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BSL Ltd.

BSE: 514045 Sector: Industrials
NSE: BSL ISIN Code: INE594B01012
BSE LIVE 15:40 | 07 Dec 68.50 -2.85
(-3.99%)
OPEN

68.40

HIGH

69.95

LOW

68.40

NSE LIVE 15:30 | 07 Dec 68.80 -0.65
(-0.94%)
OPEN

69.10

HIGH

70.00

LOW

66.40

OPEN 68.40
PREVIOUS CLOSE 71.35
VOLUME 756
52-Week high 104.30
52-Week low 40.05
P/E 14.01
Mkt Cap.(Rs cr) 70.49
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 68.40
CLOSE 71.35
VOLUME 756
52-Week high 104.30
52-Week low 40.05
P/E 14.01
Mkt Cap.(Rs cr) 70.49
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

BSL Ltd. (BSL) - Auditors Report

Company auditors report

To

The Members of

BSL Limited

Report on Financial Statements

We have audited the accompanying financial statements of BSL Limited whichcomprise the Balance Sheet as at March 31 2015 the Statement of Profit and Loss CashFlow Statement for the year ended and a summary of significant accounting policies andother 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 and 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 and 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 affairs of the Company as at March31 2015;

b) In the case of Statement of the 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 on thatdate.

Report on other Legal & regulatory requirements

1. As required by the Companies (Auditor's Report) Order 2015 issued by the CentralGovernment of India in terms of subsection (11) of section 143 of the Act we give in theAnnexure 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) There is no any financial transaction or matters which have any adverse effect onthe functioning of the Company.

f) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in termof Section 164 (2) of the Act.

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 does not have any long term contracts for which there were any materialforeseeable losses. However the Company has created Hedging reserve as required underapplicable accounting standard for gain/loss on derivative contracts - Refer Note No. 30to 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 Regd. No.: 005341C
(SUNIL SURANA)
Place: Gulabpura Dist - Bhilwara Partner
Date: 8th May 2015 Membership No.:036093

ANNEXURE TO AUDITORS 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 2015. We report that:

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

(b) The Fixed Assets have been physically verified by the management at reasonableintervals. During the year no material discrepancies were noticed on such verification

(ii) (a) The inventory has been physically verified during the year by the Management.In our opinion the frequency of verification is reasonable.

(b) The procedure of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory. The discrepancies noticedon verification between the physical stocks and the books records were not material.

(iii) The Company has not granted any loan to companies firms or other parties coveredin the register maintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to usthere is adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of inventory fixed assets and withregard to the sale of goods and services. During the course of our audit no majorweakness has been noticed in the internal control system.

(v) The Company has not accepted deposits as per the provision of Section 73 to 76 orany other relevant provision of the Companies Act and the Rules framed there under.

(vi) We have broadly reviewed the books of account relating to material labour andother items of cost maintained by the Company pursuant to the Rules made by the CentralGovernment for the maintenance of cost records under Section 148 of the Companies Act2013 and we are of the opinion the prima facie the prescribed accounts and records havebeen made and maintained.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income - tax sales-tax wealth tax servicetax duty of customs duty of excise value added tax cess and any other statutory dueswith the appropriate authorities.

(b) According to the records of the Company following dues have not been deposited onaccount of disputes and the forum where the dispute is pending are as under:

Name of Statue Nature of the due Amount (Rs. in lacs) Forum where dispute is pending
Central Excise Act Duty 04.81 CESTAT New Delhi
Penalty 03.56 Commissioner (Appeals)
RVAT Act Tax Interest 29.78 High Court of Rajasthan
09.99
Income Tax Act Tax Interest 06.97 Commissioner (Appeals)
00.77

(c) The Company has transferred amount required to be transferred to the InvestorEducation and Protection Fund with in prescribed time limit during the year.

(viii) There are no accumulated losses in the Company as on March 31 2015. The Companyhas not incurred cash losses during the financial year covered by our audit and in theimmediately preceding financial year.

(ix) In our opinion and according to the information and explanation given to us theCompany has not defaulted in repayment of dues to financial institutions banks ordebenture holders.

(x) Based on our examination of records and the information and explanations given tous the Company has not given any guarantee for loans taken by others from bank orfinancial institutions.

(xi) In our opinion the term loans obtained during the year have been applied for thepurpose for which the loans were obtained.

(xii) According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the year.

For A.L. CHECHANI & Co.
Chartered Accountants
Firm Regd. No.: 005341C
(SUNIL SURANA)
Place: Gulabpura Dist - Bhilwara Partner
Date: 8th May 2015 Membership No.:036093

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