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Balgopal Commercial Ltd.

BSE: 539834 Sector: Others
NSE: N.A. ISIN Code: INE119R01014
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Balgopal Commercial Ltd. (BALGOPALCOMMER) - Auditors Report

Company auditors report

To the Members of

Balgopal Commercial Limited

Formerly Known as Bombinoo Commercial Company Limited

Report on the Standalone Financial Statements for the F.Y. 2014-15

We have audited the accompanying standalone financial statements of Balgopal CommercialLimited ("the Company") which comprise the Balance Sheet as at March 31 2015and the Statement of Profit and Loss the Cash Flow Statement for the year ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these Standalone Financial Statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair 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 standalone financialstatements based on our audit. We conducted our audit in accordance with the Standards onAuditing issued by the Institute of Chartered Accountants of India. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015; and

b) in the case of the Profit and Loss Account and the statement of Cash Flow for theyear ended on March 31 2015;

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditors Report) Order 2015 ('the order') issued byCentral Government of India in terms of subsection (11) of section 143 of the Act weenclose in the annexure a statement on the matters specified in paragraphs 3 & 4 ofthe said 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 Statement of Profit and Loss and statement of Cash Flow dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition.

II. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

III. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Ghosh & Ghosh
Chartered Accountants
Place: Kolkata FRN: - 306020E
Date: 28th May 2015
Sd/-
A. K. Ghosh
Partner
Membership no.-052945

Annexure to Auditors' Report

i) The company is not having fixed assets and therefore provision of clause 3(i) is notapplicable to company.

ii) In respect of Inventories:

a) As explained to us inventories were physically verified during the year by themanagement at reasonable intervals.

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 has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

iii) The company has not granted loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Act 2013 andtherefore provision of clause 3(iii) is not applicable to the company.

iv) The company is not having fixed assets but has inventories and therefore provisionof clause 4(iv) is applicable to company. In our opinion and according to the informationand explanations given to us there are adequate internal control systems commensuratewith the size of the Company and nature of its business. During the course of our Auditno major material weakness has been noticed in internal controls.

v) In our opinion and according to information & explanation given to us thecompany has not accepted deposits from the public.

vi) According to information & explanation given to us the company is not engagedin production processing manufacturing or mining activities; hence the provisions ofSection 148(1) of Company Act 2013 do not apply to the Company. Hence clause (vi) of thesaid order is not applicable.

vii) According to the information and explanations given to us and on the basis of ourexamination of the records of the company amount deducted/accrued in the books of accountin respect of undisputed statutory dues including provident fund income tax sales taxwealth tax service tax duty of customs value added tax cess and other materialstatutory dues have been regularly deposited during the year by the company with theappropriate authorities. As explained to us the company did not have any dues on accountof employee's state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax dutyof customs value added tax cess and other material statutory dues were in arrears as at31st March2015 for a period of more than six months from the date they became payable.

viii) The company does not have accumulated losses more than 50% of its net worth. Thecompany has not incurred cash losses during the financial year covered by audit.

ix) In our opinion and according to information & explanation given to us thecompany have no dues to financial institution or bank.

x) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for Loans taken by other from banks or financialinstitutions; 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 termloans. Hence comments under the clause are not called for.

xii) Based on the audit procedures performed and information's and explanations givenby the management we report that no fraud on or by the company has been noticed orreported during the course of our audit.

For Ghosh & Ghosh
Firm Registration Number: - 306020E
Chartered Accountants
Place: Kolkata
Date: 28thM ay 2015
Sd/-
A. K. Ghosh
Partner
Membership no.-052945

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