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BLS International Services Ltd.

BSE: 540073 Sector: IT
NSE: BLS ISIN Code: INE153T01027
BSE 00:00 | 25 May 173.10 -1.90
(-1.09%)
OPEN

174.85

HIGH

179.00

LOW

171.00

NSE 00:00 | 25 May 173.75 -1.20
(-0.69%)
OPEN

176.65

HIGH

179.80

LOW

170.25

OPEN 174.85
PREVIOUS CLOSE 175.00
VOLUME 52279
52-Week high 293.00
52-Week low 115.00
P/E 168.06
Mkt Cap.(Rs cr) 1,774
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 174.85
CLOSE 175.00
VOLUME 52279
52-Week high 293.00
52-Week low 115.00
P/E 168.06
Mkt Cap.(Rs cr) 1,774
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

BLS International Services Ltd. (BLS) - Auditors Report

Company auditors report

To the Members

BLS International Services Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of BLSInternational Services Limited ("the Company") which comprise the balancesheet as at 31st March 2017 the statement of profit and loss cash flow statement forthe year then ended and a summary of significant accounting policies and otherexplanatory information.

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.

Auditor's 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder. We conducted our audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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

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 31st March 2017 and its profit and its cash flows for the year ended on that date.

Other Matter

The standalone financial statements of the Company for the year ended 31st March 2016were audited by another auditor M/s P. Bholusaria & Co. Chartered Accountants Delhiwho had given an unmodified opinion on these financial statements with their audit report.

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 inparagraphs 3 and 4 of the Order.

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

• We have sought and obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purpose of our audit;

• In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

• The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this report are in agreement with the books of account;

• 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;

• On the basis of written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms ofsub-section 2 of section 164 of the Act;

• With respect to the adequacy of the internal financial controls over financialreporting the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B"; and

• 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:

1. The Company does not have any pending litigations which would impact its financialposition;

2. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses;

3. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company; and

4. The company has provided requisite disclosures in its financial statements as toholdings as well as dealing in specified bank notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company.

Refer Note 30 to the financial statements.

For S S Kothari Mehta & Co.
Chartered Accountants
Firm's Registration Number: 000756N
Harish Gupta
Place: New Delhi Partner
Date: 22nd May 2017 Membership No.: 098336

"Annexure A" to the Independent Auditors' Report

The Annexure as referred in paragraph (1) ‘Report on Other Legal and RegulatoryRequirements of our Independent Auditors' Report to the members of BLS InternationalServices Limited on the standalone financial statements for the year ended 31st March2017 we report that:

i.

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

• The fixed assets have been physically verified by the management according tothe programme of periodical verification in phased manner which in our opinion isreasonable having regard to the size of the Company and the nature of its Fixed Assets.The discrepancies if any noticed on such physical verification have been properly dealtwith in the books of accounts.

• The company does not have any immovable property.

ii. The company is a service company. Accordingly it does not hold any physicalinventories. Thus paragraph 3(ii) of the order is not applicable to the company.

iii. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (c) of theOrder are not applicable to the Company.

iv. According to the information and explanations given to us the Company has compliedwith the provisions of section 185 and I86 of the Act with respect to the loans andinvestments made.

v. The company has not accepted any deposits from public.

vi. The nature of the company's service is such that maintenance of cost records undersection 148(1) of the act is not applicable to the company.

vii. According to the information and explanations given to us and on the basis ofexamination of the records of the Company the Company is generally regular in depositingundisputed statutory dues including provident fund employees' state insurance incometax service tax cess and any other material statutory dues with the appropriateauthorities to the extent applicable.

• According to the information and explanations given to us there are no dues ofin respect of income tax sales tax service tax duty of excise duty of custom or valueadded tax which have not been deposited on account of any dispute.

viii. In our opinion on the basis of audit procedures and according to the informationand explanations given to us the Company has not defaulted in repayment of loan orborrowing to any banks and financial institutions as at balance sheet date. As perinformation and explanation given to us the company had not taken any loan or borrowingsfrom the government. Further the company had not issued any debenture.

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) during the year. The term loans have been applied for the purpose for whichthey were raised.

x. According to the information and explanations given to us no instance of fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the year.

xi. According to the information and explanations given 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 record of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. Based upon the audit procedures performed and the information and explanationsgiven to us the Company has not made the preferential allotment or private placement ofshares during the year under review.

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 S S Kothari Mehta & Co.
Chartered Accountants
Firm's Registration Number: 000756N
Harish Gupta
Place: New Delhi Partner
Date: 22nd May 2017 Membership No.: 098336

"Annexure B" to the Independent Auditor's Report of even date on the on theStandalone Financial Statements of BLS International Services Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") as referred to in paragraph 2(f) of‘Report on Other Legal and Regulatory Requirements' section

We have audited the internal financial controls over financial BLS Internationalservices Limited ("the Company") as of 31st March 2017 in conjunction withour audit 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 accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 of 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 auditor's judgement including the assessment of therisks 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 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 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 may become inadequate because of changes in conditions or that the degreeof 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 31st March 2017 based on theinternal control over criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For S S Kothari Mehta & Co.
Chartered Accountants
Firm's Registration Number: 000756N
Harish Gupta
Place: New Delhi Partner
Date: 22nd May 2017 Membership No.: 098336