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BSL Ltd.

BSE: 514045 Sector: Industrials
NSE: BSL ISIN Code: INE594B01012
BSE LIVE 15:40 | 28 Apr 78.00 -1.30
(-1.64%)
OPEN

77.70

HIGH

78.55

LOW

77.00

NSE 15:42 | 28 Apr 77.90 -1.65
(-2.07%)
OPEN

79.50

HIGH

79.50

LOW

77.20

OPEN 77.70
PREVIOUS CLOSE 79.30
VOLUME 946
52-Week high 95.55
52-Week low 52.30
P/E 15.60
Mkt Cap.(Rs cr) 80.26
Buy Price 78.00
Buy Qty 424.00
Sell Price 0.00
Sell Qty 0.00
OPEN 77.70
CLOSE 79.30
VOLUME 946
52-Week high 95.55
52-Week low 52.30
P/E 15.60
Mkt Cap.(Rs cr) 80.26
Buy Price 78.00
Buy Qty 424.00
Sell Price 0.00
Sell Qty 0.00

BSL Ltd. (BSL) - Auditors Report

Company auditors report

To

The Members

BSL Limited

Report on Financial Statements

We have audited the accompanying financial statements of BSL Limited whichcomprise the Balance Sheet as at March 31 2016 the Statement of Profit and Loss CashFlow Statement for the year then ended and a summary of significant accounting policiesand other explanatory information.

Management 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 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting principles generallyaccepted in India including the Accounting standard specified under Section 133 of theAct read with Rule 7 of the companies (Accounts) Rule 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating affectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation of presentation of financial statements that givestrue and fair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of 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. 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) In the case of the Balance sheet of the state of the Company as at March 31 2016;

b) In the case of Statement of the Profit and Loss of the profit for the year ended onthat date;

c) In the case of the Cash Flow Statement of the cash flow for the year ended on thatdate

Report on other Legal & Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act we give in theAnnexure-I a statement on the matters specified in paragraphs 3 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rule 2014.

e) On the basis of the written representations received from the directors as on 31 stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2016 from being appointed as a director in term 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 we give in theAnnexure-II separate report on this Matter.

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 best of our information and according to the explanations given to us:

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

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- Refers Note 32 to the financial statement.

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

For A.L. CHECHANI & CO.
Chartered Accountants
Firm Registration No.: 005341C
(SUNIL SURANA)
Place: Noida (U.P.) Partner
Date: 11 th May 2016 Membership No.036093

ANNEXURE-I TO AUDITOR'S REPORT

The Annexure referred to in our report of even date to the members of BSL Limited onthe accounts of the company for the year ended 31st March 2016. We report that:

(i) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) These fixed assets have been physically verified by the management at reasonableintervals no any material discrepancies were noticed on such verification;

(c) The title deeds of immovable properties are held in the name of the company exceptLand and building of merged companies M/s BSL Wulfing Limited and M/s Bhilwara ProcessorsLimited are under name transfer process.

(ii) Physical verification of inventory has been conducted at reasonable intervals bythe management; no any material discrepancies were noticed on physical verification;

(iii) The company has no granted any loan secured or unsecured to the companiesfirms Limited liability partnerships or other parties) covered in the register maintainedunder section 189 of the Companies Act. 2013.

(iv) The company has not entered any transaction in respect of (loan investmentsguarantee and security) covered under section 185 and 186 of the Companies act 2013.

(v) The company has not accepted deposits under provisions of sections 73 to 76 or anyother relevant provisions of the Companies Act and the rules framed there under.

(vi) The Company is maintaining proper cost records has been specified by the CentralGovernment under sub section (1) of section 148 of companies act..

(vii) (a) The company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues with theappropriate authorities.

(b) According to the records of company dues of income-tax sales-tax duty ofcustoms duty of excise value added tax cess and any other statutory dues with theappropriate authorities which has not been deposited on account of disputes are as under:

Name of Statue Nature of the dues Amount ( Rs. in Lac) Forum where dispute is pending
Service Tax Duty 3.56 Commissioner (Appeals)
Central Duty 37.15 Add. Commissioner
Excise Act Duty/Interest/ Penalty 15.32 CESTAT New Delhi
RVAT Act Tax 29.78 High Court of
Interest 09.99 Rajasthan
Income Tax Tax 24.83 Commissioner
Act Interest 8.94 (Appeals)

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of loan and borrowing to financialInstitutions banks Government or dues to debenture holders.

(ix) In our opinion and according to the information and explanations given to us thecompany has not raised money by way of initial public offer or further public offer(including debt instruments).

(x) In our opinion and according to the information and explanations given to us thereis no fraud by the company or any fraud on the Company by its officers or employees hasbeen noticed or reported during the year.

(xi) The managerial remuneration has been paid and provided in accordance with therequest approvals mandated by provision of section 197 read with Schedule V of thecompanies Act 2013.

(xii) The provision specified in Nidhi Rule 2014 is not applicable on Company.

(xiii) Company has complied the provision of sections 177 and 188 of Companies Act 2013on all transactions with the related parties where applicable and the details have beendisclosed in the Financial Statements etc. as required by the applicable accountingstandards.

(xiv) In our opinion and according to the information and explanations given to us thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him under the provisions of section 192 of Companies Act 2013.

(xvi) The Company has not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For A.L. CHECHANI & CO.
Chartered Accountants
Firm Registration No.: 005341C
(SUNIL SURANA)
Place: Noida (U.P.) Partner
Date: 11 th May 2016 Membership No.036093

ANNEXURE II TO AUDITOR'S 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 BSL Limited("the Company") as of March 31 2016 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 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. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information 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 the 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 March 31 2016 based on thecriteria 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 A.L. CHECHANI & CO.
Chartered Accountants
Firm Registration No.: 005341C
(SUNIL SURANA)
Place: Noida (U.P.) Partner
Date: 11 th May 2016 Membership No.036093