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CitiPort Financial Services Ltd.

BSE: 531235 Sector: Financials
NSE: N.A. ISIN Code: INE494D01011
BSE LIVE 12:59 | 13 Oct Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.70
PREVIOUS CLOSE 6.00
VOLUME 1180
52-Week high 8.17
52-Week low 5.70
P/E 190.00
Mkt Cap.(Rs cr) 1.77
Buy Price 5.70
Buy Qty 1220.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.70
CLOSE 6.00
VOLUME 1180
52-Week high 8.17
52-Week low 5.70
P/E 190.00
Mkt Cap.(Rs cr) 1.77
Buy Price 5.70
Buy Qty 1220.00
Sell Price 0.00
Sell Qty 0.00

CitiPort Financial Services Ltd. (CITIPORTFIN) - Auditors Report

Company auditors report

To the Members of

Citiport Financial Services Limited

Report on the standalone financial statements:

1. We have audited the accompanying standalone financial statements of CitiportFinancial Services Limited (“the Company”) which comprises the BalanceSheet as at March 312015 the Statement of Profit and Loss and Cash Flow Statement forthe year then ended and a summary of significant accounting policies and otherexplanatory information.

Management’s responsibility for the standalone financial statements:

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 (“the Act”) with respect topreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 provision 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.

Auditors’ Responsibility:

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

1. 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.

2. We conducted our audit in accordance with the Standards on Auditing specified underSection 143 (10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

3. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditors’ 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 operating effectiveness of such controls.An audit also 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.

4. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion:

a) 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 March 31 2015 and its profit/ loss and its cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements:

5. 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 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 March31 2015 taken on record by the Board of Directors none of the directors isdisqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct; and

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 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; and

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

For GV & Co.
Chartered Accountants
Sd/-
GrandhiVittal
Proprietor
Place : Hyderabad M.No. 206462
Date : 22nd May’2015 Firm Regn No. 012875S

Annexure to Independent Auditor’s Report

The annexure referred in our Independent Auditors’ Report to the members of theCompanyon the standalone financial statements for the year ended March 31 2015. We reportthat:

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

b) As per the information and explanations given to us the fixed assets of the Companyhave been physically verified by the management during the year. In our opinion thefrequency of verification is reasonable having regard to the size of the Companyand nature of its business. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

2)

a) The inventory has been physically verified by the management during the year exceptconfirmation stock with third parties for which confirmation of balances have beenobtained. In our opinion the frequency verification of 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 natureof its business.

c) On the basis of our examination of the inventory records in our opinion theCompany is maintaining proper records of inventory. The discrepancies noticed verificationphysical of inventory as compared to book records were not material.

3) a. The company has granted loans to one body corporate covered in the registermaintained under section 189 of the Companies Act 2013 (The Act).

b. In case of loans granted to body corporate listed in the register maintained undersection 189 of the Act the borrowers have been regular in the payment of interest asstipulated. The terms of arrangements do not stipulate any repayment schedule and theloans are repayable on demand. Accordingly paragraph 3 (iii) (b) of the order is notapplicable to the company in respect of repayment of principal amount.

c. There are no overdue amounts of morethan 1 lakh rupees in respect of the loansgranted to the body corporate listed in the register maintained under section 189 of theCompanies Act 2013 (The Act).

4) In our opinion there is an adequate internal control system commensurate with thesize of the Company and the nature of its business for the purchase of inventory and fixedassets and for the sale of goods and services. Further on the basis of our examination ofthe books and records of the Company and according to the information and explanationsgiven to us we have neither come across nor have been informed of any continuingfailure to correct major weaknesses in the aforesaid internal control system.

5) In our opinion and according to the information and explanations given to us theCompany has not accepted deposits from the public during the year. Therefore theprovisions of Clause 3 (v) of the Order are not applicable to the Company.

6) The maintenance of cost records has not been prescribed by the Central Governmentunder section 148(1) of the Companies Act 2013 in respect of the Company’soperations. Therefore the provisions of Clause 3 (vi) of the Order are not applicable tothe Company.

7) a). According to the information and explanations given to us and records of theCompany examined by us the Company is generally regular in depositing all undisputedstatutory dues including provident fund employees’ state insurance income taxsales tax wealth tax service tax value added tax cess and any other material statutorydues with the appropriate authorities. As explained to us the Company did not have anydues on account of duty of customs and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees’ state insurance income tax salestax wealth tax service tax value added tax cess and any other material statutory dueswere in arrears as at March 31 2015 for a period of more than six months from the datethey became payable.

b). According to the information and explanations given to us there are no materialstatutory dues including income tax sales tax wealth tax value added tax cess and anyother material statutory dues pending for deposit with the appropriate authorities onaccount of any dispute.

c). According to the information and explanations given to us there are no amountswhich were required to be transferred to the investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rules.Therefore the provisions of Clause 3 (vii)(c) of the Order are not applicable to theCompany.

8) As at the end of the financial year the Company has no accumulated losses and ithas not incurred any cash loss in this financial year or in the immediately precedingfinancial year.-

9) According to the records of the Company examined by us and the information andexplanations given to us The company has not defaulted in repayment of dues to afinancial institution or bank or debenture holders during the year.

10) In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loans taken by others from banks or financialinstitutions during the year. Accordingly the provisions of Clause 3(x) of the Order arenot applicable to the Company.

11) In our opinion and according to the information and explanations given to usandThe company has not availed any term loan from banks / financial institutions.Accordingly the provisions of Clause 3(xi) of the Order are not applicable to theCompany.

12) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

For GV & Co.
Chartered Accountants
Sd/-
GrandhiVittal
Proprietor
Place : Hyderabad M.No. 206462
Date : 22nd May’2015. Firm Regn No. 012875S

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