You are here » Home » Companies » Company Overview » Credit Analysis & Research Ltd

Credit Analysis & Research Ltd.

BSE: 534804 Sector: Others
NSE: CARERATING ISIN Code: INE752H01013
BSE LIVE 15:40 | 02 Dec 1391.30 1.80
(0.13%)
OPEN

1380.00

HIGH

1398.80

LOW

1380.00

NSE LIVE 15:40 | 02 Dec 1398.50 7.20
(0.52%)
OPEN

1380.00

HIGH

1402.00

LOW

1378.00

OPEN 1380.00
PREVIOUS CLOSE 1389.50
VOLUME 3337
52-Week high 1572.50
52-Week low 885.00
P/E 31.45
Mkt Cap.(Rs cr) 4095.99
Buy Price 1396.00
Buy Qty 5.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1380.00
CLOSE 1389.50
VOLUME 3337
52-Week high 1572.50
52-Week low 885.00
P/E 31.45
Mkt Cap.(Rs cr) 4095.99
Buy Price 1396.00
Buy Qty 5.00
Sell Price 0.00
Sell Qty 0.00

Credit Analysis & Research Ltd. (CARERATING) - Auditors Report

Company auditors report

To the Members of

Credit Analysis and Research Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Credit Analysisand Research Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2016 the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

2. The Management and Board of Directors of the company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith 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 includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the 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 standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing as specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation and fair presentation of the standalone financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management andBoard of Directors as well as evaluating the overall presentation of the standalonefinancial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

6. In our opinion and to the best of our information and according to the explanationsgiven to us the standalone 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 March31 2016 its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure 1" a statement on the matters Specified inparagraphs 3 and 4 of the Order.

8. 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 purpose 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 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 Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards specified under section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014;

e. On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164(2) of theAct;

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 2" to this report;

g. 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 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements - Refer Note 33(ii) to the standalonefinancial statements;

(ii) The Company had made provision as required under the applicable law or accountingstandards for material foresable losses if any on long-term contracts includingderivative contracts - Refer Note 33(i) to the standalone financial statements;

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Khimji Kunverji & Co.

Chartered Accountants ICAI FRN: 105146W

Gautam V Shah

Partner (F-117348)

Mumbai

Date: May 26 2016

"Annexure 1" referred to in paragraph 7 of Report on Other Legal andRegulatory Requirements of our report of even date

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

b) All fixed assets have not been physically verified by the management during the yearbut there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification

c) According to the information and explanations given by the management the titledeeds of immovable properties are held in the name of the Company.

ii) The Company does not hold any inventory or securities as stock in trade henceclause 3(ii) of the Order is not applicable to the Company.

iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3 (iii) (a) (b) and (c) of theOrder are not applicable to the Company and hence not commented upon.

iv) In our opinion and according to the information and explanations given to usprovisions of section 185 and 186 of the Companies Act 2013 in respect of loans todirectors including entities in which they are interested and in respect of loans andadvances given investments made and guarantees and securities given have been compliedwith by the Company.

v) The Company has not accepted any deposits from the public.

vi) As informed the Company is not required to maintain any cost records prescribed bythe Central Government under sub-section (1) of section 148 of the Act.

vii) a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees' state insuranceincome-tax service tax value added tax and other material statutory dues applicable toit.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax service taxvalue added tax and other material statutory dues were outstanding at the year end for aperiod of more than six months from the date they became payable.

As informed the Company is not liable to pay sales-tax duty of custom duty of exciseand cess during the year.

b) According to the information and explanations given to us no undisputed amountspayable in respect of income-tax service tax value added tax and other materialstatutory dues that have not been deposited with the appropriate authorities on account ofany dispute except the following:

Name of the statute Nature of the dues Amount (Rs) Period to which the amount relates Forum where dispute is pending
The Income Tax Act 1961 Income tax 87430 AY 2009-10 Commissioner of Income-Tax (Appeals)-XIV Mumbai
The Income Tax Act 1961 Income tax 7846264 AY 2010-11 Commissioner of Income-Tax (Appeals)-XIV Mumbai
The Income Tax Act 1961 Income tax 289670 AY 2011-12 Commissioner of Income-Tax (Appeals)-XIV Mumbai
The Income Tax Act 1961 Income tax 20653290 AY 2012-13 Commissioner of Income-Tax (Appeals)-XIV Mumbai
The Income Tax Act 1961 Income tax 34924835 AY 2013-14 Commissioner of Income-Tax (Appeals)-XIV Mumbai

As informed the Company is not liable to pay sales-tax duty of custom duty of exciseand cess during the year.

viii) In our opinion and according to the information and explanations given by themanagement there are no loans taken from financial institutions government and banks norhas the Company issued any debentures hence clause 3(viii) of the Order is notapplicable.

ix) In our opinion and according to the information and explanations given by themanagement during the year the Company has not raised any term loans hence clause 3(ix)of the Order is not applicable.

x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the Company or no fraud on the Companyby the officers and employees of the Company has been noticed or reported during the year.

xi) According to the information and explanations given by the management themanagerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act

xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 of theAct where applicable and the details have been disclosed in the notes to the financialstatements as required by the applicable accounting 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 under review and hence reporting requirements under clause 3(xiv) are notapplicable to the Company and hence not commented upon.

xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in section 192 of the Act.

xvi) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company

For Khimji Kunverji & Co.

Chartered Accountants

ICAI FRN: 105146W

Gautam V Shah

Partner (F-117348)

Mumbai

Date: May 26 2016

Annexure 2 to the Independent Auditor's Report of even date on the Standalone FinancialStatements of Credit Analysis and Research Limited.

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 CreditAnalysis and Research Limited ("the Company") as of March 31 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 (the "Guidance Note").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 Act.

Auditor's 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 and the Standards on Auditing as specified under section 143(10) ofthe Act to the extent applicable to an audit of internal financial controls. 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 was 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 auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the 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 authorisations of management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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 March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

For Khimji Kunverji & Co

Chartered Accountants ICAI FRN-105146W

Gautam V Shah

Partner (F-117348)

Place: Mumbai

Date: May 26 2016

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard