| We have audited the accompanying consolidated financial statements of
GOLDEN BULL RESEARCH & GROWTH LIMITED, ("the Holding Company") and its
subsidiaries (the Holding Company and its Subsidiaries together
referred to as "the group"), which comprise the Consolidated Balance
Sheet as at March 31, 2015, the Consolidated Statement of Profit and
Loss, the Consolidated Cash Flow Statement for the year then ended, and
a summary of the significant accounting policies and other explanatory
information.
Management's Responsibility for the Consolidated Financial Statements
The Holding 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 and presentation of these Consolidated
Financial Statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. The
respective Board of Directors of the companies included in the Group
and its subsidiary are responsible for 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 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 statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express a reasonable opinion on these
consolidated 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
consolidated financial statements are free from material misstatement.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the consolidated financial statements.
The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the consolidated
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 consolidated
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 consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the consolidated financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Other Matters
We did not audit the financial statements of the subsidiary, as at 31st
March, 2015, as considered in the consolidated financial statements.
These financial statements have been audited by other auditors whose
reports have been furnished to us by the Management and our opinion on
the consolidated financial statements, in so far as it relates to the
amounts and disclosures included in respect of the subsidiary, and our
report in terms of sub-sections (3) and (11) of Section 143 of the Act,
in so far as it relates to the aforesaid subsidiary is based solely on
the reports of the other auditors.
Our opinion on the consolidated financial statements, and our report on
Other Legal and Regulatory Requirements below, is not modified in
respect of the above matters with respect to our reliance on the work
done and the reports of the other auditors and the financial statements
certified by the Management.
Report on Other Legal and Regulatory Requirements
1. As required by Companies (Auditors Report) Order 2015 ('the order')
issued by Central Government of India in terms of subsection (11) of
section 143 of the Act, we enclose in the annexure a statement on the
matters specified in paragraphs 3 & 4 of the said order to the extent
applicable.
2. As required by section 143(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 Consolidated Balance Sheet, Consolidated Statement of Profit and
Loss and Consolidated statement of Cash Flow dealt with by this Report
are in agreement with the books of account.
d) In our opinion, the aforesaid consolidated financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
I. The Company does not have any pending litigations which would
impact its financial position. II. The Company did not have any
long-term contracts including derivative contracts for which there were
any material foreseeable losses. III. There were no amounts which
were required to be transferred to the Investor Education and
Protection Fund by the Company.
ANNEXURE TO AUDITORS' REPORT
The Annexure referred to in our report to the members of GOLDEN BULL
RESEARCH & GROWTH LIMITED ('the Holding Company') for the year ended on
2015. We report that:
(i) In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b)The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancy was noticed on such
verification.
(ii) In respect of its inventories:
The company and its subsidiaries does not have inventories and
therefore physical verification by the management at reasonable
intervals is not required under clause 3(ii);
(iii) The company has not granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 and we are of the opinion
that the term and condition of such loans are not prejudicial to the
interests of the company, also reason able steps have been taken for
the recovery/repayment of overdue of such loans.
(iV) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and nature of its business. During the
course of our Audit, no major material weakness has been noticed in
internal controls.
(V) In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from the public and
hence clause 4(v) of the said order is not applicable.
(Vi) According to the information & explanations provided by the
management, the Company is not engaged in production, processing,
manufacturing or mining activities. Hence, the provisions of Section
148(1) of Company Act, 2013 do not apply to the Company. Hence, clause
4(vi) of the said order is not applicable.
(Vii) According to the information and explanations given to us and on
the basis of our examination of the records of the company, amount
deducted/accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the company with the appropriate authorities. As explained to us,
the company did not have any dues on account of employee's state
insurance and duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31st
March,2015 for a period of more than six months from the date they
became payable
(Viii) The Company does not have accumulated losses of more than 50% of
its net worth. The company has not incurred any cash losses during the
financial year covered under audit.
(iX) The Company did not have any outstanding dues to Financial
Institutions, Banks or Debenture holders during the year.
(X) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
Loans taken by other from banks or financial institutions; hence clause
(x) of Para 4 of the Order is not is not applicable.
(Xi) According to the records of the company, the company has not
obtained any term loans. Hence, comments under the clause are not
called for.
(Xii) Based on the audit procedures performed and information's and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
Report on Other Legal and Regulatory Requirements
As required by Companies (Auditors Report) Order 2015 ('the order')
issued by Central Government of India in terms of subsection (11) of
section 143 of the Act, we enclose in the annexure a statement on the
matters specified in paragraphs 3 & 4 of the said order to the extent
applicable.
As required by section 143(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 Standalone Balance Sheet, Standalone Statement of Profit and
Loss and Standalone Statement of Cash Flow dealt with by this Report
are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) 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 does not have any pending litigations which would
impact its financial position.
2. The Company do not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
3. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
The Annexure referred to in paragraph of the Our Report of even date to
the members of Golden Bull Research & Growth Limited on the accounts of
the company for the year ended 31st March, 2015.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the fixed assets have been physically verified by the management
during the year which, in our opinion, is reasonable having regard to
the size of the company and the nature of its business. As informed no
material discrepancies were notices on such verification.
2. The company had not any inventory during the year, hence this
clause is not applicable to it.
3. The company has not granted any secured/unsecured loans to parties
covered in the Register maintained under section 189 of the companies
Act. Accordingly this clause is not applicable.
4. In our opinion and according to the information and explanations
given to us, there in an adequate internal control system commensurate
with the size of the company and the nature of its business.
Further on the basis of our examinations and according to the
information and explanations given to us we have neither come across
not have we been informed of any instance of major weakness in the
aforesaid internal control systems.
5. The Company has not accepted any deposits from the public. In our
opinion and according to the information and explanations given to us
the, directives issued by the Reserve Bank of India and the provisions
of Section 73 to 76 or any other relevant provisions of the Companies
Act and the rules framed there under, to the extent applicable have
been complied with.
6. According to the information and explanations given to us, the
company is not required for the maintenance of cost records which has
been prescribed by the Central Government under sub-section (1) of
Section 148 of the Companies Act, 2013. Hence this clause is not
applicable to it.
7. a) According to the records examined by us, the company is regular
in depositing undisputed statutory dues with appropriate authorities
including Income Tax, Wealth Tax, Service Tax, Cess and any other
Statutory dues applicable to it.
As informed to us provisions relating to Provident Fund, Employees
State Insurance, Sales Tax, Custom Duty, Value Added Tax and Excise
Duty are not applicable to it.
Further there were no outstanding dues at the year ended for a period
of more than Six Months from the date they become payable.
b) According to the information and explanations given to us, no
disputed amount is pending before any forum of the above mentioned
statutory dues.
c) According to the information and explanation given to us, the
company is not required to transfer any amount to the investor
education protection fund in accordance with the relevant provisions of
the Companies Act, and rules made there under has been transferred to
such fund within time.
8. The Company has accumulated loss at the end of the financial year
which is not more than fifty percent of its net worth and it has not
incurred cash loss during the current financial year and in the
immediately preceding financial year.
9. Based on our audit procedures and as per the information and
explanations given by the management, the company has not defaulted in
repayment of dues to financial institution or bank or debenture
holders.
10. According to the information and explanations given to us by the
management, the company has not given any guarantee for loans taken by
others from bank or financial institution.
11. The Company has not obtained any term loans. Accordingly this
clause of the Order is not applicable.
12. Based upon audit procedures performed for the purpose of reporting
the true and fair view of the financial statements and as per the
information and explanation given by the management, we report that no
fraud on or by the company has been noticed or reported by the
management during the year under audit.
For P. D. Randar & Co.
Chartered Accountants
FRN No: - 319295E
Place: Kolkata
Dated: 29/05/2015 Sd/-
(P. D. Randar)
Mem No: - 054778 | 