M/s CRESCENT LEASING LTD
Report on the Financial Statements
We have audited the accompanying financial statement of M/s CRESCENT LEASING LTD which comprise the Balance Sheet as at 31st March' 2013 and the Statement ofProfit and Loss for the year then ended and summary of significant accounting policiesand other explanatory information.
Managements Responsibility for the Financial Statement
Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position and financial performance of the Company inaccordance with the Accounting Standards referred to in sub-section (3C) of Section 211 ofthe Companies Act 1956 ("the Act") This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India Those Standards require that we comply withethical requirements and plan perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclousers 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 control relevant to the Companys preparation and fairpresentation of the financial statements 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 bymanagement as well as evaluating the overall presentation of financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationgiven to us the said accounts read together with the notes appearing thereon as per Note1-35'annexed give the information by the Company Act1956 in the manner so required andgive a true and fair view in conformity with the accounting principal generally acceptedin India;
i) in the case of Balance Sheet of the state of affairs of the Company as at 31stMarch 2013 ;and
ii) in the case of the Statement of Profit and Loss for the year ended on that date
Report on Other Legal and Regulatory Requirements
1.As required by the Companies (Auditor's Report) Order 2003 ("the Order")as amended issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Acts we give in the Annexure a statement on the matter specified inparagraphs 4 and 5 of the Order.
2.As required by Section 227(3) of the Act we report that:
a. we have obtained all the information and explanations which to the best of ourknowledge 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 &. Statements of Profit and Loss dealt with by this Report arein agreement with the books of account;
d. in our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards referred to in sub-section (3C) of Section 211 of the CompaniesAct1956; and
e. on the basis of written explanations received from the directors as on 31 March2013 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2013 from being appointed as a director in terms of clause (g) ofsub-section (1) of Section 274 of the Companies Act 1956.
f. Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act 1956 nor has it issued anyRules under the said section prescribing the manner in which such cess is to be paid nocess is due and payable by the Company.
| || |
FOR SKS& ASSOCIATES
| ||Chartered Accountants |
| ||Membership 58375 |
| ||FRN 0325840E |
|Place: Kolkata || |
|Dated: This 30th July2013 || |
Annexures to the Auditors Report
Referred to in Paragraph I of our Report of even date
With reference 10 the Annexure referred to in Paragraph 1 of the Auditors' Report tothe Members of CRESCENT LEASING LTD on the financial statements for the year ended 31stMarch 2013 we report the followings:
1) According to the information and explanations given to us the company hasmaintained proper records showing full particulars including quantitative details andsituation of its fixed assets
2) The fixed Assets have been phy sically verified by the management during the yearand in our opinion the frequency of such verification is reasonable. According to theinformation and explanations given To us .no material discrepancies were noticed on suchverification.
3) During the year the company has not disposed off any substantial part of the fixedassets which would Effect the going concern of the company.
4) The stock of Shares nave been physically verified by the Management during theyear.In our opinion the frequency of such verification is reasonable
5) In out opinion and according to the explanations given to us procedures for thephysical verification of inventory followed by the management are reasonable and adequatein relation to the size of the company and the nature of its business.
6) The company has not taken any loans secured or Unsecured from companies Firms orother parties listed in the Registers required to be maintained under section 301 of theCompanies Act. 1956.
7) The company has not given any loanssecured or Unsecured from companies Firms orother parties listed in the Registers required to be maintained under section 301 of theCompanies Act 1956.
8) In respect of Loans and Advances in the nature of Loans given by the companies toparties are repaying the principal amount as stipulated and are also generally regular inpayment of interest also reasonable steps for recovery have been taken by the companies.
9) The Company has not accepted any deposits from public and consequently thedirectives issued by the Reserve Bank of India and provisions of section 58A & 58AA ofthe Companies Act 1956 and the rules framed thereunder arc not applicable
10) According to the information and explanations given to us and on the basis of ourexamination of the Books of Accounts the company has generally been regular in depositingundisputed statutory dues including Employees State Insurance Income-TaxSales-TaxExcise Duty Service Tax and other statutory dues with the appropriate authorities duringthe year as applicable to it..
11) The company has not incurred any cash loss in the year covered by this audit endsin the immediately proceeding financial year .The company do not have any accumulatedloss.
12) According to the information and explanations given to us and on the basis of ourexamination of the books of accounts the company has not granted loans and advances on thebasis of security by way of pledge of shares debentures and other securities.
13) The company has maintained proper records of its dealing in shares and securitiesand the investments are held in the name of the company except to the extent of exemptiongranted under section 49 of the Companies act 1956.
14) According to the information and explanations given to us and on the basis of ourexamination of the books of accounts.the company has not given any guarantee for loanstaken by others from banks or financial institutions.
15) To the best of our knowledge and belief and according to the information andexplanations given to us.no fraud on or by the company has been noticed or reported duringthe year.
16) The company is not a sick industrial company within the meaning of Section 3(1 )(0)of the Sick Industrial Companies(Special Provisions) Act 1985.
17) Our comments on matters are given herein above to the extent applicable to thecompany for the year Under review
FOR SKS & ASSOCIATES CHARTERED ACCOUNTANT
(Sandeep Kumar Sultania)
MEMBERSHIP NO 58375
DATED:30th DAY OF JULY'2013
AUDITORS REPORT UNDER (RESERVE BANK ) NBFC DIRECTION 1988
Auditors Report of M/S CRESCENT LEASING LTD. for the year 31/03/2013
As required by NBFC Auditors' Report (Reserve Bank) Directions. 1998 issued by ReserveBank of India in terms of Section 451A of the Reserve Bank of India Act1934 (2 of 1934)and on the basis of such checks as we considered appropriate we hereby state that:
The Company has obtained a certificate from the Reserve bank of India in terms ofsection 451A of the Reserve bank of India Act (2 of 1934)
We furthur state that -
(i) The Board of Directors has passed resolution for the non-acceptance of any publicdeposits.
(ii) The company has not accepted any public deposits during the relevant year.and
(iii) The company has com plied with the prudential norms relating to Incomerecognition accounting standards and asset clarification and provisioning for bad anddoubtful debts as applicable to it.
FOR SKS & ASSOCIATES CHARTERED ACCOUNTANT
SANDEEP KUMAR SULTANIA
DATED:30th DAY OF JULY 2013