year ended on that date.
ANNEXURE referred to in Paragraph (3) of our report of even date
1. a) The Company has not granted any loan, secured or
unsecured to companies, firms or other parties cov- ered in the
register maintained under section 301 of the Companies Act, 1956.and
accordingly, paragraph 4(iii) (b) (c) and (d) of the Order are not
applicable.
b) The Company has not taken any loan secured or unsecured from
companies, firms or other parties covered in the Register maintained
under section 301 of the Companies and accordingly, paragraph
4(iii)(f), (g) of the Order are not applicable.
2. In our opinion and according to the information and explanations
given to us there is an adequate internal control procedure
commensurate with the size of the Company.
3. According to information and explanation given to us, there has
been no contact and arrangement during the year, the particulars of
which need to be entered into the register maintained under Section 301
of the Act.
4. The Company has not accepted any deposits from the public and hence
the provisions of Section 58A and 58AA of the Companies Act, 1956 and
the rules made there under are not applicable to the Company.
5. In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
6. a) According to the Companys records undisputed
statutory dues including provident fund, investor education and
protection fund, employees state insurance, income-tax, wealth-tax,
service-tax, custom duty, excise duty, cess have generally been
regularly deposited with the appropriate authorities.
b) According to the information and explanation given to us, there were
no undisputed dues in respect of provident fund, investor education and
protection fund, employees state insurance, income-tax, wealth-tax,
service-tax, customs duly, excise duty, cess and other statutory dues
outstanding as on 31st March, 2010 for a period of more than six months
from the date they become payable.
c) According to the records of the Company, there are no outstanding
dues of income tax, sales-tax, wealth tax, service tax, custom duty and
cess as on 31st March 2010 on account of any dispute.
7. The Company has no accumulated losses as on 31st March 2010 and it
has also not incurred cash losses in the current financial year and in
the immediately preceding financial year.
8. In our opinion and according to the information and explanations
given to us, we are of the opinion that the Company has not defaulted
in repayment of dues to a financial institution, bank or debenture
holders.
9. According to the information and explanations given to us based on
the documents and records produced to us, the Company has not granted
loans and advances on the basis of security by way of pledge of shares,
debentures and other securities.
10. The Company is not carrying on the business of a chit fund and is
also not a nidhi/mutual benefit fund/society.
11. Though the Company is a non-banking finance company under the
Reserve Bank of India Act, 1934, it is not in the business of trading
in securities, debentures and other investments, in terms of the
notification issued by the Reserve Bank of India.
12. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by other from bank
or financial institutions.
13. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
14. The Company has not raised fund by way of issue of debentures.
15. The Company has not raised any money by Public issues.
16. Based upon the audit procedures performed and as per the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of the audit. However, an instance of accounting fraud /
manipulation committed on a Joint Venture Company of the subsidiary
Company (Balmer Lawrie & Co.Ltd) of the Company has been detected
during the financial year 2009-10. Necessary provision has been made in
the books of subsidiary Company.
17. No other clause of the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
issued by the Central Government, is applicable.
For J GUPTA & CO
Chartered Accountants
Firm Registration No.314010E
Place:Kolkata S.P.Datta
Date: 5th August 2010 Partner
Membership No. 13852
Mar 31, 2003
We have audited the attached Balance Sheet of Balmer Lawrie Investments
Limited as at 31st March, 2003 and also the Profit & Loss Account of
the Company for the financial year ended on that date. These financial
statements are the responsibility of the Companys management. Our
responsibility is to express an opinion of these financial statements
based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
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 and Profit & Loss Account referred to in the
report are in agreement with the books of account.
(d) In our opinion, the Profit & Loss Account and Balance Sheet comply
with the accounting Standards referred to in Section 211 (3C) of the
Companies Act, 1956.
(e) On the basis of information and explanations given to us and
representations received from the directors of the company, we report
that no director is disqualified from being appointed as director of
the company under Clause (g) of sub-section (1) of Section 274 of the
Companies Act, 1956, as on 31st March, 2003.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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.
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2003 and
(ii) in the case of the Profit & Loss Account, of the profit for the
year ended on that date.
As required by the Manufacturing and Other Companies (Auditors Report)
Order 1988 issued by the Company Law Board in terms of Section 227 (4A)
of the Companies Act, 1956 and on the basis of such checks as
considered appropriate, we further report that:
1. In our opinion the rate of interest and other terms and conditions
on which unsecured loans have been taken from companies or other
parties listed in the register maintained under Section 301 of the Act
are not prima facie, prejudicial to the interest of the Company.
2. In our opinion, the Company has an adequate Internal Audit system
commensurate with the size and the nature of its business.
3. According to the information and explanations given to us, no
undisputed amounts payable in respect of income Tax, Wealth Tax, Sales
Tax, Customs Duty and Excise Duty were outstanding as at the last day
of the financial year for a period of more than six months from the
date they became payable.
4. During the course of our examination of books of account carried
out in accordance with the generally accepted auditing practices, we
have not come across any personal expenses which have been charged to
revenue account.
5. The Company is not a sick industrial company within the meaning of
Clause (O) of sub-section (1) of Section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
6. Proper records have been maintained in respect of the transactions
and contracts regarding shares, and timely entries have been done
therein. The shares have been held by the company in its own name.
7. No other clause of Manufacturing and Other Companies (Auditors
Report) Order 1988, issued by the Central. Government, are applicable.
For M. CHOUDHURY & CO.
Chartered Accountants
M. CHOUDHURY
Partner
19, R. N. Mukherjee Road
Kolkata 700 001
Dated, the 25th June, 2003
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