To the Members of Contil India Limited
Report on Financial Statements
We have audited ttie accompanying standalone financial statements of Contil IndiaLimited ("the Company") which comprise the Balance Sheet as at March 31 2015and the Statement of Profit and Loss and Cash Flow Statement tor the year then ended anda summary of 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 stated in section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese stand alone 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 under section 133 of the act read with rule 7 of the companies (Accounts) Rules2014 (as amended). This responsibility also includes the maintenance of adequateaccounting records in accordance with the provisions of the act for safeguarding theassets of the company and for preventing and detect ng the frauds and otherirregularities; selection and application of appropriate accounting policies: makingjudgment and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of financial statements that give a true and fair view andare free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these stand alone financial statementsbased on our audit.
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 stand alone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financ a 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 isk assessments the auditorconsiders internal control relevant to the Company's preparation of the financialstatements that give true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bycompanies' directors as well as evaluating the overall presentation of the financialstatements.
We believe that the audit evidence we have obtained is sufficient and appropriate toDrovide a basis for our audit opinion on the financial statements
In our opinion and to the Pest of our information and according to the explanationsgiven to us the financial statements give the information required Py the Act in themanner so required and give a true and fair view in canformity with the accountingprhciples generally accepted in India:
a) in the case of the Balance Sheet of the state of atfairs of the Company as at March31 2015;
b) in the case of the Prof it and Lass Account of the profit 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
As required by the Companies (auditor's Report) Order 2015 issued by the CentralGovernment of India in terms of Sub Section (11 ) of Section 143 of the Act (the"order") and on the basis of such checks of the books and records of the companyas we considered appropriate and according to the information and explanations given tous we give in the Annexure a statement on matters specified in paragraphs 3 and 4 of theOrder As required by section 143(3) of the Act we report that:
a. We havesoughtandobtainedallthe informationandexplanationswhichtothebestofourknowledgeand belief were necessary for the purpose ofour audit;
b In our opinion proper books of account as required by law have been kept by theCompany so far as it appearsfromour exam ination at those books;
c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this report are in agreement with the books of account;
d. In our opinion the the aforesaid standalone financial statements comply with theAccounting Standards referred to in section 133 of the Companies Act 2013 read with rule7 of the Companies (Accounts) Rules 2014 (as amended).
e. On the Pasis of written representations received from the directors as on Ivlarch31 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on March 2 1 2015 from being appointed as a director in terms of subsection (2) of section 164 of the Companies Act 2013.
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 (as amended) inou opinion and to best of our information and accord ng to the explanation given to us.
1) The company has no pending litigation which can impact its financiaI position
2) The company did not have any long term contracts including derivative contracts forwhich there were material foreseeable lasses.
3) There has been no delay in transferring amounts required to be transferred to theinvestor's education and protection fund by the company.
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
(Referred to in the paragraph of our report of even date on other legal and regulatory
(i) In Respect of Fixed As sets
(a) the company is not maintaining proper records showing full particulars includingquantitative details and situation of fixed assets
(P) We are informed that management at reasonable interval have physically verifiedthe Fixed Assets and no material discrepancies were noticed on such verification. Howeverthe records indicating physic a verification are not produced for our verification.
(ii) In Respect of its Inventories
(a) In our opinion the company is primarily engaged in investment activities whichdoes not involve maintenance of any inventory. As regards company's trading business themanagement had followed reasonable and adequate procedures of physical verification ofinventories at the end of the year.
(P) in absence of the adequate evidence produced before us for the verificationrelating to physic a verification of inventory we are not in a position to comment uponthe reasonableness as to frequency and procedures.
(c) The company is maintaining proper records of Inventory. The discrepancies noticedon verification between the physical stock and the book records were not material.
(iii) In Respect of the loan secured unsecured granted by the company to companiesfirm or other parties covered in the register maintained under section 189 of theCompanies Act 2013.
The company has neither granted nor taken any loans secured or unsecured to / fromcompanies firms or other parties covered in the register maintained under section 169 ofthe Companies Act 2013. Accordingly sub clause (a) and (b) are not applicable.
(iv) In our opinion and according the information and explanations given to us.thereareadequateiTtemalcontrols procedures commensurate with the size of the company andthe nature of its business with regard to purchases of inventory fixed assets and withregard to the sale of goods. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in internal controls.
(v) According to information give to us The company has not accepted deposits from thepublic.
(vi) We are informed that the Central Government has not prescribed maintenance of costrecords under section 148(1) of the Companies Act 2013 for the activities carried on bythecompany.
(vi i) In respect of statutory d ue
(a) The company is generally been regular in depositing with appropriate authoritiesundisputed statutory dues including employees' state insurance income tax sales taxexcise duly cess and other material statutory dues applicable to it however there hasbeen slight delay h a few cases. According to the information and explanations give to usno undisputed amounts payable in respect of income tax sales tax excise duty and cesswere in arrears as at 31/3/2016 for a period of more than six month from the date theybecome payable
(b) No dues of income tax or sales tax or wealth tax or service tax or duty of customsor duty of excise or value added tax or cess and disputes are pending
(c) According to the record of the company there are no amount that are due to betransferred to the Investor Education fund in accordance with the relevant provisions ofthe Companies. Act 1956 (1 of 1956) and rules made there under.
(viii) The company has no accumulated losses as at the end of the financial year andhas not incurred cash losses in ttie financial year ended on that date and in ttieimmediately preceding financial year.
(ix) In our opinion and according the information and explanations given to us thecompany has not defaulted in repayment of dues to a financial institution or bank.
(x ) According to the information and explanations given to us the company has notgiven guarantees for loans taken by others from banks or financial institutions during theyear. Accordingly the provisions of Clause 3(x) of the Order are not applicable to thecompany.
(xi)According to the information and explanations given to us and on an overallexamination the company has not availed any term loan during the year. This clause is notapplicable.
(xii) According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the course of our audit.
| ||For R INDRAJIT & ASSOCIATES |
| ||CHARTERED ACCOUNTANTS |
| ||ICAI Firm Regn. No. 1 1 7463W |
| ||(CA PIY0SH 1. SHAH) |
|Date: 30-05-2015 ||PROPRIETOR |
|Place; Vadodara ||M. No. - 103665 |