| We have audited the accompanying financial statements of "BLUECHIP
STOCKSPIN LIMITED", which comprise the Balance Sheet as at March 31,
2014, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the profit/ loss
for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A)of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Companies Act,
1956; except AS 22 relating to the Taxes on Income read with notes
forming part of accounts.
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) It may be noted that at present, no Rules relating to the amount of
cess for rehabitation or revival or protection of assets of sick
industrial companies, payable by a company under section 441A of the
Act have been notified by the central Government. Thus, it would not be
possible for the auditor to comment on the regularity or otherwise
about the cess till the time relevant rules or regulations are issued.
Annexure referred to in paragraph 1 of our report even date.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) Proper records showing full particulars including quantitative
details and situation of Fixed Assets of the company are being updated
(b) The management physically verifies the fixed assets of the Company.
No material discrepancies were noticed on verification.
(c) No substantial parts of the fixed assets have been disposed off
during the year.
2. (a) At the end of the year company has no inventory.
3. (a) The company has not taken any loans from Companies, Firms or
other parties other than directors; Register maintained under section
301 of the Act. No amount was borrowed from the directors of the
company during the year & other financial institutes.
(b) In our opinion, the terms and conditions, on which loans have been
taken from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act 1956 and from the
companies under the same management, are not, prima facie, prejudicial
to the interest of the company.
(c) The Principal amount and interest has been repaid as stipulated.
(d) There are no overdue payments.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, with regard to purchases of plant and machinery, equipment
and other assets and with regard to the sale of goods.
5. (a) According to the information and explanation given to us, we
are of the opinion at the transactions that need to be entered into the
register maintained under section 301 of the Act, have been so entered.
(b) In our opinion and according to the information and explanation
given to us, There is no any transaction more than Rs. 500000/ or more
of purchase of goods and materials and sale of goods, materials and
services, made in pursuance of contracts or arrangements entered in the
registers maintained under section 301 and aggregating during the year
in respect of each party, so this provision is not applicable.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits; hence the
provision of section 58A of the Companies Act 1956 and Companies
(acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public are not applicable.
7. In our opinion, the company has no required any internal audit
system commensurate with the size and nature of its business.
8. The Central Government has not prescribed for maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956 for the
products of the Company.
9. (a) According to the information and explanation given to us, the
company is generally regular in depositing with the appropriate
authorities, undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Excise Duty, Cess and any other material
statutory dues applicable to it
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, excise duty and cess were outstanding, as at 31st
March, 2014 for a period of more than six months from the date they
become payable.
10. The company has accumulated losses of Rs. 17163754/-. The company
has incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions or banks.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the Companies (Auditors Report)
order, 2003 are not applicable to the company.
13. In our opinion, the company is not a Chit Fund or a NIDHI Mutual
Benefit Fund/Society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditors Report) order, 2003 are not applicable to the
company.
14. In our opinion, the company is dealing in or trading in shares,
securities, debentures and other investments.
15. As informed to us, the company has not given any guarantee for
loans taken by others from banks or financial institutions.
16. According to the information and explanations given to us, and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for Long-term
assets. No long-term funds have been used to finance short-term assets.
17. The company has not made any preferential allotment of shares to
companies, firms or other parties listed in the register maintained u/s
301 of the Companies Act.
18. The company has not issued any debentures.
19. During the period covered by our audit report, the company has not
raised any money by public issue.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
Date : 30th May, 2014 For, Vishves A. Shah & Co.
Place : Ahmedabad Chartered Accountants
Firm No:-121356W
(Vishves A. Shah)
Proprietor
M. No. 109944 | 