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Choice International Ltd.

BSE: 531358 Sector: Financials
NSE: N.A. ISIN Code: INE102B01014
BSE LIVE 15:28 | 07 Dec 45.70 -1.95
(-4.09%)
OPEN

44.75

HIGH

47.40

LOW

44.75

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 44.75
PREVIOUS CLOSE 47.65
VOLUME 310
52-Week high 66.80
52-Week low 31.00
P/E 8.46
Mkt Cap.(Rs cr) 45.70
Buy Price 45.70
Buy Qty 95.00
Sell Price 46.95
Sell Qty 10.00
OPEN 44.75
CLOSE 47.65
VOLUME 310
52-Week high 66.80
52-Week low 31.00
P/E 8.46
Mkt Cap.(Rs cr) 45.70
Buy Price 45.70
Buy Qty 95.00
Sell Price 46.95
Sell Qty 10.00

Choice International Ltd. (CHOICEINTL) - Auditors Report

Company auditors report

TO THE MEMBERS OF

CHOICE INTERNATIONAL LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of ChoiceInternational Limited {the "Company") which comprise the Balance Sheet asat March 312015 and the Statement of Profit and Loss and Cash Flow Statement for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for matters stated 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 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; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive at rue and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act and the rulesmade there under including the accounting 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) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards& pronouncements 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 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 auditorsconsider internal control relevant to the Company's preparation of the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose for expressing opinion onwhether the Company has in place an adequate internal financial control system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall 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 standalone financial statement.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying standalone financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March312015;

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date; 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 (Auditor's Report) Order 2015' issued by the CentralGovernment of India in terms of sub section (11) of section 143 of the Act (hereinafterreferred to as the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanations given to us 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 standalone financial statement comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and;

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 Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanation given to us:

i) The Company does not have any pending litigations as at 31st March 2015 whichwould impacts its financial position.

ii) The Company did not have any long term contracts but have derivative contractsaccordingly losses if any has already been provided as at 31st March 2015.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended 31st March 2015.

For Shyam Gupta & Co.

Chartered Accountants

FRN: 103450W

Sd/-

Shyamsunder Gupta

(Proprietor)

M.N.: 038484

Mumbai; 29th May 2015

Annexure referred to in paragraph 1 under the heading " Report on other legal andregulatory requirements" of our report of even date

I. a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The fixed assets are physically verified by the management according to a phasedprogram designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the company and the nature of itsassets. Pursuant to the program a portion of the fixed assets has been physicallyverified by the Management during the year and no material discrepancies have been noticedon such verification.

ii. a) The inventory of shares & securities held in dematerialized format has beenverified from the relevant statement received from the depository and those held in thephysical format has been physically verified by the management during the year. In ouropinion the frequency of verification is reasonable.

b) In our opinion the procedures of physical verification of inventory followed by themanagement are reasonable and adequate in relation to the size of the company and thenature of its business.

c) On the basis of our examination of the inventory records in our opinion theCompany is maintaining proper records of inventory and no material discrepancies has beennoticed on physical verification of inventory.

iii. According to the information and explanation given to us the company has grantedunsecured loans to some parties covered in the register maintained under Section 189 ofthe companies Act 2013. Further receipt of the principal amount and interest is regularand as per the terms decided in this respect. However there is no overdue outstanding asinformed by the management.

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 the saleof goods and services. Further on the basis of our examination of the books and recordsof the company and according to the information and explanations given to us we haveneither come across nor have been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control system.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 to 76 of the companies Act2013 and the rules framed there under

vi.ThecompanybeingaNBFCtherulesandtheguidelinestomaintainthecostrecordasprescribedbytheCentralGovernment of India under clause (1) of Section 148 of the companies Act2013 are notapplicable to the company.

vii. a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular except fewinstances in depositing the undisputed statutory dues including provident fund investoreducation and protection fund employees' state insurance income tax sales tax wealthtax service tax customs duty excise duty and other material statutory dues asapplicable with the appropriate authorities. Further as per information explanationgiven and examination of records no such undisputed amount were outstanding at the yearend for a period more than six months from the date they became payable.

b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income-tax sales-tax wealth-taxservice-tax customs duty and excise duty which have not been deposited on account of anydispute.

c) There was no amount unpaid which were required to be transferred to the InvestorEducation and Protection Fund by the company in accordance with the relevant provisions ofthe companies Act 1956 and rules made there under

viii. The company has no accumulated losses as at the end of the financial year and ithas not incurred any cash losses in the current financial yea r ended on that date or inthe immediately preceding financial year.

ix. According to the records of the Company examined by us and the information andexplanation given to us the Company has generally not defaulted in repayment of dues toany financial institution or bank or debenture holders as at the balance sheet date.

x. In our opinion and according to the information and explanations given to us theterms and conditions of the guarantees given by the Company for loans taken by itssubsidiaries from banks or financial institutions during the year are not prejudicial tothe interest of the Company.

xi. In our opinion and according to the information and explanations given to us theterm loans have been applied for the purposes for which they were obtained.

xii Based upon the audit procedures performed for the purpose of the reporting the trueand fair view of the financial statement and according to the information and explanationsgiven to us we report that no material fraud on or by the company has been noticed orreported during the year nor have we been informed of any such case by the Management.

For Shyam Gupta & Co.

Chartered Accountants

FRN: 103450W

Sd/-

Shyamsunder Gupta

(Proprietor)

M.N.: 038484

Mumbai; 29th May 2015

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