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Crazy Infotech Ltd.

BSE: 524388 Sector: Consumer
NSE: N.A. ISIN Code: INE664B01021
BSE LIVE 15:15 | 25 Nov 0.19 0
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NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.19
PREVIOUS CLOSE 0.19
VOLUME 830
52-Week high 0.20
52-Week low 0.19
P/E
Mkt Cap.(Rs cr) 1.27
Buy Price 0.19
Buy Qty 4170.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.19
CLOSE 0.19
VOLUME 830
52-Week high 0.20
52-Week low 0.19
P/E
Mkt Cap.(Rs cr) 1.27
Buy Price 0.19
Buy Qty 4170.00
Sell Price 0.00
Sell Qty 0.00

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 31 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 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 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 but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and operating effectiveness of such controls. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by 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.

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 3stMarch 2015 its loss 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("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 statement on the matters Specified inparagraphs 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 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 the Cash flow statement dealt 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 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) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014:

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

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

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

For Ramraj & Co.
Chartered Accountants
(FRNo.002839S)
Sd/-
A.Amarnatha Reddy
Place: Chennai . Partner
Date : 31st August 2015. (M No. 213102)

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 Crazy Infotech Limited onthe accounts 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 its fixed assets:

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

(b) As explained to us fixed assets have been physically verified by the managementduring the year in accordance with the phased programme 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) As explained to us there are no inventories held by the company and hencereporting on the same does not arise.

(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 and therefore paragraph 3(iii) of the Orderis not applicable.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the companyand the nature of its business for the purchase of inventory fixed assets and for thesale of goods (and/services). During the course of our Audit we have not observed anycontinuing failure to correct major weaknesses in internal control.

(v) The company has not received any public deposits during the year.

(vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (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 of the company and information and explanations given tous the Company has generally been regular in depositing undisputed statutory duesincluding 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 no undisputedamounts payable in respect of Income-tax Wealth Tax Custom Duty Excise Duty sales taxVAT Cess and other material statutory dues in arrears /were outstanding as at 31 March2015 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us there were no amountswhich required to be transferred by the Company to the Investor Education and ProtectionFund.

(viii) The accumulated losses of the company are more than 50% of its Net Worth. Thecompany has incurred any Cash loss of Rs. 20.95 lakhs during the financial covered by ouraudit and cash loss of Rs. 973.15 lakhs in the immediately preceding financial year.

In arriving at the accumulated losses and net worth as above we have considered thequantifications which are quantifiable in the audit reports of the years to which theselosses pertain.

(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 Ramraj & Co.
Chartered Accountants
(FRNo.002839S)
Sd/-
A. Amarnatha Reddy
Place: Chennai. Partner
Date: 31st August 2015 (M No. 213102)

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