You are here » Home » Companies » Company Overview » Crazy Infotech Ltd

Crazy Infotech Ltd.

BSE: 524388 Sector: Consumer
NSE: N.A. ISIN Code: INE664B01021
BSE 10:36 | 20 Feb 0.20 0
(0.00%)
OPEN

0.20

HIGH

0.20

LOW

0.20

NSE 05:30 | 01 Jan Crazy Infotech Ltd
OPEN 0.20
PREVIOUS CLOSE 0.20
VOLUME 12600
52-Week high 0.22
52-Week low 0.19
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.20
Sell Qty 50113.00
OPEN 0.20
CLOSE 0.20
VOLUME 12600
52-Week high 0.22
52-Week low 0.19
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.20
Sell Qty 50113.00

Crazy Infotech Ltd. (CRAZYINFOTECH) - Auditors Report

Company auditors report

TO THE MEMBERS OF CRAZY INFOTECH LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of CRAZY INFOTECH LIMITED("the company") which comprise the Balance Sheet as at 31st March2017 and the Statement of Profit and Loss for the period then ended and a summary ofsignificant 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 section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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 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 true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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 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 31stMarch 2017 its loss for the period ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the ‘Annexure A' 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 we report that: a. We havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit; b. In ouropinion proper books of account as required by law have been kept by the Company so far asit appears from our examination of those books. c. the Balance Sheet and theStatement of Profit and Loss dealt with by this Report are in agreement with the books ofaccount. d. In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. e. On the basis of written representationsreceived from the directors as on 31 March 2017 taken on record by the Board ofDirectors none of the directors is disqualified as on 31 March 2017 from beingappointed as a director in terms of Section 164(2) of the Act. f. with respect tothe adequacy of the internal financial controls over financial reporting of the

Company and the operating effectiveness of such controls refer to our separate reportin ‘Annexure B'; and g. With respect to the other matters to be included inthe Auditors' Report in accordance with

Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us: i. TheCompany does not have any pending litigations which would impact its financial position.ii. The Company did not have any long-term contracts including derivativescontracts for which there were any material foreseeable losses. iii. There were noamounts which required to be transferred by the Company to the

Investor Education and Protection Fund.

Sd/-
For Ramraj & Co.
Chartered Accountants
(FRNo.002839S)
Place: Chennai.
Date: 2nd May 2017 Sd/-
A.Amarnatha Reddy
Partner
(M No. 213102)

Annexure A 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 CRAZY INFOTECH LIMITED on theaccounts of the company for the year ended 31st March 2017]

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 its fixed assets:

(a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of the fixed assets. (b) As explainedto us fixed assets have been physically verified by the management during the year inaccordance with the phased programme of verification adopted by the management which inour opinion provides for physical verification of all the fixed assets at reasonableintervals. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification. (c) As explained to us there areno immovable properties held by the company and hence reporting on the same does notarise. ii. As explained to us there are no inventories held by the company andhence reporting on the same does not arise. iii. According to the information andexplanations given to us the Company has not granted any loans to companies firms orother parties covered in the Register maintained under Section 189 of the Companies Act2013 and therefore paragraph 3(iii) of the Order is not applicable. iv. In ouropinion and according to the information and explanations given to us the

Company has complied with the provisions of Section 185 and 186 of the Act withrespect to the loans and investments made. v. The company has not received anypublic deposits during the year. vi. As informed to us the Central Government hasnot prescribed maintenance of cost records under sub-section (1) of Section 148 of theAct in respect of the activities carried on by the Company. vii. In respect ofstatutory dues:

(a) According to the records of the company and information and explanationsgiven to us the Company has generally been regular in depositing undisputed statutorydues including Provident Fund employees state insurance (ESI) Investor Education andProtection Fund Income-tax Tax deducted at sources Tax collected at sourceProfessional Tax Sales Tax value added tax (VAT) Wealth Tax Service Tax Custom DutyExcise Duty Cess and other material statutory dues applicable to it with the appropriateauthorities.

(b) According to the information and explanations given to us there were noundisputed amounts payable in respect of Income-tax Wealth Tax Custom Duty Excise Dutysales tax VAT Cess and other material statutory dues in arrears /were outstanding as at31 March 2017 for a period of more than six months from the date they became payableexcepting the following disputed liabilities as at 31.03.2017:

Name of Statute Nature of Dues Amount Period to which the amount relates Forum dispute pending where is
Income Tax Act 1961 Income Tax Rs.7688202/- FY- 2006-07 Hon'ble High Court of Madras

(c) According to the information and explanations given to us there were noamounts which required to be transferred by the Company to the Investor Education andProtection Fund. viii. The Company does not have any loans or borrowings from anyfinancial institution banks government or debenture holders during the year.Accordingly paragraph 3(viii) of the Order is not applicable. ix. The Company didnot raise any money by way of initial public offer or further public offer

(including debt instruments) and term loans during the year. Accordingly paragraph3(ix) of the Order is not applicable. x. According to the information andexplanations given to us no material fraud by the

Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

xi. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given tous the

Company is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable.

xvi. The Company is not required to be registered under Section 45-IA of theReserve Bank of

India Act 1934.g the year so this para of order is not applicable.

For Ramraj & Co.
Chartered Accountants
(FRNo.002839S)
Place: Chennai.
Date: 2nd May 2017 Sd/-
A.Amarnatha Reddy
Partner
(M No. 213102)

Annexure B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of CRAZYINFOTECH LIMITED (‘the Company') as of 31st March 2017 in conjunction withour audit of the financial statements of the Company for the period ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI').

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the ‘Guidance Note') and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors' judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of the Management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Ramraj & Co.
Chartered Accountants
(FRNo.002839S)
Place: Chennai.
Date: 2nd May 2017 Sd/-
A.Amarnatha Reddy
Partner
(M No. 213102)