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Balmer Lawrie and Company

BSE: 523319|NSE: BALMLAWRIE|ISIN: INE164A01016|SECTOR: Packaging
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« Mar 14
Auditor's Report (Balmer Lawrie and Company) Year End : Mar '15
We have audited the accompanying standalone financial statements of
 Balmer Lawrie & Co.Ltd.  (the company), which comprise the Balance
 Sheet as at 31st March, 2015 the statement of Profit and Loss and the
 Cash Flow statement for the year then ended, and a summary of the
 significant accounting policies and other explanatory information, in
 which are incorporated the accounts of the Southern Region, Northern
 Region, Western Region of the Company for the year ended on that date
 audited by the Regional Auditor of the Company in accordance with the
 letter of appointment issued by Comptroller & Auditor General of India,
 
 Management''s Responsibility for the Standalone Financial Statements
 
 The Company, Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation of these standalone financial statements that give a
 true and fair view of the financial position, financial performance and
 cash flows of the company in accordance with the Accounting principles
 generally accepted in india, including the accounting standards
 specified under section 133 of the Act, read with rule 7 of the
 companies (Accounts ) Rules 2014. This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provision of the Act for safeguarding the assets of the company and for
 preventing and detecting frauds and other irregularities; selection and
 application of appropriate accouting policies; making judgements and
 estimate that are resonable and prudent and design, implementation and
 maintenance of adequate internal financial controls, that were
 operating effectively for ensuring the accuracy and completeness of the
 accounting records, relevent to the preparation and presentation of the
 financial statements that give a true and fair view and are free from
 material misstatement, whether due to fraud or error.
 
 Auditors Responsibility
 
 Our responsibility is to express an opinion on these standalone
 financial statements based on our audit.
 
 We have taken into account the provisions of the act, the accounting and
 auditing standards and matters which are required to be included in the
 audit report under the provisions of the Act and the Rules made
 thereunder.
 
 We conducted our audit in accordance with the standards on Auditing
 specified under Section 143(10) of the Act. those standards require
 that we comply with ethical requirements and plan and perform the audit
 to obtain reasonable assurance about whether the financial statements
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments,the auditor considers internal financial control relevant
 to the company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls.An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the company''s Directors as well as
 evaluating the overall presentation of the financial statements.
 
 We belive that the audit evidence we have obtained is sufficient and
 appropriate to provide 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
 explanations given to us, the aforesaid standalone financial statements
 give the information required by the Act in the manner so required and
 give a true and fair view in conformity with the accounting principles
 generally accepted in India, of the state of affairs of the Company as
 at 31st March, 2015 and its profit and its cash flows for the year
 ended on that date.
 
 Emphasis of Matters
 
 We draw attention to the following matters in the Notes to the
 financial statements:
 
 a. Note No-26.7:-Trade receivables, loans and advances and deposits of
 which confirmations are not received from the parties are subject to
 reconciliation and consequential adjustments on determination/ receipt
 of such confirmation.
 
 b. Note No-26.29:- Change in inventory valuation of semi -finished
 goods and finished goods in respect of Industrial Packaging division
 and Leather chemicals division consequent to implementation of SAP and
 the impact of such change on the profit is not ascertainable.
 
 Our opinion is not modified on these matters.
 
 OTHER MATTER
 
 We did not audit the financial statement of three (3) Regions included
 in the standalone financial statements of the compnay whose financial
 statements reflect total assets of Rs. 80,874.65 lacs as at 31st March,
 2015 and total revenue of Rs. 2,33,764.36 lacs for the year ended on
 that date,as considered in the standalone financial statements. The
 financial statements of these Regions have been audited by the Regional
 auditors whose reports have been furnished to us, and our opinion in so
 far as it relates to the amounts and disclosures included in respect of
 these Regions,is based solely on the report of such Regional auditors.
 
 Report on Other Legal and Regulatory Requirments
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 (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 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 best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 (b) In our opinion, proper books of accounts as required by law have
 been kept by the company so far as it appears from our examination of
 those books.
 
 (c) The reports on the account of the three (3) Regions of the company
 audited under section 143(8) of the act by Regional auditors have been
 sent to us and have been properly dealt with by us in preparing this
 report.
 
 (d) The Balance Sheet, the statement of profit and loss and the cash
 flow statement dealt with by this report are in agreement with the
 books of account.
 
 (e) In our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
 
 (f) On the basis of the written representation received from the
 directors as on 31st March, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of section 164(2) of the
 Act.
 
 (g) With respect to the other matters to be included in the Auditors
 Report in accordance with Rule 11 of the companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanation given to us :
 
 i.  The company has disclosed the impact of pending litigations on its
 financial statements- Refer Note 26.2(a) &(b) to the financial
 statements;
 
 ii.  The Company did not have any such long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred , to the Investor Education and Protection Fund by the
 Company
 
 3. As required by section 143(5) of the Act, a statement on the matters
 specified as per directions given by the comptroller & Auditor General
 of India, is given in Annexure-B
 
 ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
 
 (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
 Requirements'' section of our report of even date)
 
 (i) In respect of its fixed assets:
 
 (a) The Comapny has maintained proper records showing full particulars,
 including quantitative details and situation of the fixed assets.
 
 (b) The company has a regular programme of physical verification of its
 fixed assets by which Plant and Machinery are verified every year and
 other fixed assets are verified in a phased manner over a period of
 three years which, in our opinion, is reasonable having regard to the
 size of the company and nature of its assets. As explained to us, in
 accordance with its programme plant and machinery and certain other
 fixed assets were verified during the year and no material
 discrepancies were noticed on such verification.
 
 (ii) In respect of its inventories:
 
 (a) The inventory of the company expect goods in transit has been
 physically verified during the year by the management. In our opinion,
 having regard to the nature and location of inventory, the frequency of
 verification is reasonable.
 
 (b) In our opinion, the procedures of physical verification of
 inventories followed by the management are reasonable and adequate in
 relation to the size of the company and the nature of its business.
 
 (c) On the basis of our examination of records of inventory, in our
 opinion, the company is maintaining proper records of inventory and no
 material discrepancies were noticed on physical verification.
 
 (iii) According to the information and explanation given to us, the
 Company has not granted any loans, secured or unsecured, to companies,
 firms or other parties covered in the Register maintained under Section
 189 of the Companies Act, 2013. Accordingly, clause 3(iii)(a) to
 3(iii)(b) of the Order are not applicable.
 
 (iv) In our opinion and according to the information and explanations
 given to us, having regard to the explanations that certain items
 purchased are of special nature and for which suitable alternative
 sources are not readily available for obtaining comparative quotations,
 there are adequate internal control system commensurate with the size
 of the company and the nature of its business with regard to purchase
 of inventories, fixed assets and for the sales of goods and services.
 Further on the basis of our examination and according to the
 information and explanations given to us, we have neither come across
 nor have been informed of any instance of major weaknesses in such
 internal control.  The company has taken steps to strengthen the
 internal control system regarding management of debtors and is in the
 process of further strengthening the same. During the year the company
 has implemented SAP system in phase wise manner for accounting and
 operational control.
 
 (v) According to information and explanations given to us, the company
 has not accepted any deposits from public during the year and therefore
 the directives issued by the Reserve bank of India and the provision of
 Sections 73 to 76 or any other relevant provision of the Companies Act,
 2013 and the rules framed there under are not applicable to the
 Company.
 
 (vi) We have broadly reviewed the cost records maintained by the
 company in respect of the products of Grease and Lubricants ,Industrial
 Packaging & Leather Chemical where, pursuant to the Companies (cost
 Records and Audit) Rules, 2014 read with companies (cost Records and
 audit) Amendment Rules, 2014 prescribed by the central government under
 section 148 of the companies act, 2013 and are of the opinion that,
 prima facie, the prescribed cost records have been maintained. We have,
 however, not made a detailed examination of the cost records with a
 view to determine whether they are accurate or complete. To the best of
 our knowledge and according to the information and explanations given
 to us, the central government has not prescribed the maintenance of
 cost records for any other product of the company.
 
 (vii) According to the information and explanations given to us and the
 records of the company examined by us :
 
 (a) The company is generally regular in depositing with the appropriate
 authorities, undisputed statutory dues including Provident fund,
 Employees state insurance, income tax, sales tax, wealth tax, service
 tax, customs Duty and excise duty, value added tax, cess and any other
 material statutory dues applicable to the Company.
 
 (b) There were no undisputed amounts payable in respect of income tax,
 sales tax, wealth tax, service tax, Duty of customs, Duty of excise or
 value added tax, cess and other material statutory dues in arrears as
 at 31st March, 2015 for a period of more than 6 months from the date
 they became payable.
 
 (c) The particulars of dues of income tax , sales tax, service
 tax,excise duty, value added tax and cess as at 31st March, 2015
 aggregating to Rs. 9418.35 lacs; which have not been deposited on
 account of a dispute, as mentioned in Note no.26.2(a) to the Accounts
 showing the amounts involved and the forum where dispute is pending.
 
 (d) There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 (viii) The company has no accumulated losses as at 31st March, 2015 and
 it has not incurred cash losses during the financial year ending 31st
 March, 2015 and immediately preceding financial year.
 
 (ix) According to the records of the Company examined by us and the
 information and explanations given to us, we are of the opinion that
 the company has not defaulted in repayment of dues to any financial
 institutions, banks or debentures holders as at the Balance Sheet date.
 
 (x) In our opinion and according to the information and explanations
 given to us, the company has not given any guarantee for loans taken by
 others from bank or financial institutions. Accordingly, the provision
 of clause 3(x) of the Order are not applicable to the Company.
 
 (xi) According to the information and explanation given to us, the
 Company has not taken any term loan during the year.
 
 (xii) During the course of our audit, and according to the information
 and explanations given to us, we have neither come across any instance
 of fraud on or by the Company nor reported during the year, nor have we
 been informed of such case by the management.
 
                                                      For Vidya and Co.
                                                 Chartered Accountants
                                                           FRN:308022E
 
                                                          CA Sarad Jha
                                                               Partner
                                                Membership No : 050138
 
 Place : Kolkata
 Date : 27th May, 2015
 
Source : Dion Global Solutions Limited
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