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B L Kashyap & Sons Ltd.
Market Cap. (Rs.) 726.03 Cr. P/BV 1.46 Book Value (Rs.) 23.11
52 Week High/Low (Rs.) 72/29 FV/ML 1/1 P/E(X) 35.23
Bookclosure 29/09/2017 EPS (Rs.) 0.96 Div Yield (%) 0.00
AUDITOR'S REPORT
You can view full text of the latest Auditor's Report for the company.
Year End :2017-03 

Independent Auditors' Report To the Members of B.L. Kashyap And Sons Limited Report on the Financial Statements

We have audited the accompanying standalone financial statements of B.L. Kashyap And Sons Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss of the Company for the year ended on that date, the Cash Flow Statement of the Company for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, 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 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 there under.

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 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 true and fair view 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 Company's Directors, 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 on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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;

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2017;

(ii) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(iii) in the case of the Cash Flow Statement, of the 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. 3.1.1 to the financial statements regarding claims against the Company not acknowledged as debts amounting Rs, 17.85 Crores in respect of disputed statutory dues, Rs, 13.73 Crores in respect of penal and overdue interest on the outstanding loans as on 31st March, 2017 and Rs, 33.61 Crores in respect of differential amount of interest sacrificed by bankers pursuant to scheme of Corporate Debt Restructuring as bankers have a right of recompose of sacrifices.

(b) Note No. 3.1.2 to the financial statements regarding Corporate Guarantee given amounting Rs, 175.23 Crores.

(c) Note 14 to the financial statements regarding non provision of losses for diminution in the value of Investments in the Subsidiary Companies.

Our opinion is not modified in respect of these matters.

Report on other Legal and Regulatory Requirements

(1) As required by the Companies (Auditors' Report) Order 2016 issued by the Central Government of India in terms of sub-section

(11) of section 143 of the Companies Act, 2013 we annexed Annexure 'A' hereto a statement on the matters specified in para 3 and 4 of the said 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 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, the 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 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.

e) On the basis of written representations received from the directors as on 31st March, 2017, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2017, from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to separate report in Annexure 'B' and

g) with respect to the other matters included in the Auditor's Report and to the best of our information and according to the explanations given to us:-

(i) The company does not have any pending litigations which would materially impact its financial position.

(ii) The company does not have any term contracts including derivative contracts for which there are any material foreseeable losses.

(iii) There has been no delay in transferring amounts to the Investor Education and Protection Fund.

(iv) The Company has provided requisite disclosures in its standalone financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and these are in accordance with the books of accounts maintained by the Company. Refer Note 3.16 to the standalone financial statements.

The Annexure referred to in our Auditors'Report of even date on the accounts for the year ended 31st March, 2017 of B.L. Kashyap & Sons Limited, New Delhi in pursuance to the Companies (Auditor's Report) order, 2016 on the matters specified in paragraphs 3 and 4 of the said order.

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of information available.

(b) The Company has a practice of physical verification of its fixed assets once in a year,which in our opinion is reasonable, having regard to the size of the Company and the nature of its assets. In accordance with such practice, the management has physically verified fixed assets at the year end and no material discrepancies were noticed on such verification.

(c) Title of the building of the Company amounting to ' 79,917(W.D.V.) as on 31st March, 2017 is not in name of the Company.

(ii) (a) As explained to us, the stores and material at different sites have been physically verified by the management at the year- end.

(b) In our opinion and according to information and explanations given to us, the Procedures of physical verification of stores and material followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to information and explanations given to us, the Company has maintained proper records of its inventories. Discrepancies noticed on physical verification of inventories were not material and have been properly dealt with in the books of accounts.

(iii) The Company has granted unsecured loans, to the companies, covered in the register maintained under section 189 of the Companies Act.

(a) The terms and conditions of the grant of loan are not prejudicial to the company's interest.

(b) The receipt of principal amount and interest are as per agreed terms and conditions.

(c) As per agreed terms and conditions there are no overdue amounts.

(iv) The Company has complied with provisions of section 185 and 186 of the Companies Act, in respect of loans, investments, guarantees and security.

(v) The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under are not applicable.

(vi) The Central Government has specified maintenance of cost record u/s. 148(1) of the Companies Act, 2013.As per records produced and explanations given to us, the company has made and maintained cost records and accounts.

(vii) (a) According to the information and explanations given to us, and on the basis of our examination of the books of account, the

Company has following undisputed statutory dues outstanding for more than six months.

Nature of dues

Undisputed Amount Arrear More Six Month (')

EPF

4,09,65,261

E.S.I.C.

55,39,840

Labour Cess

995,182

Service Tax

5,83,67,480

Works Tax

11,56,390

(b) According to the information and explanations given to us, there are disputed amount payable towards Income Tax, Service Tax, Central Excise, and Valued added tax as on the date of Balance Sheet in the following cases:-

Name of the Statute

Nature of Dues

Period to which the amount relates

Disputed Amount Not Deposited (Rs, in lac)

Forum where Dispute is Pending

Service Tax Act, Delhi

Service Tax Demand

F.Y. 2006-07 to F.Y.

2009-10

1,384.83

Tribunal CESTAT, New Delhi

Central Excise Act, Noida

Excise

Demand

F.Y. 2012-13

3.5

Jt. Comm Central Excise Gr. Noida

Value Added Tax, West Bengal

Vat Demand

F.Y. 2009-10

37.37

Tribunal VAT, Kolkata

Value Added Tax, Haryana

Vat Demand

F.Y. 2011-12

44.78

Appeal VAT, Haryana

Value Added Tax, Haryana

Vat Demand

F.Y. 2012-13

19.11

Appeal VAT, Haryana

Value Added Tax, Haryana

Vat Demand

F.Y. 2013-14

16.25

Appeal VAT, Haryana

Value Added Tax, Punjab

Vat Demand

F.Y. 2009-10

126.48

Appeal VAT, Punjab

Value Added Tax, Bihar

Vat Demand

F.Y. 2014-15

152.86

Appeal VAT, Bihar

Total

1,785.18

(viii) The Company has defaulted in repayment ofits dues to the Bank and Financial Institution as under:-

Name of Bank

Principal Amount (Rs,)

Period of Default (days)

Standard Chartered Bank

10,43,00,000

1096 Days

Syndicate Bank

8,32,31,999

274 Days

Name of Bank

Interest Amount (Rs,)

Period of Default (days)

Yes Bank (Cash Credit)

71,91,963

59 Days

Oriental Bank of Commerce (Cash Credit)

1,40,50,175

59 Days

IndusInd Bank(Cash Credit)

96,02,465

59 Days

Standard Chartered Bank (Cash Credit)

12,86,58,780

1106 Days

Syndicate Bank (Term Loan)

14,89,20,126

397 Days

Syndicate Bank-(Funded Interest Term Loan)

3,36,20,276

425 Days

ICICI Bank ( Corporate Loan)

5,07,278

59 Days

ICICI Bank -(Funded Interest Term Loan)

4,12,577

59 Days

ICICI Bank -(Working Capital Term Loan)

33,20,613

59 Days

IndusInd Bank (Corporate Loan )

7,95,836

59 Days

IndusInd Bank -(Funded Interest Term Loan)

11,17,882

59 Days

IndusInd Bank -(Working Capital Term Loan)

43,26,535

59 Days

Oriental Bank of Commerce - (Working Capital Term loan )

12,12,618

59 Days

Oriental Bank of Commerce - (Funded Interest Term Loan)

8,63,262

59 Days

Oriental Bank of Commerce - (Corporate Loan)

9,65,565

59 Days

Yes Bank (Corporate Loan)

5,68,599

59 days

Yes Bank - (Term Loan)

4,17,570

31 Days

(ix) According to the information and explanation given to us, the money raised by way of initial public offer and Term Loans availed by the Company were applied for the purpose for which those were raised.

(x) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

(xi) The managerial remuneration provided is in accordance with the requisite approval as mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.

(xii) The Company is not the Nidhi Company and as such this clause is not applicable.

(xiii) All transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 and are disclosed in the financial statements.

(xiv) The Company during the year has not made any preferential, private placement, of shares or fully or partly convertible debentures during the year.

(xv) The Company has not entered with any non-cash transaction with Directors or persons connected with them, during the year within the meaning of section 192 of the Companies Act, 2013.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

Annexure-B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of B.L.Kashyap And Sons Limited ("the Company") as of 31stMarch, 2017 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

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

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at31stMarch, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Sood Brij & Associates

Chartered Accountants

Firm Regn. No. 00350N

A.K. SOOD

Place : New Delhi Partner

Dated: 27th May, 2017 Membership Number: 014372

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