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BLS Infotech Ltd.

BSE: 531175 Sector: IT
NSE: N.A. ISIN Code: INE606B01022
BSE LIVE 13:28 | 07 Aug 0.26 0.01
(4.00%)
OPEN

0.24

HIGH

0.26

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0.24

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.24
PREVIOUS CLOSE 0.25
VOLUME 3140
52-Week high 0.39
52-Week low 0.24
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.26
Buy Qty 99.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.24
CLOSE 0.25
VOLUME 3140
52-Week high 0.39
52-Week low 0.24
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.26
Buy Qty 99.00
Sell Price 0.00
Sell Qty 0.00

BLS Infotech Ltd. (BLSINFOTECH) - Auditors Report

Company auditors report

To The Members of M/s BLSINFOTECH LTD.

Report on Financial Statements

To the Board of Directors of M/s. BLS Infotech Limited

1. We have audited the accompanying standalone financial statements of M/s BLS INFOTECHLTD. ("the Company") which comprise the Balance sheet as at 31 st March 2016the statement of profit and loss and cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 (the "Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting standards specified underthe Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the company and for preventingand detecting frauds and other irregularities; section and application of appropriate -accounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures

in the financial statements. The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 accounting policies used and the reasonablenessof the accounting estimates made by the Company's directors as well as evaluating theoverall presentation of the financial statements.

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

Opinion

8. 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 312016 and its profit and its cash flows for the year ended on that date.

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 312016;

(b) In the case of the Statement of Profit and Loss of the Profit for the year endedon that date; and

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order 2015 ("the order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act (hereinafter referred to as the "Order") and on the basis of suchchecks of the books and records of the Company as we considered appropriate and accordingto the information and explanations given to us. We give in the Annexure a statement onthe matters specified in paragraphs 3 and 4 of the Order.

10. As required by section 143(3) of the Act we report that 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 purposes 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 and loss and cash flow statement dealtwith this report are in agreement with the books of account.

(d) In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards specified under section 133 of the actread with Rule 7 of the Companies (Accounts) Rules 2014.

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

(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 no pending litigations during the year.

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For RANJIT JHA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 326969E
Place: Kolkata (Ranjit Jha)
Dated: 30h day of MAY 2016 Partner
Membership No.: 068333

Annexure - A to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31 March 2016 we report that:

(i) (a) The Company has maintained proper records showing full particulars including

quantitative details and situation of fixed assets

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) The Company does not hold any physical inventories. Thus paragraph 3(ii) of theOrder is not applicable to the Company.

(iii) The Company has not granted any loans secured or unsecured to the bodiescorporate covered in the register maintained under section 189 of the Companies Act 2013('the Act').

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148( 1) of the Act for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income- taxsales tax value added tax duty of customs service tax cess and other materialstatutoi^ dues havejjeen y ear'toy 'tfie'cSornpafiy with the appropriate authorities. Asexplained to us the Company did not have any dues on account of employees' stateinsurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms service tax cess and other material statutory dues were in arrears as at 31March 2016 for a period of more

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders during the year. Accordinglyparagraph 3(viii) of the Order is not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections

177 and 188 of the Act where applicable and details of such transactions have beendisclosed in . the financial statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India

Act 1934.

For RAN JIT JHA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 326969E
Place : Kolkata (Ranjit Jha)
Dated: 30h day of MAY 2016 Partner
Membership No.: 068333

Annexure - 8 to the 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 M/s BLSInfotech Limited ("the Company") as of 31 March 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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^ 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 judgment 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 our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provi reasonable assurance regarding the reliability of financial reporting and thepreparation of financ statements for external purposes in accordance with generallyaccepted accounting principles company's internal financial control over financialreporting includes those policies and procedur that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflc the transactions anddispositions of the assets of the company; (2) provide reasonable assuran thattransactions are recorded as necessary to permit preparation of financial statementsaccordance with generally accepted accounting principles and that receipts andexpenditures oft company are being made only in accordance with authorisations ofmanagement and directors oft company; and (3) provide reasonable assurance regardingprevention or timely detection unauthorised acquisition use or disposition of thecompany's assets that could have a mater 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 tl possibility of collusion or improper management override ofcontrols material misstatements due error or fraud may occur and not be detected. Alsoprojections of any evaluation of the interr financial controls over financial reporting tofuture periods are subject to the risk that the interr financial control over financialreporting may become inadequate because of changes in conditior or that the degree ofcompliance 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 repgrting were operating effectively as at 31 March 2016 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 RANJIT JHA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 326969E
Place : Kolkata (Ranjit Jha)
Dated: 30h day of MAY 2016 Partner
Membership No.: 068333

AUDITORS' CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE

To

The Members M/s. BLS Infotech Ltd.

We have examined the compliance of corporate governance by M/s BLS Infotech Ltd for theyear ended on 31st March 2016 as stipulated under SEBI (LODR) regulation 2015of the said company with Stock Exchanges.

The Compliance of the corporate governance is the responsibility of the management. Ourexamination was limited to procedures and implementation thereon adopted by the Companyfor ensuring the Compliance of the conditions of the corporate governance. It is neitheran audit nor an expression of opinion on the financial statements of the company.

In our opinion and to the best of our information and according to the explanationsgiven to us we certify that the Company has complied with the conditions of CorporateGovernance as stipulated in the above mentioned Listing Agreements.

We state that no investor grievance is pending for a period exceeding one month againstthe Company as per records maintained by the Registrar & Share Transfer Agents of theCompany.

We further state that such compliance is neither as assurance as to the viability ofthe company nor the efficiency or effectiveness with which the management has conductedthe affairs of the Company.

For RANJIT JHA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 326969E
Fiace : 'Ro'fKa'ta (Ranjit Jha)
Dated: 30h day of MAy 2016 Partne
Membership No.: 068333