Moneycontrol Be a Pro
Get App
SENSEX NIFTY
BPL | Auditor's Report > Consumer Goods - Electronic > Auditor's Report from BPL - BSE: 500074, NSE: BPL
YOU ARE HERE > MONEYCONTROL > MARKETS > CONSUMER GOODS - ELECTRONIC > AUDITORS REPORT - BPL

BPL

BSE: 500074|NSE: BPL|ISIN: INE110A01019|SECTOR: Consumer Goods - Electronic
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Dec 13, 16:00
19.75
1.25 (6.76%)
VOLUME 129,068
LIVE
NSE
Dec 13, 15:57
19.75
1.15 (6.18%)
VOLUME 1,049,320
Mar 16
Auditor's Report (BPL) Year End : Mar '18

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of BPL Limited (‘the Company’), which comprise the balance sheet as at 31st March, 2018, the statement of changes in equity, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) ofthe Companies Act, 2013 (“the Act”) with respect to the preparation and presentation of these Ind AS 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 Indian Accounting Standards(Ind AS) 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 provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable 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, 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 Ind AS financial statements based on ouraudit.

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 madethereunder.

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 ofthe Ind AS financial statements, whether due to fraud or error. In making those riskassessments, the auditor considers internal financial control relevant to the Company’s preparation of the Ind AS financial statements that a true and fair view in order to design audit procedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.

Un-Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 31 March 2018 and its profit and its cash flows for the year ended on that date.

Other Emphasis Matters

1. Attention is invited to matters specified in Note no:2.7 regarding non redemption of preference shares on due dates and the company’s plan to set right the same. As the financial impact if any is unascertainable, our report is not qualified thereon.

2. The comparative financial information of the Company for the year ended March 31, 2017 and the transition date opening balance sheet as at April 1, 2016 prepared in accordance with Ind AS, included in these Ind AS financial statements, have been audited by the predecessor auditor who had audited the financial statements forthe relevant periods. The report ofthe predecessor auditor on the comparative financial information and the opening balance sheet dated 1st April, 2016 expressed an unmodified opinion.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure-A, a statement on the matters specified in the paragraph 3 and 4 ofthe 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 forthe purposes of ouraudit.

(b) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) 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;

(d) in our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards 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 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as onMarch 2018 from being appointed as a director in terms of Section 164(2) of the Act;

(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure-B”;and

(g) with respect to the other matters to be included in the Auditor’s 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 explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financial position in its Ind AS financial statements;

ii. the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund if any, by the company.

Annexure A to the Auditor’s Report

The Annexure referred to in Independent Auditors’ Report to the members of the Company on the Ind AS financial statements for the year ended 31st March, 2018, we report that:

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

(b) The company has conducted physical verification of any of its fixed assets at it’s factory as part of system of periodic physical verification of assets in a phased manner. No differences were reported on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of records of the Company, the title deeds of immovable properties are held in the name of the Company.

2. (a) Physical verification at reasonable periods in respect of finished goods, stores, spare parts and raw materials are reported to have been made by the management and certified by them accordingly. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Companyand the nature of its business.

(c) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the Company is maintaining proper records of inventory. The discrepancies between physical stock and book stock, which were not material, have been properly dealt with inthe books of account.

3. The company has granted an advance in the nature of loan to 1 party covered in the register maintained under Section 189 of the Companies Act, 2013, based on information and explanation given to us by the management, the terms and conditions where of are not prejudicial to the interests of the company. Schedule of repayment of principal or interest are stipulated. No instalment of principal or interest has fallen due for repayment during the year. No amounts are overdue.

4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Act, with respect to the loans and investments made by it after the commencement of Companies Act, 2013.

5. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and therefore, the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and thereunder framed there under are not applicable to the company.

6. According to the information and explanations provided by the management, in respect of Printed Circuit Boards manufactured by the company, the Central Government has prescribed the maintenance of cost records sub-section (1) of Section 148 of the Companies Act, 2013. We have broadly reviewed the books of account and records maintained by the Company in this connection and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records with a view to determining whether they are accurate or complete.

7. (a) According to the records of the Company and information and explanation given to us, the Company is generally regular in remittance of undisputed statutory dues including Income Tax Deducted at Source, Provident Fund, Employees State Insurance, Sales Tax, Service Tax, Goods And Service Tax (GST), Excise Duty, Cess and other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, undisputed amounts payable in respect of Customs Duty amounting to Rs. 116.11 Lakhs were outstanding, as at 31st March 2018, for a period of more than six months from the dates on which they became payable.

(b) The following dues towards Sales Tax, GST, Customs Duty, Excise Duty and Service Tax have not been deposited on account of dispute/appeals:

Name of Dues

Nature of Dispute

Amt. (Rs. in Lakhs)

Forum where pending

Central Excise

Demand against Exemption availed from Payment ofduty on DC Defibrillator

28.71

Tribunal

Central Excise

Demand of duty at Higher rate for clearance of CENVAT availed inputs

19.87

Commissioner Appeals

Central Excise

Demand of duty on clearance of samples

3.33

Tribunal

Central Excise

Demand of duty on clearance of spare parts/components/sub-assemblies

271.48

Tribunal

Central Excise

Demand due to non-inclusion ofamortised cost in value

34.73

Tribunal

Central Excise

Demand for duty on waste of ferric chloride acid sold from the unit

25.32

Commissioner Appeals

Service Tax

Demand of Service Tax & Penalty on manpower services provided by BPL to SBPL

98.48

Tribunal

Customs duty

Entitlement to exemption of spare parts.

610.55

Tribunal

Customs duty

Entitlement to exemption of spare parts.

17.06

Commissioner Appeals

Customs duty

Demand of duty on clearance of bonded goods

33.33

Tribunal

Sales Tax

Demand due to various disallowances

305.94

DCCT Appeals

Sales Tax

Demand due to various disallowances

939.62

Revision Board

Sales Tax

Demand due to various disallowances

379.93

Tribunal

Sales Tax

Demand due to various disallowances

1774.10

High Court

FEMA

Demand u/s. 10(6) & 7

140.00

Special Director (A), Chennai

FEMA

Demand of non submission of Bill of Entry to Banks

50.00

Tribunal

8. As per information given to us by the management and based on verification of books and records, the Company has not defaulted in repayment of principal and interest to any bank/financial institution or debenture holder, during the year.

9. According to the records ofthe company and the information and explanations provided by the management, the Company has not raised any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) ofthe Order is not applicable.

10. According to the information and explanations given to us, no fraud by the company or any fraud on the company by its officers or employees has been noticed or reported during the year.

11. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act to the extent applicable to it.

12. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) ofthe Order is not applicable.

13. According to the information and explanations given to us and based on our examination of the records of the company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable Accounting Standards.

14. According to the information and explanations given to us and based on our examination of the records of the company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during theyear.

15. According to the information and explanations given to us and based on our examination of the records of the company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) ofthe Order is not applicable.

16. The Company is not required to be registered under Section 45-IA ofthe Reserve Bankoflndia Act, 1934.

for MKUK & Associates

Chartered Accountants

Firm’s Registration No.050113S

Anto Joseph

Bangalore Proprietor

23.05.2018 M. No. 203958

Source : Dion Global Solutions Limited
Quick Links for bpl
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.