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Balmer Lawrie Investment Ltd.

BSE: 532485 Sector: Financials
NSE: N.A. ISIN Code: INE525F01017
BSE 00:00 | 26 Feb 411.90 0.70
(0.17%)
OPEN

410.00

HIGH

415.65

LOW

403.00

NSE 05:30 | 01 Jan Balmer Lawrie Investment Ltd
OPEN 410.00
PREVIOUS CLOSE 411.20
VOLUME 10467
52-Week high 448.80
52-Week low 270.00
P/E 10.78
Mkt Cap.(Rs cr) 914
Buy Price 411.90
Buy Qty 6.00
Sell Price 411.90
Sell Qty 4.00
OPEN 410.00
CLOSE 411.20
VOLUME 10467
52-Week high 448.80
52-Week low 270.00
P/E 10.78
Mkt Cap.(Rs cr) 914
Buy Price 411.90
Buy Qty 6.00
Sell Price 411.90
Sell Qty 4.00

Balmer Lawrie Investment Ltd. (BALMERLAWINV) - Auditors Report

Company auditors report

To the Members of "BALMER LAWRIE INVESTMENTS LIMITED"

Report on the Audit of the Financial Statements

On the basis of the observations made by the Comptroller & Auditor General ofIndia this revised audit report has been prepared in lieu of the earlier report dated28.05.2019 to comply with observations of Comptroller & Auditor General of India.

Opinion

We have audited the accompanying financial statements of Balmer Lawrie InvestmentsLimited which comprise the balance sheet as at 31 March 2019 and the Statement ofProfit and Loss and Statements of cash flows for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information which we have signed under reference to this report.

In our opinion and to the best of our information and according to the explanationgiven 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 of the state of affairs of the Company as at 31stMarch 2019 and profit and its cash flows for the year ended on the date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibility under those Standardsare further described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprevisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the financial statements of the current period. We havedetermined that there are no key audit matters to be communicated in our report.

Management's Responsibility for the Financial Statements

The Company's Board of Directors are responsible for the matters stated in Section134(5) of ‘the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section l33 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of accounting policies; makingjudgements 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.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also :

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.(insert if applicable)

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexits related to events or conditions that may cast significate doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty exitswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by ‘the Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of sub- sections (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 A" statementon the matters specified in paragraphs 3 and 4 of

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 book;

(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) Rules 2014;

(e) On the basis of the written representations received from the directors as on 31March 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March2019 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";

(g) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of

the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation 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 - Refer Note 13 (i) to the financial statements ;

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

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

(h) As required Under Section 143(5) of Companies Act2013 we furnish in "AnnexureC" compliance to the directions issued by the Comptroller & Auditor General ofIndia.

Place : Kolkata For D.K. Chhajer & Co.
Date: 24th July 2019 Chartered Accountants
Firm Registration No. 304138E
Partner
Tapan K. Mukhopadhyay
Membership No. 017483

ANNEXURE "A"

INDEPENDENT AUDITORS' REPORT

The annexure referred to in Independent Auditors' Report of even date to the members ofBalmer Lawrie

Investments Limited on the financial statements for the year ended 31st March 2019

i. The Company does not hold any fixed assets during the year ended 31 March 2019.Therefore the provisions of Clause 3(i) of the Order are not applicable to the Company.

ii. The Company does not hold any inventory therefore the provisions of Clause 3(ii)of the said Order are not applicable to the Company.

iii. According to the information and explanations given to us and based on the auditprocedures conducted by us the Company has not granted any loans secured or unsecuredto companies limited liability partnership firm firms or other parties covered in theregister maintained under Section 189 of the Act. Therefore the provisions of Clause3(iii)[(a) (b) and (c)] of the said Order are not applicable to the Company.

iv. According to the information and explanations given to us and based on the auditprocedures conducted by us the company has neither granted any loan guarantee securitynor purchased any investments so the provisions of Clause 3(iv) of the order is notapplicable to the company.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 to 76 of the Act and the rules framed there under. Therefore the provision ofclause 3(v) of the order is not applicable to the company.

vi. The Central Government of India has not prescribed the maintenance of cost recordsunder subsection (1) of Section 148 of the Act for any of the products of the Company.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including Income tax GST and other material statutory dues asapplicable with the appropriate authorities. According to the information andexplanations given to us no undisputed amounts payable in respect of the aforesaid dueswere outstanding as at 31 March 2019 for a period of more than six months from the dateof becoming payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us the particulars of dues of income-tax as at 31st March 2019 whichhave not been deposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount (Rs) Period to which the amount relates Forum where the disput is pending
Income Tax Act - 1961 Demand under section 143(3) dt. 20.10 2010 295530.00 A.Y.2008-09 CIT(Appeals) Kolkata

viii. As the Company does not have any borrowings from any financial institution orbank or Government nor has it issued any debentures as at the balance sheet date theprovisions of Clause 3(viii) of the Order are not applicable to the Company.

ix. The Company has not raised any money by way of term loans. Accordingly theprovisions of Clause 3(ix) of the Order are not applicable to the Company.

x. 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 on or by the Company noticed or reported during the year norhave we been informed of any such case by the Management.

xi. The company has not provided any managerial remuneration for the year ended 31March 2019. Therefore the provisions of Clause 3(xi) of the Order are not applicable tothe Company.

xii. The Company is not a nidhi company accordingly paragraph 3(xii) of the Order isnot applicable.

xiii. According to the information and explanations given to us and the records of theCompany examined by us all the transactions with related parties are in compliance withsection 177 and 188 of the Companies Act 2013 and has been properly disclosed in theFinancial Statements as required by the applicable accounting standards.

xiv. According to the information & explanation given to us and the records of theCompany examined by us no money was raised through preferential allotment/privateplacements of shares/fully/partly convertible debentures during the year under reviewhence the provisions of Clause 3(xiv) of the said order is not applicable to the Company.

xv. According to the information & explanation given to us and the records of theCompany examined by us Company has not entered into any non-cash transactions withdirectors or person connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 as the Reserve Bank of India has exempted the Company to complywith the formalities of registration and minimum net owned funds under the NotificationNo. DNBS.153/CGM(LMF)-2001 dated December 10 2001.

Place : Kolkata For D.K. Chhajer & Co.
Date: 24th July 2019 Chartered Accountants
Firm Registration No. 304138E
Tapan K. Mukhopadhyay
Partner
Membership No. 017483

TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF BALMERLAWRIE INVESTMENTS LIMITED

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 BalmerLawrie Investments Limited as of 31 March 2019 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 (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 ("The Act").

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 ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 our judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 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 assuranceregarding prevention or timely detection of unauthorised acquisition use or dispositionof the Company'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 risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 2019 based on theinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

Place : Kolkata For D.K. Chhajer & Co.
Date: 24th July 2019 Chartered Accountants
Firm Registration No. 304138E
Tapan K. Mukhopadhyay
Partner
Membership No. 017483

TO INDEPENDENT AUDITORS' REPORT

DIRECTIONS UNDER SECTION 143(5) OF THE COMPANIES ACT 2013

SI.No. Directions Auditor's Reply
1. Whether the company has system in place to process all the accounting transactions through IT systemRs If yes the implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financial implications if any may be stated. Yes the Company has IT software and systems in place to process all the accounting transactions. The Company has adequate internal control system to process all accounting transactions through IT system.
2. Whether there are any restructuring of an existing loan or cases of waiver/ write off debts/ loans/ interest etc. made by a lender to the company due to the company's inability to repay the loanRs if yes the financial impact may be stated. Nothere is no case of waiver/write off of debts/loans/interest etc. during the year under audit.
3. Whether funds received/ receivable for specific schemes from Central/ State agencies were properly accounted for/ utilised as per its term and conditionsRs List the case of deviation. No there is no such case of funds being received/ receivable for specific schemes from central/state agencies.

 

Place : Kolkata For D.K. Chhajer & Co.
Date : 24th July 2019 Chartered Accountants
Firm Registration No. 304138E
Tapan K. Mukhopadhyay
Partner
Membership No. 017483

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