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Cityman Ltd.

BSE: 521210 Sector: Industrials
NSE: N.A. ISIN Code: INE117C01010
BSE LIVE 10:48 | 21 Apr 7.95 -0.40
(-4.79%)
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7.95

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7.95

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7.95

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.95
PREVIOUS CLOSE 8.35
VOLUME 100
52-Week high 8.50
52-Week low 2.09
P/E
Mkt Cap.(Rs cr) 9.30
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.50
Sell Qty 100.00
OPEN 7.95
CLOSE 8.35
VOLUME 100
52-Week high 8.50
52-Week low 2.09
P/E
Mkt Cap.(Rs cr) 9.30
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.50
Sell Qty 100.00

Cityman Ltd. (CITYMAN) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF CITYMAN LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of CITYMAN LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2016 the Statement ofProfit and Loss and the Cash Flow Statement for the year then ended and a summary of thesignificant 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 the accountingprinciples generally accepted in India including the Accounting Standards prescribedunder section 133 of the Act as applicable.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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 thereunder and the Order under section 143 (11)of the Act.

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures 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. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner 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 and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act we report to the extent applicablethat:

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 financial statements comply with the AccountingStandards prescribed under section 133 of the Act as applicable.

e) On the basis of the written representations received from the directors as on March31 2016 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) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

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 has disclosed the impact of pending litigations on its financialposition in its financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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.

2. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in "Annexure B" a statement on the matters specified in paragraphs 3 and 4of the Order.

For Chandy and Zacheria
Chartered Accountants
Firm’s Registration No. 000664S
Thankachan Zacherias LLB FCA CISA DISA
Place: Bengaluru Partner
Date: May 20 2016 Membership No.023421

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CITYMANLIMITED ("the Company") as at March 31 2016 in conjunction with our audit ofthe financial statements of the Company as at and 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

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 Guidance Note issued by the Institute of Chartered Accountants of India and theStandards on auditing prescribed under Section 143(10) of the Act to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 judgement 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 control 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 themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a 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 an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2016 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note issued by the Institute ofChartered Accountants of India.

For CHANDY & ZACHERIA
Chartered Accountants
FRN.NO. 000664S
Thankachan Zacherias LLB FCA CISA DISA
Camp: Bangalore Partner
Date: May 20 2016 M. No. 023421

ANNEXURE "B"TO THE INDEPENDENTAUDITOR’S REPORT

(Referred to in paragraph 2 of our report of even date on the financial statements ofCITYMAN LIMITED for the year ended March 31 2016.)

In terms of Companies (Auditor’s Report) Order 2016 (the order) issued by theGovernment of India in terms of Sub Section (11) of Section 143 of Companies Act2013 wefurther report on the matters specified in the said order to the extent applicable tothe Company We report that :

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

(b) The company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii). (a) We are informed that physical verification of inventory was conducted atreasonable intervals by the management during the year.

(b) The discrepancies noticed on verification between the physical stock and recordswere not material having regard to the size of the company and operations of business ofthe company.

(iii). We are informed that the company has not granted any loans secured or unsecuredto companies firms limited liability partnerships or other parties listed in the registermaintained under section 189 of the Companies Act2013except those mentioned in (b)belowand trade advances in the course of regular trade as per commercial expediency and theterms and conditions of which are in our opinion not prima facie prejudicial to theinterest of the company.

(a) In our opinion the rate of interest and other terms and conditions on which theloans had been granted to the bodies corporate listed in the register maintained underSection 189 of the Act were not prima facie prejudicial to the interest of the Company.

(b) In the case of the loans granted to the bodies corporate listed in the registermaintained under Section 189 of the Act the borrowers have been regular in the payment ofthe principal and interest as stipulated. The company has given Rs.12/- lakhs as interestfree refundable deposit to a partnership firm in which the Managing Director and anotherDirector are partners for using the brand name owned by them for a period of 99 years inaddition to royalty payment of 1 % of the turnover of the company under the brand name tothe above firm for using its brand name. The above payment has been approved by theshareholders of the Company.

(c) There are no overdue amounts in respect of the loan granted to a body corporatelisted in the register maintained under section 189 of the Act.

(iv). In our opinion and according to the information and explanations give to us thecompany has complied with the provisions of Section 185 and 186of the Act with respect tothe loans investments guarantee and securities made.

(v). The company has not accepted any deposits from the public during the year and doesnot have any unclaimed deposits as at the year end.

(vi). The Central Government has not prescribed the maintenance of cost records undersection 148 (1)of the Act for any of the products manufactured or services rendered bythe Company.

(vii) (a) According to the records of the company the company is regular in depositingwith appropriate authorities undisputed statutory dues including provident fund andemployees state insurance Income Tax Sales Tax sales tax and other statutory duesapplicable to it except interest on Income Tax amounting to Rs.8.46 lakhs for assessmentyears 1997 – 98 and 1998 - 99.

(b) According to the information and explanations given to us there are no undisputedamounts payable in respect of income tax wealth tax sales tax customs duty VATService Tax E.S.I. Provident Fund and excise duty which have remained outstanding as at31st March 2016 for a period of more than six months from the date they becomepayable except interest on Income Tax amounting to Rs.8.46 lakhs for assessment years1997–98 and 1998–99.

(viii). The company has not taken any term loan from financial institutions orGovernment or banks nor has issued any debentures during the year under reference. Thereare no dues from the company to any bank or financial institutions as at March 31 2016.Accordingly paragraph 3(viii) of the Order is not applicable.

(ix). The company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. AccordinglyParagraph 3(ix) of the Order is not applicable.

(x). According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

(xi). According to the information and explanation give to us and based on ourexamination of the records of the company the company has not paid managerial remunerationduring the year.

(xii). According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiii). According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xiv). 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 them. Accordingly Paragraph 3(xv)of the Order is not applicable.

(xv). The Company is not required to be registered under Sections 45-1A of the ReserveBank of India Act 1934.

For CHANDY & ZACHERIA
Chartered Accountants
FRN.NO. 000664S
Thankachan Zacherias LLB FCA CISA DISA
Camp: Bangalore Partner
Date: May 20 2016 M. No. 023421