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BF Investment Ltd.

BSE: 533303 Sector: Financials
NSE: BFINVEST ISIN Code: INE878K01010
BSE LIVE 15:43 | 09 Dec 136.50 1.80
(1.34%)
OPEN

133.00

HIGH

137.85

LOW

133.00

NSE LIVE 15:31 | 09 Dec 136.65 1.75
(1.30%)
OPEN

135.00

HIGH

138.40

LOW

133.55

OPEN 133.00
PREVIOUS CLOSE 134.70
VOLUME 8050
52-Week high 190.70
52-Week low 85.00
P/E 21.36
Mkt Cap.(Rs cr) 514.06
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 133.00
CLOSE 134.70
VOLUME 8050
52-Week high 190.70
52-Week low 85.00
P/E 21.36
Mkt Cap.(Rs cr) 514.06
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

BF Investment Ltd. (BFINVEST) - Auditors Report

Company auditors report

To the Members of BF Investment Limited

Report on the Financial Statements

I have audited the accompanying financial statements of BF Investment Limited("the Company") which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the 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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

My responsibility is to express an opinion on these financial statements based on myaudit.

I have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

I conducted my audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that I comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the financial statements.

Opinion

In my opinion and to the best of my information and according to the explanations givento me the aforesaid 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 of the state of affairs of the Company as at31stMarch 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 Act I give in the Annexure a statement on the matters specified in paragraph 3 and 4of the Order to the extent applicable.

As required by section 143(3) of the Act I report that:

a) I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purposes of my audit;

b) In my opinion proper books of account as required by law have been kept by theCompany so far as appears from my examination of those books;

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d) In my opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014; e) On the basis of written representations received from thedirectors as at 31st March 2015 taken on record by the Board of Directors none of thedirectors is disqualified as at 31st March 2015 from being appointed as a director interms of Section 164(2) of the Act; and

f) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in my opinion and to thebest of my information and according to the explanations given to me :

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 derivatives contractsfor which there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund.

P. V. Deo
Place : Pune Chartered Accountant
Date : 21st May 2015. Membership No. 41609

ANNEXURE TO AUDITORS' REPORT

Annexure referred to in the Independent Auditor's Report on the financial statements ofBF Investment Limited for the year ended 31st March 2015.

On the basis of such checks as were considered appropriate and in accordance with theinformation and explanations given to me I report as under:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to me the fixed assets have been physically verified by theManagement at reasonable intervals during the financial year. According to theinformation and explanations given to me no discrepancies were noticed on physicalverification of the fixed assets.

(ii) The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Act.

(iii) In my opinion and according to the information and explanations given to methere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for purchases of fixed assets. The Company is a Core InvestmentCompany and does not sell any goods or services. During the course of my audit I have notobserved any continuing failure to correct major weaknesses in internal control system.

(iv) The Company has not accepted deposits from the public within the meaning ofSections 73to76 or any other relevant provisions of the Companies Act 2013 and the rulesframed thereunder.

(v) The Central Government has not prescribed maintenance of cost records under Section148 (1) of the Companies Act 2013 for the business in which the Company is engaged.

(vi) (a) According to the records of the Company the Company is regular in depositingwith appropriate authorities undisputed statutory dues including income tax wealth taxother taxes cess and statutory dues applicable to it. As explained to me by theManagement the provisions of the Employees' State Insurance Act 1948 and the Employees'Provident Fund and Miscellaneous Provisions Act 1952 and other indirect taxes do not applyto the Company. According to the information and explanations given to me no undisputedamounts payable in respect of income tax wealth tax other taxes cess and statutory duesapplicable to it were outstanding as at 31st March 2015 for a period of more than sixmonths from the date those became payable.

(b) According to the records of the Company there are no dues of Income Tax SalesTax Wealth Tax Service Tax Duty of Customs or Duty of excise Value Added Tax cesswhich have not been deposited on account of any dispute.

(c) According to the records of the Company there are no dues which required to betransferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act1956 (1 of 1956) and rules made thereunder.

(vii) The Company does not have any accumulated losses as at 31st March 2015. TheCompany has not incurred any cash loss during the financial year covered by this reportand also in the preceding financial year.

(viii) The Company has not defaulted in repayment of dues to any financial institutionor bank or debenture holders.

(ix) The terms and conditions of the guarantees given by the Company in respect of theloans borrowed by others from banks or financial institutions are not found prima facieprejudicial to the interest of the Company.

(x) Based upon the audit procedures performed and having regard to the information andexplanations given by the Management I report that no fraud on or by the Company has beennoticed or reported during the course of my audit.

(xi) Provisions of sub-clause No.s (ii) and (xi)of Clause 3 of the said Order do notapply to the Company.

P. V. Deo
Place : Pune Chartered Accountant
Date : 21st May 2015. Membership No. 41609

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