THE MEMBERS OF
CSS TECHNERGY LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of CSS TECHNERGY LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary 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 in section 134(5) ofthe 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 provisions 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 controls 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.
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 to the extent applicable.
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act and other applicable authoritative pronouncements of 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 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 an opinionon whether the Company has in place an adequate internal financial control system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the management and Company's directors 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 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 March31st 2015 and its profit and its cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act and on the basis of such checks of the books and records of the company as weconsidered appropriate and according to the information and explanations given to us 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 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 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 31stMarch 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms ofSection 164(2) of the Act.
f. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of Companies (Audit and Auditors) Rules 2014 in our opinion andto the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations as at 31st March 2015 onits financial position in its financial statements as referred to in note 27 to thefinancial statements.
ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts.
iii There were no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company during the year ended 31st March 2015.
| ||FOR RAMBABU & Co. |
| ||Chartered Accountants |
| ||FRN: 002976S. |
|Place: Hyderabad ||-Sd- |
|Date : 27-05-2015 ||C SATYA PRAKASH Partner M.No.027183 |
The Annexure referred to in the Independent Auditors' Report of even date on theFinancial Statements to the Members of CSS Technology Limited for the year ended 31 March2015. We report that:
i. In respect of its fixed assets
a) The Company has maintained proper records showing full particular includingquantitative details and situation of fixed assets.
b) The Company has a regular program of physical verification of its fixed assets bywhich all fixed assets are verified in a phased manner. In our opinion the periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its assets. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.
ii. In respect of Inventories
a) As explained to us the inventories except goods in transit and stocks lying withthird parties have been physically verified during the year by the management atreasonable intervals.
b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management werereasonable and adequate in relation to the size of the company and 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 physical verification.
iii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act 2013. Hence we have notreported on the related matters of this clause and sub-clauses.
iv. 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 and thenature of its business with regard to purchase of inventory and fixed assets with regardto sale of goods / Services. We have not observed any major weakness in the internalcontrol system during the course of the audit.
iv. According to the information and explanations given to us the Company has notaccepted any deposits from the public.
v. Maintenance of Cost Records under Section 148(1) of the Act is not required for theactivity carried out by the Company.
vi. According to the information and explanations given to us in respect of statutorydues:
a) The Company is not regular in depositing undisputed statutory dues with appropriateauthorities including provident fund employees' state insurance income tax sales taxservice tax customs duty excise duty value added tax cess and any other materialstatutory dues applicable to it.
b) There were no undisputed amounts payable in respect of income tax sales tax wealthtax service tax duty of customs duty of excise value added tax or cess and othermaterial statutory dues in arrears as at 31st March 2015 for a period of more than sixmonths from the date they became payable except Service tax
Rs.4372706/- Tax Deducted at Source Rs.1241508/- Central Sales Tax Rs.148957/-Employee State Insurance Rs.1876935/- and Provident Fund Rs. 604216/-.
vii. In our opinion there are no amounts required to be transferred to the investoreducation and protection fund by the Company.
viii. The Company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses during the financial year covered by audit and in the immediatelypreceding financial year.
ix. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to financial institutions and banks. TheCompany has not given any guarantee for loans taken by others from bank or financialinstitutions. The Company has not issued any debentures.
x. In our opinion and according to the information and explanations given to us termloans obtained by the Company during the year were applied for the same purpose for whichthey were obtained.
xi. 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 RAMBABU & Co. |
| ||Chartered Accountants |
| ||FRN: 002976S. |
|Place: Hyderabad ||-Sd- |
|Date : 27-05-2015 ||C SATYA PRAKASH Partner |
| ||M.No.027183 |