The Members Cistro Telelink Limited
Report on the Financial Statement
We have audited the accompanying financial statement of Cistro Telelink Ltd (the Company) which comprise the Balance Sheet as at March 31 2016 and the statement of Profit & Loss and Cash Flow Statement for the year ended and the summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statement
The Management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act 2013 (`the act) with respect to the preparation of these financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India including Accounting Standards specified under section 133 of the Act read with rule 7 of Companies (Accounts) Rules 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design implementation and maintenance of adequate internal financial controls that are operating effectively for ensuring the accuracy and completeness of accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the rules made thereunder. We conducted our audit in accordance with the standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirement and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of financial statements whether due to fraud or error. In making those risk assessments the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in circumstances but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's management and Board of Directors as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanations given to us the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fare view in conformity with 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 March 31 2016;
(b) In the case of Profit & Loss Account of the loss of the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement of the cash flows for the year ended on that date.
Report on Other Legal and regulatory Requirements
1. As required by required by the Companies (Auditor's Report) Order2016 (the Order) issued by Central Government of India in terms of sub-section (11) of section 143 of the Act we give in the Annexure a statement on the matters specified in paragraph 3 & 4 of the Order.
2. As required by section 143(3) of the Act we further report that:
(a) We have sought and obtained all the information and explanations which to the best of 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 the Company so far as appears from our examination of those books;
(c) The Balance Sheet Statement of Profit and Loss Account and Cash Flow Statement dealt with this report are in agreement with the books of Accounts;
(d) In our opinion Balance Sheet Statement of Profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014;
(e) On the basis of written representation received from the directors as on March 31 2016 and taken on record by the Board of Directors none of the directors is disqualified as on March 31 2016 from being appointed as the directors in terms of Section 164(2) of the Act;
(f) In our opinion and to the best of our information and according to the explanations given to us we report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit & Auditors) Rules 2014:
1. The Company does not have any pending litigation which would impact its financial position.
2. The company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.
3. There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education & Protection Fund. The question of delay in transferring such sums does not arise.
Annexure referred to in paragraph 1 of our report of even date to the members of Cistro Telelink Ltd on the accounts of the company for the year ended 31.03.16
On the basis of such checks as we considered appropriate and accordingly to the information and explanations given to us during the course of our audit we report that:
1. The company has maintained proper records showing full particulars including quantitative details and location of all its fixed assets. During the year the management has physically verified all the fixed assets and no material discrepancies have been noticed on such verification. According to the information and explanation given to us and on the basis of our examination of the records of the company the title deeds of immovable properties are held in the name of the company.
2. The Company does not hold any inventory.
3. The company has not granted any loans secured or unsecured to/from companies firms or other parties covered in the register maintained under section 189 of the Act during the year.
4. In our opinion and according to the information and explanations given to us the company has compiled with the provisions of Sec 185 & 186 of the Companies Act 2013 with respect to loans & Investments made. Accordingly para 3(iv) of the order is not applicable.
5. The Company has not accepted any deposits from the public covered under section 73 to 76 of the Companies Act 2013.
6. As informed to us the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act.
7. (a) According to the information and explanations given to us and on basis of our examination of the books of accounts the company has been generally regular in depositing undisputed statutory dues including Provident fund Employee's state insurance Income Tax sales Tax Wealth Tax Service Tax Custom Duty Excise Duty cess and other statutory dues as applicable with the appropriate authorities in India;
(b) According to information and explanations given to us and based on the records of the company examined by us there are no dues of Income Tax Wealth tax Service Tax Sales tax Custom Duty and excise duty which have not been deposited on account of any disputes;
8. Based on our audit procedure and on the information and explanations given by the management we are of the opinion that the company has not availed any loans from any financial institution or banks Government or debenture holders during the year. Hence no default has been made.
9. According to the information and explanations given to us the company did not raise any money way of IPO of Further public offer (including debt instruments) and term loans during the year.
10. According to the information and explanations given to us no fraud on or by the company has been noticed or reported during the period.
11. According to the information and explanations given to us and based on our examination of the records of the company The company does not pay/provide any managerial remuneration during the year.
12. In our opinion and according to the information and explanations given to us The company is not a Nidhi Company.
13. According to the information and explanations given to us there are no transaction with the related parties.
14. According to the information and explanations given to us and based on our examination of the records of the company The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. According to the information and explanations given to us and based on our examination of the records of the company The company has not entered into non-cash transaction with directors or persons connected with him.
16. The Company is not required to be registered under section 45-IA of the RBI Act 1934.
|For C.P.Jaria & Co|
|Place : Indore||M.No.112020|
|Date : 27/05/2016||F.No.104058W|