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CMS Finvest Ltd.

BSE: 532104 Sector: Financials
NSE: N.A. ISIN Code: INE915A01011
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CMS Finvest Ltd. (CMSFINVEST) - Auditors Report

Company auditors report

To the Members of

CMS FINVEST LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of CMS FINVEST LIMITED("the company") which comprise the Balance Sheet as at March 31 2015 theProfit and Loss Statement the Cash flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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 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 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 true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation 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 financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India :

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) in the case of the statement of Profit and Loss Account of the loss for the yearended on that date; and

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

Report on Other Legal and Regulatory Requirements

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 purposes 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 Cash Flow Statement dealtwith 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 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the other matters included in the Auditor’s Report and to ourbest of our information and according to the explanations given to us.

1. The Company does not have any pending litigations which would impact its financialposition.

2. The Company did not have any long term contracts including derivative contract forwhich there were any material foreseeable losses under the applicable law or AccountingStandards.

3. There were no amount which required to be transferred to the Investor Education andProtection Fund by the Company.

For JMP ASSOCIATES
Chartered Accountants
Firm Regd. No. 324235E
MANISH GADIA
Place : Kolkata Partner
Dated : 27/05/2015 M. No. 059677

Annexure to the Auditors’ Report

[ Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ of our Report of even date to the members of CMS Finvest Limited on theaccounts of the company for the year ended 31st March 2015 ]

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that :

I. In respect of Fixed Assets :-

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

b) As explained to us fixed assets have been physically verified by the managementduring the year in accordance with the phased program of verification adopted by themanagement which in our opinion provides for physical verification of all the fixedassets at reasonable intervals. According to the information and explanations given to usno material discrepancies were noticed on such verification.

II. In respect of Inventories :-

a) As explained to us the inventories of shares and stocks were physically verified atregular intervals by the Management. In case of inventories lying with third partiescertificates of stocks holding have been received.

b) In our opinion and according to the information and explanation given to us theprocedures of verification of inventories followed by the Management were reasonable andadequate in relation to the size of the Company and the nature of its business.

c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on verification of stocks as compared to book records.

III. According to the information and explanations given to us the Company has notgranted any loans to companies firms or other parties covered in the Register maintainedunder Section 189 of the Companies Act 2013.

IV. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business for the purchase of inventory fixed assets and for the sale ofshares. During the course of our Audit we have not observed any continuing failure tocorrect major weaknesses in internal control.

V. In our Opinion and according to information and explanations given to us thecompany has not accepted any deposits from the public within the purview of the directivesissued by the Reserve Bank of India and the Provisions of Section 73 to 76 or any otherrelevant provisions of the Companies Act and the rules framed there under. Therefore theprovision of Clause (V) of Paragraph 4 of the order is not applicable to the company.

VI. As informed to us the Central Government has not prescribed maintenance of costrecords under subsection (1) of Section 148 of the Act in respect of the activitiescarried on by the Company.

VII. In respect of Statutory Dues :-

a) According to the records the Company is generally regular in depositing undisputedstatutory dues including provident fund employees’ state insurance income taxwealth Tax sales Tax duty of custom duty of excise value added tax cess and any otherstatutory dues as applicable to the company with appropriate authorities except delay inService Tax VAT Provident Fund Employee’s State Insurance Professional Tax &Tax Deposited at source.

b) According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at 31st March 2015 for aperiod of more than six months from the date of becoming payable.

c) According to the information and explanations given to us no amount is required tobe transferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 2013 and rules made thereunder. Hence the provisions ofInvestor Education and Protection Fund are not applicable to the Company.

VIII) The Company has accumulated loss amounting to Rs. 84.64 Lakhs as on 31st March2015 and the accumulated losses of the company at the end of financial year are not morethan fifty per cent of its net worth. It has not incurred any cash loss during thefinancial year covered by our audit and it has not incurred the cash loss in theimmediately preceding financial year.

IX) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to financial institutions banks anddebenture holders.

X) In our opinion and according to the information and the explanation given to usthe company has not given any guarantee for loans taken by others from banks or financialinstitutions during the year.

XI) The company has not obtained any term loan during the year so this para of orderis not applicable.

XII) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

For JMP ASSOCIATES
Chartered Accountants
Firm Regd. No. 324235E
MANISH GADIA
Place : Kolkata Partner
Dated : 27/05/2015 M. No. 059677

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