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Bajrang Finance Ltd.

BSE: 511139 Sector: Financials
NSE: N.A. ISIN Code: INE507J01017
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Bajrang Finance Ltd. (BAJRANGFINANCE) - Auditors Report

Company auditors report

To

The Members of BAJRANG FINANCE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of BAJRANG FINANCE LIMITED whichcomprise the balance sheet as at 31st March 2015 and the statement of profitand loss and cash flow statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position and financial performance of the company inaccordance with the accounting principles generally accepted in India includingaccounting standards referred to in sub-section (3C) of section 211 of the Companies Act1956 ("the Act") read with General Circular 15/2013 dated 13th September 2013of the Ministry of Corporate Affairs in respect Section 133 of the Companies Act 2013.This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe company's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i. in the case of the Balance Sheet of the state of affairs of the company as at 31stMarch 2015;

ii. in the case of the Statement of Profit and Loss of the Profit for the year endedon that date; and

iii. in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraph 3 and 4 of the Order to 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 ourknowledge 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 thecompany so far as appears from our examination of those books.

c. the balance sheet and statement of profit and loss dealt with by this report are inagreement with the books of account and returns.

d. in our opinion the balance sheet statement of profit and loss and cash flowstatement comply with the accounting standards referred to in section 133 of the CompaniesAct 2013 and the Companies (Accounts) Rules 2014.

e. on the basis of written representations received from the Directors as on 31stMarch 2015 and taken on record by the Board of Directors none of the director isdisqualified as on 31st March 2015 from being appointed as a Director interms of clause of sub-section (2) of section 164 of the Companies Act 2013.

f. in our opinion the Company has adequate internal financial controls system in placeand the operating effectiveness of such controls.

ForSUNDARLAL DESAI & KANODIA
CHARTERED ACCOUNTANTS
(Firm Registration No.110560W)
Sd/-
(M. B. DESAI)
PLACE : MUMBAI PARTNER
DATED : 29™ MAY 2015 Membership Number 33978

ANNEXURE TO THE AUDITORS' REPORT

[Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date]

(i) The Company does not own any fixed assets.

(ii) (a) The inventories of shares etc. has been physically verified during the

year by the management. In our opinion the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of inventory. The discrepancies noticed onverification between the physical stocks and the book records were not material havingregard to the size of the operations of the Company and the same have been properly dealtwith in the books of account.

(iii) According to the information and explanations given to us the Company has notgranted any secured or unsecured loans to Companies/Firm/Other Persons covered in theregister maintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the Companyand the nature of its business with regard to purchases of inventories of shares etc; andfixed assets and with regard to the sale of shares etc. goods and services. During thecourse of our audit we have not observed any continuing failure to correct majorweaknesses in internal control systems.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public and hence the directives issued bythe Reserve Bank of India and provisions of the Companies Act 2013 and rules framed thereunder are not attracted.

(vi) The maintenance of cost records not applicable for the company as it is a Non-Banking Financial Company.

(vii) (a) According to the information and explanations provided to us the

Company is generally regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Investor Education Protection Fund Employees'State Insurance Income tax Sales tax Wealth tax Service tax Custom Duty Excise DutyValue Added Tax Cess and other statutory dues as applicable to it with appropriateauthorities and there were no undisputed arrears as at 31st March 2015 for aperiod of more than six months from the date they become payable.

(b) According to the information and explanations given to us there were no disputedstatutory dues of Income tax Sales Tax Wealth tax Service tax Customs Duty ExciseDuty Value Added Tax and Cess as at 31st March 2015.

(c) According to information and explanation given to us there was no amount to betransferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 2013 and rules there under.

(viii) The Company does not have accumulated losses and has not incurred cash lossesduring the financial year covered by our audit however in the immediately precedingfinancial year it had incurred cash loses.

(ix) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to a financial institution bank ordebenture holders.

(x) In our opinion and according to the information and explanation given to us theCompany has not given any guarantees for loans taken by others from banks or financialinstitutions.

(xi) According to the information and explanations given to us the Company has notavailed any term loans.

(xii) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the course of our audit.

For SUNDARLAL DESAI & KANODIA
CHARTERED ACCOUNTANTS
(Firm Registration No.110560W)
Sd/-
(M. B. DESAI)
PLACE : MUMBAI PARTNER
DATED : 29™ MAY 2015 Membership Number 33978

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