Mar 31, 2018
Report on Ind AS Financial Statements
We have audited the accompanying Ind AS financial statements of BSL Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (Including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as "Ind AS financial statements").
Management Responsibility for the financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Ind As financial statements that give a true and fair view of the affairs (financial position),profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the Accounting principles generally accepted in India, including the Indian Accounting standards (Ind As) specified under Section 133 of the Act, read with Rule 7 of the companies (Accounts) Rule, 2014.
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 accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating affectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation of presentation of Ind As financial statements that give 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 Ind AS 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 the rules made there under.
We conducted our audit of the Ind AS financial statements 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 Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of risks of material misstatement of the Ind AS 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 Ind As 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 Company''s Directors, as well as evaluating the overall presentation of the Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 including the Ind AS:
a) In the case of the Balance sheet, of the state of affairs (financial position) the Company as at March 31, 2018;
b) In the case of Statement of the Profit and Loss, of the profit (financial position including other comprehensive income) for the year ended on that date;
c) In the case of the Statement of Cash Flow, of the cash flow for the year ended on that date
d) In the case of Statement of Changes in Equity, of the changes in equity for the year ended on that date.
Report on other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 issued by the Central Government of India in terms of subsection (11) of section 143 of the Act, we give in the Annexure-I a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss (Including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Ind As financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014.
e) On the basis of the written representations received from the directors as on 31st March, 2018 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 term 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, we give in the Annexure-II separate report on this Matter.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to 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 Ind AS financial statements - Refer Note 47 to the Ind AS financial statements.
ii. The Company did not have any long term contracts including derivative contracts for which there were 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.
ANNEXURE-I TO AUDITOR''S REPORT
The Annexure referred to in paragraph 1 of "Report on Other Legal and Regulatory Requirements" in our report of even date to the members of BSL Limited on the Ind AS financial statements of the company for the year ended 31st March, 2018. We report that:
(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) These fixed assets have been physically verified by the Company as per physical verification programme that covers every item of fixed assets at least once in three years. No material discrepancies were noticed on such verification;
(c) The title deeds of immovable properties are held in the name of the company except Land and buildings of merged companies i.e. M/s BSL Wulfing Limited and M/s Bhilwara Processors Limited are under name transfer process.
(ii) Physical verification of inventory has been conducted at reasonable intervals by the management; no any material discrepancies were noticed on physical verification;
(iii) The company has not granted any loan, secured or unsecured to the companies, firms, Limited liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act. 2013.
(iv) According to information and explanations given to us, the company has not entered any transaction in respect of (loan, investments, guarantee and security) covered under section 185 and 186 of the Companies act, 2013.
(v) The company has not accepted deposits under provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.
(vi) We have broadly reviewed the books and records required to be maintained as specified by the Central Government under sub section (1) of section 148 of Companies Act, 2013 and we are of the opinion that prima facie, the prescribed accounts and records are being maintained.
(vii) (a) The company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities.
(b) According to the records of company, dues of income-tax, sales-tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities, which has not been deposited on account of disputes are as under:
Nature of the Status |
Nature of the due |
Amount (Rs. In lacs) |
Forum where dispute is pending |
Central Excise Act |
Penalty |
7.95 |
CESTAT, New Delhi |
RVAT Act |
Tax |
29.78 |
High Court of |
Interest |
09.99 |
Rajasthan |
|
Income Tax |
Tax |
24.83 |
Commissioner |
Act |
Interest |
8.94 |
Appeals |
(viii) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of loan and borrowing to financial Institutions, banks, Government, or dues to debenture holders.
(ix) In our opinion and according to the information and explanations given to us, the company has not raised money by way of initial public offer or further public offer (including debt instruments).
(x) In our opinion and according to the information and explanations given to us, there is no fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year.
(xi) The managerial remuneration has been paid and provided in accordance with the request approvals mandated by provision of section 197 read with Schedule V of the companies Act 2013.
(xii) The provision specified in Nidhi Rule 2014 is not applicable on Company.
(xiii) In our opinion and according to the information and explanations given to us, the Company has complied the provision of sections 177 and 188 of Companies Act 2013 on all transactions with the related parties where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
(xiv) In our opinion and according to the information and explanations given to us, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him under the provisions of section 192 of Companies Act, 2013.
(xvi) The Company has not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE II TO AUDITOR''S REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act") as referred to in paragraph 2(f) of "Report on Other Legal and Regulatory Requirements" in our report of even date to the members of bSl Limited on the Ind AS financial statements of the company for the year ended 31st March, 2018
We have audited the internal financial controls over financial reporting of BSL Limited ("the Company") as of March 31, 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on 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 company''s 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s 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 "Guidance Note") 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, 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 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s 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 company''s 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 the 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 company''s assets that could have a material effect on the Ind AS 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 the 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, based on the 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.
For SSMS & ASSOCIATES
Chartered Accountants
Firm Registration No.: 019351C
(SATISH SOMANI)
Place: Noida Partner
Date: 11th May, 2018 Membership No.076241
Mar 31, 2016
To,
The Members,
BSL Limited
Report on Financial Statements
We have audited the accompanying financial statements of BSL Limited, which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management Responsibility for the financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 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 standard specified under Section 133 of the Act, read with Rule 7 of the companies (Accounts) Rule, 2014. 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 accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating affectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation of presentation of financial statements that gives true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the act 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.
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 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. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
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:
a) In the case of the Balance sheet, of the state of the Company as at March 31, 2016;
b) In the case of Statement of the Profit and Loss, of the profit for the year ended on that date;
c) In the case of the Cash Flow Statement, of the cash flow for the year ended on that date
Report on other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure-I a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the 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 Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014.
e) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in term 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, we give in the Annexure-II separate report on this Matter.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company has made provision as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts- Refers Note 32 to the financial statement.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
(iii) The company has no granted any loan, secured or unsecured to the companies, firms, Limited liability partnerships or other parties) covered in the register maintained under section 189 of the Companies Act. 2013.
(iv) The company has not entered any transaction in respect of (loan, investments, guarantee and security) covered under section 185 and 186 of the Companies act, 2013.
(v) The company has not accepted deposits under provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.
(vi) The Company is maintaining proper cost records has been specified by the Central Government under sub section (1) of section 148 of companies act..
(vii) (a) The company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities.
(b) According to the records of company, dues of income-tax, sales-tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities, which has not been deposited on account of disputes are as under:
ANNEXURE-I TO AUDITOR''S REPORT The Annexure referred to in our report of even date to the members of BSL Limited on the accounts of the company for the year ended 31st March, 2016. We report that:
(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) These fixed assets have been physically verified by the management at reasonable intervals, no any material discrepancies were noticed on such verification;
(c) The title deeds of immovable properties are held in the name of the company except Land and building of merged companies M/s BSL Wulfing Limited and M/s Bhilwara Processors Limited are under name transfer process.
(ii) Physical verification of inventory has been conducted at reasonable intervals by the management; no any material discrepancies were noticed on physical verification;
Name of Statue |
Nature of the dues |
Amount ( Rs. in Lac) |
Forum where dispute is pending |
Service Tax |
Duty |
3.56 |
Commissioner (Appeals) |
Central Excise Act |
Duty Duty/Interest/ Penalty |
37.15 15.32 |
Add. Commissioner CESTAT, New Delhi |
RVAT Act |
Tax Interest |
29.78 09.99 |
High Court of Rajasthan |
Income Tax Act |
Tax Interest |
24.83 8.94 |
Commissioner (Appeals) |
(viii) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of loan and borrowing to financial Institutions, banks, Government, or dues to debenture holders.
(ix) In our opinion and according to the information and explanations given to us, the company has not raised money by way of initial public offer or further public offer (including debt instruments).
(x) In our opinion and according to the information and explanations given to us, there is no fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year.
(xi) The managerial remuneration has been paid and provided in accordance with the request approvals mandated by provision of section 197 read with Schedule V of the companies Act 2013.
(xii) The provision specified in Nidhi Rule 2014 is not applicable on Company.
(xiii) Company has complied the provision of sections 177 and 188 of Companies Act 2013 on all transactions with the related parties where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
(xiv) In our opinion and according to the information and explanations given to us, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
(xv) The company has not entered into any non-cash transactions with directors or persons connected with him under the provisions of section 192 of Companies Act, 2013.
(xvi) The Company has not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE II TO AUDITOR''S REPORT
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 BSL Limited (âthe Companyâ) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on 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 company''s 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s 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 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s 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 company''s 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 the receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s 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 the 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, 2016, based on the 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.
For A.L. CHECHANI & CO.
Chartered Accountants
Firm Registration No.: 005341C
(SUNIL SURANA)
Place: Noida (U.P.) Partner
Date: 11th May, 2016 Membership No.036093
Mar 31, 2015
We have audited the accompanying financial statements of BSL Limited,
which comprise the Balance Sheet as at March 31, 2015, the Statement of
Profit and Loss, Cash Flow Statement for the year ended, and a summary
of significant accounting policies and other explanatory information.
Management Responsibility for the financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 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 standard specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rule, 2014. 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 accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating
affectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of
financial statements that gives true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
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.
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
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. An audit also includes evaluating the appropriateness of
the accounting policies used and the reasonableness of the accounting
estimates made by the Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
opinion
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:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) In the case of Statement of the 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.
Report on other Legal & Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 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 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and the 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
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rule, 2014.
e) There is no any financial transaction or matters which have any
adverse effect on the functioning of the Company.
f) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in term of Section 164 (2) of the
Act.
g) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations which would impact
its financial position.
II. The Company does not have any long term contracts for which there
were any material foreseeable losses. However the Company has created
Hedging reserve as required under applicable accounting standard for
gain/loss on derivative contracts - Refer Note No. 30 to the financial
statement.
III. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO AUDITORS REPORT
The Annexure referred to in our report of even date to the members of
BSL Limited on the accounts of the Company for the year ended 31st
March, 2015. We report that:
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Fixed Assets have been physically verified by the management at
reasonable intervals. During the year no material discrepancies were
noticed on such verification
(ii) (a) The inventory has been physically verified during the year by
the Management. In our opinion, the frequency of verification is
reasonable.
(b) The procedure of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
(iii) The Company has not granted any loan to companies, firms or other
parties covered in the register maintained under section 189 of the
Companies Act, 2013.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, no major weakness
has been noticed in the internal control system.
(v) The Company has not accepted deposits, as per the provision of
Section 73 to 76 or any other relevant provision of the Companies Act
and the Rules framed there under.
(vi) We have broadly reviewed the books of account relating to
material, labour and other items of cost maintained by the Company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under Section 148 of the Companies Act,
2013 and we are of the opinion the prima facie the prescribed accounts
and records have been made and maintained.
(vii) (a) The Company is regular in depositing undisputed statutory dues
including provident fund, employees' state insurance, income - tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
authorities.
(b) According to the records of the Company, following dues have not
been deposited on account of disputes and the forum where the dispute
is pending are as under:
Name of Nature of Amount Forum where dispute
Statue the due lacs) is pending
Duty 04.81 CESTAT, New Delhi
Central
Excise Act Commissioner
Penalty 03.56 (Appeals)
RVAT Act Tax 29.78 High count
Interest 09.99 Rajasthan
Income Tax Tax 06.97 Commissioner
(Appeals)
Act Interest 00.77
(c) The Company has transferred amount, required to be transferred to
the Investor Education and Protection Fund, with in prescribed time
limit during the year.
(viii) There are no accumulated losses in the Company as on March 31,
2015. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(ix) In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
(x) Based on our examination of records and the information and
explanations given to us the Company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xi) In our opinion, the term loans obtained during the year have been
applied for the purpose for which the loans were obtained.
(xii) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
For A.L. CHECHANI & Co.
Chartered Accountants
Firm Regd. No.: 005341C
(Sunil SURANA)
Place: Gulabpura, Dist - Bhilwara Partner
Date: 8th May, 2015 Membership No.:036093
Mar 31, 2014
We have audited the accompanying financial statements of BSL Limited,
which comprise the Balance Sheet as at March 31, 2014, and the
Statement of Profit and Loss and Cash Flow Statement for the year
ended, and a summary of significant accounting policies and other
explanatory information.
Management 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
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 entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
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.
Report on other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of subsection (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
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in our report of even date to the members of
BSL Limited on the accounts of the company for the year ended 31st
March, 2014. We report that:
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets
(b) The Fixed Assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any major part of
fixed assets.
(ii) (a) The inventory has been physically verified during the year by
the Management. In our opinion, the frequency of verification is
reasonable.
(b) The procedure of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
(iii) (a) The Company has not granted any loan to companies, firms or
other parties covered in the register maintained under section 301 of
the companies Act 1956.
(b) As the company has not granted any loan to companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956, the provisions of clause 4 (iii) (d) of the
companies(Auditors Report) order 2003 are not applicable to the
company.
(c) The Company has not taken any loans from the parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
(d) As the company has not taken any loan from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956, the provisions of clause 4 (iii) (f) & clause
4 (iii) (g) of the companies(Auditors Report) order 2003 are not
applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, no major weakness
has been noticed in the internal control system.
(v) (a) According to the information and explanation given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act,1956, have been entered
into 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 contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs, in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) The Company has not accepted any deposits during the year from the
public within the meaning of the provision of section 58A and 58 AA of
the Companies Act, 1956 and the rules made there under. Hence, the
provisions of clause 4 (vi) of the Companies (Auditors report) order,
2003 are not applicable to the company.
(vii) In our opinion, the Company has an Internal Audit System
commensurate with its size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company
pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209(1)(d) of the Companies
Act, 1956, and we are of the opinion that prima-facie the prescribed
accounts and records have been made and maintained.
(ix) (a) the Company is regular in depositing with appropriate
authorities 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 and other material statutory dues applicable to it.
(b) According to the records of the Company, the dues of the sales tax,
income tax, customs, wealth tax, excise duty, Cess which have not been
deposited on account of disputes and the forum where the dispute is
pending are as under:
Name of the Nature Amount Forum where dispute is
Statue of the (Rs in pending
due lacs)
Central Duty 4.81 CESTAT, New Delhi
Excise Act Penalty 3.56 Commissioner (Appeals)
Sales Tax Act Penalty 17.79 High court of Rajasthan
(x) There are no accumulated losses in the Company as on March 31,
2014. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(xi) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
(xii) Based on our examination of records and the information and
explanations given 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.
(xiii) The Company is not a chit fund or nidhi/mutual benefit fund/
society. Therefore, the provisions of clauses 4(xiii) of the Companies
(AuditorRs.s Report) Order, 2003 are not applicable to the Company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) order,
2003 are not applicable to the companies.
(xv) In our opinion, the terms and conditions on which the Company has
given guarantee for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the Company.
(xvi) In our opinion, the term loans raised during the year have been
applied for the purpose for which they are raised.
(xvii) According to the information and explanation given to us and
on an overall examination of the balance sheet of the Company, we
report that no funds raised on short-term basis have been used for
long term investment.
(xviii) The Company has not made any preferential allotment of shares
during the year.
(xix) The Company has not issued any debentures during the year.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
For A. L. CHECHANI & CO.
Chartered Accountants
(SUNIL SURANA)
Partner
Place: Noida (U.P.) Membership No.36093
Date : 23rd April, 2014 Firm. No.:005341C
Mar 31, 2013
Report on Financial Statements
We have audited the accompanying financial statements of BSL Limited,
which comprise the Balance Sheet as at March 31, 2013, and the
Statement of Profit and Loss and Cash Flow Statement for the year
ended, and a summary of significant accounting policies and other
explanatory information.
Management 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
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.
Report on other Legal & Regulatory Requirements
1. 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 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
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in our report of even date to the members of
BSL Limited on the accounts of the company for the year ended 31st
March, 2013. We report that:
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) The Fixed Assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any major part of
fixed assets.
(ii) (a) The inventory has been physically verified during the year by
the Management. In our opinion, the frequency of verification is
reasonable.
(b) The procedure of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
(iii) (a) The Company has not granted any loan to companies, firms or
other parties covered in the register maintained under section 301 of
the companies Act 1956.
(b) As the Company has not granted any loan to companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956, the provisions of clause 4 (iii) (d) of the
companies(Auditors Report) order 2003 are not applicable to the
company.
(c) The Company has not taken any loans from the parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
(d) As the Company has not taken any loan from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956, the provisions of clause 4 (iii) (f) & clause
4 (iii) (g) of the companies(Auditors Report) order 2003 are not
applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, no major weakness
has been noticed in the internal control system.
(v) (a) According to the information and explanation given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act,1956, have been entered
into 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 contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs, in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) The Company has not accepted any deposits during the year from the
public within the meaning of the provision of section 58A and 58AA of
the Companies Act, 1956 and the rules made there under. Hence, the
provisions of clause 4 (vi) of the Companies (Auditors report) order,
2003 are not applicable to the Company.
(vii) In our opinion, the Company has an Internal Audit System
commensurate with its size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company
pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209(1 )(d) of the Companies
Act, 1956, and we are of the opinion that prima-facie the prescribed
accounts and records have been made and maintained.
(ix) (a) the Company is regular in depositing with appropriate
authorities 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 and other material statutory dues applicable to it.
(x) There are no accumulated losses in the Company as on March 31,
2013. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(xi) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
(xii) Based on our examination of records and the information and
explanations given 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.
(xiii) The Company is not a chit fund or nidhi/mutual benefit fund/
society. Therefore, the provisions of clauses 4(xiii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) order,
2003 are not applicable to the companies.
(xv) In our opinion, the terms and conditions on which the Company has
given guarantee for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the Company.
(xvi) In our opinion, the term loans raised during the year have been
applied for the purpose for which they are raised.
(xvii) According to the information and explanation given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long term
investment.
(xviii) The Company has not made any preferential allotment of shares
during the year.
(xix) The Company has not issued any debentures during the year.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
For A. LCHECHANI&CO.
Chartered Accountants
(SUNIL SURANA)
Partner
Place : Noida (U.P.) Membership No.36093
Date : 1 st May, 2013 Firm No.: 005341C
Mar 31, 2012
1. We have audited the attached balance sheet of BSL Limited, Bhilwara
as at 31st March 2012, the statement of profit & loss and also the cash
flow statement for the year ended on that date 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 the 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 Government of India in terms of sub- section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 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 purposes of our
audit;
(ii) 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.
(iii) The balance sheet, statement of profit & loss and cash flow
statement dealt with by this report are in agreement with the books of
account.
(iv) In our opinion, the balance sheet, statement of profit & loss and
cash flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, they said 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 principals
generally accepted in India;
(a) in the case of the Balance sheet, of the state of affairs of the
company as at 31st March 2012;
(b) In the case of the statement of profit & 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.
Annexure referred to in paragraph (3) of the report of even date of the
auditors to the members of BSL Limited for the year ended 31st March
2012.
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification.
(c) During the year, the Company has not disposed off any major part of
the fixed assets.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
(iii) (a) The Company has not granted any loan to companies, firms or
other parties covered in the register maintained under Section 301 of
the Companies Act 1956.
(b) As the Company has not granted any loan to companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956, the provisions of clause 4 (iii) (b) to clause
4 (iii) (d) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(c) The Company has not taken any loans from the parties covered in the
register maintained under Section 301 of the Companies Act,1956.
(d) As the Company has not taken any loan from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956, the provisions of clause 4 (iii) (f) & clause
4 (iii) (g) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, no major weakness
has been noticed in the internal control system.
(v) (a) According to the information and explanation given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
into 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 contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs, in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) The Company has not accepted any deposits during the year from the
public within the meaning of the provisions of section 58A and 58AA of
the Companies Act, 1956 and the rules made there under. Hence, the
provisions of clause 4 (vi) of the Companies (Auditors report) Order,
2003 are not applicable to the company.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained.
(ix) (a) The Company is regular in depositing with appropriate
authorities 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 and other material statutory dues applicable to it.
(b) According to the records of the Company, the dues of sales tax,
income-tax, customs, wealth-tax, service tax, excise duty, cess which
have not been deposited on account of disputes and the forum where the
dispute is pending are as under:-
Name of the Nature of Amount Forum where
statue the dues (Rs. in
lacs) dispute is pending
Central Duty 10.01 CESTAT,
Excise Act Penalty 5.19 (Appeal),
New Delhi
Sales Tax Penalty 17.79 High Court of
Act Rajasthan
(x) There are no accumulated losses of the Company as on 31st March
2012. The company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial Institutions, banks or debenture holders.
(xii) Based on our examination of the records and the information and
explanations given 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.
(xiii) The Company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditors report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
(xv) In our opinion, the terms and conditions on which the Company has
given guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the Company.
(xvi) In our opinion, the term loans raised during the year have been
applied for the purpose for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
(xviii) The Company has not made any preferential allotment of shares
during the year.
(xix) The Company has not issued any debentures during the year.
(xx) The Company has not raised any money by public issues during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
For A. L. CHECHANI & CO.
Chartered Accountants
(SUNIL SURANA)
Place : Noida Partner
Date : 4th May, 2012 Membership No. 036093
Firm No.:05341C
Mar 31, 2011
1. We have audited the attached balance sheet of BSL Limited, Bhilwara
as at 31st March 2011, the profit & loss account and also the cash flow
statement for the year ended on that date 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 the 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 Government of India in terms of sub- section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 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 purposes of our
audit;
(ii) 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.
(Hi) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account.
(iv) 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 sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2011 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, they said 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 principals
generally accepted in India;
(a) in the case of the Balance sheet, of the state of affairs of the
company as at 31s1 March 2011;
(b) In the case of the profit and loss account, 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.
ANNEXURE TO AUDITORS REPORT
Annexure referred to in paragraph (3) of the report of even date of the
auditors to the members of BSL Limited for the year ended 31"' March
2011.
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any major part of
the fixed assets.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
(iii) (a) The Company has not granted any loan to companies, firms or
other parties covered in the register maintained under Section 301 of
the Companies Act 1956.
(b) As the company has not granted any loan to companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956, the provisions of clause 4 (iii) (b) to clause
4 (iii) (d) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(c) The Company has not taken any loans from the parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
(d) As the company has not taken any loan from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956, the provisions of clause 4 (iii) (f) & clause
4 (iii) (g) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, no major weakness
has been noticed in the internal control system.
(v) (a) According to the information and explanation given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
into 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 contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs, in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) The company has not accepted any deposits during the year from the
public within the meaning of the provisions of section 58A and 58AA of
the Companies Act, 1956 and the rules made there under. Hence, the
provisions of clause 4 (vi) of the Companies (Auditors report) Order,
2003 are not applicable to the company.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained.
(ix) (a) The company is regular in depositing with appropriate
authorities 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 and other material statutory dues applicable to it.
(b) According to the records of the company, the dues of sales tax,
income-tax, customs, wealth-tax, service tax, excise duty, cess which
have not been deposited on account of disputes and the forum where the
dispute is pending are as under-
Name of the Nature of Amount Forum where
statue the dues (Rs. in lacs) dispute is pending
A. Fabric Division
Central Duty 10.01 CESTAT,
Excise Act Penalty 5.19 (Appeal),
New Delhi
Sales Tax Penalty 17.79 High Court of
Act Rajasthan
B. Processing Division
Textile Cess 63.54 Appellate Tribunal
committee Textile Committee,
Mumbai
Note:- As the Processing Division is working on job basis, in case of
any demand, entire amount recoverable from customers, hence the company
is not having any liabilities against above issue.
(x) There are no accumulated losses of the company as on 31a March,
2011. The company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial Institutions, banks or debenture holders.
(xii) Based on our examination of the records and the information and
explanations given 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.
(xiii) The company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditors report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
(xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the company.
(xvi) In our opinion, the term loans raised during the year have been
applied for the purpose for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
(xviii) The company has not made any preferential allotment of shares
during the year.
(xix) The company has not issued any debentures during the year.
(xx) The company has not raised any money by public issues during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
For A. L. CHECHANI&CO.
Chartered Accountants
(SUNIL SURANA)
Place : Noida Partner
Date : 28th April, 2011 Membership No. 036093
Firm No.: 05341C
Mar 31, 2010
1. We have audited the attached balance sheet.of BSL Limited, Bhilwara
as at 31st March 2010, the profit & loss account and also the cash flow
statement for the year ended on that date 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 our audit.
2. We conducted our audit in accordance with the 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 Government of India in terms of sub- section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 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 purposes of our
audit;
(ii) 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.
(iii) The balance sheet, profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account.
(iv) 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 sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March 2010 and taken on record by the Board of
Directors, we report that none cff the directors is disqualified as on
31st March 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) 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 Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principals
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;
(b) In the case of the profit and loss account, 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.
ANNEXURE TO AUDITORS REPORT
Annexure referred to in paragraph (3) of the report of even date of the
auditors to the members of BSL Limited for the year ended 31st March
2010.
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any major part of
the fixed assets.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
(iii) (a) The Company has not granted any loan to companies, firms or
other parties covered in the register maintained under Section 301 of
the Companies Act 1956.
(b) As the company has not granted any loan to companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956, the provisions of clause 4 (iii) (b) to clause
4 (iii) (d) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(c) The Company has not taken any loans from the parties covered in the
register maintained under Section 301 of the Companies Act,1956.
(d) As the company has not taken any loan from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956, the provisions of clause 4 (iii) (0 & clause 4
(iii) (g) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, no major weakness
has been noticed in the internal control system.
(v) (a) According to the information and explanation given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
into 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 contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs, in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) The company has not accepted any deposits during the year from the
public within the meaning of the provisions of section 58Aand 58AAof
the Companies Act, 1956 and the rules made there under. Hence, the
provisions of clause 4 (vi) of the Companies (Auditors report) Order,
2003 are not applicable to the company.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained.
(ix) (a) The company is regular in depositing with appropriate
authorities 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 and other material statutory dues applicable to it.
(b) According to the records of the company, the dues of sales tax,
income-tax, customs, wealth-tax, service tax, excise duty, cess which
have not been deposited on account of disputes and the forum where the
dispute is pending are as under:-
Name of the Nature of Amount Forum where
statue the dues (Rs. in lac) dispute is
pending
A. Fabric Division
Central Excise Act Duty 10.12 CESTAT,
Penalty 5.22 (Appeal),
New Delhi
Sales Tax Act Penalty 17.79 High Court of
Rajasthan
B. Processing Division
Central Excise Act Penalty 5.14 Commissioner
(Appeal), Jaipur
Textile committee Cess 63.54 Appellate
Tribunal
Textile
Committee, Mumbai
Note:- As the Processing Division is working on job basis, in case of
any demand, entire amount recoverable from customers, hence the company
is not having any liabilities against above issue.
(x) There are no accumulated losses of the company as on 31st March
2010. The company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial Institutions, banks or debenture holders.
(xii) Based on our examination of the records and the information and
explanations given 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.
(xiii) The company is not a chit fund or a nidhi mutual benefit fund/
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditors report) Order, 2003 are not applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
(xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the company.
(xvi) In our opinion, the term loans raised during the year have been
applied for the purpose for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
(xviii)The company has not made any preferential allotment of shares
during the year.
(xix) The company has not issued any debentures during the year.
(xx) The company has not raised any money by public issues during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
For A. L. CHECHANI & CO.
Chartered Accountants
(SUNIL SURANA)
Place : Noida Partner
Date :29th April, 2010 Membership No. 036093
Firm No.: 05341C