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BLS International Services Ltd. के अकाउंट के लिये नोट
Mar 31, 2025
(e) Extension and termination options
Extension and termination options are included in a number of property leases. These are used to maximise operational flexibility in terms of managing the assets used in the Company''s operations. Management considers contractual terms and conditions, leasehold improvements undertaken, costs relating to termination of lease and importance of the underlying asset to the Company''s operations in determining the lease term for the purpose of recognising/ measuring the lease liabilities.
B) RIGHTS, PREFERENCES AND RESTRICTIONS ATTACHED TO EQUITY SHARES
The Company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitlec to one vote per share. The dividend proposed, if any, by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting, except in the case of Interim Dividend. In the event of liquidation of the company, the holder of equity shares will be entitled to receive the remaining assets of the company after distribution of all preferential amounts, if any, in the proportion of their holdings.
A. Description of nature and purpose of each reserve
i Retained Earning
Retained earnings are the profits that the Company has earned till date less dividends or other distributions paid to shareholders. Retained earnings is a free reserve available to the Company.
ii Securities premium reserve r
Securities premium reserve represents premium received on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.
iii Re-measurement of defined benefit plans
This represents the actuarial gains/losses recognised in other comprehensive income.
iv Share based payment reserve
Share based payment reserve is used to recognise the grant date fair value of options issued to employees under the BLS International Employee stock option scheme- 2020- "ESOP 2020" and BLS International Employee stock option scheme-2023- "ESOP 2023"
i Final dividend on shares are recorded as liability on the date of approval by the shareholders and interim liability are recorded as a liability on the date of declaration by the company''s Board of Directors.
ii The Company declares and pays dividends in Indian rupees. The remittance of dividends outside India is governed by Indian law on foreign exchange and is subject to applicable distribution taxes.
25.2 CORPORATE SOCIAL RESPONSIBILTY
As per Section 135 of the Act, a company, meeting the applicability threshold, needs to spend at least 2% at its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and development in livelihood and education for most pressing communuty through Women Empowerment projects. A CSR committee has been formed by the Company as per the Act. The details of funds primarily utilised through the year on these activities are given below:
Sensitivity Analysis:
Significant actuarial assumption for the determination of the defined benefit obligation are discount rate and expected salary increase rate. Effect of change in mortality rate is negligible. Please note that the sensitivity analysis presented below may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumption would occur in isolation of one another as some of the assumption may be correlated. The result of the sensitivity analysis are given below:
The Company instituted the Employee Stock Option Plan(s) to grant equity based incentives to eligible employees of the Company and its subsidiaries. The Company has two ESOP schemes, namely, BLS International Employee Stock Option Scheme 2020 ("ESOP- 2020") and BLS International Employee Stock Option Scheme 2023 ("ESOP - 2023") . With an objective to implement the ESOP- 2020 and ESOP- 2023, the Company formed the BLS International Employees Welfare Trust (the "ESOP Trust") to hold or possess equity shares and subsequently allot or transfer them to employees in accordance with the terms of the ESOP Schemes, as applicable.
A) BLS International Employee stock option scheme- 2020- "ESOP 2020"
BLS International Employee stock option scheme- 2020- "ESOP 2020" was approved by the shareholders of the Company on June 25, 2020 through postal ballot process. The Company has granted 10,47,000 options to eligible employees of the Company including employees of subsidiary companies.
B) BLS International Employee stock option scheme- 2023- "ESOP 2023"
BLS International Employee stock option scheme- 2023- "ESOP 2023" was approved by the shareholders of the Company
in its Annual General Meeting held on September 21, 2023. The Company has granted 17,22,000 options to eligible employees of the Company including employees of subsidiary company.
The fair value of the share options is estimated at the grant date using the Black- Scholes option pricing model, taking into account the terms and conditions upon which the share options were granted. However, the above performance condition is only considered in determining the number of instruments that will ultimately vest. Options have been granted with vesting period that shall commence after minimum 1 year from the grant date and it may extend upto maximum of 3 years (as mentioned in below table) on the basis of graded vesting. Excercise period will start from date of vesting of options and shall end till one year from the date of last vesting of options granted on particular date. There are no cash settlement alternatives.
*The above figures represents investment in mutual funds and do not include investment in subsidiaries.
31(B) Fair value measurements
(i) The following table provides the fair value measurements hierarchy of the Company''s financial assets and liabilities:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level I to Level 3, as described below.
Financial instrument measured at amortised cost
The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair value since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.
There has been no transfers between level 1, level 2 and level 3 for the year ended March 31, 2025 and 2024 31(C) Financial risk management- objectives and policies
The Company''s board of directors has the overall responsibility for the management of these risks and is supported by risk Management Committee that advises on the appropriate financial risk governance framework. The Company has the risk management policies and systems in place and are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company''s risk management committee oversees how management monitors compliance with the risk management policies and procedures, and reviews the adequacy of risk management framework in relation to the risks faced by the Company. The framework seeks to identify, asses and mitigate financial risk in order to minimise potential adverse effects on the Company''s financial performance.
The Company''s financial liabilities comprise mainly of lease liabilities, borrowings, trade payable and others payable. The company''s financial assets comprise mainly of investments, cash and cash equivalents, other bank balances, loans , trade receivable and other receivables.
The company has exposure to the following risks arising from financial instruments:
- Credit risk
- Liquidity risk; and
- Market risk
a) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligation, and arises from the operating activities primarily (trade receivables) and investing activities including deposits with banks and other security deposits. The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of financial assets. A default of financial assets is when there is a significant increase in the credit risk which is evaluated based on the business environment.
The Company is exposed to credit risk mainly with respect to cash and cash equivalents, bank balances, trade receivables, other financial assets and loans and advances. Details are given below :
(i) Cash and cash equivalents
Credit risk on cash and cash equivalent is limited as we generally transact with banks with high credit ratings assigned by international and domestic credit rating.
(ii) Trade receivables:
Customer credit risk is managed based on company''s established policy, procedures and controls. The company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors. Credit risk is reduced by receiving pre-payments. The Company has a well defined sales policy to minimize its risk of credit defaults. Outstanding customer receivables are regularly monitored and assessed. Impairment analysis is performed passed on historical data at each reporting date on an individual basis.
The Company considers the probability of default upon initial recognition of loan and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the loan as at the reporting date with the risk of default as at the date of initial recognition. The Company has provided loan to one of its subsidiary SLW Media Private Limited of Rs. 15 lakhs at an interest rate equivalent to one year State Bank of India (SBI) marginal cost of fund based lending rate (MCLR).
b) Liquidity Risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company''s treasury department is responsible for maintenance of liquidity, continuity of funding as well as timely settlement of debts. In addition, policies related to mitigation of risks are overseen by senior management. Company monitor their risk of shortage of funds using cash flow forecasting models. These models consider the maturity of their financial investments, committed funding and projected cash flows from operations. The Company''s objective is to provide financial resources to meet its business objectives in a timely, cost effective and reliable manner.
Maturity profile of financial liabilities
The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments.
c) Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of fluctuation in market prices. These comprise three types of risk i.e. currency rate , interest rate and other price related risks. Financial instruments affected by market risk include loans and borrowings, deposits, investments, and derivative financial instruments. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Regular interaction with bankers, intermediaries and the market participants help us to mitigate such risk.
(i) Interest Rate Risk and Sensitivity
The company has borrowings with the related parties at a fixed rate of interest. Therefore there is no interest rate risk.
The primary goal of the company investment is to maintain liquidity along with meeting company''s strategic purposes. Depending upon the investment strategy at inception, management classifies certain investments as FVTPL. The following table details the Company sensitivity to a 1% increase and decrease in the price of instruments.
Foreign Currency Sensitivity
Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period. The below table demonstrates the sensitivity to a 0.25% increase or decrease in the foreign currency against INR, with all other variable held constant. The sensitivity analysis is prepared on the net unhedged exposure of the company as at the reporting date. 0.25% represents management''s assessment of reasonably possible change in foreign exchange rate.
35. Additional regulatory information required by Schedule III
a) Title deeds of Immovable Property not held in the name of the Company
The Company do not have any Immovable property which is not held in the name of Company.
b) Details of Benami Property held
The Company does not hold any benami property. No proceedings have been initiated on the Company or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
c) Borrowings secured against current assets
The Company has no borrowings from banks and financial institutions on the basis of security of current assets.
d) Wilful Defaulter
The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
e) Relationship with Struck off Companies
The Company do not have any transactions with struck-off companies under section 248 of Companies Act,2013.
f) Registration of charges or satisfaction with Registrar of Companies (ROC)
The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
g) Fund Received
The Company have not received any fund from any person or entity, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or
b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
h) Fund advanced
The Company have not advanced or loaned or invested funds to any other person or entity, including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries); or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
i) Undisclosed income
The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
j) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in crypto currency or virtual currency during the current or prior year.
k) Valuation of property, plant and equipment, intangible asset and investment property
The Company has not revalued its property, plant and equipment or intangible assets or both during the current or previous year.
l) Utilisation of borrowings taken from banks and financial institutions for specific purpose
The Company has not availed any borrowings from any banks or financial institutions during the year.
m) Details of any whistle blower complaints received
The Company have not received any whistle blower complaints during the financial year.
n) Audit trail -
The Company has used an accounting software for maintaining its books of account for the financial year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility except audit trail on the database level and the same has been operating for all relevant transactions recorded in the software throughout the year. Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record retention.
The company publishes this financial statement along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the consolidated financial statements.
37. No adjusting or significant non- adjusting events have occurred between the reporting date and date of authorization of these financial statements.
38. THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT (MSMED) ACT, 2006
Based on the information available, there are certain vendors who have confirmed that they are covered under the Micro, Small and Medium Enterprises Development Act, 2006. Disclosures as required by section 22 of ''The Micro, Small and Medium Enterprises Development Act, 2006, are given below:
âAmount included in trade payables and other current financial liabilities
No parties have been identified under the Micro, Small and Medium Enterprises (Development) Act, 2006 other than disclosed above. This disclosure has been determined to the extent such parties have been identified on the basis of information available with the Company.
39. For the previous year ended March 31, 2024, the company had undertaken a transfer pricing study and obtained the prescribed certificate of the accountant to comply with the said transfer pricing regulations, which did not envisage any tax liability. For the year ended March 31, 2025, the Company will carry out the similar study to comply with the said regulations and accordingly adjustments, if any arising from the transfer pricing study shall be accounted for as and when the study is completed. The management confirms that all international and specific domestic transactions with associates enterprises are undertaken at negotiated contracted prices on usual commercial terms and at arm''s length basis as per the provisions of Income Tax Act, 1961.
Mar 31, 2024
(k) Provisions, Contingent Assets & Contingent Liabilities:
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
A provision is made in respect of onerous contracts, i.e., contracts in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under such contracts. Provisions are not recognised for other future operating losses. The carrying amounts of provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.
Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period.
A disclosure for contingent liabilities is made where there is a possible obligation or a present obligation that may probably not require an outflow of resources or an obligation for which the future outcome cannot be ascertained with reasonable certainty. When there is a possible or a present obligation where the likelihood of outflow of resources is remote, no provision or disclosure is made.
(l) Cash Flow Statements
Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated. The Company considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.
(m) Earning Per Share
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares outstanding during the year.
Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.
c Significant Accounting Judgements, Estimates & Assumptions
In the process of applying the Company''s accounting policies, management has made the following estimates, assumptions and judgements which have significant effect on the amounts recognized in the financial statement:
a) Income taxes
Judgment of the Management is required for the calculation of provision for income taxes and deferred tax assets and liabilities. The Company reviews at each balance sheet date the carrying amount of deferred tax assets. The factors used in estimates may differ from actual outcome which could lead to significant adjustment to the amounts reported in the standalone financial statements.
b) Contingencies
Judgment of the Management is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/litigations against the Company as it is not possible to predict the outcome of pending matters with accuracy.
c) Allowance for uncollected accounts receivable and advances
Trade receivables do not carry any interest and are stated at their normal value as reduced by appropriate allowances for estimated irrecoverable amounts. Individual trade receivables are written off when management deems them not collectible. Impairment is made on ECL, which are the present value of the cash shortfall over the expected life of the financial assets.
d) Defined Benefit Plans
The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in future. These Includes the determination of the discount rate, future salary increases, mortality rates and attrition rate. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
d Recent accounting pronouncements
Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended March 31, 2024, MCA had not notified any new standards or amendments to the existing standards applicable to the Company.
e) Bonus issue
During the previous year, the company has issued bonus shares of 10,24,50,000 and 20,54,10,000 fully paid up equity shares of face value Rs. 1/- each for the quarter ended June 30, 2022 and December 31,2022 respectively, pursuant to bonus issue approved by the shareholders in the Extra Ordinary General Meeting held on 9th May 2022 and 2nd December 2022, respectively. The bonus shares were issued by capitalization of profits transferred from retained earnings. Bonus share of one equity share for every equity share held has been allotted.The bonus shares once allotted has been rank pari passu in all respects and carry the same rights as the existing equity shareholders. These shall be entitled to participate in full, in any dividend and other corporate action, recommended and declared after the new equity shares are allotted..
f) Buy Back
There is no buy back of shares in the current year and proceeding five years for consideration other than cash.
g) The company has allotted 9,20,908 equity shares to BLS International Employees Welfare Trust as per the BLS International Employee stock option scheme- 2020- "ESOP 2020".
(B) Fair Value Measurements
(i) The following table provides the fair value measurements hierarchy of the Company''s financials assets and liabilities:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
Accordingly, Investment in mutual funds is considered as Level 1 and measured at fair value through profit or loss. All other financial instruments are considered as Level 3 which are on amortised cost.
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level I to Level 3, as described below.
Quoted prices in an active market (Level I): This level of hierarchy includes financial instruments that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of quoted equity shares, quoted corporate debt instruments and mutual fund investments.
Valuation techniques with observable inputs (Level 2) This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly (i.e.: as prices) or indirectly (i.e.: derived from prices). This level of hierarchy include Company''s over-the-counter (OTC) derivative contracts.
Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values ore determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.
(C) Financial Risk Management- Objectives And Policies
The Company''s board of directors has the overall responsibility for the management of these risks and is supported by Risk Management Committee that advises on the appropriate financial risk governance framework. The Company has the risk management policies and systems in place and are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company''s risk management committee oversees how management monitors compliance with the risk management policies and procedures, and reviews the adequacy of risk management framework in relation to the risks faced by the Company. The framework seeks to identify, asses and mitigate financial risk in order to minimise potential adverse effects on the company''s financial performance.
The Company''s financial liabilities comprise mainly of lease liability, borrowings, trade payable and others payable. The company''s financial assets comprise mainly of investments, cash and cash equivalents, other bank balances, loans , trade receivable and other receivables.
The company has exposure to the following risks arising from financial instruments:
- Credit risk
- Liquidity risk; and
- Market risk
a) Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligation, and arises from the operating activities primarily (trade receivables) and investing activities including deposits with banks and other corporate deposits. The company establishes an allowance for impairment that represents its estimate of expected losses in respect of financial assets. A default of financial assets is when there is a significant increase in the credit risk which is evaluated based on the business environment.
The Company is exposed to credit risk mainly with respect to cash and cash equivalents, bank balances, trade receivables, other financial assets and loans and advances.
(i) Cash and cash equivalents
Credit risk on cash and cash equivalent is limited as we generally transact with banks with high credit ratings assigned by international and domestic credit rating.
(ii) Trade receivables:
Customer credit risk is managed based on company''s established policy, procedures and controls. The company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.
Credit risk is reduced by receiving pre-payments. The company has a well defined sales policy to minimize its risk of credit defaults. Outstanding customer receivables are regularly monitored and assessed. Impairment analysis is performed passed on historical data at each reporting date on an individual basis. However, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively.
(iii) Loan to related parties
The Company considers the probability of default upon initial recognition of loan and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the loan as at the reporting date with the risk of default as at the date of initial recognition.
b) Liquidity Risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company''s treasury department is responsible for maintenance of liquidity, continuity of funding as well as timely settlement of debts. In addition, policies related to mitigation of risks are overseen by senior management. Company monitor their risk of shortage of funds using cash flow forecasting models. These models consider the maturity of their financial investments, committed funding and projected cash flows from operations. The Company''s objective is to provide financial resources to meet its business objectives in a timely, cost effective and reliable manner.
c) Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of fluctuation in market prices. These comprise three types of risk i.e. interest rate, foreign currency rate and other price related risks. Financial instruments affected by market risk include loans and borrowings, deposits, investments, and derivative financial instruments.
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Regular interaction with bankers, intermediaries and the market participants help us to mitigate such risk.
i) Interest Rate Risk and Sensitivity
The company has borrowings with the related parties at a fixed rate of interest.Therefore there is no interest rate risk.
(D) Capital Management
The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The primary objective of the Company''s Capital management is to maximize shareholder''s value. The Company manages its capital and makes adjustment to it in light of the changes in economic and market conditions.
Company''s capital management objective is to remain majorly a debt-free company till the time it achieves breakeven. In order to meet this objective, Company meets anticipated funding requirements for developing new businesses, expanding its geographical base, entering in to strategic mergers and acquisitions and other strategic investments, by issuance of equity capital together with cash generated from Company''s operating and investing activities. The company utilizes certain working capital facilities in the form of short term bank overdraft to meet anticipated interim working capital requirements.
35 Additional regulatory information required by Schedule III
a) Title deeds of Immovable Property not held in the name of the Company
The Company do not have any Immovable property which is not held in the name of Company.
b) Details of Benami Property held
The Company does not hold any benami property. No proceedings have been initiated on the Company or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
c) Borrowings secured against current assets
The Company has no borrowings from banks and financial institutions on the basis of security of current assets.
d) Wilful Defaulter
The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
e) Relationship with Struck off Companies
The Company do not have any transactions with struck-off companies under section 248 of Companies Act,2013.
f) Registration of charges or satisfaction with Registrar of Companies (ROC)
The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
g) Fund Received
The Company have not received any fund from any person or entity, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
h) Fund advanced
The Company have not advanced or loaned or invested funds to any other person or entity, including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries); or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
i) Undisclosed income
The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
j) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in crypto currency or virtual currency during the current or prior year.
k) Valuation of property, plant and equipment, intangible asset and investment property
The Company has not revalued its property, plant and equipment or intangible assets or both during the current or previous year.
l) Utilisation of borrowings taken from banks and financial institutions for specific purpose
The Company has not availed any borrowings from any banks or financial institutions during the year.
m) Details of any whistle blower complaints received
The Company have not received any whistle blower complaints during the financial year.
36 SEGMENT REPORTING
The company publishes this financial statement along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the consolidated financial statements.
37 The Company has used an accounting software for maintaining its books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility and the same has been operating for all relevant transactions recorded in the software from April 12, 2023. Although, the accounting software has inherent limitation, there were no instances of the audit trail feature been tempered.
38 No adjusting or significant non- adjusting events have occurred between the reporting date and date of authorization of these financial statements.
39 THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT (MSMED) ACT, 2006
Based on the information available, there are certain vendors who have confirmed that they are covered under the Micro, Small and Medium Enterprises Development Act, 2006. Disclosures as required by section 22 of ''The Micro, Small and Medium Enterprises Development Act, 2006, are given below:
40 In the opinion of the management of the Company and to the best of their knowledge & belief, the value of current assets, loans and advances, if realized in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet.
41 For the previous year ended March 31, 2023, the company had undertaken a transfer pricing study and obtained the prescribed certificate of the accountant to comply with the said transfer pricing regulations, which did not envisage any tax liability. For the year ended March 31, 2024, the company will carry out the similar study to comply with the said regulations and accordingly adjustments, if any arising from the transfer pricing study shall be accounted for as and when the study is completed. The management confirms that all international and specific domestic transactions with associates enterprises are undertaken at negotiated contracted prices on usual commercial terms and at arm''s length basis as per the provisions of Income Tax Act, 1961.
42 Previous year figures have been regrouped/ rearranged, wherever considered necessary to confirm to current year''s classification.
As per our report of even date attached For and on behalf of the board of directors of
For S S Kothari Mehta & Co. LLP BLS International Services Limited
Chartered Accountants
Firm''s registration number: 000756N/N500441
Amit Goel Shikhar Aggarwal Nikhil Gupta
Partner Jt. Managing Director Managing Director
Membership number: 500607 DIN No. 06975729 DIN No. 00195694
Amit Sudhakar Dharak Mehta
Place : New Delhi Chief Financial Officer Company Secretary
Date : May 14, 2024 ICAI M. No. : 90429 ICSI M. No. : FCS12878
Mar 31, 2023
e. ) Bonus issue
During the year, the company has issued bonus shares of 10,24,50,000 and 20,54,10,000 fully paid up equity shares of face value 1/- each for the quarter ended June 30, 2022 and December 31,2022 respectively, pursuant to bonus issue approved by the shareholders in the Extra Ordinary General Meeting held on 9th May 2022 and 2nd December 2022, respectively. The bonus shares were issued by capitalization of profits transferred from retained earnings. Bonus share of one equity share for every equity share held has been allotted.
The bonus shares once allotted has been rank pari passu in all respects and carry the same rights as the existing equity shareholders. These shall be entitled to participate in full, in any dividend and other corporate action, recommended and declared after the new equity shares are allotted.
There is no buy back of shares in the current year and proceeding five years for consideration other than cash.
g. ) The company has alotted 510000 equity shares to BLS International Employees Welfare Trust as per the BLS International
Employee stock option scheme- 2020- "ESOP 2020"
A. Description of nature and purpose of each reserve
i Equity instruments through other comprehensive income
This represents the cumulative gain or losses arising on the revaluation of equity instruments measured at fair value through other comprehensive income, under an irrevocable option, net of amount reclassified to retained earnings when such assets are disposed off.
Retained earnings are the profits that the Company has earned till date less dividends or other distributions paid to shareholders. Retained earnings is a free reserve available to the Company.
iii Securities premium reserve
Securities premium reserve represents premium received on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.
iv Re-measurement of defined benefit plans
This represents the actuarial gains/losses recognised in other comprehensive income.
v Share based payment reserve
Share based payment reserve represents the contractual obligation for the company to issue shares.
B. Dividends
i Final dividend on shares are recorded as liability on the date of approval by the shareholders and interim liability are recorded as a liability on the date of declaration by the companyâs Board of Directors.
ii The Company declares and pays dividends in Indian rupees. The remittance of dividends outside India is governed by Indian law on foreign exchange and is subject to applicable distribution taxes.
b) Investment by the loanees in the shares of the Company :-
The loanees have not made any investments in the shares of the Company.
c) Details of loans given, investments made and guarantee given covered u/s 186(4) of the Companies Act 2013.
The company has provided loans to its subsidiaries as per note 35(a) above for its business activities. The loans are unsecured and repayable on demand. The loan carried an interest rate @ 7% to 8% p.a.(SBI prime rate). The company has provided interest free loan to BLS International Employees Welfare Trust (ESOP).
a) Defined Contribution Plans:-
The Company has recognized Rs. 120.66 (March 31, 2022 Rs. 68.34) as expense in Statement of Profit & Loss towards defined Contribution plan.
BLS International Employee stock option scheme- 2020- "ESOP 2020" was approved by the shareholders of the company on June 25, 2020 through postal ballot process. The Company has granted 10,11,000 options to eligible employees of the company including employees of subsidiary company.
The fair value of the share options is estimated at the grant date using the Black- Scholes option pricing model, taking into account the terms and conditions upon which the share options were granted. However, the above performance condition is only considered in determining the number of instruments that will ultimately vest.
Options have been granted with vesting period that shall commence after minimum 1 year from the grant date and it may extend upto maximum of 3 years (as mentioned in below table) on the basis of graded vesting and are exercisable for a period of 1 years once vested. There are no cash settlement alternatives.
38(B). Fair Value Measurements
Financial instrument measured at amortised cost
The carrying amount of financial assets and financials liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair value since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.
38(C). Financial Risk Management- Objectives And Policies
The Company''s financial liabilities comprise mainly of lease liability, borrowings, trade payable and others payable. The company''s financial assets comprise mainly of investments, cash and cash equivalents, other bank balances, loans , trade receivable and other receivables.
The company has exposure to the following risks arising from financial instruments:
- Credit risk
- Liquidity risk; and
- Market risk
The Companyâs board of directors has the overall responsibility for the management of these risks and is supported by Risk Management Committee that advises on the appropriate financial risk governance framework. The Company has the risk management policies and systems in place and are reviewed regularly to reflect changes in market conditions and the Companyâs activities. The Companyâs risk management committee oversees how management monitors compliance with the risk management policies and procedures, and reviews the adequacy of risk management framework in relation to the risks faced by the Company. The framework seeks to identify, asses and mitigate financial risk in order to minimise potential adverse effects on the company''s financial performance.
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligation, and arises from the operating activities primarily (trade receivables) and investing activities including deposits with banks and other corporate deposits. The company establishes an allowance for impairment that represents its estimate of expected losses in respect of financial assets. A default of financial assets is when there is a Significant increase in the credit risk which is evaluated based on the business environment. The assets are written off when the company certain about the non- recovery.
(i) Trade receivables:
Customer credit risk is managed based on company''s established policy, procedures and controls. The company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.
Credit risk is reduced by receiving pre-payments. The company has a well defined sales policy to minimize its risk of credit defaults. Outstanding customer receivables are regularly monitored and assessed. Impairement analysis is performed passed on historical data at each reporting date on an individual basis. However, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively.
38(C). Financial Risk Management- Objectives And Policies (Contd.)
c) Liquidity Risk
Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at a reasonable price. The Companyâs treasury department is responsible for maintenance of liquidity, continuity of funding as well as timely settlement of debts. In addition, policies related to mitigation of risks are overseen by senior management. Management monitors the Companyâs net liquidity position on the basis of expected cash flows vis a vis debt service fulfilment obligation.
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of fluctuation in market prices. These comprise three types of risk i.e. currency rate , interest rate and other price related risks. Financial instruments affected by market risk include loans and borrowings, deposits, investments, and derivative financial instruments. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Regular interaction with bankers, intermediaries and the market participants help us to mitigate such risk.
Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period. The below table demonstrates the sensitivity to a 0.25% increase or decrease in the foreign currency against INR, with all other variable held constant. The sensitivity analysis is prepared on the net unhedged exposure of the company as at the reporting date. 0.25% represents managementâs assessment of reasonably possible change in foreign exchange rate.
ii) Interest Rate Risk and Sensitivity
The company has borrowing with the related parties at a fixed rate of interest. Therefore, there is no interest rate risk.
iii) Equity price risk
The Company does not have any investments in listed securities or in Equity Mutual Funds and thereby is not exposed to any Equity price risk.
The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The primary objective of the Companyâs Capital management is to maximize shareholderâs value. The Company manages its capital and makes adjustment to it in light of the changes in economic and market conditions.
43 TITLE DEEDS OF IMMOVABLE PROPERTY NOT HELD IN THE NAME OF THE COMPANY
The Company do not have any Immovable property which is not held in the name of Company.
44 DETAILS OF BENAMI PROPERTY HELD
The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
45 BORROWINGS SECURED AGAINST CURRENT ASSETS
The Company has not availed any facilities from banks on the basis of security of current assets.
The Company is not declared Wilful Defaulter by any Bank or any Financial Instituition.
47 RELATIONSHIP WITH STRUCK OFF COMPANIES
The Company do not have any transactions with struck-off companies under section 248 of Companies Act,2013.
48 REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES (ROC)
The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
The Company have not received any fund from any person or entity, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
The Company have not advanced or loaned or invested funds to any other person or entity, including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries); or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
52 DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY
The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
53 DETAILS OF ANY WHISTLE BLOWER COMPLAINTS RECEIVED
The Company have not received any whistle blower complaints during the financial year.
The Company has given loan during the financial year.
55 INFORMATION RELATED TO CONSOLIDATED FINANCIALS
The company is listed on stock exchange in India, the Company has prepared consolidated financial as required under IND AS110, Sections 129 of Companies Act, 2013 and listing requirements. The consolidated financial statement is available on Companyâs web site for public use.
The company publishes this financial statement along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the consolidated financial statements.
Assets are tested for impairment whenever there are any internal or external indicators of impairment. Impairment test is performed at the level of each Cash Generating Unit (''CGUâ) or groups of CGUs within the Company at which the assets are monitored for internal management purposes, within an operating segment. The impairment assessment is based on higher of value in use and value from sale calculations. During the year, the testing did not result in any impairment in the carrying amount
of other assets. The measurement of the cash generating unitsâ value in use is determined based on financial plans that have been used by management for internal purposes. The planning horizon reflects the assumptions for short to- mid-term market conditions.
Key assumptions used in value-in-use calculations are:-
(i) Operating margins (Earnings before interest and taxes),
(ii) Discount Rate,
(iii) Growth Rates and
(iv) Capital Expenditure
No parties have been identified under the Micro, Small and Medium Enterprises (Development) Act, 2006 other than disclosed above. This disclosure has been determined to the extent such parties have been identified on the basis of information available with the Company.
59 In the opinion of the management of the Company and to the best of their knowledge & belief, the value of current assets, loans and advances, if realized in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet.
60 For the previous year ended March 31, 2022, the company had undertaken a transfer pricing study and obtained the prescribed certificate of the accountant to comply with the said transfer pricing regulations, which did not envisage any tax liability. For the year ended March 31, 2023, the company will carry out the similar study to comply with the said regulations and accordingly adjustments, if any arising from the transfer pricing study shall be accounted for as and when the study is completed. The management confirms that all international and specific domestic transactions with associates enterprises are undertaken at negotiated contracted prices on usual commercial terms and at armâs length basis as per the provisions of Income Tax Act, 1961.
61 During the year, the Company has issued bonus shares twice in the ratio of 1:1 fully paid-up Equity shares of Rs. 1/- (Rupees One) each in proportion of 1 (One) new fully paid-up Equity Shares of Rs. 1/- (Rupees One) for every 1 (One) existing fully paid-up Equity Shares of Rs. 1/- (Rupees One) each.
Consequent to this bonus issue, the earnings per share have been recomputed/restated for previous periods presented in accordance with Ind AS 33, Earnings per share.
62 Previous year figures have been regrouped/ rearranged, wherever considered necessary to confirm to current yearâs classification.
Mar 31, 2022
Terms/rights attached to equity shares
Equity shares: The Company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holder of equity shares will be entitled to receive the remaining assets of the company after distribution of all preferential amounts, if any. The distribution will be in proportion of the number of equity shares held by the shareholders. The dividend proposed, if any, by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting except in the case of Interim Dividend.
A. Description of nature and purpose of each reserve
i Equity instruments through other comprehensive income
This represents the cumulative gain or losses arising on the revaluation of equity instruments measured at fair value through other comprehensive income, under an irrevocable option, net of amount reclassified to retained earnings when such assets are disposed off.
ii Retained Earning:
Retained earnings are the profits that the Company has earned till date less dividends or other distributions paid to shareholders. Retained earnings is a free reserve available to the Company"
B. Dividends
i Final dividend on shares are recorded as liability on the date of approval by the shareholders and interim liability are recorded as a liability on the date of declaration by the company''s Board of Directors.
ii The Company declares and pays dividends in Indian rupees. The remittance of dividends outside India is governed by Indian law on foreign exchange and is subject to applicable distribution taxes.
32.2 CORPORATE SOCIAL RESPONSIBILTY
As per Section 135 of the Act, a company, meeting the applicability threshold, needs to spend at least 2% at its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the company as per the Act.
a) Gross amount required to be spent by the Company during the year is '' 47.65 (March 31, 2021: '' 40.56)
|
34 CONTINGENT LIABILITIES AND COMMITMENTS ( TO THE EXTENT NOT PROVIDED FOR) |
||
|
a) Particulars |
Year ended March 31, 2022 |
Year ended March 31, 2021 |
|
Guarantees issued by the bank on behalf of the Company |
3,586.17 |
2,051.04 |
|
Corporate guarantee to banks on behalf of subsidiaries |
2,000.00 |
8,000.00 |
|
Income tax demand |
37.58 |
66.55 |
|
Total |
5,623.75 |
10,117.59 |
b) Investment by the loanees in the shares of the Company
The loanees have not made any investments in the shares of the Company.
c) Details of loans given, investments made and guarantee given covered u/s 186(4) of the Companies Act 2013.
The company has provided loans to its wholly owned subsidiaries as per note 35(a) above for its business activities. The loans are unsecured and repayable on demand. The loan carried an interest @ 7% to 8% p.a.
The Company has taken premises for office under cancellable operating lease agreements. Terms of the lease include terms for renewal, increase in rents in future periods and terms of cancellation. Lease and rent payments recognized in statement of profit & loss is '' 331.21 (March 31, 2021: '' 257.31)
a) Defined Contribution Plans:-
The Company has recognized '' 68.34 (March 31, 2021 '' 32.57) as expense in Statement of Profit & Loss towards defined Contribution plan.
BLS International Employee stock option scheme- 2020- "ESOP 2020" was approved by the shareholders of the company on 25th June 2020 through postal ballot process. The Company has granted 8,94,000 options to eligible employees of the company including employees of subsidiary company. The fair value of the share options is estimated at the grant date using the Black- Scholes option pricing model, taking into account the terms and conditions upon which the share options were granted. However, the above performance condition is only considered in determining the number of instruments that will ultimately vest. Options have been granted with vesting period that shall commence after minimum 1 year from the grant date and it may extend upto maximum of 3 years (as mentioned in below table) on the basis of graded vesting and are exercisable for a period of 1 years once vested. There are no cash settlement alternatives.
(i) Financial instrument measured at amortised cost
The carrying amount of financial assets and financials liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair value since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.
39(C). FINANCIAL RISK MANAGEMENT- OBJECTIVES AND POLICIES
The Company''s financial liabilities comprise mainly of lease liability, borrowings, trade payable and others payable. The company''s financial assets comprise mainly of investments, cash and cash equivalents, other bank balances, loans , trade payable and other receivables.
The company has exposure to the following risks arising from financial instruments:
- Credit risk
- Liquidity risk; and
- Market risk
a) Risk management framework
The Company''s board of directors has the overall responsibility for the management of these risks and is supported by Management Advisory Committee that advises on the appropriate financial risk governance framework. The Company has the risk management policies and systems in place and are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company''s audit committee oversees how management monitors compliance with the risk management policies and procedures, and reviews the adequacy of risk management framework in relation to the risks faced by the Company. The framework seeks to identify, asses and mitigate financial risk in order to minimise potential adverse effects on the company''s financial performance.
b) Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligation, and arises from the operating activities primarily (trade receivables) and investing activities including deposits with banks and other corporate deposits. The company establishes an allowance for impairment that represents its estimate of expected losses in respect of financial assets. A default of financial assets is when there is a Significant increase in the credit risk which is evaluated based on the business environment. The assets are written off when the company certain about the non- recovery.
(i) Trade receivables:
Customer credit risk is managed based on company''s established policy, procedures and controls. The company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.
Credit risk is reduced by receiving pre-payments. The company has a well defined sales policy to minimize its risk of credit defaults. Outstanding customer receivables are regularly monitored and assessed. Impairement analysis is performed passed on historical data at each reporting date on an individual basis. However, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively.
c) Liquidity Risk
Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at a reasonable price. The Company''s treasury department is responsible for maintenance of liquidity, continuity of funding as well as timely settlement of debts. In addition, policies related to mitigation of risks are overseen by senior management. Management monitors the Company''s net liquidity position on the basis of expected cash flows vis a vis debt service fulfilment obligation.
d) Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of fluctuation in market prices. These comprise three types of risk i.e. currency rate , interest rate and other price related risks. Financial instruments affected by market risk include loans and borrowings, deposits, investments, and derivative financial instruments. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Regular interaction with bankers, intermediaries and the market participants help us to mitigate such risk.
Foreign Currency Sensitivity
Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period. The below table demonstrates the sensitivity to a 0.25% increase or decrease in the foreign currency against INR, with all other variable held constant. The sensitivity analysis is prepared on the net unhedged exposure of the company as at the reporting date. 0.25% represents management''s assessment of reasonably possible change in foreign exchange rate.
ii) Interest Rate Risk and Sensitivity
The Company''s exposure to the risk of changes in market interest rates relates primarily to debt. Borrowings at variable rates expose the Company to cash flow interest rate risk.
iii) Equity price risk
The Company does not have any investments in listed securities or in Equity Mutual Funds and thereby is not exposed to any Equity price risk.
The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The primary objective of the Company''s Capital management is to maximize shareholder''s value. The Company manages its capital and makes adjustment to it in light of the changes in economic and market conditions.
45 DETAILS OF BENAMI PROPERTY HELD
The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
46 BORROWINGS SECURED AGAINST CURRENT ASSETS
The Company has not availed any facilities from banks on the basis of security of current assets.
The Company is not declared Wilful Defaulter by any Bank or any Financial Instituition.
48 RELATIONSHIP WITH STRUCK OFF COMPANIES
The Company do not have any transactions with struck-off companies.
49 REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES (ROC)
The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
The Company have not received any fund from any person or entity, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
The Company have not advanced or loaned or invested funds to any other person or entity, including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries); or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
53 DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY
The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
54 DETAILS OF ANY WHISTLE BLOWER COMPLAINTS RECEIVED
The Company have not received any whistle blower complaints during the financial year.
56 INFORMATION RELATED TO CONSOLIDATED FINANCIALS
The company is listed on stock exchange in India, the Company has prepared consolidated financial as required under IND AS110, Sections 129 of Companies Act, 2013 and listing requirements. The consolidated financial statement is available on Company''s web site for public use.
The company publishes this financial statement along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the consolidated financial statements.
Assets are tested for impairment whenever there are any internal or external indicators of impairment. Impairment test is performed at the level of each Cash Generating Unit (''CGU'') or groups of CGUs within the Company at which the assets are monitored for internal management purposes, within an operating segment. The impairment assessment is based on higher of value in use and value from sale calculations. During the year, the testing did not result in any impairment in the carrying amount of other assets. The measurement of the cash generating units'' value in use is determined based on financial plans that have been used by management for internal purposes. The planning horizon reflects the assumptions for short to- mid-term market conditions.
Key assumptions used in value-in-use calculations are:-
(i) Operating margins (Earnings before interest and taxes), (ii) Discount Rate, (iii) Growth Rates and (iv) Capital Expenditure
60 In the opinion of the management of the Company and to the best of their knowledge & belief, the value of current assets, loans and advances, if realized in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet.
61 For the previous year ended March 31, 2021, the company had undertaken a transfer pricing study and obtained the prescribed certificate of the accountant to comply with the said transfer pricing regulations, which did not envisage any tax liability. For the year ended March 31, 2022, the company will carry out the similar study to comply with the said regulations and accordingly adjustments, if any arising from the transfer pricing study shall be accounted for as and when the study is completed. The management confirms that all international and specific domestic transactions with associates enterprises are undertaken at negotiated contracted prices on usual commercial terms and at arm''s length basis as per the provisions of Income Tax Act, 1961.
62 The COVID- 19 situation and the consequent decline in travel and tourism globally have adversely affected the operations of the Company during the FY 2020-21. With Governments re-opening the borders and vaccination drives going on full swing globally, we expect the travel and tourism business to pick up in the coming financial year, i.e, 2022-23.
We have undertaken various risk mitigation measures to minimised any adverse impact of COVID-19 and continue to monitor the situation closely.
63 Previous year figures have been regrouped/ rearranged, wherever considered necessary to confirm to current year''s classification.
Mar 31, 2018
a.) Rights, preferences and restrictions attached to shares
Equity shares: The Company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holder of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts, if any. The distribution will be in proportion of the number of equity shares held by the shareholders. The dividend Proposed, if any, by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting except in the case of Interim Dividend.
b). The Company has not issued any bonus shares and there is no buy back of shares in the current year and preceding five years.
c) Pursuant to the approval of the Members accorded on 31st March, 2017 and subsequent in-principal approval accorded by Stock Exchange on 28th April, 2017, the equity shares of the Company having a face value of Rs. 10/- (Rupees Ten only) each were sub-divided into 10 (Ten) equity shares having a face value of Re. 1/- (Rupee One only) each. Accordingly, 1,02,45,000 equity shares of face value of Rs. 10 each were sub-divided into 10,24,50,000 equity shares of face value of Re. 1 each. The earning per share in respect of all the reported period has been restated considering the aforesaid sub-division of shares.
Dividends
Final dividend on shares are recorded as a recorded as liability on the date of approval by the shareholders and interim liability are recorded as a liability on the date of declaration by the company''s Board of Directors.
The Company declares and pays dividends in Indian rupees. The remittance of dividends outside India is governed by Indian law on foreign exchange and is subject to applicable distribution taxes. Dividend distribution tax paid by subsidiaries may be reduced / available as a credit against dividend distribution tax payable by BLS International Services Limited.
1. A). Vehicles loan from banks:
a.) Loan from HDFC Bank Ltd : total outstanding balance as at March 31, 2018 Rs. 35,96,318 ; March 31, 2017 Rs. 57,32,120 and April 01, 2016- NIL [ total outstanding debts above includes current maturity of non-current debt as at March 31, 2018 Rs. 23,41,940 ; March 31, 2017 Rs. 21,35,749 and April 01, 2016 -NIL] this loan is secured against hypothecation of specified vehicles of the Company. Applicable rate of interest is 9.25% p.a. Loan is repayable in 36 monthly installments.
b.) Loan from ICICI Bank Ltd : total outstanding balance as at March 31, 2018- NIL; March 31, 2017 Rs. 11,68,374 and April 01, 2016 Rs. 30,61,171 [ total outstanding debts above includes current maturity of non-current debt as at March 31, 2018 -NIL; March 31, 2017 Rs. 11,68,374 and April 01, 2016 Rs. 18,92,803] this loan is secured against hypothecation of specified vehicles of the Company . Applicable rate of interest is 10.25% p.a. Loan is repayable in 35 monthly installments.
B). Vehicles loan from others:
a.) Loan from BMW Financial Services Ltd : total outstanding balance as at March 31, 2018- NIL ; March 31, 2017 Rs. 1,10,91,686 and April 01, 2016 Rs. 2,47,02,765 [ total outstanding debts above includes current maturity of non-current debt as at March 31, 2018 -NIL ; March 31, 2017 Rs. 1,10,91,686 and April 01, 2016 Rs. 1,36,11,079 ] this loan is secured against hypothecation of specified vehicles of the Company . Applicable rate of interest is 9.51% p.a. Loan is repayable in 36 monthly installments.
b.) Loan from Daimler Financial Services Ltd : total outstanding balance as at March 31, 2018 Rs.1,55,80,915; March 31, 2017 -NIL and April 01, 2016 -NIL [ total outstanding debts above includes current maturity of non-current debt as at March 31, 2018 Rs.33,05,821 ; March 31, 2017 -NIL and April 01, 2016-NIL ] this loan is secured against hypothecation of specified vehicles of the Company . Applicable rate of interest is 10.3504% p.a. Loan is repayable in 36 monthly installments.
2. LEASES
The Company has taken premises for office under cancellable operating lease agreements. Terms of the lease include terms for renewal, increase in rents in future periods and terms of cancellation.
Lease payments recognized in statement of profit an loss amounting Rs. 1,80,77,533/- (previous year Rs 82,65,032/-), refer note 33
Sensitivity Analysis :
Significant actuarial assumption for the determination of the defined benefit obligation are discount rate and expected salary increase rate. Effect of change in mortality is negligible. Please note that the senility analysis presented below may not be reprehensive of the actual change in the defined benefit obligation as it is unlikely that the change in assumption would occur in isolation of one another as some of the assumption may be correlated. The result of the sensitivity analysis are given below:
3. FINANCIAL INSTRUMENTS
The fair value of the assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
4 Fair Value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial instruments approximate their carrying amounts largely due to the short term maturities of these instruments.
5. Financial instruments with fixed and variable interest rates are evaluated by the company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to the account for the expected losses of these receivables.
The company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly
Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data
6 There are no transfers between Level 1, 2 and 3 financial instruments.
Financial Risk Management Objectives & Policies Risk management framework
The Company is exposed to credit risk, liquidity risk and market risk. The Company''s board of directors has the overall responsibility for the management of these risks and is supported by Management Advisory Committee that advises on the appropriate financial risk governance framework. The Company has the risk management policies and systems in place and are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company''s audit committee oversees how management monitors compliance with the risk management policies and procedures, and reviews the adequacy of risk management framework in relation to the risks faced by the Company.
a). Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligation, and arises from the operating activities primarily (trade receivables) and from its financing activities including cash and cash equivalents, deposits with banks, derivatives and other financial instruments. The carrying amount of financial assets represents the maximum credit exposure and is as follows:
Trade & other receivables:
The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk of the industry and country in which customers operate.
The Company has established a credit policy under which each customer is analyzed individually for creditworthiness before the Company''s credit terms are offered. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. Credit limits are established for each customer and reviewed periodically. Any sales order exceeding those limits require approval from the appropriate authority.
The concentration of credit risk is limited in domestic market due to the fact that the customer base is large and unrelated. The Company''s exports are mainly carried out in countries which have stable economic conditions, where the concentration is relatively higher, however the credit risk is low as the customers have good credit ratings.
The Company computes an allowance for impairment of trade receivables based on a simplified approach, that represents its expected credit losses. The Company uses an allowance matrix to measure the expected credit loss of trade receivables. Loss rates are based on actual credit loss experienced over the past 3 years. These loss rates are adjusted by considering the available, reasonable and supportive forward looking information.
Cash and cash equivalents, deposits with banks and other financial instruments:
Credit risk from balances with banks and other financial instruments is managed by Company in accordance with its policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the management, and may be updated throughout the year.
Impairment on cash and cash equivalents, deposits and other financial instruments has been measured on the 12-month expected credit loss basis and reflects the short maturities of the exposures. The Company considers that its cash and cash equivalents have low credit risk based on external credit ratings of counterparties.
Based on the assessment there is no impairment in the above financial assets.
b). Liquidity Risk
Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at a reasonable price. The Company''s treasury department is responsible for maintenance of liquidity, continuity of funding as well as timely settlement of debts. In addition, policies related to mitigation of risks are overseen by senior management. Management monitors the Company''s net liquidity position on the basis of expected cash flows vis a vis debt service fulfillment obligation.
c). Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of fluctuation in market prices. These comprise three types of risk i.e. currency rate , interest rate and other price related risks. Financial instruments affected by market risk include loans and borrowings, deposits, investments, and derivative financial instruments. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Regular interaction with bankers, intermediaries and the market participants help us to mitigate such risk.
i) Foreign currency risk
The primary market risk to the Company is foreign exchange risk. The Company uses derivative financial instruments to reduce foreign exchange risk exposures and follows its risk management policies to mitigate the same. After taking cognisance of the natural hedge, the company takes appropriate hedges to mitigate its risk resulting from fluctuations in foreign currency exchange rate(s).
Foreign Currency Sensitivity
Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period.
ii) Interest Rate Risk and Sensitivity
The Company''s exposure to the risk of changes in market interest rates relates primarily to long term debt. Borrowings at variable rates expose the Company to cash flow interest rate risk. With all other variables held constant, the following table demonstrates composition of fixed and floating rate borrowing of the company and impact of floating rate borrowings on company''s profitability.
Capital Management
The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The primary objective of the Company''s Capital management is to maximize shareholder''s value. The Company manages its capital and makes adjustment to it in light of the changes in economic and market conditions.
7. First Time Adoption of Ind AS
I These financial statements of the Company for the year ended March 31, 2018 have been prepared in accordance with Ind AS. For the purposes of transition to Ind AS, the Company has followed the guidance prescribed in Ind AS 101, First-Time Adoption of Indian Accounting Standards, with April 01, 2016 as the transition date and IGAAP as the previous GAAP.
The transition to Ind AS has resulted in changes in the presentation of the financial statements, disclosures in the notes thereto and accounting policies and principles. The accounting policies set out in Note 1 have been applied in preparing the standalone financial statements for the year ended March 31, 2018 and the comparative information. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at April 01, 2016 and the financial statements as at and for the year ended March 31, 2018.
II Reconciliations
The following reconciliations provide the effect of transition to Ind AS from previous GAAP in accordance with Ind AS 101 :
a. Balance Sheet as at April 01, 2016 and March 31, 2017
b. Statement of Profit and loss for the year ended March 31, 2017
c. Equity as at April 01, 2016 and March 31, 2017
Notes to Reconciliation Adjustments
a Non Current Investments
For investment in unquoted Instrument, Company has elected to fair value through OCI.(FVTOCI)
b Security deposits
Under the previous GAAP, security deposits (that are refundable in cash on completion of the lease term) are recorded at their transaction value. Under Ind AS 109-Financial Instruments, security deposits are required to be valued at fair value and difference between cost and fair value is to be amortised over the period of security as rental expenses and consequently interest income is to be booked at Effective Interest method in Profit and Loss Account.
c Deferred Tax Assets
i. Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences, which was not required under Indian GAAP.
ii. In addition, the various transitional adjustments lead to different temporary differences resulting in recognition of deferred tax. Such deferred tax asset has been recognized in retained earnings.
d Remeasurements of post-employment benefit obligations
Under Ind AS, Re-measurement i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognized in other comprehensive income instead of profit or loss. Under the previous GAAP, these Re-measurement were forming part of the profit or loss for the year.
III Exemptions & exceptions availed:
Ind AS 101 mandates certain exceptions and allows first-time adopters exemptions from the retrospective application of certain requirements under Ind AS.
A Ind AS optional exemptions:
i. Deemed Cost:
The company has elected to avail the exemption in para D7AA, Ind AS 101 and has continued with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments."
ii. Investments in subsidiaries, associates and joint ventures:
The company has elected to avail the exemption in para D15, Ind AS 101 and has continued with the carrying amount of investments in subsidiaries, joint ventures and associates as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments.
iii. Designation of previously recognized financial instruments:
Under Ind AS 109, at initial recognition of a financial asset, an entity may make an irrevocable election to present subsequent changes in the fair value of an investment in an equity instrument in other comprehensive income. Ind AS 101 allows such designation of previously recognized financial assets, as ''fair value through other comprehensive income'' on the basis of the facts and circumstances that existed at the date of transition to Ind AS."
Accordingly, the Company has designated its investments (other than investments in subsidiaries, join ventures and associates) in certain equity instruments at fair value through other comprehensive income on the basis of the facts and circumstances that existed at the date of transition to Ind AS.
B Ind AS mandatory exceptions:
i. Estimates
Entity''s estimate in Ind AS on date of transition shall be consistent with estimate made under previous GAAP, unless there is objective evidence that those estimates were in error. Any new information shall be accounted as non-adjusting event in accordance with Ind AS 10.
The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions as at the transition date and as of March 31, 2017.
ii. Classification and measurement of financial assets:
An entity shall measure its financial assets either at amortized cost or at FVTOCI or FVTPL by assessing its contractual cash flow characteristics only on the basis of facts and circumstances existing on transition date. If it is impracticable for an entity to apply effective interest method retrospectively then fair value of financial instrument shall be new gross carrying amount of financial assets or the new amortized cost of financial liability.
The Company has classified the financial assets in accordance with Ind AS 109 on the basis of facts and circumstances that exist at the date of transition to Ind AS.
iii. Derecognition of financial assets and liabilities:
The Company has elected to apply the derecognition requirements for financial assets and financial liabilities in Ind AS 109 prospectively for transitions occurring on or after the date of transition to Ind AS. The Company has classified the financial assets in accordance with Ind AS 109 on the basis of facts and circumstances that exist at the date of transition to Ind AS. An entity can apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entity''s choosing, provided that the information needed to apply Ind AS 109 as a result of past transactions was obtained at the time of initially accounting for those transactions.
iv. Impairment of financial assets:
An entity shall determine an approximate credit risk at the date when the financial instrument were initially recognized and compare that to the credit risk at the date of transition to Ind AS. This should be based on reasonable and supportable information that is available without undue cost or effort. If the entity is unable to make this determination without undue cost or effort, it shall recognize a loss allowance at an amount equal to lifetime expected credit losses at each reporting date until that financial instrument is derecognized.
Notes to Reconciliation Adjustments
a Non Current Investments
For investment in unquoted Instrument, Company has elected to fair value through OCI.(FVTOCI)
b Security deposits
Under the previous GAAP, security deposits (that are refundable in cash on completion of the lease term) are recorded at their transaction value. Under Ind AS 109-Financial Instruments, security deposits are required to be valued at fair value and difference between cost and fair value is to be amortized over the period of security as rental expenses and consequently interest income is to be booked at Effective Interest method in Profit and Loss Account.
Financial assets (Security Deposits) measured at amortized cost as per Ind AS 109
c Deferred Tax Assets
i. Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences, which was not required under Indian GAAP.
ii. In addition, the various transitional adjustments lead to different temporary differences resulting in recognition of deferred tax. Such deferred tax asset has been recognized in retained earnings.
d Remeasurements of post-employment benefit obligations
Under Ind AS, Re-measurement i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognized in other comprehensive income instead of profit or loss. Under the previous GAAP, these Re-measurement were forming part of the profit or loss for the year.
Actuarial Valuation as per Ind AS 19 Other Expenses
Lease Expense as per amortization of security deposit as per Ind AS 109
III Exemptions & exceptions availed:
Ind AS 101 mandates certain exceptions and allows first-time adopters exemptions from the retrospective application of certain requirements under Ind AS.
A Ind AS optional exemptions: i. Deemed Cost:
The company has elected to avail the exemption in para D7AA, Ind AS 101 and has continued with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments.
ii. Investments in subsidiaries, associates and joint ventures:
The company has elected to avail the exemption in para D15, Ind AS 101 and has continued with the carrying amount of investments in subsidiaries, joint ventures and associates as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments.
iii. Designation of previously recognized financial instruments:
Under Ind AS 109, at initial recognition of a financial asset, an entity may make an irrevocable election to present subsequent changes in the fair value of an investment in an equity instrument in other comprehensive income. Ind AS 101 allows such designation of previously recognized financial assets, as ''fair value through other comprehensive income'' on the basis of the facts and circumstances that existed at the date of transition to Ind AS.
Accordingly, the Company has designated its investments (other than investments in subsidiaries, join ventures and associates) in certain equity instruments at fair value through other comprehensive income on the basis of the facts and circumstances that existed at the date of transition to Ind AS.
B Ind AS mandatory exceptions:
i. Estimates
Entity''s estimate in Ind AS on date of transition shall be consistent with estimate made under previous GAAP, unless there is objective evidence that those estimates were in error. Any new information shall be accounted as non-adjusting event in accordance with Ind AS 10.
The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions as at the transition date and as of March 31, 2017.
ii. Classification and measurement of financial assets:
An entity shall measure its financial assets either at amortized cost or at FVTOCI or FVTPL by assessing its contractual cash flow characteristics only on the basis of facts and circumstances existing on transition date. If it is impracticable for an entity to apply effective interest method retrospectively then fair value of financial instrument shall be new gross carrying amount of financial assets or the new amortized cost of financial liability.
The Company has classified the financial assets in accordance with Ind AS 109 on the basis of facts and circumstances that exist at the date of transition to Ind AS.
iii. Derecognition of financial assets and liabilities:
The Company has elected to apply the derecognition requirements for financial assets and financial liabilities in Ind AS 109 prospectively for transitions occurring on or after the date of transition to Ind AS. The Company has classified the financial assets in accordance with Ind AS 109 on the basis of facts and circumstances that exist at the date of transition to Ind AS. An entity can apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entity''s choosing, provided that the information needed to apply Ind AS 109 as a result of past transactions was obtained at the time of initially accounting for those transactions.
iv. Impairment of financial assets:
An entity shall determine an approximate credit risk at the date when the financial instrument were initially recognized and compare that to the credit risk at the date of transition to Ind AS. This should be based on reasonable and supportable information that is available without undue cost or effort. If the entity is unable to make this determination without undue cost or effort, it shall recognize a loss allowance at an amount equal to lifetime expected credit losses at each reporting date until that financial instrument is derecognized.
8. INFORMATION RELATED TO CONSOLIDATED FINANCIALS
The company is listed on stock exchange in India, the Company has prepared consolidated financial as required under IND AS110, Sections 129 of Companies Act, 2013 and listing requirements. The consolidated financial statement is available on Company''s web site for public use
9. SEGMENT INFORMATION
Information about primary segment
The company has engaged in the business of "visa and other allied services" and has only reportable segment in accordance with IND AS-108 ''Operating Segment''.
10. IMPAIRMENT REVIEW
Assets are tested for impairment whenever there are any internal or external indicators of impairment. Impairment test is performed at the level of each Cash Generating Unit (''CGU'') or groups of CGUs within the Company at which the assets are monitored for internal management purposes, within an operating segment. The impairment assessment is based on higher of value in use and value from sale calculations. During the year, the testing did not result in any impairment in the carrying amount of other assets. The measurement of the cash generating units'' value in use is determined based on financial plans that have been used by management for internal purposes. The planning horizon reflects the assumptions for short to- mid-term market conditions.
Key assumptions used in value-in-use calculations are:-
(i) Operating margins (Earnings before interest and taxes), (ii) Discount Rate, (iii) Growth Rates and (iv) Capital Expenditure
11. Previous year figures have been regrouped/ rearranged, wherever considered necessary to conform to current year''s classification.
12. Notes 1 to 47 are annexed to and form an integral part of financial statements.
Mar 31, 2017
Corporate Information
BLS International Services Limited (the âCompanyâ) is an ISO 9001:2008 certified Public Limited Company, actively engaged in providing outsourcing and administrative task of Visa, Passport and Consular services to various Diplomatic Missions across the world. Further, from financial year ended March 31, 2012, the company also started tasks related to Attestation and Apostille on behalf of Ministry of External Affairs, New Delhi (INDIA).
The company is a public listed company incorporated and domiciled in India and has its registered office at G-4B-1 , Extension Mohan Co-operative Industrial Estate, Mathura Road, New Delhi-110044. The company has its primary listings on the BSE Limited and National Stock Exchange of India Limited in India.
1. Share Capital
Terms/ rights attached to equity shares
- The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.
- The dividend Proposed, if any, by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting except in the case of Interim Dividend.
- In the event of liquidation of the company, the holder of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts, if any. The distribution will be in proportion of the number of equity shares held by the shareholders.
2. Disclosure of Specified Bank Notes
During the year, the company had Specified Bank Notes (SBNs) or other denomination notes as defined in the MCA notification, G.S.R (308E), dated 30th March, 2017. The details of SBNs held and transacted during the period from 8th November, 2016 to 30th December, 2016, the denomination-wise SBNs and other notes as per the notification are as follows:
3
As Per transfer pricing legislation under sections 92-92F of the Income Tax Act, 1961, the Company is required to use certain specific methods in computing armâs length prices of international transactions with associated enterprises and maintain adequate documentation in this respect. The legislations require such information and documentation to be contemporaneous in nature. The Company has appointed the independent consultant (the âConsultantâ) for conducting the Transfer Pricing Study (the âStudyâ) to determine whether the transactions with associated enterprises undertaken during the financial year are on an âarmâs length basisâ. Management is of the opinion that the Companyâs international transactions are at armâs length and does not require transfer pricing adjustments.
4. Operating lease: company as lessee
In accordance with Accounting Standard âAS-19 on Leasesâ the following disclosures in respect of operating leases is made as under:
Assets taken on operating lease:
- The Company has taken premises for office under cancellable operating lease agreements. Terms of the lease include terms for renewal, increase in rents in future periods and terms of cancellation.
- Lease payments recognised in statement of profit an loss amounting Rs 82,65,032 (previous year Rs 98,34,688)
- Future commitments in respect of minimum lease payment payable in respect of aforesaid lease entered by the Company are as follows:
5. Segment Reporting Business segments
The Companyâs business activity falls within a single business segment i.e. rendering of Visa and other allied services.
Geographical segments
The Companyâs major operating divisions are managed on worldwide basis. Further, disclosure has been done in compliance with Accounting Standard on segmental reporting.
6.
Previous yearâs amounts have been regrouped / reclassified, wherever considered necessary to make them comparable with those of the current year.
7.
All amounts in the financial statements are presented in INR and rounded off to nearest rupee
Mar 31, 2016
1. RELATED PARTY DISCLOSURE
In accordance with the requirements of Accounting Standard (AS)-18 on âRelated Party Disclosuresâ prescribed by Companies
(Accounting standards) Rules, 2006, the names of related parties where control exist and/or with whom transactions have taken place during the year and description of relationship, as identified and certified by the management, are:
Related party relationship:
A) Subsidiary company (wholly owned) : BLS International FZE
B) Key managerial personnel (KMP) : Mr. Diwakar Aggarwal
Mr. Vinod Aggarwal
Ms. Prerna Bisht (Company Secretary)
C) Relatives of KMP where transactions have
occurred during the year: : Mr. Sushil Aggarwal (Director''s Brother)
: Mrs. Laxmi Aggarwal ( Mr Vinod Aggarwal''s Wife
: Ms. Shaloo Aggarwal ( Mr Vinod Aggarwal''s Daughter)
: Mr. Gaurav Aggarwal (Mr. Vinod Aggarwal''s Son)
: Ms. Kavita Aggarwal (Wife of Mr. Diwakar Aggarwal Brother)
: Mr. Shikhar Aggarwal ( Mr. Diwakar Aggarwal''s Son)
: Mr. Tarun Aggarwal ( Mr. Diwakar Aggarwal''s Nephew)
: Mr. Ruchita Aggarwal ( Mr. Vinod Aggarwal''s Son''s Wife)
: Mr. Madhukar Aggarwal (Director''s Brother)
D) Enterprise in which director(s) have substantial interest or significant influence : BLS Polymers Ltd
BLS Education Society BLS Institute of Management BLS Education Society
2. SEGMENT INFORMATION Business segments
The Company''s business activity falls within a single business segment i.e. rendering of Visa and other allied services. Therefore, segment reporting in terms of Accounting Standard 17 on segmental reporting is not applicable
Geographical segments
Although the Company''s major operating divisions are managed on worldwide basis. Further, disclosure has been done in compliance with Accounting Standard on segmental reporting.
3. Per transfer pricing legislation under sections 92-92F of the Income Tax Act, 1961, the Company is required to use certain specific methods in computing arm''s length prices of international transactions with associated enterprises and maintain adequate documentation in this respect. The legislations require such information and documentation to be contemporaneous in nature. The Company has appointed the independent consultant (the "Consultant") for conducting the Transfer Pricing Study (the ''Study'') to determine whether the transactions with associated enterprises undertaken during the financial year are on an "arm''s length basis". Management is of the opinion that the Company''s international transactions are at arm''s length and does not require transfer pricing adjustments.
4. OPERATING LEASE: COMPANY AS LESSEE
The Company has taken premises for office under cancellable operating lease agreements. Terms of the lease include terms for renewal, increase in rents in future periods and terms of cancellation. The total lease rental recognized as an expense during the year under the lease agreements amounts to Rs.98,34,688/- (Previous Year Rs. 63,91,236/-)
5. DUE TO MICRO,SMALL AND MEDIUM ENTERPRISES
To the extent information available with the company, it has no dues to the Micro, Small and medium enterprises as at 31st March, 2015 and 31st March, 2014.
6. The Company does not have any pending litigation which would impact its financial position.
7. The Company has not received any information from âsuppliersâ regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. To the extent information available with the company, the company does not owe any sum including interest required to be disclosed under the said Act.
8. Previous yearâs amounts have been regrouped / reclassified, wherever considered necessary to make them comparable with those of the current year.
Mar 31, 2015
No Standards Notes to Account
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BLS International Services Ltd. कंपनी का विवरण
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BLS International Services Ltd. Financial Data
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