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Blue Chip India Ltd.

BSE: 531936 Sector: Financials
NSE: BLUECHIP ISIN Code: INE657B01025
BSE LIVE 15:14 | 05 Dec 0.46 -0.01
(-2.13%)
OPEN

0.46

HIGH

0.46

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NSE LIVE 15:06 | 08 Jul Stock Is Not Traded.
OPEN 0.46
PREVIOUS CLOSE 0.47
VOLUME 781
52-Week high 0.67
52-Week low 0.32
P/E
Mkt Cap.(Rs cr) 2.54
Buy Price 0.46
Buy Qty 1219.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.46
CLOSE 0.47
VOLUME 781
52-Week high 0.67
52-Week low 0.32
P/E
Mkt Cap.(Rs cr) 2.54
Buy Price 0.46
Buy Qty 1219.00
Sell Price 0.00
Sell Qty 0.00

Blue Chip India Ltd. (BLUECHIP) - Auditors Report

Company auditors report

To The Members of

BLUE CHIP INDIA LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of BLUE CHIP INDIALIMITED ("the Company") which comprises the Balance Sheet as at 31st March2015 the Statement of Profit and Loss and 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 preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgements andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial control that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We 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 there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we 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 theauditor’s judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place and adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany’s Directors as well as evaluating the overall presentation of the financialstatements.

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

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 31stMarch 2015;

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that:

a) we have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books;

c) the Balance Sheet Statement of Profit and Loss and the Cash Flow Statement 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 written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164 (2) ofthe Act; and

f) with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditor’s) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

i. The company has made an appeal to CIT(A)-1 (Kolkata) against the order of ITO Wd– 1(4) passed dated 12.03.2015 for the A.Y. 2012-13. The amount of demand payable inthat order was Rs. 725990/-.

ii. The company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long term contractsincluding derivative contracts.

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

For Agrawal S. Kumar & Associates
Chartered Accountants
Firm Regn No. 322324E
Hitesh Lilha
Place : Kolkata Partner
Dated : 29th day of May 2015 Membership No. 069536

Annexure to the Independent Auditor’s Report

The Annexure referred to in our Independent Auditors’ Report to the members of theBLUE CHIP INDIA LIMITED on the standalone financial statements for the year ended 31stMarch 2015.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) The fixed assets have been physically verified by the management during the yearwhich in our opinion is reasonable having regard to the size of the company and thenature of its assets. As informed no material discrepancies were noticed on suchverification.

2. (a) The inventories have been physically verified during the year by the managementat 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 arereasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company has maintained proper record of its inventories. No materialdiscrepancies were noticed on physical verification of stocks by the management ascompared to book records.

3. According to the information and explanation given to us & in our opinion thecompany has not granted any loans secured or unsecured to companies firms or otherparties covered in the register maintained under section 189 of the Companies Act 2013(‘the Act’). Accordingly paragraph 3(iii) of the Companies (Auditor’sReport) Order 2015 is not applicable.

4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the company and thenature of its business with regard to purchase of fixed assets payment for expenses andfor sale of goods. During the course of our audit no major instance of continuing failureto correct any weaknesses in the internal controls has been noticed.

5. The Company has not accepted any deposits from the public within the meaning ofSection 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder.

6. The provisions of the Companies Act for the maintenance of cost records underSection 148(1) of the Act are not applicable to the Company.

7. (a) According to the information and explanations given to us and the books andrecords examined by us the company is regular in depositing with the appropriateauthorities the undisputed statutory dues relating to Provident Fund Employees StateInsurance Income tax Sales Tax Wealth Tax Service Tax Duty of Customs Duty ofExcise Value Added Tax Cess and other statutory dues as applicable to it have beenregularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of Income tax Service Tax Cess and other material statutory dues werein arrears as at 31 March 2015 for a period of more than six months from the date theybecame payable

(b) According to the information and explanations given to us there is no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes.

(c) According to the information and explanations given to us there are no suchamounts which are required to be transferred to the investor education and protection fundin accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules there under

8. The Company has accumulated losses of Rs. 141224820.69/- as at 31st March 2015 whichis more than fifty of the net worth of the company and has not incurred cash losses in thefinancial year and in the immediately preceding financial year.

9. The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year.

10. In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

11. In our opinion and according to the information and explanation given to us theCompany has applied the term loans for the purpose for which the loans have been obtained.

12. According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

For Agrawal S. Kumar & Associates
Chartered Accountants
Firm Regn No. 322324E
Hitesh Lilha
Place : Kolkata Partner
Dated : 29th day of May 2015 Membership No. 069536

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