BPL Ltd. — Annual Report 2019

May 21, 2019

BPL Limited

Dynamic House, 54 Church Sweet Past Em N0. 5 194 Eengalum , 550 001, mara. Pn : +91-w2532 7935, 2559 9109 E-mail : investor©bahinl Website www.mmn cm : Lzseemussamoozms

The Manager - Listing May 21, 2019 Bombay Stock Exchange Limited, P J Towers, 25m Floor, Dalal Street. Mumbai - 400 002

The Manager — Listing National Stock Exchange of India Ltd Exchange Plaza, 5'" Floor, Plot No.C/1. G Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051

Dear Sir/Madam,

Sub: Outcome of the Board Meeting

We would like to inform your good selves that the Directors of the Company at their Meeting held today, have approved the iollowmg.

• a) Audited FinanCIal Results for the Fourth Quarter and also for the year ended 31SI March, 2019. The said Financial Results duly signed by the Chairman & Managing Director, along with the Audit Report Issued by Statutory Auditors is enclosed, A declaration by Chief Financral Officer pursuant to Regulation 33(3) ((1) of the SEBI (Listing Obligation and Disclosure Requirements) wrt Audit Report With unmodified opinion is also enclosed.
• b) Re-appoinlment of M/s T Velupillai & Co , Chartered Accountants. as internal Auditors of the Company for the financial year 2019-20.

The Board meeting commenced at 6' 4g PM and concluded at?' 13PM,

Please take the same on record.

Thanking you,

for BPL LIMITED

/ ,"f

Him. Chairman 8. Managing Director

Enol: a/a

BPL Limited Regd.Office: BPL Works, Palakkad - 678 007, Kerala. CIN - L28997KL1963PLC002015 E-mail: Investor@bpl.in, URL:www.bpl.in, Tel: No. +91 80 25589109 Statement of Standalone Audited Financial Results for the Quarter/ Year Ended 31st March, 2019

SI.			Quarter Ended			(Rs. In Lakhs)Year Ended
nos$\mathcal{A}$	ParticularsREVENUE	31-03-2019(Audited)	31-12-2018(Unaudited)	31-03-2018(Audited)	31-03-2019(Audited)	31-03-2018(Audited)
	Revenue from operations	3,292.01
Ħ	Other Income (net)	90.70	3,173.80	2,234.12	14,027.86	12,524.10
$\mathbf{H}$	Total Income (I+II)	3,382.72	13.583,187.38	119.69	294.06	1,507.64
IV				2,353.81	14,321.93	14,031.75
	2065511EXPENSESCost of material consumed
	Purchases of Stock-in-Trade	444.95	543.19	341.22	1,802.74
		1,690.86	2,398.61	626.50	9,760.13	2,091.797,889.52
	Changes in inventories of finished goods, Stock-in -Trade and workin-progress
	Excise Duty	366.50	(106.61)	558.68	188.00	(511.13)
	Employee benefits expense					95.85
	Finance costs	251.99	220.89	169.69	858.03	725.28
	Depreciation and amortization expense	54.21	43.85	25.89	183.25	181.42
	Other expenses	10.13	11.64	10.20	44.16	49.14
	Total Expenses	274.373,093.00	302.85	410.85	1,115.31	1,247.49
			3,414.42	2,143.03	13,951.61	11,769.36
$\mathbf{v}$	Profit/(loss) before exceptional items and tax (III-IV)	289.71	(227.03)	210.78	370.31	2,262.38
V 1	Profit/(loss) before tax (V-VI)	289.71	(227.03)	210.78	370.31	2.262.38
VII.	Tax Expense:
	(1) Current Tax
	(2) Deferred Tax	277.10	(10.20)	(16.77)
				1,527.85	277.10	1,527.85
VIII	Profit (Loss) for the period from continuing operations (VII-VIII)	12.61	(216.83)	(1,300.30)	93.21	734 53
IХ	Profit/(loss) for the period (IX+XII)	12.61	(216.83)	(1,300.30)	93.21	734 53
X	Other Comprehensive Income
	A (i) Items that will not be reclassified to profit or loss	赏		3.52		3.52
	(ii) income tax relating to items that will not be reclassified to profitor loss
				(1.09)	Ù.	(1.09)
	Total Comprehensive Income for the period (XIII+XIV) (Comprising
X	Profit (Loss) and Other Comprehensive Income for the period)	12.61	(216.83)	(1, 295.69)	93.21	736.96
XII	Paid-up equity share capital: (Face value Rs.10 each)Earnings per equity share (for continuing operation):	4,888.48	4,888.48	4,888.48	4,888.48	4,888.48
	(1) Basic
	(2) Diluted	0.03	(0.44)	(2.66)	0.19	1.50
		0.03	(0.44)	(2.66)	0.19	1.50

Page 60

BPL Limited CIN - L23997Kl1963PL5002015 Balance Sheet as at

			Rs. lri Lakhs
Particulars	Note No.	31 Mar 2019	31 Mar 2018
1 ASSETS
Non Current Assets
(0 l Property, Plant and Equipment	3	1,195.80	789 02
(b) Other Intangibleassetslc) Financial Assets	3.1	4.49	5.07
ii) Investment Property
(ii) investments	5	5,586.94	5,580.94
[iili Other receivables	6	10,948 72	10,999 28
id] Deferred tax assets (net)	7	2,817.98	3,095 08
ll ) Other nOanurrent assets	8	205.00	195.89
2 Current assets
(:1 ) Inventories
(b ) Financial Assets	9	1,389 76	1,407 57
(i) investments
(ill Trade receivables
	10	1,942.84	944.56
(iii) Cash and Cash equivalents(iv) Other Bank Balances	11.1	0.20	(1.05
(VI Other financial assets	11.2	384.51	1,253 72
	12	11,130.01	10,630.02
(c) Current Tax Assets (Net)	13	810.82	704,28
[dl Other current assets	14
Total ASSEts		304 15	387 17
		36,726.25	35.99165
EQUITY AND LIABILITIES
EQUlTV
(a )Share Capital
(blotherEquity	1516	4,888 58	4,888 58
		11,659.91	11,596.90
LIABILITIES
1 Non-current liabilities
(a l Financial Liabilities
(I) Borrowings	17	,
(bl Provisions	18	176 85	106.67
(dl Other nonvcurrent liabilities	19		~
2 Current liabiies
(a ) Financial Liabilities
(ll Borrowings	20	930.75	628 17 '
(ii) Trade payables	21	1,562 69	1,291 50
(iii) Otherflnancial liabilities	22	67 00	SO 40
[hi Other current liabilites	23	17,326.08	17,319.56
lc) Provisions	24	84.37	113.76
Total Equityand Liabilities		36,726.25	35.99855

BPL Limited

Dynamic House, 54 Church sues: Post Box No. 5194 Eerigalum , 560 001, Indla en : +91750A2532 7985, 2558 9109 E men, immrgmpun/ Website : manor, cm L28997KL1953PLCOO2015

In,

The Manager— Listing May 21, 2019 Bombay Stock Exchange Limited, P J Towers, 25th Floor, Dalal Street, Mumbai - 400 002

The Manager — Listing National Stock Exchange of India Ltd Exchange Plaza, 5th Floor, Plot No.C/1, G Block, Sandra - Kurla Complex, Sandra (East), Mumbai . 400 051

Sub: Declaration pursuant to Regulation 33(3) (d) of the SEBI (Listing Obligation and Disclosure Requirements) (Amendment) Regulations. 2016 w.r.t Audit Report with unmodified opinion

Dear Sir/Madam,

l. S. Ranganathan, Chief FinanCial Officer of BPL Limited (CIN: L28997KL1963PLC002015) haying its Registered office at BPL Works, Palakkad - 678 007, Kerala, hereby declare that, the Statutory Auditors of the Company, M/si MKUK & Associates, Chartered Accountants, (Firm Registration No.0501135) have issued an Audit Report with unmodified opinion on the Annual Audited Financial Results of the Company for year ended 31 March, 2019.

This declaration is given pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as amended by the SEBl (Listing Obligation and Disclosure Requirements) (Amendment) Regulations) 2016 vide Circular no, CIR/CFD/CMD/56/2016 dated May 27, 2016,

This is for your information and records,

Thanking You,

Vours faithfully

for 8 Limited "

S.Rangan a n Chief Financial Officer

MKUK 5r ASSOCIATES CHARTERED AccouNTANTs W

'ie the Members of M/s. BPL LIMITED

import on the standalone Financial Statements

Opinion

We have audited the accompanying Standalone finanCial statements oiM/s BPL Limited ("the Company") which comprises the Balance Sheet as at March 31. 2019. the Statement of Profit and Loss (including other cornprehenswe income). statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information reqmred by the Act in the manner so required and give a true and fair View in conformity with the accounting principles generally accepted in india, of the state of affairs of the Company as at March 31, 2019, and profit (including other comprehensive income), changes in eqUity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ism) specified under section 143(10) of the Companies Act, 2013. Our reSpOrlSibilitiCS under those Standards are further described in the Auditor's ResponSibililies for the Audit of the Financial Statements section of our report. We are independent 0 the Company in accordance with the Code of Ethics issued by the institute of Chartered Accountants of India together with the ethical requirements that aee relevant to our audit of the financial statements under the pIOViSmnS of the Companies Act, 2013 and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to prOVide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements for the financial year ended March 31, 2019. These matters were addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report. ~ ,

Other Information

The Company's Board of Directors is responsible for the other other information. The information comprises the information included in the Annual report but does not include the standalone Ind AS financial statements and our auditor's report thereon.

Our opinion on the standalone ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

in connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the finanCial statements or our misstated. knowledge obtained in the audit or otherwise appears to be materially if, based on the work we have material performed, we conclude that there is a misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibility of Management for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") With respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the proviSions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal finanCial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair View and are free from material misstatement, whether due to fraud or error,

in preparing the financial statements, management is responsible for assessmg the Company's matters ability to continue as a going concern, disclosing, as applicable, related to going concern and using the going concern baSis of unless accounting management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so

The Board of Directors are also responsible for overseeing the company's finanCial reporting process

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial or statements as a whole are free from material misstatement, whether due to fraud error, and to issue an auditor's report that includes our opinion. Reasonable assurance

is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it eXists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exerCise professmnal maintain judgment and professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone lnd AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffiment and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collu5ion, forgery. intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under 56mm 143(3)") of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• ~ Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast Significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are reqwred to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone lnd AS financtal statements, including the disclosures, and whether the standalone lnd AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among _other matters, the planned scope and timing of the audit and significant

including any significant deficiencies in internal control that we identify during our audit,

We also provide those Charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

Attention is inVited to matters speCified in Note no:2.10 regarding non redemption of preference shares on due dates and the company's plan to set right the sa we. As the financial impact if any is unascertainable, our report is not qualified thereon.

Report on Other Legal and Regulatory Requirements

As reomred by the Companies (Auditor's Report) Order, 2016 ("the Order"), issued by the Central Government of indie in terms of subsection (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A", a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable

As required by Section 143(3) of the Act, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of oui audit.

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

c. The Balance Sheet, the Statement of Profit and Loss (including other coniprehenswe income), and the Cash Flow Statement dealt with by this Report are in agreement with the books of account

d In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards speCii'ied under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of the written representations received from the directors as on Eist March, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2019 from being appointed as a director in terms of Section 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over finanCIal reporting of the Company and the operating effectiveness of such controls. refer to our separate Report in "Annexure B".

g. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

1. The Company has disclosed the impact of pending litigations, ii any, on its financial position in its standalone Ind AS financial statements.

Z. The Company did not have any long term contracts inc ludIng derivative contracts for which there were any material foreseeable losses.

1. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

for MKUK E: ASSOCIATES. Chartered Accountants Firm' 5

registratton number: 0501135 /7// Ami/Joseph Date: 21.05.2019 Membership Numbervwfi'ér':

Bangalore ProprIetor

Annexure - A to the Auditors' Report

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

• Ma) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
  • (b) The company has conducted physical verification of any of its fixed assets at it's factory as part of system of periodic phySical verification of assets in a phased manner. No differences were reported on such verification.
• (c) According to the information and explanations given to us and on the basis of our examination of records of the Company, the title deeds of immovable properties are held in the name of the Company.
• Z.(a) Physical verification at reasonable periods in respect of finished goods. stores, spare parts and raw materials are reported to have been made by the management and certified by them accordingly. in our opinion, the frequency of verification is reasonable.
  • (b) in our opinion and according to the information and explanations given to us. the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.
  • (c) in our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the Compary is maintaining proper records of inventory. The discrepanCies between physical stock and book stock, which were not material, have been properly dealt with in the books of account.
• 1. The company has granted an advance in the nature of loan to one party covered in the register maintained under section 189 of the Companies Act 2013. based on information and explanation given to us by the management the terms and conditions where of are not prejudicial to the interests of the Company. Schedule of repayment of principal or interest are stipulated. No instalment of principal or interest has fallen due for repayment during the year. No amounts are overdue.
• 1. In our opinion and according to the information and explanations given to us, the Company has complied with the prOViSions of section 185 and 186 of the Act, with respect to the loans and investments made by it after the commencement of Companies Act 2013.
• 1. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and therefore, the directives issued by the Reserve Bank of india and the prowsions of sections 73 to 76 or any other relevant provisions of the Companies Act and the r les framed there under are not applicable to the company. ' L' "3

• According to the information and explanations provided by the management. in respect of Printed Circuit Boards manufactured by the company, the Central Government has prescribed the maintenance of cost records sub-section (1) of section 148 of the Companies Act. We have broadly reviewed the books of account and records maintained by the Company in this connection and are of the opinion that. prima tamer L'ne prescribed accounts and records have been made and maintained However, we have not made a detailed examination of the records With a View to determining whether they are accurate or complete,
• [ai According to the records of the Company and information and explanation given to us, the Company is generally regular in remittance of undisputed statutory dues including Income Tax Deducted at Source, Provident Fund. Employees State Insurance, Sales Tax, Service Tax, Goods And SerVice Tax (GET), excise Duty, Cess and other statutory dues With the appropriate authorities during the yeart According to the information and explanations given to us, undisputed amounts payable in respect of customs duty amounting to Rs. 116' 11 Lakhs were outstanding, as at 315t March 2019, fcv a period of more than six months from the dates on which they became payable.

(biThe following dues towards sales tax, Customs Duty, EXCTSE Duty, Gift Tax, FEMA and Service Tax have not been deposited on account of dispute/appeals:

OfNam;UPS	1NatureofDispute[1'	l Amounti(Rs. IniLakhs),'	lFhDrume'h/dfnrepgM
CentralExcrse	lDemandagainstexemptionJavailedfroma]paymentdutyon DCDefibrillator[l	'271.48li'	Tribunal,l

CentralExcise	Demand of duty at higher ratefor clearance of Cen vatavailed inputs	19.87	CommissionerAppeals
CentralExcise	Penalty Due To Non InclusionOf Amortised Cost In Value OfPlastic Parts.	34.73	Tribunal
Service Tax	Demand of Service Tax &Penalty on manpower servicesprovided by BPL to SBPL	98.48	Tribunal
Customs$d$ uty	Entitlement to exemption ofspare parts.	17.06	CommissionerAppeals
Customsduty	Demand of duty on clearanceof bonded goods	33.33	Tribunal
Sales Tax	Demand due to variousdisallowances	145.16	DCCT Appeals
Sales Tax	Demand due to variousdisallowances	709.97	Revision Board
Sales Tax	Demand due to variousdisallowances	160.54	AdditionalCommissioner
Sales Tax	Assessment Demand	0.24	JointCommissioner
Sales Tax	Demand due to variousdisallowances	379.93	Tribunal
Sales Tax	Demand due to variousdisallowances	229.65	Appellate Board
Sales Tax	Demand due to various	1064.83	High Coui