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Circuit Systems (India) Ltd.

BSE: 532913 Sector: Engineering
NSE: N.A. ISIN Code: INE720H01010
BSE LIVE 15:29 | 28 Mar Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 13.92
PREVIOUS CLOSE 14.81
VOLUME 1400
52-Week high 17.96
52-Week low 11.31
P/E 12.19
Mkt Cap.(Rs cr) 19.28
Buy Price 13.90
Buy Qty 4400.00
Sell Price 15.00
Sell Qty 100.00
OPEN 13.92
CLOSE 14.81
VOLUME 1400
52-Week high 17.96
52-Week low 11.31
P/E 12.19
Mkt Cap.(Rs cr) 19.28
Buy Price 13.90
Buy Qty 4400.00
Sell Price 15.00
Sell Qty 100.00

Circuit Systems (India) Ltd. (CIRCUITSYSTEMS) - Auditors Report

Company auditors report

To

The Members of

Circuit Systems (India) Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Circuit System (India)Limited ("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss Cash Flow Statement and a summary of significantaccounting 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s 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 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 inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the 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 standalone 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 31st March 2015 and its loss and its cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

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 Companies Act 2015 we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 purposes 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 the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the 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 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 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 34 to the financial statements;

(ii) The Company did not have any long-term contracts including derivative contractsfor which 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 Baheti Bhadada and Associates
Chartered Accountants
Firm Registration No. 100865W
(Krutesh Patel)
Place : Ahmedabad Partner
Date : 22 April 2015 Membership No. 140047

ANNEXURE TO THE AUDITOR’S REPORT

(Referred to in paragraph 5 of our report of even date)

I. Fixed Assets: -

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

(b) The management has physically verified all the fixed assets at the year-end. Nomaterial discrepancies have been noticed on such verification.

II. Inventory :

(a) The stocks of finished goods stores and spares have been physically verifiedduring the year by the management. In our opinion the frequency of verification isreasonable.

(b) The procedure of physical verification of stocks followed by the management isreasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) No material discrepancies have been noticed on physical verification of stocks ascompared to book records.

II. Loan:

According the information and explanation given to us the company has not granted anyloans secured or unsecured to companies firms or their parties covered in the registermaintained under section 189 of the companies Act 2013.

II. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regard to purchases of stores raw materials includingcomponents plant & machinery equipment other goods assets and job work and withregard to the sales of goods assets and job work. To the best of our knowledge no majorweaknesses in internal control were either reported or noticed by us during the course ofour audit.

III. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposit during the current financial year.

IV. The Central Government has not prescribed for the maintenance of cost records undersub-section (1) of section 148 of the Companies Act 2013.

V. (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees’ state insurance income tax sales tax wealth taxservice tax duty of customs duty of excise value added tax cess and any otherstatutory dues with a appropriate authorities.

(b) According to the information and explanation given to us there were no undisputedamounts payable in respect of Income-Tax Wealth-Tax Sales Tax Customs Duty and ExciseDuty which have remained outstanding as at 31st March 2015 for a period ofmore than six months from the date they became payable.

(c) The company is not required to transfer any amount to investor educational andprotection fund in accordance with provisions of Companies Act 2013 or rules madethereunder.

VI. The Company has not incurred cash losses during the year. The Company has noaccumulated losses more than 50% of its net worth.

VII. On the basis of the verification of records and information and explanations givento us the Company has not defaulted in repayment of dues to financial institutions orbanks.

VIII. The Company has not given any guarantees for loans taken by others from banks andfinancial institutions during the year.

IX. Based on verification of records of the company the terms loan were applied forthe purpose for which loans were obtained.

X. Based on the Audit procedure performed and the representation obtained from themanagement we report that no case of fraud on or by the Company has been noticed orreported during the year under Audit.

For Baheti Bhadada and Associates
Chartered Accountants
Firm Registration No. 100865W
(Krutesh Patel)
Place : Ahmedabad Partner
Date : 22 April 2015 Membership No. 140047

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