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Bilcare Ltd.

BSE: 526853 Sector: Industrials
NSE: N.A. ISIN Code: INE986A01012
BSE 15:40 | 23 Jan 77.05 -1.45
(-1.85%)
OPEN

75.00

HIGH

80.00

LOW

75.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 75.00
PREVIOUS CLOSE 78.50
VOLUME 32463
52-Week high 91.65
52-Week low 44.00
P/E
Mkt Cap.(Rs cr) 181
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 75.00
CLOSE 78.50
VOLUME 32463
52-Week high 91.65
52-Week low 44.00
P/E
Mkt Cap.(Rs cr) 181
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bilcare Ltd. (BILCARE) - Auditors Report

Company auditors report

ON STANDALONE Ind AS FINANCIAL STATEMENTS

TO THE MEMBERS OF BILCARE LIMITED

Report on the Standalone Indian Accounting Standards (Ind AS) FinancialStatements

We have audited the accompanying Standalone Ind AS Financial Statementsof Bilcare Limited ("the Company") which comprise the Balance Sheet as at 31March 2017 the Statement of Profit and Loss including Other Comprehensive Income theCash Flow statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information (hereinafterreferred to as ‘Standalone Ind AS Financial Statements').

Management's Responsibility for the Standalone Ind AS FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in Section 134 (5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these Standalone Ind AS Financial Statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)prescribed under Section 133 of the Act read with the relevant Rules issues there under.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Standalone Ind AS Financial Statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Ind ASFinancial Statements based on our audit. We have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit of Standalone Ind AS Financial Statements inaccordance 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 theaudit to obtain reasonable assurance about whether the Standalone Ind AS FinancialStatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the Standalone Ind AS Financial Statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Standalone Ind AS Financial Statements whether due to fraudor error. In making those risk assessments the auditor considers internal financialcontrol relevant to the Company's preparation of the Standalone Ind AS FinancialStatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Directors as well as evaluating the overall presentation of the StandaloneInd AS Financial Statements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Standalone Ind AS FinancialStatements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Ind AS Financial Statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including the Ind ASof the financial position of the Company as at 31 March 2017 and its financial performanceincluding other comprehensive income its cash flows and the changes in equity for theyear ended on that date.

Emphasis of Matter

The company has not provided interest on the term loans from banksclassified as Non Performing Assets (NPA) for the current year of Rs 11432 lacs and Rs5800 lacs for the previous financial year 31 March 2016. As an impact the losses areunderstated to this extent by the same amount in the respective years.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purpose of ouraudit; 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 and Loss including OtherComprehensive Income the Cash Flow Statement and the Statement of Changes inEquity dealt with by this Report are in agreement with the relevant books of account;

d) In our opinion the aforesaid Standalone Ind AS Financial Statementscomply with the Indian Accounting Standards prescribed under Section 133 of theAct read with the Relevant Rules issued there under;

e) On the basis of the written representations received from theDirectors as on 31 March 2017 taken on record by the Board of Directors none ofthe Directors is disqualified as on 31 March 2017 from being appointed as a Director interms of Section 164(2) of the Act;

f) With respect to the adequacy of the Internal Financial Controls overfinancial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate report in ‘Annexure A';

g) With respect to Other Matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014as amended in our opinion and to the best of our information and according to theexplanations given to u s:

(i) The Standalone Ind AS Financial Statements disclose the impact ofpending litigations on the financial position of the Company;

(ii) The Company did not have any long term contracts includingderivative contracts for which there were any material foreseeable losses;

(iii) There has been no delay in transferring amounts required to betransferred to the Investor Education & Protection Fund by the Company; and

(iv) The Company has provided requisite disclosures in its StandaloneInd AS Financial Statements as to holdings as well as dealings in specified Bank Notesduring the period from 8 November 2016 to 30 December 2016. Based on audit procedures andthe representation provided to us by the Management we report that the disclosures are inaccordance with the relevant books of account maintained by the Company and as produced tous by the Management.

2. As required by the Companies (Auditors Report) Order 2016 (TheOrder) issued by the Central Government in terms of Section 143 (11) of the Act we givein ‘Annexure B' a statement on the matters specified in paragraphs 3 & 4 ofthe Order.

For R. L. RATHI & COMPANY
Firm Registration No. 108719W
Chartered Accountants
R. L. RATHI
Place: Pune Proprietor
Date: 30 May 2017 Membership No. 14739

ANNEXURE A' TO THE INDEPENDENT AUDITORS' REPORT 31MARCH 2017 ON THE STANDALONE IND AS FINANCIAL STATEMENTS

(Referred to in our report of even date)

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

In conjunction with our audit of the Standalone Ind AS FinancialStatements of Bilcare Limited (the Company) as of and for the year ended 31 March 2017 wehave audited the internal financial controls over financial reporting of the Company.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing andmaintaining Internal Financial Controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the ‘Guidance Note') issued by the Institute of CharteredAccountants of India (ICAI). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Act to the extent applicable toan audit of internal financial controls both applicable to an audit of internal financialcontrols and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditors' judgment including the assessment of therisks of material misstatement of the Standalone Ind AS Financial Statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial controlover financial 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 authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2017 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by the ICAI.

For R. L. RATHI & COMPANY
Firm Registration No. 108719W
Chartered Accountants
R. L. RATHI
Place: Pune Proprietor
Date: 30 May 2017 Membership No. 14739

‘ANNEXURE B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in our report of even date)

1. (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of the Property Plant& Equipment.

As explained to us the Property Plant & Equipment have beenphysically verified by the Management in a phased periodical manner which in our opinionis reasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such physical verification.

According to the information and explanations provided to us titledeeds of immovable properties as disclosed to the Standalone Ind AS Financial Statementsare held in the name of the Company.

2. In our opinion the Inventories physically verified during the yearby the Management at reasonable intervals and no material discrepancies were noticed onphysical verification.

3. According to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms or otherparties covered in the register maintained under section 189 of the Companies Act.Accordingly the sub-clauses 3(iii)(a)(b) and (c) are not applicable.

4. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 185 and 186 of theAct in respect of grant of loans making investments and providing guarantees andsecurities.

5. According to the information and explanations given to us theCompany has not accepted any deposits during the year and has unclaimed deposits or Rs29.91 lacs as at March 31 2017.

6. We have broadly reviewed the records maintained by the Companypursuant to the Rules prescribed by the Central Government for maintenance of cost recordsunder Section 148 (1) of the Act and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. We have however not made a detailedexamination of the cost records with a view determine whether they are accurate orcomplete.

7. According to the information and explanations given to us inrespect of statutory dues:

(a) The Company has generally been regular in depositing undisputedstatutory dues including Provident Fund Employees' State Insurance Income TaxSales Tax Service Tax and Value Added Tax duty of Customs duty of Excise Cess andother material statutory dues applicable to it with the appropriate authorities exceptthat the dues for TDS of Rs 222.66 lacs and dues for Provident Fund of Rs 35.83 lacs arein arrears as at the last day of the financial year under audit for a period of more thansix months.

(b) There are no dues of Income Tax Sales Tax Wealth Tax ServiceTax Customs duty Excise duty Cess which have not been deposited with the appropriateauthorities on account of any dispute.

8. According to the information and explanations given to us we are ofthe opinion that the Company has defaulted in repayment of dues to the lenders which aredetailed in Annexure A in the Notes to the Standalone Ind AS Financial Statements.

9. The Company has not raised money by way of initial public offer orfurther public offer (including debt instruments) and term loans during the year.Accordingly para 3 (ix) of the Order is not applicable.

10. According to the information and explanations given to us nomaterial fraud by the Company or no fraud on the Company by its officers or employees havebeen noticed or reported during the course of our audit.

11. According to the information and explanations given to us theCompany has not paid / provided for any managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

12. In our opinion and according to the information and explanationsgiven to us Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it. Accordingly para 3(xii) of the Order is not applicable.

13. In our opinion and according to the information and explanationsgiven to us and based on our examination of the records of the Company transactions withrelated parties are in compliance with the provisions of Section 177 and 188 of the Actwhere applicable. Details of such related party transactions have been disclosed in theStandalone Ind AS Financial Statements as required by the applicable accounting standards.

14. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year. Accordingly para 3(xiv) of the Order is not applicable.

15. According to the information and explanations given to us theCompany has not entered into any non-cash transactions with its Directors or personsconnected with them. Accordingly para 3(xv) of the Order is not applicable.

16. According to the information and explanations given to us theCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934. Accordingly para 3 (xvi) of the Order is not applicable.

For R. L. RATHI & COMPANY
Firm Registration No. 108719W
Chartered Accountants
R. L. RATHI
Place: Pune Proprietor
Date: 30 May 2017 Membership No. 14739