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BLB Ltd.

BSE: 532290 Sector: Financials
NSE: BLBLIMITED ISIN Code: INE791A01024
BSE LIVE 15:28 | 27 Jun 5.89 -0.31
(-5.00%)
OPEN

6.25

HIGH

6.49

LOW

5.89

NSE 15:46 | 27 Jun 6.20 -0.30
(-4.62%)
OPEN

6.20

HIGH

6.70

LOW

6.20

OPEN 6.25
PREVIOUS CLOSE 6.20
VOLUME 832
52-Week high 8.77
52-Week low 3.74
P/E 98.17
Mkt Cap.(Rs cr) 31
Buy Price 0.00
Buy Qty 0.00
Sell Price 5.89
Sell Qty 30.00
OPEN 6.25
CLOSE 6.20
VOLUME 832
52-Week high 8.77
52-Week low 3.74
P/E 98.17
Mkt Cap.(Rs cr) 31
Buy Price 0.00
Buy Qty 0.00
Sell Price 5.89
Sell Qty 30.00

BLB Ltd. (BLBLIMITED) - Auditors Report

Company auditors report

To the Members of BLB Limited

1. Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of BLB Limited("the Company") which comprise the Balance Sheet as at 31st March 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

2. Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe 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; and design implementation andmaintenance of adequate internal financial controls that were 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 viewand are free from material misstatement whether due to fraud or error.

3. Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2016 its profit and its cash flows for the year ended on that date.

5. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-Section (11) of Section 143 ofthe Act we give in the Annexure-A a statement on the matters specified in the paragraph 3and 4 of the Order to the extent applicable.

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

a) we have sought and obtained all the information and 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 standalone financial statements comply with theAccounting 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 March312016 taken on record by the Board of Directors none of the Directors is disqualifiedas on 31st March 2016 from being appointed as a Director in terms of Section 164(2) ofthe Act; and

f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

g) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements-Refer Note 29(a)(i) to the financial statements;

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts; and

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For M/s. RAM RATTAN & ASSOCIATES
CHARTERED ACCOUNTANTS
(FRN: 004472N)
(RAM RATTAN GUPTA)
Place : New Delhi. PARTNER
Dated : 30th May 2016 M. No. 83427

ANNEXURE - A TO INDEPENDENT AUDITORS' REPORT

I he Annexure referred to in Paragraph 5(1) ot our Independent Auditors' Report to themembers ot the Company on the standalone financial statements for the year ended 31stMarch 2016 we report that

i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) In our opinion the fixed assets have been physically verified by the management atreasonable intervals having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and on the basis ourexamination of the records of the Company the title deeds of all the immovable propertiesare held in the name of the Company.

ii) a) As explained to us the inventories of securities held as stock-in-trade havebeen verified by the management with demat accounts maintained with depositories atreasonable intervals and that the Units of Mutual Funds held as Stock-in-Trade in demataccounts with the custodians are verified from the statements received from them on aregular basis.

b) The Company is maintaining proper records of inventories and as explained to us nodiscrepancies were noticed on verification of stocks and book records.

iii) The Company has granted unsecured loans to its wholly owned subsidiaries coveredin the register maintained under Section 189 of the Companies Act 2013.

a) In our opinion the terms and conditions of such loans are prima facie notprejudicial to the interest of the Company.

b) The wholly owned subsidiaries have been regular in the payment of interest to theCompany as stipulated. The terms of arrangements do not stipulate any repayment scheduleand the loans are receivable on demand. Accordingly paragraph 3(iii) (b) of the Order isnot applicable to the Company in respect of receipt of the principal amount.

c) There are no overdue amounts of more than ninety days in respect of loans granted tothe wholly owned subsidiaries listed in the register maintained under Section 189 of theCompanies Act 2013.

iv) In our opinion and according to the information and explanations given to us Inrespect of loans investments guarantees and security the provisions of section 185 ofthe Companies Act 2013 and section 186 of the Companies Act 2013 read with Companies(Meetings of Board and its powers) Rules 2014 are not applicable to the Company .

v) According to the information and explanations given to us the Company has notaccepted any deposits from the public and as such the requirement of clause (v) of theOrder is not applicable.

vi) The Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Companies Act 2013 for any of the activities rendered by theCompany.

vii) a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Employees' State Insurance Income-taxService-tax Cess and any other statutory dues. According to the information andexplanation given to us no undisputed amounts of statutory dues were in arrears as at31.03.2016 for a period of more than six months from the date they became payable.

b) According to the information and explanation given to us no disputed amountspayable in respect of Income-tax Wealth Tax Service-tax and Cess were in arrears as at31.03.2016.

viii) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. However the Company did nottake any loans or borrowings from any financial institution government or debentureholders during the year.

ix) According to the information and explanations given to us the Company has notraised moneys by way of initial public offer or further public offer (including debtinstruments) and term loans during the year as such clause (ix) of paragraph 3 of theOrder is not applicable.

x) According to the information and explanations given to us no fraud by the Companyor any fraud on the company by its officers or employees has been noticed or reportedduring the year.

xi) In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid by the Company in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the CompaniesAct.

xii) According to the information and explanations given to us the Company is not aNidhi Company as specified in the Nidhi Rules 2014 as such clause (xii) of paragraph 3 ofthe Order is not applicable.

xiii) In our opinion and according to the information and explanations given to us thetransactions with the related parties are in compliance with Sections 177 and 188 ofCompanies Act 2013 wherever applicable and the details of such transactions have beendisclosed in the Financial Statements etc as required by the applicable accountingstandards.

xiv) According to the information and explanations given to us the Company has notraised any money by way of preferential allotment or private placement of shares or fullyor partly convertible debentures during the year under review as such clause (xiv) ofparagraph 3 of the Order is not applicable.

xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him assuch clause (xv) of paragraph 3 of the Order is not applicable.

XVI) In our opinion and according to the information and explanations given to us theCompany is not required to be registered under Section 45-IA of Reserve Bank of IndiaAct1934 as such clause (xvi) of paragraph 3 of the Order is not applicable.

For M/s. RAM RATTAN & ASSOCIATES
CHARTERED ACCOUNTANTS
(FRN: 004472N)
(RAM RATTAN GUPTA)
Place : New Delhi. PARTNER
Dated : 30th May 2016 M. No. 83427

ANNEXURE - B TO INDEPENDENT AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of BLB Limited("the Company") as of March 312016 in conjunction with our audit of thestandalone 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 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 Companies Act 2013.

Auditors' Responsibility

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 issued by ICAI and deemedto be prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe 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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for my /our audit opinion on the Company's internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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

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

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 312016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M/s. RAM RATTAN & ASSOCIATES
Chartered Accountants
(FRN: 004472N)
(RAM RATTAN GUPTA)
Place : New Delhi. PARTNER
Dated :30th May 2016 M. No. 83427