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Castrol India Ltd.

BSE: 500870 Sector: Industrials
NSE: CASTROLIND ISIN Code: INE172A01027
BSE LIVE 15:44 | 09 Dec 402.25 -0.80
(-0.20%)
OPEN

404.85

HIGH

408.95

LOW

401.25

NSE LIVE 15:55 | 09 Dec 400.95 -2.70
(-0.67%)
OPEN

405.50

HIGH

408.95

LOW

400.20

OPEN 404.85
PREVIOUS CLOSE 403.05
VOLUME 43559
52-Week high 495.00
52-Week low 360.10
P/E 30.15
Mkt Cap.(Rs cr) 19893.68
Buy Price 402.25
Buy Qty 146.00
Sell Price 0.00
Sell Qty 0.00
OPEN 404.85
CLOSE 403.05
VOLUME 43559
52-Week high 495.00
52-Week low 360.10
P/E 30.15
Mkt Cap.(Rs cr) 19893.68
Buy Price 402.25
Buy Qty 146.00
Sell Price 0.00
Sell Qty 0.00

Castrol India Ltd. (CASTROLIND) - Auditors Report

Company auditors report

To

The Members of Castrol India Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Castrol India Limited("the Company") which comprise the Balance Sheet as at December 31 2015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof 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 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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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; andthe design implementation and maintenance of adequate 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 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 thereunder. We conducted our audit in accordancewith the Standards on Auditing issued by the Institute of Chartered Accountants of Indiaas specified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 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 control relevant to the Company’spreparation 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 adequate internal financialcontrols system over financial reporting and the effectiveness of such controls. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.

Opinion

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 of the state of affairs of the Company as atDecember 31 2015 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 inparagraphs 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 Cash Flow Statement dealt withby 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 December31 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on December 31 2015 from being appointed as a director in terms ofsection 164 (2) of the Act;

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

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 6 7 26 and 35 to the financialstatements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor

Education and Protection Fund by the Company.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E

per Dolphy D’Souza

Partner

Membership Number: 38730

Place : Mumbai

Date : February 24 2016

Annexure referred to in paragraph of audit report on Other Legal and RegulatoryRequirements of even date Re: Castrol India Limited (‘the Company’)

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

(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory and no materialdiscrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act 2013. Accordingly theprovisions of clause 3(iii)(a) and (b) of the Order are not applicable to the Company andhence not commented upon.

(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 for the purchase of inventory and fixed assets and for thesale of goods and services. During the course of our audit we have not observed any majorweakness or continuing failure to correct any major weakness in the internal controlsystem of the Company in respect of these areas.

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

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 related to the manufacture of lubricating oilsand greases and are of the opinion that prima facie the specified accounts and recordshave been made and maintained. We have not however made a detailed examination of thesame.

(vii) (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees’ state insuranceincome-tax sales-tax wealth-tax service tax customs duty excise duty value addedtax cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees’ state insurance income-taxwealth-tax service tax sales-tax customs duty excise duty value added tax cess andother material statutory dues were outstanding at the year end for a period of more thansix months from the date they became payable.

(c) According to the information and explanations given to us there are no dues ofincome tax sales tax wealth tax service tax customs duty excise duty and cess whichhave not been deposited on account of any dispute except for the dues outstanding ofvalue added tax as stated below:

Name of the Nature of dues Amount Period to which Forum where dispute is
Statute (rs. Crores) Amount relates Pending
Local Sales Tax Act VAT Act and Central Sales Tax Act Tax Interest and Penalty 297.13 1987 to 2015 Assistant/Deputy/ Additional/Joint/Special Revisional Board/ Commissioner Tribunal High Court.
Central Excise Act 1944 Duty and Penalty 30.41 1987 to 2014 Assistant/Deputy/ Additional/Joint Commissioner Commissioner (A) CESTAT High Court & Supreme Court.
Customs Act 1962 Duty and Interest 2.83 1997 to 2006 Tribunal
Service Tax Chapter V of the Finance Act 1994 Tax and Penalty 123.69 1997 to 2015 Assistant/Deputy/ Additional/Joint Commissioner Commissioner (A) CESTAT High Court.
The Income Tax Act 1961 Tax and Interest 1.16 Assessment years 2000-2001 2008-2009 and 2009-2010 Deputy Commissioner of Income Tax Commissioner of Income Tax (A) ITAT

(d) According to the information and explanations given to us the amount required tobe transferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made thereunder has beentransferred to such fund within time.

(viii) The Company has no accumulated losses at the end of the financial year and ithas not incurred cash losses in the current and immediately preceding financial year.

(ix) Based on our audit procedures and as per the information and explanations given bythe management we are of the opinion that the Company has not defaulted in repayment ofdues to a bank. The Company has no outstanding dues in respect of financial institution ordebenture holders.

(x) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.

(xi) The Company did not have any term loans outstanding during the year.

(xii) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven by the management we report that no fraud on or by the Company has been noticed orreported during the year.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E

per Dolphy D’Souza

Partner

Membership Number: 38730

Place : Mumbai

Date : February 24 2016

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