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BPL Ltd.

BSE: 500074 Sector: Consumer
NSE: BPL ISIN Code: INE110A01019
BSE 15:52 | 19 Jan 96.80 -1.80
(-1.83%)
OPEN

98.60

HIGH

101.25

LOW

95.95

NSE 15:52 | 19 Jan 96.75 -1.00
(-1.02%)
OPEN

98.00

HIGH

101.20

LOW

95.60

OPEN 98.60
PREVIOUS CLOSE 98.60
VOLUME 107731
52-Week high 121.75
52-Week low 53.00
P/E 31.74
Mkt Cap.(Rs cr) 473
Buy Price 0.00
Buy Qty 0.00
Sell Price 96.80
Sell Qty 1075.00
OPEN 98.60
CLOSE 98.60
VOLUME 107731
52-Week high 121.75
52-Week low 53.00
P/E 31.74
Mkt Cap.(Rs cr) 473
Buy Price 0.00
Buy Qty 0.00
Sell Price 96.80
Sell Qty 1075.00

BPL Ltd. (BPL) - Auditors Report

Company auditors report

To the Members BPL Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of BPL Limited('the Company') which comprise the balance sheet as at 31st March 2017 the statement ofprofit and loss and the cash flow statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 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. 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 31 March 2017 and its Profit and its cash flows for the year ended on that date.

Other Emphasis Matters

Attention is invited to matters specified in Note no:22.2.2 regarding non redemption ofpreference shares on due dates and the company's plan to comply with the requirements.

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 subsection (11) of Section 143 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraph3 and 4 of the order.

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 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 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 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 disclosed the impact of pending litigations on its financialposition in its 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;

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

iv. The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are in accordance with the booksof accounts maintained by the Company. Refer Note 22.2.10 to the standalone financialstatements.

for T. Velupillai & Co.
Chartered Accountants
Firm's registration number: 004592S
M.S.RAM
Bangalore Partner
13th May 2017 Membership No. 026687

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 31st March 2017 we reportthat:

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

(b) The company has conducted physical verification of any of its fixed assets at alllocations. There are no material discrepancies. The process of reconciliation with booksof account is in progress wherever discrepancies were noticed

(c) on the basis of our examination of records of the Company the title deeds of allimmovable properties are held in the name of the Company.

2. (a) Physical verification at reasonable periods in respect of finished goodsstores spare parts and raw materials are reported to have been made by the management andcertified by them accordingly. In our opinion the frequency of verification isreasonable.

(b) the procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness as per the information and explanations given to us.

(c) the Company is maintaining proper records of inventory. The discrepancies betweenphysical stock and book stock which were not material have been properly dealt with inthe books of account

3. The company has granted an advance in the nature of loan to a party covered in theregister maintained under section 189 of the Companies Act 2013 and the terms andconditions as explained are not prejudicial to the interests of the Company. Schedule ofrepayment of principal and interest are stipulated. No instalment of principal or interesthas fallen due for repayment during the year. No amounts are overdue.

4. the Company has complied with the provisions of section 185 and 186 of the Act withrespect to the loans and investments made by it after the commencement of the CompaniesAct 2013.

5. the Company has not accepted deposits from the public and therefore the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Companies Act and the rules framed there under are notapplicable to the company.

6. The Central Government has prescribed the maintenance of cost records sub-section(1) of Section 148 of the Companies Act 2013 in respect of Printed Circuit Boardsmanufactured by the company. We have broadly reviewed the books of account and recordsmaintained by the Company in this connection and are of the opinion that prima faciethey comply with the requirements of the said section. However we have not made adetailed examination of the records with a view to determining whether they are accurate.

7. (a) According to the records of the Company and information and explanation given tous the Company is generally regular in remittance of undisputed statutory dues includingIncome Tax Deducted at Source Provident Fund Employees State Insurance Sales TaxService Tax excise Duty Cess and other statutory dues with the appropriate authoritiesduring the year. According to the information and explanations given to us undisputedamounts payable in respect of customs duty amounting to Rs.116.11 Lakhs were outstandingas at 31st March 2017 for a period of more than six months from the dates on which theybecame payable.

(b) The following dues towards sales tax customs duty excise duty and service taxhave not been deposited on account of dispute/appeals:

Name of Dues Nature of Dispute (Rs. in Lakhs) Forum where pending
Central Excise Demand against Exemption availed from Payment of duty on DC Defibrillator 28.71 Tribunal
Central Excise Demand of duty at Higher rate for clearance of CENVAT availed inputs 19.87 Commissioner Appeals
Central Excise Demand of duty on clearance of samples 3.33 Tribunal
Central Excise Demand of duty on clearance of spare parts/components/sub-assemblies 271.48 Tribunal
Central Excise Demand due to non-inclusion of amortised cost in value 34.73 Tribunal
Central Excise Demand for duty on waste of ferric chloride acid sold from the unit 25.32 Commissioner Appeals
Service Tax Demand of Service Tax & Penalty on manpower services provided by BPL to SBPL 98.48 Tribunal
Customs duty Entitlement to exemption of spare parts. 610.55 Tribunal
Customs duty Entitlement to exemption of spare parts. 17.06 Commissioner Appeals
Customs duty Demand of duty on clearance of bonded goods 33.33 Tribunal
Sales Tax Demand due to various disallowances 333.21 DCCT Appeals
Sales Tax Demand due to various disallowances 939.62 Revision Board
Sales Tax Demand due to various disallowances 335.33 Tribunal
Sales Tax Demand due to various disallowances 1751.94 High Court
FEMA Demand u/s. 10(6) & 7 140.00 Special Director (A) Chennai
FEMA Demand of non submission of Bill of Entry to Banks 50.00 Tribunal

8. Based on the verification of relevant records and based on the information given tous by the management the company has not defaulted in repayment of principal and interestto any bank/financial institution or debenture holder during the year.

9. The company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. According to therecords of the company and the information and explanations provided by the management.Accordingly paragraph 3 (ix) of the Order is not applicable.

10. No fraud by the company or any fraud on the company by its officers or employeeshas been noticed or reported during the year.Based on our verification of records andbooks of accounts of the company and according to the information and explanations givento us.

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 to the extent applicable to it.

Based on our examination of the records of the Company and According to theinformation and explanations give to us

12. 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.

13. Based on our examination of the records of the Company and according to theinformation and explanations given to us and 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.

14. Based on our examination of the records of the company the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

15. Based on our examination of the records of the company and according to theinformation and explanations given to us the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

for T. Velupillai & Co.
Chartered Accountants
Firm's Registration No. 004592S
M. S RAM (026687)
Bangalore Partner
13th May 2017 Membership No. 026687

Annexure - B to the Auditors' Report

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

We have audited the internal financial controls over financial reporting of BPL Limited("the Company") as of 31st March 2017 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 (Rs.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 safeguarding ofits 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 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 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 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 31st March 2017 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 T. Velupillai & Co.
Chartered Accountants
Firm's Registration No.004592S
M. S RAM (026687)
Bangalore Partner
13th May 2017 Membership No. 026687