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Cantabil Retail India Ltd.

BSE: 533267 Sector: Industrials
NSE: CANTABIL ISIN Code: INE068L01016
BSE LIVE 15:40 | 08 Dec 63.55 -1.20
(-1.85%)
OPEN

64.50

HIGH

69.75

LOW

63.50

NSE LIVE 11:37 | 09 Dec 63.15 0.30
(0.48%)
OPEN

63.50

HIGH

64.15

LOW

63.15

OPEN 64.50
PREVIOUS CLOSE 64.75
VOLUME 335
52-Week high 97.40
52-Week low 54.00
P/E 22.70
Mkt Cap.(Rs cr) 103.78
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 64.50
CLOSE 64.75
VOLUME 335
52-Week high 97.40
52-Week low 54.00
P/E 22.70
Mkt Cap.(Rs cr) 103.78
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cantabil Retail India Ltd. (CANTABIL) - Auditors Report

Company auditors report

To

The Members of

CANTABIL RETAIL INDIA LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Cantabil RetailIndia Limited (‘the company’) which comprise the Balance Sheet as at 31stMarch 2015 the Statement of Profit and Loss the Cash of significant accounting policiesand other explanatory information for the year then ended.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters in Section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone 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 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalonefinancialstatementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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’s judgment including the assessmentof the risks of material misstatement of the financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company’s preparation of the financial statements that giveprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company’s Directors as well as evaluating the overall presentationof 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.

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 of the state of affairs of the Companyas at March 31 2015 and its profit and its cash flows for the year ended on that date.

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 inthe paragraph 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 andobtained all the information and explanations which to the best of our knowledge andbelief 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 theStatement of Profit and Loss and Cash Flow Statement dealt with by this Report are inagreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specifiedunder

Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. e) Onthe basis of 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 interms of Section 164(2) of the Act; and f) With respect to the other matters included inthe Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules2014 in our opinion and to the best of our information and according to theexplanations given to us: i. The Company has disclosed the impact of pending litigationson its financial position in its financial statements

Refer Note 30 to the financial statements ii. There are no material foreseeable losseson long term contracts including derivative contracts therefore no such provision isrequired to be made. iii. There are no instances of delay in transferring amount requiredto be transferred to the Investor Education and

Protection Fund by the company.

For SURESH & ASSOCIATES
FRN: 003316N
CHARTERED ACCOUNTANTS
Date : 25th May 2015 (CA SURESH K gUPTA)
Place : DELHI PARTNER
M. No. 080050

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the standalone financial statements for the year ended 31st March2015 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 programof physical verification of its fixed assets by which fixed assets are verified in aphased manner. In accordance with this program certain fixed material discrepancies werenoticed on such verification. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets.

(ii) a) The management of the Company has conducted the physical verification ofinventory at reasonable intervals during the year.

b) The procedure of physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the Company and nature of its business.c) The Company has maintained the proper records of inventory and no materialdiscrepancies were noticed on physical verification

(iii) The Company has not granted any loans to companies firms or other partiescovered in the register maintained under

Section 189 of the Companies Act 2013 (‘the Act’).

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of fixed assets and sale of goods. Wehave not observed any major weakness in the internal control system during the course ofthe audit.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records underSection 148(1) 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 the company is regular in depositingundisputed statutory dues including Provident Fund Employees’ State InsuranceIncome-Tax Sales-Tax Wealth Tax Service Tax Duty of Customs Duty of Excise ValueAdded Tax Cess and any other material statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us below given dues ofIncome Tax Sales Tax Wealth Tax Service Tax Value Added Tax and Cess have not beendeposited with the appropriate authorities on account of dispute.

Nature of dues Amount (in Rs) Period to which the Forum where dispute is
amount relates pending
Labour Dues 3.55 Lacs F.Y. 2010-11 High Court Delhi
CENVAT of Service Tax 86.35 Lacs F.Y. 2012-13 CESTAT Bench Delhi

(c) According to the information and explanations given to us no amount was requiredto be transferred to Investor

Education and Protection Fund in accordance with the relevant provisions of theCompanies Act 1956 (1 of 1956) and rules made there under.

(viii) The Company has accumulated losses at the end of the Financial Year which do notexceed fifty percent of its net worth. The company has not incurred cash losses in currentFinancial Year but incurred cash losses in the immediately preceding Financial Years.

(ix) The Company has not defaulted in repayment of dues to financial institutionsbanks or debenture holders during the year.

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

(xi) The Company has utilised term loans for the purpose for which the loans wereobtained.

(xii) 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 SURESH & ASSOCIATES
FRN: 003316N
CHARTERED ACCOUNTANTS
Date : 25th May 2015 (CA SURESH K gUPTA)
Place : DELHI PARTNER
M. No. 080050

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