You are here » Home » Companies » Company Overview » Cat Technologies Ltd

Cat Technologies Ltd.

BSE: 531682 Sector: IT
NSE: N.A. ISIN Code: INE170B01037
BSE LIVE 15:14 | 26 May 0.65 0
(0.00%)
OPEN

0.65

HIGH

0.65

LOW

0.65

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.65
PREVIOUS CLOSE 0.65
VOLUME 4901
52-Week high 1.19
52-Week low 0.46
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.65
Sell Qty 99.00
OPEN 0.65
CLOSE 0.65
VOLUME 4901
52-Week high 1.19
52-Week low 0.46
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.65
Sell Qty 99.00

Cat Technologies Ltd. (CATTECH) - Auditors Report

Company auditors report

To the Members of

CAT Technologies Limited

Report on the Financial Statements

We have audited the accompanying financial statements of CAT Technologies Limited("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of 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 there under. 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 at March31 2016 its loss 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 2016 ("theOrder") issued by the Central Government of India in terms of subsection (11) ofsection 143 of the Act we give in the Annexure A 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 March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164 (2) ofthe Act;

(f) With respect to the adequacy of the Internal Financial Control over financialreporting of the Company and the operating effectiveness of the such control refer ourseparate report in Annexure - B.

(g) 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 does not have any pending litigations which would impact its financialposition.

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

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

For Suresh Gupta Y & Co.
Chartered Accountants
FRN: 009012S
Sd/-
Y. Suresh Gupta
Date: 30th May 2016 Proprietor
Place: Hyderabad. M. No. 209738

Annexure A to the Auditors’ Report

The Annexure referred to in our report to the members of CAT Technologies Ltd (theCompany’) for the year Ended on 31st March 2016. We report that:

I. In respect of the fixed assets of the Company:

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

(b) Fixed Assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

(c) Expenditure incurred on Construction at Abids Office (leased – Long term) hasbeen reflected along with other buildings. The same has been depreciated over its leaseperiod. Other than the above other fixed assets were registered in the Company’sname.

II. Considering Nature of Operations of the Company the provisions of Clause 3(iii) ofthe Order pertaining to the Physical Verification of Inventory is not Applicable to theCompany.

III. According to the information and explanations given to us and on the basis of ourexamination of the books of account During the year Company has not granted any loanssecured or unsecured to companies firms or other parties listed in the registermaintained under Section 189 of the Companies Act. Thus sub clauses (a) & (b) are notapplicable to the company.

IV. In our opinion and according to the information and explanations given to usCompany has not given any loans falling under provisions of Section 185 and Company hascomplied with the provisions of section 186 with respect to loans investments guaranteesand security made.

V. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from Public.

VI. According to information and explanation given by the management maintenance ofcost records has not been prescribed by the Central Government under clause (d) ofsub-section (1) of section 148 of the Act. Accordingly Paragraph 3(vi) of the Order is notapplicable.

VII. a. The Company has been irregular in depositing undisputed statutory duesincluding Employees'' State Insurance Income Tax Service Tax and other materialstatutory dues applicable to it with the appropriate authorities.

b. The extent of the arrears of outstanding statutory dues as on the last day of thefinancial year concerned for a period of more than six months from the date they becamepayable are as follows:

Particulars Amount (In Rs.)
E.S.I 1127829.00
T.D.S. 1412747.00

c. 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.

VIII. Based on our audit procedures and on the information and explanations given bythe management we are of the opinion that the Company has not defaulted in repayment ofdues to a financial institution bank and company has not issued any Debentures.

IX. The company has not raised any moneys by way of initial public offer furtherpublic offer (including debt instruments) and term loans. Hence Reporting under Clause3(ix) of the said order are not applicable to the company.

X. In our opinion and according to the information and explanations given to us wereport that no fraud by the company or any fraud on the Company by its officers oremployees has been noticed or reported during the year.

XI. In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

XII. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly Paragraph 3(xii) of the Order is notapplicable.

XIII. In our opinion and according to the information and explanations given to us theCompany has disclosed all transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial Statements etc. as required by the applicable accountingstandards.

XIV. During the year Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of the order is not applicable.

XV. According to the information and explanations given to us and based on ourexamination of the records of the Company the company has not entered into any non-cashtransactions with directors or persons connected with him and accordingly paragraph 3(xv)of the Order is not applicable.

XVI. The company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For Suresh Gupta Y & Co.
Chartered Accountants
FRN: 009012S
Sd/-
Y. Suresh Gupta
Date: 30th May 2016 Proprietor
Place: Hyderabad. M. No. 209738

Annexure B to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub - section 3 ofSection 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CATTechnologies Limited ("the Company") as of March 31 2016 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the guidance note on Audit of internal financial controls over financial reportingissued by the Institute of Chartered Accountants of India(the "Guidance Note").These responsibilities include design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of accounting records and timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the standards on Auditing prescribed under section 143(10) of the Companies Act 2013and the Guidance Note to the extent applicable to an audit of internal financialcontrols. Those Standards and the Guidance Notes require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial controls over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that:

1. Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company.

2. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company and

3. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea material effect on the financial statements

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the company has in all material respects adequate internal financial controlsover financial reporting and such internal financial controls over financial reportingwere operating effectively as at March 31 2016 based on the internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the guidance note.

For Suresh Gupta Y & Co.
Chartered Accountants
FRN: 009012S
Sd/-
Y. Suresh Gupta
Date: 30th May 2016 Proprietor
Place: Hyderabad. M. No. 209738