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BLS International Services Ltd.

BSE: 540073 Sector: IT
NSE: BLS ISIN Code: INE153T01027
BSE 00:00 | 23 Jun 128.15 -5.05
(-3.79%)
OPEN

134.15

HIGH

134.90

LOW

127.05

NSE 00:00 | 23 Jun 128.20 -4.90
(-3.68%)
OPEN

133.30

HIGH

134.95

LOW

127.10

OPEN 134.15
PREVIOUS CLOSE 133.20
VOLUME 103646
52-Week high 145.75
52-Week low 42.70
P/E 63.13
Mkt Cap.(Rs cr) 1,314
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 134.15
CLOSE 133.20
VOLUME 103646
52-Week high 145.75
52-Week low 42.70
P/E 63.13
Mkt Cap.(Rs cr) 1,314
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

BLS International Services Ltd. (BLS) - Auditors Report

Company auditors report

To the Members of

BLS International Services Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of BLSInternational Services Limited ("the Company") which comprise the Balance Sheetas at March 31 2020 the Statement of Profit and Loss (including other comprehensiveincome) the Statement of Changes in Equity and the Statement of Cash Flows for the yearthen ended and notes to the financial statements including a summary of the significantaccounting policies and other explanatory information (hereinafter referred to as"the standalone financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules201 5 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2020its profit and total comprehensive income changes in equity and its cash flows for theyear ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the Standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matter

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent year. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming

our opinion thereon and we do not provide a separate opinion on thesematters. We have determined that there are no key audit matters to communicate in ourreport.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the preparation ofthe other information. The other information comprises the information included in theManagement Discussion & Analysis Board's Report including Annexures to Board'sReport Business Responsibility Report Corporate Governance and Shareholder'sInformation but does not include the standalone financial statements and our auditor'sreport thereon. The above information is expected to be made available to us after thedate of auditor's report.

Our opinion on the standalone financial statements does not cover theother information and we will not express any form of assurance or conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information identified above when it becomesavailable and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

When we read Annual Report if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with Ind AS andother accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; 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 standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements the management isresponsible 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 management either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether theStandalone Financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the

standalone financial statements or if such disclosures are inadequateto modify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order2016("the Order") issued by the Central Government of India in terms of section143 (11) of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act based on our audit wereport that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income Statement of Changes in Equity and the Statement of Cash Flows dealtwith by this Report are in agreement with the relevant books of account;

d) In our opinion the aforesaid standalone financial statements complywith the Ind AS specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2015 as amended.

e) On the basis of the written representations received from thedirectors as on March 31 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2020 from being appointed as a director in termsof Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.

g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company does not have any pending litigations which would impactits standalone financial statements.

ii. The Company does not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

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

For S S Kothari Mehta & Company

Chartered Accountants Firm's Registration Number: 000756N

Amit Goel

Partner

Membership Number: 500607

Place: New Delhi Date: June 20 2020 UDIN: 20500607AAAADR3273

Annexure A to the Independent Auditors' Report to the members of BLSInternational Services Limited dated June 20 2020.

Report on the matters specified in paragraph 3 of the Companies(Auditor's Report) Order 2016 ("the Order') issued by the CentralGovernment of India in terms of Section 143(11) of the Companies Act 2013 ("theAct") as referred to in paragraph 1 of ‘Report on Other Legal and RegulatoryRequirements' section.

i. In respect of the Company's fixed assets:

(a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the managementaccording to the programme of periodical verification in phased manner which in ouropinion is reasonable having regard to the size of the Company and the nature of itsfixed assets. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given to us and onthe basis of our examination of records of the Company the company does not have anyimmovable property.

ii. The company is a service company. Accordingly it does not hold anyphysical inventories. Thus paragraph 3(ii) of the order is not applicable to the company.

iii. According to the records and information and explanation madeavailable to us the Company has granted loans to the companies covered in the registermaintained under section 189 of the Act;

(a) The terms and conditions of the grant of such loans are in ouropinion prima facie not prejudicial to the Company's interest.

(b) In respect of aforesaid receivable receipts of principals as wellas interest accrued thereon are as per stipulated terms and conditions.

(c) There are no amount in respect of principal and interest which areoverdue for more than ninety days.

iv. According to the information explanations and representationsgiven to us and based upon audit procedures performed we are of the opinion that inrespect of loans investments guarantees and securities the Company has complied withthe provisions of sections 185 and 186 of the Act.

v. In our opinion and according to the information and explanationsgiven to us the Company has not accepted

any deposits from the public within the meaning of directives issued bythe Reserve Bank of India and provisions of Sections 73 to 76 or any other relevantprovisions of the Act and the Rules framed thereunder.

vi. According to the information and explanations given to us theCentral Government has not prescribed maintenance of cost records under clause (d) ofsub-section (1) of Section 148 of the Act for the Company's activities. Hence theprovisions of clause 3(vi) of the Order are not applicable to the Company.

vii. (a) According to the information and explanations

given to us and on the basis of examination of the records of theCompany the Company has generally been regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income tax goods and service taxcess and any other material statutory dues with the appropriate authorities to the extentapplicable and further there were no undisputed statutory dues payable for a period ofmore than six months from the date they become payable as at March 31 2020.

(b) According to the records and information and explanations given tous there are no dues in respect of income tax service tax goods and service tax thathave not been deposited on account of any dispute.

viii. In our opinion on the basis of audit procedures and according tothe information and explanations given to us the Company has not defaulted in repaymentof loan or borrowing to any banks and financial institutions. The Company has not takenany loan or borrowings from the government and has not issued any debentures.

ix. 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) during the year. The term loans have been applied for thepurposes for which they were raised.

x. Based on the audit procedures performed and on the basis ofinformation and explanations provided by the management no instance of fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year.

xi. In our opinion and according to the information and explanationsgiven to us the managerial remuneration has been paid / provided in accordance with theprovisions of section 197 of the Act.

xii. The Company is not a Nidhi Company and hence reporting underclause 3(xii) of the Order is not applicable to the Company.

xiii. In our opinion and according to the information and explanationsgiven to us the Company is in compliance with section 177 and 188 of the Act whereapplicable for all transactions with the related parties and the details of relatedparties transactions have been disclosed in the standalone financial statements asrequired by the applicable Indian Accounting standards.

xiv. According to the information and explanations given to us and onan overall examination of the balance sheet the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under audit and hence reporting requirements under clause 3(xiv) of the Orderare not applicable to the Company.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him as referred u/s 192 ofthe Act.

xvi. The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934 as the provisions of the section is not applicableto the Company.

For S S Kothari Mehta & Company

Chartered Accountants Firm's Registration Number: 000756N

Amit Goel

Partner

Membership Number: 500607

Place: New Delhi Date: June 20 2020 UDIN: 20500607AAAADR3273

Annexure B to the Independent Auditors' Report to the Members of BLSInternational Services Limited dated June 20 2020 on its standalone financial statements

Report on the Internal Financial Controls under Clause (i) ofsub-section 3 of Section 143 of the Companies Act 2013 ("the Act") as referredto in paragraph 2 (f) of ‘Report on Other Legal and Regulatory Requirements'section

We have audited the internal financial controls over financialreporting of BLS International Services Limited ("the Company") as of March 312020 in conjunction with our audit of the standalone financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls Based on" the internal control over financialreporting criteria established by the Company considering The essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India". 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 Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial Reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting (the "Guidance Note") andthe Standards on Auditing issued by ICAI and deemed to be prescribed under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness.

Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we has obtained is sufficient andappropriate to provide a basis for our audit opinion on the company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that:

a. pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany;

b. provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the Company arebeing made only in accordance with authorisations of management and directors of theCompany; and

c. provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the Company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls

material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become Inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2020 basedon the internal control over financial reporting criteria established by the Companyconsidering the 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 S S Kothari Mehta & Company

Chartered Accountants Firm's Registration Number: 000756N

Amit Goel

Partner

Membership Number: 500607

Place: New Delhi Date: June 20 2020 UDIN: 20500607AAAADR3273