| We have audited the accompanying financial statements of Bridge
Securities Limited ("the Company"), which com- prise the Balance Sheets
as at March 31, 2014, the Statement of Profit and Loss and Cash flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the financial Statements
Management is responsible for the preparation of these financial
position, financial performance and cash flows of the Company in
accordance with the accounting principles generally accepted in India
including Accounting Standards referred to Section 211(3C) of the
Companies Act,1956("the Act").This responsibility includes the design,
implementation and mainte- nance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free form material misstatement, whether due
to fraud of error.
Auditor's Responsibility
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
for material misstatements.
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 auditors
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 but not for the
purpose of expressing an opinion on the effectiveness of the enfity's
internal control. An audit also includes evaluation the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluation 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
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 for
the year ended on that date; and
c) In the case of the Cash flow Statement, of the Cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) order, 2003("the
Order") issued by the Central Government of India on terms of Section
227(4A) of the Act, we give in 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 form our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement Comply with the Accounting Standards
referred to in section 211(3C)of the Act;
e) On the basis of the written representations received form the
directors as on March 31,2014,taken on record by the Board of
Directors, none of the directors is disqualified as on March
31,2014,from being appointed as a directors in terms of Section
274(1)(g)of the Act.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
REFERRED TO PARAGRAPH I UNDER THE HEADING OF
"REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENT" OF OUR REPORT OF
EVEN DATE
(I)
a) The company has maintained proper record showing full particulars
Including quantitative details and situation of fixed assets.
b) We have been informed that fixed assets of the company are
physically verified by the management according to a regular program of
verification which in our opinion is reasonable having regard to the
size of the company and the nature of its assets. No material
discrepancies were noticed on such Verification.
c) During the year, substantial part of fixed assets have not been
disposed off by the com- pany
(II)
a) As explained to us, inventories (Investments) have been physically
verified by the man- agement at reasonable intervals.
b) In our opinion and according to information and explanation given to
us, the procedures of physical verification stock followed by the
management are reasonable and adequate in relation to the size of the
company and nature of its business.
c) On the basis of our examination of inventory records, we are of the
opinion that the com- pany is maintaining proper records of inventory.
As explained to us, no material discrep- ancies have been noticed on
physical verification of inventories as compared to book records.
III. The company had not taken /granted loan form companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act,1956.
IV. 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 inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
V. On the basis of our examination of the books of account, Company
has not entered into any transac- tions exceeding Rs.5 lacs in respect
of any party during the financial year that need to be entered in the
register pursuant to section 301 of the Companies Act, 1956.
VI. The Company has not accepted any deposits under the provisions of
sections 58A and 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975.
VII. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
VIII. As the Company is not manufacturing company requirement as
prescribed by the Central Govt. Of India u/s 209(1) (d) of the act
regarding maintaining cost records are not applicable
IX.
a) According to the books and records as produced and examined by us in
accordance with generally accepted auditing practices in India and also
based on Management representation undisputed statutory dues including
provident fund, investor education protection fund , employees state
insurance, income-tax , sales- tax, wealth-tax, custom duty, excise
duty, cess and other material statutory dues have generally been
regularly deposited by the Company during the year with the appropriate
authorities in India.
b) According to the information and explanations given to us, no
undisputed amounts pay- able in respect of income -tax, customs duty,
excise duty and cess were in arrears, as at 31st March,2014 for a
period of more than six months from the date they became pay- able.
c) According to the information and explanation given to us, there are
no dues of sale-tax, income-tax, custom duty and cess which have not
been deposited on account of any dispute.
X. In our opinion, the accumulated losses of the company are more than
fifty percent of its net worth. The Company has not incurred cash
losses during the financial year covered by our audit and have in-
curred cash loses in the immediately preceding financial year.
XI. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment if dues to a
financial institution and bank.
XII. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
XIII. In our opinion, the company is not a chit fund a nidh/mutual
benefit fund/society. Therefore, the provi- sions of clause 4(xiii) of
the companies (Auditor's Report) order, 2005 are not applicable to the
com- pany.
XIV. The company has maintained proper records of transactions and
contracts in respect of trading in shares, debentures and other
securities and timely entries have been made therein. The investments
are held by the company in its own name except for certain shares which
are lodged for transfer or are pending for rectification of bad
deliveries or are pledged with bank or financial institutions on behalf
of third parties.
XV. The company has not given guarantees for loans taken by other form
banks or financial institutions.
XVI. The company has not taken term loans during the year under review.
XVII. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used been used
to finance long-term assets except permanent working capital.
XVIII. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
Companies covered in the register maintained under section 301 of the
Act.
XIX. According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued
debentures.
XX. The company has not raised any money by public issue during the
year.
XXI. 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.
For, Ashvin K. Yagnik & Co.
Chartered Accountants
(Bhavan M. Trivedi)
Place: Ahmedabad Partner (M.No.-043482)
Date: 28/04/2014 FRN - 100710W |