You are here » Home » Companies » Company Overview » Balmer Lawrie Investment Ltd

Balmer Lawrie Investment Ltd.

BSE: 532485 Sector: Financials
NSE: N.A. ISIN Code: INE525F01017
BSE 00:00 | 18 Jun 471.90 -5.90
(-1.23%)
OPEN

475.05

HIGH

482.50

LOW

465.85

NSE 05:30 | 01 Jan Balmer Lawrie Investment Ltd
OPEN 475.05
PREVIOUS CLOSE 477.80
VOLUME 4701
52-Week high 525.55
52-Week low 320.00
P/E 12.35
Mkt Cap.(Rs cr) 1,048
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 475.05
CLOSE 477.80
VOLUME 4701
52-Week high 525.55
52-Week low 320.00
P/E 12.35
Mkt Cap.(Rs cr) 1,048
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Balmer Lawrie Investment Ltd. (BALMERLAWINV) - Auditors Report

Company auditors report

To The Members of

Balmer Lawrie Investments Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the Standalone Financial Statements of Balmer Lawrie InvestmentsLimited ("the Company") which comprise the standalone balance sheet as at31st March 2020 and the standalone statement of profit and loss (includingother comprehensive income) standalone statement of changes in equity and standalonestatement of cash flows for the year then ended and notes to the Standalone FinancialStatements including a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "the Standalone FinancialStatements").

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 Companies Act 2013 (the "Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at 31st March 2020 and profit andother comprehensive income changes in equity and its cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone 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 Standalone Financial Statementsunder the provisions of the Act and the Rules there under and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment 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.

Emphasis of Matter

We would like to draw attention to Note 38 of the Financial Statements in respect offinancial impact of Covid 19 Pandemic.

Our opinion is not modified in respect of the above matter.

Information Other than the Standalone Financial Statements and Auditors' Report Thereon

The Company's Management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the Financial Statements and our auditors' reportthereon. The other information is expected to be made available to us after the date ofthis auditor's report.

Our opinion on the Standalone Financial Statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the Standalone Financial Statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially mis stated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's and Board of Directors Responsibility for the Standalone FinancialStatements

The Company's management and Board of Directors are responsible for the matters statedin section 134(5) of

the Act with respect to the preparation of these Standalone Financial Statements thatgive a true and fair view of the state of affairs profit/loss and other comprehensiveincome changes in equity and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the 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 accuracy and completeness of the accounting records relevant to the preparationand presentation of the Standalone Financial Statements that give a true and fair view andare free from material mis-statement whether due to fraud or error.

In preparing the Standalone Financial Statements the Management and Board of Directorsare responsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's Financial Reportingprocess.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial Statements as a whole are free from material mis-statement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material mis-statement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone 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 mis-statement of the StandaloneFinancial Statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• 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 Act we are also responsible for expressing our opinion on whether the Company hasadequate Internal Financial Controls with reference to Financial Statements in place andthe operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures in the Standalone Financial Statementsmade by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use ofthe going concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor's report tothe related disclosures in the Standalone Financial Statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the StandaloneFinancial Statements including the disclosures and whether the Standalone FinancialStatements represent the underlying transactions and events in a manner that achieves fairpresentation.

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 them allrelationships and other matters that may reasonably be thought to bear on our independenceand 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 Standalone Financial Statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors' report unless law or regulation precludes public disclosure about thematter or when 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

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government in terms of section 143(11) of the Act we give in the"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

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 standalone balance sheet the standalone statement of profit and loss (includingother comprehensive income) the standalone statement of changes in equity and thestandalone statement of cash flows dealt with by this Report are in agreement with thebooks of account.

d) In our opinion the aforesaid Standalone Financial Statements comply with the Ind ASspecified under section 133 of the Act.

e) The provisions of section 164(2) of the Companies Act' 2013 are not applicable toGovernment Companies in terms of notification no GSR 463(E) dated 5th June2015 issued by the Ministry of Company Affairs GOI.

f) With respect to the adequacy of the Internal Financial Controls with reference toFinancial Statements of the Company and the operating effectiveness of such controlsrefer to our separate 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 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 as at 31stMarch 2020 on its financial position in its Standalone Financial Statements - Refer Note23 to the Standalone Financial Statements;

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

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

h) As required Under Section 143(5) of Companies Act 2013 we furnish in "AnnexureC" compliance to the directions issued by the Comptroller & Auditor General ofIndia.

FOR B A S & CO LLP
Chartered Accountants
FRN: 323347E/E300008
CA Vikas Jalan FCA DISA FAFD (ICAI)
(Managing Partner)
Place: Kolkata Membership No: 301660
Date- 30th June 2020 UDIN- 20301660AAAAAH7019

INDEPENDENT AUDITOR'S REPORT

Annexure

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Balmer Lawrie Investments Limited ofeven date)

I. The Company does not hold any fixed assets during the year ended 31stMarch 2020. Therefore the provisions of Clause 3(i) of the Order are not applicable tothe 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 and 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 has not prescribed the maintenance of cost records under subsection (1) of section 148 of the Act for any of the services rendered by the Company.Accordingly the provision of clause 3(vi) of the Order is not applicable.

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 31st March 2020 for a period of more than six monthsfrom the date of 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 March2020 which have 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 dispute 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 moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3(ix) ofthe Order is 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 provisions of section 197 of the Act read with Schedule V to the Act does notapply to a Government company vide notification no GSR 463E dated 05th June2015. Accordingly the provisions of clause (xi) of the order are not applicable to thecompany.

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 and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly the provision of clause 3(xiv) of the Order is not applicable.

XV. According to the information and explanations given to us and based on ourexamination of the records during the year the Company has not entered into any non-cashtransactions with directors or persons connected with him and hence the provision ofSection 192 of the Act is not applicable.

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.

FOR B A S & CO LLP
Chartered Accountants
FRN: 323347E/E300008
CA Vikas Jalan FCA DISA FAFD (ICAI)
(Managing Partner)
Place: Kolkata Membership No: 301660
Date: 30th June 2020 UDIN- 20301660AAAAAH7019

INDEPENDENT AUDITOR'S REPORT

Annexure

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Balmer Lawrie Investments Limited ofeven date)

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 (‘the Company') as of 31st March 2020 inconjunction with our audit of the Standalone Financial Statements of the Company for theyear 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. These responsibilities includethe design implementation and maintenance of adequate Internal Financial Controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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 Act.

Auditor's responsibility

Our responsibility is to express an opinion on the Company's Internal FinancialControls Over Financial Reporting with reference to these Standalone Financial Statementsbased on our audit. We conducted our audit in accordance with the Guidance Note on Auditof Internal Financial Controls Over Financial Reporting (the ‘Guidance Note') and theStandards on Auditing as specified under section 143(10) of the Act to the extentapplicable to an audit of Internal Financial Controls and both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate Internal Financial Controls Over Financial Reporting withreference to these Standalone Financial Statements was established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe Internal Financial Controls Over Financial Reporting with reference to theseStandalone Financial Statements and their operating effectiveness. Our audit of InternalFinancial Controls Over Financial Reporting included obtaining an understanding ofInternal Financial Controls Over Financial Reporting with reference to these StandaloneFinancial Statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material mis-statement of the financial statements whether dueto 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 Internal Financial Controls Over FinancialReporting with reference to these Standalone Financial Statements.

Meaning of Internal Financial Controls Over Financial Reporting with reference to theseFinancial Statements

A company's internal financial control Over Financial Reporting with reference to theseStandalone Financial Statements is a process designed to provide reasonable assuranceregarding the reliability of Financial Reporting and the preparation of FinancialStatements for external purposes in accordance with Generally Accepted AccountingPrinciples. A company's Internal Financial Control Over Financial Reporting with referenceto these Standalone Financial Statements 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 authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized 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 withreference to these Standalone Ind AS financial statements

Because of the inherent limitations of Internal Financial Controls Over FinancialReporting with reference to these Standalone Financial Statements including thepossibility of collusion or improper management override of controls materialmis-statements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the Internal Financial Controls Over Financial Reporting with referenceto these Standalone Financial Statements to future periods are subject to the risk thatthe Internal Financial Control Over Financial Reporting with reference to these StandaloneFinancial Statements 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 adequate Internal FinancialControls Over Financial Reporting with reference to these Standalone Financial Statementsand such Internal Financial Controls Over Financial Reporting with reference to theseStandalone Financial Statements were operating effectively as at 31st March2020 based on the Internal Control Over Financial Reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

FOR B A S & CO LLP
Chartered Accountants
FRN: 323347E/E300008
CA Vikas Jalan FCA DISA FAFD (ICAI)
(Managing Partner)
Place: Kolkata Membership No: 301660
Date: 30th June 2020 UDIN-20301660AAAAAH7019

Annexure C

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

Sl No. Direction Remarks
1 Whether the company has system in place to process all the accounting transactions through IT system Rs. 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 is any restructuring of an existing loan or cases of waiver/write off of debts/loans/interest etc. made by a lender to the company due to the company's inability to repay the loan Rs. If yes the financial impact may be stated. Not Applicable. The company is not allowed to carry on any business activity except to held shares of Balmer Lawrie Co Ltd its subsidiary company.
3 Whether funds received/receivable for specific schemes from Central/State agencies were properly accounted for/ utilized as per its term and conditions Rs. List the cases of deviation. Nil. As informed the company is neither entitled nor received funds for specific schemes from Central/State agencies.

 

FOR B A S & CO LLP
Chartered Accountants
FRN: 323347E/E300008
CA Vikas Jalan FCA DISA FAFD (ICAI)
(Managing Partner)
Place: Kolkata Membership No: 301660
Date-30th June 2020 UDIN-20301660AAAAAH7019