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Clutch Auto Ltd.

BSE: 505052 Sector: Auto
BSE LIVE 15:25 | 29 Feb Stock Is Not Traded.
NSE LIVE 15:31 | 10 Jun Stock Is Not Traded.
OPEN 6.32
52-Week high 8.32
52-Week low 6.32
Mkt Cap.(Rs cr) 11.86
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.32
Sell Qty 900.00
OPEN 6.32
CLOSE 6.65
52-Week high 8.32
52-Week low 6.32
Mkt Cap.(Rs cr) 11.86
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.32
Sell Qty 900.00

Clutch Auto Ltd. (CLUTCHAUTO) - Auditors Report

Company auditors report

To the Members of Clutch Auto Limited Report on the Financial Statements

We have audited the accompanying financial statements of M/s Clutch Auto Limited whichcomprise the Balance Sheet as at March 312015 the Statement of Profit and Loss and CashFlow and a summary of significant accounting policies and other explanatory informationfor the year then ended.

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 flow of the company in accordance with the accountingprinciples generally accepted in India including Accounting Standards specified undersection 133 of the Act read with Rule 7 of Companies (Accounts) Rules 2014. ThisResponsibility includes maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding of the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 there under.

We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidences about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatementsof the financial statements whether due to fraud or error. In making those riskassessments the auditors consider internal financial controls relevant to thecompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedure that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by management as well asevaluating 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 qualified audit opinion on the standalone financial statements

Basis for Qualified Opinion

1. During the year The Company has not provided interest on the secured and unsecuredloan availed by it from the Bank and Financial Institutions. Has the company would haveprovided Interest on the loans amounting to Rs 27.95 crore its net loss would haveincreased by 27.95 crore to Rs 203.68 crore ( accumulated amount 213.20 crore ) and loans& liability would have increased by Rs 27.95 crore to Rs 222.33 crore.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph above the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity 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 March312015;

b) in the case of Statement of Profit and Loss of the loss for the year ended on thatdate; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate

Report on Other Legal and Regulatory Requirements

1. 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 2013 we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act and Companies (Audit and Auditors) Rule2014 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 Statementsdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7of the Companies(Accounts) Rule 2014.

(e) In our opinion there are no adverse observations and comments on the financialtransactions of the matters which have adverse effect on the functioning of the company

(f) On the basis of the written representations received from the Directors as on March312015 taken on record by the board of Directors none of the directors is disqualifiedas on March 312015 from being appointed as a director in terms of sub section (2) ofsection 164 of the Companies Act 2013.

(g) In our opinion there are no qualifications reservation or adverse remark relatingto maintenance of accounts and other matter connected therewith.

(h) 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 IV to the financial statements

ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

Chartered Accountants
Place: New Delhi (Vipin Kumar Ahuja)
Dated: May 30 2015 (Partner)
Membership No 522081
8 Ground Floor Anand Vihar
Pitampura New Delhi - 110 034


(Referred to in our Audit Report of even date to the Members of CLUTCH AUTO LIMITED onthe Accounts for the period ended on 31st March 2015)

1) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) As explained to us all the assets have been physically verified by the managementat regular interval. As informed to us no material discrepancies were noticed on suchverification.

2) (a) The inventory has been physically verified during the year by management. In ouropinion the frequency of verification is reasonable

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The company is maintaining proper records of inventory. The discrepancies noticedon verification between the physical stocks and the book records were not material.

3) The company has not granted unsecured loans to companies firms or other partiescovered in the register maintained under section 189 of the Companies Act 2013 during theyear and in our opinion hence para (a) and (b) are not applicable.

4) In our opinion and according to the information and explanation given to us thereis an adequate internal control system commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and with regard tothe sale of goods. During the course of our audit no major weaknesses has been noticed orreported.

5) In our opinion and according to the information and explanation given to us thecompany has not accepted any deposits in contravention of the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed there under where applicablehave been complied with. No order has been passed by the Company Law Board or NationalCompany Law Tribunal or RBI or any court or any other tribunal.

6) According to the information and explanation given to us government has notprescribed maintenance of cost records under sub section (1) of section 148 of theCompanies Act 2013 for the products of the company.

7) (a) In our opinion the company is not regular in depositing undisputed statutorydues including provident fund employees’ state insurance income-tax sales-taxwealth tax service tax duty of customs duty of excise value added tax cess and anyother statutory dues with the appropriate authorities. There is arrears of outstandingstatutory dues as at the last day of the financial year concerned for a period of morethan six months from the date they became payable.

Further since the Central Government has till date not prescribed the amount of cesspayable under section 441A of the companies Act 1956 we are not in a position to commentupon the regularity or otherwise of the company in depositing the same.

(b) According to information and explanation given to us there are dues on account ofincome tax or sales tax or wealth tax or service tax or duty of customs or duty of exciseor value added tax or cess which have not been deposited on account of any disputedetails of which are as under :-

Name of the statue Name of the dues Amount (in Rs) Period to which the amount relate Status/ Forum where dispute is pending
Central Excise & Service tax Appeal Rs.42136300/- A.Y 2007-2008 CESTAT ( Appeals)
Income Tax Appeal Rs.10700000/- A.Y 2006-2007 Hon ITAT
Central Excise & Service tax Appeal Rs.39100000/- A.Y. 2011-2012 Commissioner Excise
Haryana VAT Appeal Rs.187292242/- A.Y. 2008-09 to 2011-2012 DET

(c) According to information and explanation given to us there is no amount which isrequired to be transferred to Investor Education and Protection Fund in accordance withthe relevant provisions of the Companies Act 1956 and rules made there-under.

8) The Company have accumulated losses more than its net worth at the end of thefinancial year. Further The Company has incurred cash losses during the financial yearcovered by the audit and in the immediately preceding financial year . Further onSeptember 122014 company has filed an application in BIFR seeking registration u/s 15(1)of Sick Industrial Companies Act 1985

9) According to information and explanations given to us the company has defaulted inrepayment of any dues to a financial institution and bank during the year of audit.

10) In our opinion and according to information and explanations given to us thecompany has not given any guarantee for loans taken by others from bank or financialinstitutions.

11) In our opinion and according to information and explanations given to us thecompany has not taken any term loan during the year.

12) According to information and explanations given to us no fraud on or by thecompany has been noticed or reported during the year.

Chartered Accountants
Place: New Delhi (Vipin Kumar Ahuja)
Dated: May 30 2015 (Partner)
Membership No 522081
8 Ground Floor Anand Vihar
Pitampura New Delhi - 110 034

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