The Members of Bridge Securities Limited
Report on the Financial Statements
We have audited the accompanying financial statements of BRIDGE SECURITIES LIMITED(the Company) which comprise the Balance Sheet as at March 312015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for the 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.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provisions of the Act and the Rules made there underincluding the accounting and auditing standards and matters which are required to beincluded in the audit report..
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) the Act and other applicable authoritative pronouncement issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncement requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial controls relevant to the Companyspreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an accurate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Companys Directors as wellas 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 on the financial statements.
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:
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 Statement of Profit and Loss of the loss for the year ended on thatdate; 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 (Auditors Report) Order 2015 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to the Order) and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure a statement on thematters specified in paragraphs 3 and 4 of the Order.
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 it 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 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 the Directors as on March312015 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312015 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 Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) 2014 in our opinion and tothe best of our knowledge and belief and according to the information and explanationsgiven to us;
i. The Company does not have any pending litigations which would impact its financialposition.
ii. In our opinion and as per the information and explanations provides to us theCompany has not entered into any long-term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses and
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For Ashvin K Yagnik & Co |
| ||Chartered Accountants |
| ||(F.R.No. 100710W) |
|Place : Ahmedabad ||Bhavan M. Trivedi |
|Date : 13/05/2015 ||M.No.043482 |
ANNEXURE TO THE INDEPENDENT AUDITORSREPORT :
(Referred to in Paragraph 1 under section (Report on Other Legal and RegulatoryRequirements of our report of even date))
1.1. The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.
1.2. All the fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification.
2.1. The inventories have been physically verified at reasonable intervals by themanagement.
2.2. 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 the nature of itsbusiness.
2.3. In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of its inventories and no material discrepancieswere noticed on such physical verification.
3. As informed to us the company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act. Accordingly the sub-clauses (a) and (b) are not applicable to thecompany.
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 for the purchase of inventory fixed assets and for the sale ofgoods and services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system.
5. According to the information and explanations given to us the Company has notaccepted any deposits in terms of directives issued by Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Companies Act andthe rules framed there under.
6. We have broadly reviewed the books of account maintained by the Company pursuantsub-section (1) of Section 148 of the Companies Act and are of the opinion that primafacie the prescribed accounts and records have been made and maintained.
7. The company is generally regular in depositing undisputed statutory dues includingprovident fund employees state insurance income tax sales tax wealth tax service taxduty of customs duty of excise value added tax cess and any other statutory dues withthe appropriate authorities and we have been informed that there are no arrears ofoutstanding statutory dues as at the last day of the financial year under audit for aperiod of more than six months from the date they became payable.
7.2 According to the information and explanations given to us no undisputed amount ispayable in respect of income tax or sales tax or wealth tax or service tax or duty ofcustoms or duty of excise or value added tax or cess as at March 312015
7.3 In our opinion and according to the information and explanations given to us therewere no amounts required to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and Rulesmade there under.
8. The Company has accumulated losses at the end of the financial year under audit. Thecompany has incurred cash losses to the tune of Rs. 5.13 lakhs during the financial yearcovered by audit and no cash loss in the immediately preceding financial year.
9. According to the information and explanations given to us the Company has notdefaulted in repayment of dues to a financial institution or bank.
10. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions theterms and conditions whereof are prejudicial to the interest of the Company.
11. According to the information and explanations given to us no term loans wereobtained during the year under audit.
12. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud on or by the company has been noticed or reportedduring the year of our audit.
| ||For Ashvin K Yagnik & Co |
| ||Chartered Accountants |
| ||(F.R.No. 007390S) |
| ||Bhavan M. Trivedi |
|Place : Ahmedabad ||Partner |
|Date : 13/05/2015 ||M.No.043482 |