Bullish Bonds & Holdings Limited Report on the Financial Statements:
We have audited the accompanying financial statements of BULLISH BONDS &HOLDINGS LIMITED which comprise the Balance Sheet as at 31 March 2016 the Statementof Profit and Loss the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.
As required by the Companies (Auditor's Report) Order 2015 issued by Government ofIndia in terms of Section 143(11) of the Companies Act 2013 we enclose herewith inannexure.
Management's Responsibility for the Financial Statements:
The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to 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 the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of 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 control 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.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
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 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. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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 aforesaid financial statements give the information required by the Actin the manner 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 March312016;
a) In the case of the Statement of Profit and Loss of the Profit for the year ended onthat date; and
b) 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:
As required by section 143(3) of the Act were port that:
a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes 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 the Statement of Profit and Loss and 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 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director interms of Section 164(2) of theAct.
f) With respect to the other matters included in the Auditor's Report and to our bestof 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 contacts including derivative contacts forwhich there were any material foreseeable losses.
III. There were no amount which required to be transferred to the Investor Educationand Protection Fund by the Company.
For Arpan Chudgar & Associates
Chartered Accountants FRN: 133877W
(CA. Arpan Chudgar)
Proprietor M. No. 131876
Annexure to the Independent Auditors' Report:
The Annexure referred to in our Independent Auditors' Report to the members of BULLISHBONDS & HOLDINGS LIMITED for the year ended 31 March 2016 we report that:
i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.
ii. The physical verification of the inventories has been conducted at reasonableinterval by the management.
The procedures 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;
The company has maintained proper records of inventory and no material discrepancieswere noticed on such physical verification and the same have been properly dealt with inthe books of accounts.
iii. (a) The Company has not granted loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct 2013 ('the Act').
(b) In view of our comments in (a) above no further comments are warranted on receiptof principal amount and rate of interest on such loan.
(c) There are no overdue amounts of more than rupees one lakh in respect of the loansgranted to the bodies corporate listed in the register maintained under section 189 of theAct.
iv. 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 and sale of services. Theactivities of the Company do involve purchase of inventory and the sale of goods. We havenot observed any major weakness in the internal control system during the course of theaudit.
v. The Company has not accepted any deposits from the public.
vi. We are informed that maintenance of cost records has not been prescribed by theCentral Government U/s 148 of the Act.
vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities.
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 March 2016 for a period of more than six months from the date they becamepayable.
(b) According to the information and explanations given to us there are no materialdues of wealth tax duty of customs and cess which have not been deposited with theappropriate authorities on account of any dispute.
(c) No amount are required to be transferred to investor education and protection fundin accordance with the relevance provisions of the Companies Act 2013 and rules madethere under.
i. In our Opinion the accumulated losses of the company as on 31stMarch 2016 are not more than 50% of its Net Worth. The company has incurred cashlosses during the financial year covered by our Audit but had not incurred cash losses inthe immediately preceding financial year.
ii. The Company did not have any outstanding dues to financial institutions banksor Debenture holders during the year.
iii. In our opinion and according to the information and the explanations given tous the Company has not given any guarantee for loans taken by others from banks orfinancial institutions.
iv. The Company did not have any term loans outstanding during the year.
v. According to the information and explanations given to us no material fraud onor by the Company has been noticed or reported during the course of our audit.
For Arpan Chudgar& Associates
(CA. Arpan Chudgar)
Proprietor M.No. 131876