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Blue Dart Express Ltd.

BSE: 526612 Sector: Services
NSE: BLUEDART ISIN Code: INE233B01017
BSE LIVE 13:45 | 08 Dec 4580.00 -4.45
(-0.10%)
OPEN

4587.20

HIGH

4616.85

LOW

4580.00

NSE LIVE 13:43 | 08 Dec 4588.30 6.55
(0.14%)
OPEN

4632.95

HIGH

4632.95

LOW

4580.00

OPEN 4587.20
PREVIOUS CLOSE 4584.45
VOLUME 389
52-Week high 7195.00
52-Week low 4500.00
P/E 60.57
Mkt Cap.(Rs cr) 10868.34
Buy Price 4580.00
Buy Qty 14.00
Sell Price 4588.00
Sell Qty 1.00
OPEN 4587.20
CLOSE 4584.45
VOLUME 389
52-Week high 7195.00
52-Week low 4500.00
P/E 60.57
Mkt Cap.(Rs cr) 10868.34
Buy Price 4580.00
Buy Qty 14.00
Sell Price 4588.00
Sell Qty 1.00

Blue Dart Express Ltd. (BLUEDART) - Auditors Report

Company auditors report

TO THE MEMBERS OF BLUE DART EXPRESS LIMITED

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Blue DartExpress Limited ("the Company") which comprise the Balance Sheet as at March31 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant . accounting policies and otherexplanatoryinformation

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements to give a true and fair view of thefinancial position financial flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 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 of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting 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 standalone financial statementsbased on our audit.

4. We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report.

5. We conducted our audit in accordance with the Standards on Auditing specifiedunderSection 143(10)of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financialstatements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe 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 financialstatements.

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 31 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by ‘the Companies (Auditor’s Report) Order 2016’ issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure B a statement on thematters specified in paragraphs 3 and 4 of the Order.

TO THE MEMBERS OF BLUE DART EXPRESS LIMITED

10. 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 purposes of our audit.

(b) 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.

(c) 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.

(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 the written representations received from the directors as on March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164 (2) oftheAct. financial reporting of the Company and the operating effectiveness (f) Withrespecttotheadequacyoftheinternalfinancial of such controls refer to our separate Report inAnnexure A.

(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 knowledge and belief and according to the information andexplanations given to us:

1. The Company has disclosed the impact if any of pending litigations as at March 312016 on its financial position in its standalone financial statements Refer Note 33;

2. The Company has long-term contracts including derivative contracts as at March 312016 for which there were no 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 during the year ended March 312016.

For Price Waterhouse
Firm Registration Number: 301112E
Chartered Accountants
Sumit Seth
Place: Mumbai Partner
Date: April 15 2016 Membership Number: 105869

ANNEXURE A TO INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 10(f) of the Independent Auditors’ Report of even date tothe members of Blue Dart Express Limited on the standalone financial statements as of andfor the year ended March 31 2016

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Act

1. We have audited the internal financial controls over financial reporting of BlueDart Express Limited ("the Company") as of March 31 2016 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

2. The Company’s management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of internal financial controls and both issued by the ICAI.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 controls based on the assessed risk. Theprocedures selected depend on the auditor’s judgement including the assessment ofthe risks of material misstatement of thefinancial error . statements whetherduetofraud

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 controlssystem over 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. A company’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 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 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 controlsover 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 31 2016 based

Referred to in paragraph 10(f) of the Independent Auditors’ Report of even date tothe members of Blue Dart Express Limited on the standalone financial statements as of andfor the year ended March 31 2016 on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

For Price Waterhouse
Firm Registration Number: 301112E
Chartered Accountants
Sumit Seth
Place: Mumbai Partner
Date: April 15 2016 Membership Number: 105869

ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 9 of the Independent Auditors’ Report of even date to themembers of Blue Dart Express Limited on the standalone financial statements as of and forthe year ended March 31 2016

1. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover some items of assets every year some items once every twoyears and the rest once every three years basis the cost threshold specified byManagement for this purpose which in our opinion is reasonable having regard to thesize of the Company and the nature of its assets. Pursuant to the programme certain fixedassets covered by the programme have been physically verified by the Management during theyear and no material discrepancies have been noticed on such verification.

(c) The title deeds of immovable properties as disclosed in Note 11 on fixed assets tothe financial statements are held in the name of the Company.

2. The physical verification of inventory of packing and stationery consumables hasbeen conducted at reasonable intervals by the Management during the year. Thediscrepancies noticed on physical verification of inventory as compared to book recordswere not material.

3. The Company has granted unsecured loans to one company covered in the registermaintained under Section 189 of the parties covered in the register Act.Therearenofirmsmaintained under Section 189 of the Act. (a) In respect of the aforesaid loans the termsand conditions under which such loans were granted are not prejudicial to theCompany’s interest.

(b) In respect of the aforesaid loans the schedule of repayment of principal andpayment of interest has been stipulated and the party is are repaying the principalamounts as stipulated and is also regular in payment of interest as applicable.

(c) In respect of the aforesaid loans there is no amount which is overdue for morethan ninety days.

4. 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 Companies Act 2013in respect of the loans and investments made and guarantees and security provided by it.

5. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

6. The Central Government of India has not specified the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the products of the Company.

7. (a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues in respect of income tax and employees’ state insurancethough there has been a slight delay in a few cases and is regular in depositingundisputed statutory dues including provident fund service tax duty of customs andother material statutory dues as applicable with the appropriate authorities. Asinformed to us sales tax duty of excise and value added tax are not applicable to theCompany for the current year.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of sales tax service tax duty of customs dutyof excise which have not been deposited on account of any dispute. The particulars of duesof income tax and value added tax as at March 31 2016 which have not been deposited onaccount of a dispute are as follows:

Name of the statute Nature of dues Amount in Rs. Lacs Period to which the amount relates Forum where the dispute is pending
Kerala VAT Act 2003 Tax Interest and Penalty 2088 Financial Years 2011-12 to 2013-14 The High Court of Kerala

8. According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans orborrowings to any financial institution or bank or Government or dues to debenture holdersas at the balance sheet date.

9. The Company has not raised any money by way of initial public offer further publicoffer (including debt instruments) and term loans during the year under review.Accordingly the provisions of Clause 3(ix) of the Order are not applicable to theCompany.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

11. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct. 12. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provisions of Clause 3(xii) of the Order are not applicable to theCompany.

13. The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 Related Party Disclosures specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

14. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 3(xiv) of the Order are not applicable to the Company.

15. The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Price Waterhouse
Firm Registration Number: 301112E
Chartered Accountants
Sumit Seth
Place: Mumbai Partner
Date: April 15 2016 Membership Number: 105869

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