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Balmer Lawrie Investment Ltd.

BSE: 532485 Sector: Financials
NSE: N.A. ISIN Code: INE525F01017
BSE LIVE 15:48 | 23 Jun 400.05 -3.55
(-0.88%)
OPEN

404.00

HIGH

405.00

LOW

398.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 404.00
PREVIOUS CLOSE 403.60
VOLUME 3992
52-Week high 428.80
52-Week low 289.00
P/E 22.89
Mkt Cap.(Rs cr) 888
Buy Price 0.00
Buy Qty 0.00
Sell Price 400.05
Sell Qty 23.00
OPEN 404.00
CLOSE 403.60
VOLUME 3992
52-Week high 428.80
52-Week low 289.00
P/E 22.89
Mkt Cap.(Rs cr) 888
Buy Price 0.00
Buy Qty 0.00
Sell Price 400.05
Sell Qty 23.00

Balmer Lawrie Investment Ltd. (BALMERLAWINV) - Auditors Report

Company auditors report

To

The Members of

"BALMER LAWRIE INVESTMENTS LIMITED"

REPORT ON THE FINANCIAL STATEMENTS

1) On the basis of the audit query issued by the Comptroller and Auditor General ofIndia this revised audit report has been prepared in lieu of the earlier report dated 17thMay 2016 to comply with the requirements of the Companies Act 2013.

2) We have audited the accompanying financial statements of Balmer Lawrie InvestmentsLimited which comprise the Balance Sheet as at March 31st 2016 the statementof Profit & Loss and Cash Flow Statement forthe yearthen ended and a summary ofsignificant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL-STATEMENT

3) The Management and Board of Directors of the company are responsible forthe mattersstated in Section 134(5) of the Companies Act 2013 with respect to the preparation ofthese financial statements that give a true and fair view of the financial performance andcash flows of the company in accordance with the accounting principles generally acceptedin India including the Accounting Standards specified under section 133 of the Act readwith rule 7 of Companies (Accounts) Rules 2014. This responsibility includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding the assets of the Company and for preventing and detecting frauds and otherirregularities selection and application of appropriate accounting policies makingjudgments and estimates that are reasonable and prudent design implementation andmaintenance of adequate internal financial controls that are operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair vieware free from material misstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

4) Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act. the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with standards on Auditing specified under Section 143(10) of the Act. Thosestandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about where the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but notforthe purpose of expressing and opinion onwhetherthe Company has in place and adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's management and Board of Directors aswell as evaluating the overall presentation of the financial statements. Please referAnnexure I of this report on our observations on Internal Financial Controls under Clause(i) of Sub section 3 of Section 143 of the Companies Act 2013.

5) We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

OPINION

6) In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2016 its profit/loss and its cash flow for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS.

7) As required by the companies (Auditor's Report) order 2016 (The order) issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act. Wegive in the Annexure : II a statement on the matters specified in paragraphs 3 and 4 ofthe order.

8) As required by section 143(3) of the Act we further report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit:

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books:

c) The Balance Sheet the statement of Profit & Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 31st2016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31st 2016 from being appointed as a director in terms of Section164(2) of the Act.

f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2015.

i) The company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note.13 of the financial statements.

ii) The company did not have any long term contracts including derivate contracts andas such the question of commenting on any material foreseeable losses thereon does notarise.

iii) The company has transferred to the investor Education and protection Fund as suchamount which were required to be done.

g) As required Under Section 143(5) of the Companies Act 2013 we furnish in Annexure :III compliance to the directions issued by the Comptroller & Auditor General of India.

For Bhattacharya Das & Co.
Chartered Accountants
Firm Registration No : 307077E
Biswarup Mukherjee
Place : Kolkata (Partner)
Date : 28th June 2016 Membership No. : 056740

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION143 OF THE ACT

1. We have audited the internal financial controls over financial reporting of BalmerLawrie Investments Limited as of March 31st 2016 in conjunction with our auditof the financial statements of the Company for the year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

2. The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

AUDITORS' RESPONSIBILITY

3. Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both are applicable to an audit of internal financial controls andboth issued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. Acompany's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2)provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

7. Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

OPINION

8. In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31st 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

ANNEXURE REFERRED TO IN PARAGRAPH 7 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF BALMERLAWRIE INVESTMENTS LIMITED ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31stMARCH 2016.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during course of our audit we report that:

1. There are no Fixed Assets in the Company hence this clause is not applicable.

2. There are no Inventory in the Company and as such this clause is not applicable.

3. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act.2013.

4. In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventories fixed assets andfor of goods & services. Further on the basis of our examination of the book andrecords of the company and according to the information and explanation given to us nomajor weaknesses in the internal controls has been noticed.

5. The Company has not accepted any deposits covered under section 73 to 76 or anyother relevant provisions of the Companies Act 2013 and the rules framed there under.

6. As per information & explanation given by the management maintenance of costrecord has not been prescribed by the Central Government under sub section (1) of section148 of the Companies Act 2013.

7. (a) According to the information and explanations given to us based on the recordsof the company examined by us. the company is regular in depositing undisputed statutorydues including Investor

Education and Protection Fund income tax and any other material Statutory dues asapplicable with the appropriate authorities and no statutory dues as on 31st ofMarch 2016 was outstanding for a period of more than six months from the date they becomepayable.

(b) According to the information and explanations given to us based on the records ofthe company examined by us there are no dues of income tax and other statutory dues whichhave not been deposited on account of any disputes except the following:

Name of the Statute Nature of Dues Amount in Rs. Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Demand under section 143(3) dt. 20.10.2010 295530.00 A.Y 2008-09 CIT (Appeals) Kolkata

(c) There has been no delay in transfer of sums to the investor Education andprotection Fund during the year covered under audit.

8. The company has no accumulated losses and the company has not incurred cash lossesduring the financial year covered by our audit and the immediately preceding financialyear.

9. According to the records of the company examined by us and as per the informationand explanation given to us the company has not availed of any loans from any financialinstitution or banks and has not issued debentures.

10. According to the information and explanations given to us the Company has notgiven any guarantee for loan taken by others from a bank or financial institution duringthe year.

11. In our opinion and according to the information and explanation given to us companyhas not raised any term loans during the year.

12. During the course of our examination of the books of records of the company carriedout in accordance with the auditing standards generally accepted in India we have neithercome across any instance of fraud on or by the Company which were noticed or reportedduring the year nor have we been informed or any such instances by the management.

For Bhattacharya Das & Co.
Chartered Accountants
Firm Registration No : 307077E
Biswarup Mukherjee
Place : Kolkata (Partner)
Date : 28th June 2016 Membership No. : 056740

DIRECTIONS UNDER SECTION 143(5) OF THE COMPANIES ACT 2013

Directions Auditor's Reply
1. Whether the company has clear title/lease deeds for freehold and leasehold respectivelyRs. If not please state the area of freehold and lease hold land for which title/lease deeds are not availableRs. As the Company has no freehold and lease hold land this question is not applicable.
2. Whether there are any cases ofwaiver/write off ofdebts/loans/interest etc. if yes the reasons there for and amount involved. No. There is no case of waiver/ write off of debts/loans/interest etc. during the year under audit.
3. Whether proper records are maintained for inventories lying with third parties & assets received as gift/ grant(s) from the Govt or other authorities. No. As there are no inventories with the company this question is not applicable.

 

For Bhattacharya Das & Co.
Chartered Accountants
Firm Registration No : 307077E
Biswarup Mukherjee
Place : Kolkata (Partner)
Date : 28th June 2016 Membership No. : 056740