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Classic Electricals Ltd.

BSE: 512213 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Classic Electricals Ltd. (CLASSICELECTRIC) - Auditors Report

Company auditors report



We have audited the accompanying financial statements of Classic Electricals Limited(the Company) which comprise the Balance Sheet as at March 31 2015. the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.


The Company’s Board of Directors is responsible for the matter stated in section134(5) of the Companies Act 2013 (The Act) with respect to the preparation andpresentation of these 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 u/s. 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the Assets of the company and forpreventing 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 the adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting record relevant to the preparation and presentation of financial statementsthat give a true and fair view and arc free from material misstatement whether due tofraud or error.


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.

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.

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 auditorconsiders internal financial control relevant to the Company’s preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on the whether the company has in place an adequate internal financial controlsystem over financial reporting and the operating effectiveness of such controls. An auditalso 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. -

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


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 2015 and its profit and its cash flows for the year ended on that date.


1) As required by the Companies (Auditor's Report) Order 2015 (the Order) issued bythe Central Government of India in terms of sub Section 11 of section 143 of the Act wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

2) As required by Section 143(3) of the Act we report that:

a) We have sought obtained all the information and explanations which to the best ofour 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 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 Accounting Standardsspecified under section 143 of the Act read with the Rule 7 of the Companies (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 is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the other matters to be included in the Auditors 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 explanation given to us;

1) The Company has disclosed the impact of pending litigation on its financial positionin its financial statements -Refer Note No. 18 to the financial statements.

2) The Company did not have any long term contracts including derivative contracts.

3) There were no amounts which were required to be transferred to the Investor

Education and Protection Fund by the Company



1. In respect of its fixed assets:

a) The Company has generally maintained proper records showing full particularsincluding quantitative detail and situation of fixed assets.

b) As explained to us the physical verification of the fixed assets was conducted bythe management during the year which in our opinion is reasonable having regard to thesize of the company and nature of its assets. There was no material discrepancies noticedon such verifications.

2. In respect of its inventories:

a) As the company does not engaged in the business of manufacturing marketing andprocessing of any goods and articles. Accordingly it does not hold any physicalinventories. Thus the paragraph 3(ii) of the order is not applicable.

3. In respect of loan given:

a) According to the information and explanations given to us the company has givenunsecured loans to 2 persons covered under the register maintained u/s. 189 of theCompanies Act 2013 (The Act).

b) In respect of aforesaid loans listed in the register maintain u/s. 189 of the Actthe borrower have been regular in the payment of the interest as stipulated. The terms ofthe arrangement do not stipulate any repayment schedule and the loans are repayable ondemand. Accordingly paragraph 3(iii)(b) of the Order is nut applicable to the Company inrespect of repayment of the principal amount.

c) There are no overdue amounts of more than Rs. 1 lakh in respect of aforesaid loanslisted in the register maintain u/s. 189 of the Act as the aforesaid loans are repayableon demand.

4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company andnature of its business with regards to purchase of fixed assets and sale of services. Theactivity of the Company does not involve purchase of inventory and the sale of goods. Wehave not observed any major weaknesses in internal control system during the course ofaudit.

5. The company has not accepted any deposits from the public.

6. The central government has not prescribed the maintenance of cost records u/s.148(1) of the Act.

a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of state insurance and duty of excise. According to the Information andExplanations given to us no undisputed amounts payable in respect of the aforesaid dueswere outstanding as at 31st March 2015 for a period of more than six months from the dateof becoming payable.

b) According to the information and explanations given to us following amounts havenot been deposited as on 31st March 2015 on account of any dispute;

Name of the Statute Forum where Dispute is pending Period for which amount relates Amount involved (Rs. In lakhs)
Income Tax High Court Mumbai Assessment Year 1989-90 2.65

c) According to the information and explanations given to us there are no any amountrequired to be transferred to investor education and protection fund in accordance withthe relevant provisions of the Companies Act 1956 (1 of 1956) and rules made thereunder.

8. The Company neither has any accumulated losses nor has incurred any cash lossesduring the financial year covered by our audit and the immediately preceding financialyear.

9. According to the records of the company the company has not borrowed any amountfrom financial institutions or banks or issued debenture till the end of the financialyear. Hence in our opinion the question of reporting of default in repayment of dues tofinancial institutions or bank or debenture holders does not arise.

10. According to the records of the company and the Information and Explanationprovided by the management the company has not given any guarantee for loans taken byothers from any banks or financial institution.

11. The Company has not obtained any term loan during the year. There was no terms loanoutstanding at the beginning of the year.

12. During the course of examination of the books and records of the company carriedout in accordance with generally accepted auditing practices in India and according to theinformation and explanation given to us we have neither come across any instance of fraudon or by the company noticed or reported during the year nor have been informed of suchcases by the Management.


Chartered Accountants

Firm’s registration number: 116555W



Membership number: 101342

Place: Mumbai Date: