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Balmer Lawrie and Company
BSE: 523319|NSE: BALMLAWRIE|ISIN: INE164A01016|SECTOR: Packaging
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« Mar 12
Auditor's Report (Balmer Lawrie and Company) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Balmer Lawrie
 & Co. Limited (the Company), which comprise the Balance Sheet as
 at March 31, 2013, and the Statement of Profit and Loss and Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information, in which are
 incorporated the accounts of the Regions audited by Branch Auditors in
 accordance with the letter of appointment issued by the Comptroller and
 Auditor General of India.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these 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 Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act). This responsibility
 includes the design, implementation and maintenance of internal control
 relevant 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.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. 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 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 control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the 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:
 
 a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2013;
 
 b) in the case of the Profit and loss Account, of the profit for the
 year ended on that date; and
 
 c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003
 (theOrder)as amended issued by the Central Government of India in
 terms of sub-section (4A) of section 227 of the Act, we give in the
 Annexure a statement on the matters specified in paragraphs 4 and 5 of
 the Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a) we have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b) in our opinion proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books.
 
 c) the Balance Sheet, Statement of Profit and loss, and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account.
 
 d) in our opinion, the Balance Sheet, Statement of Profit and loss, and
 Cash Flow Statement comply with the Accounting Standards referred to in
 subsection (3C) of section 211 of the Companies Act, 1956;
 
 e) Since the Company is a Government Company, the provIsions of the
 Section 274(1)(g) of the Act relating to disqualifications of directors
 are not applicable, vide Government of India, Department of Company
 Affairs Notification No. GSR 829(E) dated 21st October, 2003.
 
 f) Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 The Annexure referred to in our report to the members of Balmer Lawrie
 & Co Ltd (the Company) on the accounts of the Company for the
 year ended 31 March, 2013. We report that:
 
 (i) a. The company has maintained proper records showing full
 particulars including quantitative details and situation of its 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.
 
 c.  In our opinion and according to the information and explanations
 given to us, the Company has not disposed off a substantial part of the
 fixed assets during the year, and therefore, does not affect the going
 concern assumption.
 
 (ii) a. The inventory of the Company 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) As represented to us, there are no companies, firms, or other
 parties to be listed in the register maintained under Section 301 of
 the Companies Act, 1956.  Consequently, requirement of clauses (iii)(a)
 to (iii)(g) of paragraph 4 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.
 
 (v) In view of our comment in paragraph (iii) above, clauses (v)(a) and
 (v)(b) of paragraph 4 of the Order in respect of contracts or
 arrangements referred to in Section 301 of the Companies Act, 1956, and
 transactions made in pursuance of such contracts or arrangements
 exceeding the value of Rs. 5 lacs in respect of any party, are not
 applicable to the company.
 
 (vi) The Company has not accepted any deposits from the public within
 the meaning of the Sections 58A and 58AA the Companies Act, 1956 and
 the Rules framed there under.
 
 (vii) In our opinion, the Company''s present internal audit system as
 conducted in phased manner, by a firm of Chartered Accountants, is
 commensurate with its size and nature of its business.
 
 (viii) We have broadly reviewed the books of account maintained by the
 Company in respect of the products of Grease and Lubricants (petroleum
 products) and Industrial Packaging where, pursuant to the Rules made by
 the Central Government of India, the maintenance of cost records has
 been prescribed under Section 209(1) (d) of the Companies Act, 1956,
 and are of the opinion that prima facie, the prescribed accounts and
 records have been made and maintained.  We have, however, not made a
 detailed examination of such 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 under the aforesaid
 Act has not prescribed the maintenance of cost records for any other
 products or services of the Company.
 
 (ix) 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, Cess and any other material
 statutory dues applicable to the Company.
 
 b) There were no undisputed amounts payable in respect of Provident
 Fund, Investor Education and Protection Fund, Income Tax, Sales Tax,
 Wealth Tax, Service Tax and other material statutory dues in arrears as
 at 31st March, 2013 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 and Cess as at 31st March, 2013 aggregating to Rs. 8461.66
 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.
 
 (x) The Company has no accumulated losses as at 31st March, 2013 and it
 has not incurred cash losses during the financial year ending 31st
 March, 2013 and immediately preceding financial years.
 
 (xi) 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 debenture holders as at the Balance Sheet date.
 
 (xii) According to the information and explanations given to us and
 based on the documents and records produced to us, the Company has
 maintained adequate documents and records in respect of loans and
 advances granted to a party on the basis of security by way of pledge
 of shares.
 
 (xiii) In our opinion, the Company is not a chit fund or a nidhi /
 mutual benefit fund / society. Therefore, the provisions of clause
 (xiii) of paragraph 4 of the Order are not applicable to the Company.
 
 (xiv) In our opinion and according to the information and explanations
 given to us, the Company is not dealing in or trading in shares,
 securities, debentures and other investments. Accordingly, the
 provisions of clause (xiv) of paragraph 4 of the Order are not
 applicable to the Company.
 
 (xv) 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.
 
 (xvi) According to the information and explanations given to us, the
 Company has not taken any term loan during the year.
 
 (xvii) On an overall examination of the Balance Sheet of the Company,
 in our opinion and according to the information and explanations given
 to us, there are no funds raised on short-term basis which have been
 used for long term investment during the year.
 
 (xviii)The Company has not made any preferential allotment of shares to
 parties or companies covered in the register maintained under Section
 301 of the Companies Act, 1956.
 
 (xix) The Company has not issued any debentures during the year and
 therefore no amount is outstanding in respect of debentures as on the
 Balance Sheet date.
 
 (xx) The Company has not raised any money by public issues during the
 year.
 
 (xxi) 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: 29th May, 2013
Source : Dion Global Solutions Limited
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