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Crescent Leasing Ltd.

BSE: 539131 Sector: Financials
NSE: N.A. ISIN Code: INE767G01013
BSE 15:40 | 16 Jan 62.80 -0.55
(-0.87%)
OPEN

60.20

HIGH

66.15

LOW

53.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 60.20
PREVIOUS CLOSE 63.35
VOLUME 35685
52-Week high 372.90
52-Week low 51.05
P/E 24.53
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 60.20
CLOSE 63.35
VOLUME 35685
52-Week high 372.90
52-Week low 51.05
P/E 24.53
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Crescent Leasing Ltd. (CRESCENTLEASING) - Auditors Report

Company auditors report

TO THE MEMBERS OF CRESCENT LEASING LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of CRESCENT LEASING LIMITED(“the Company”) which comprise the Balance Sheet as at 31 March 2017 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 provision 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 control 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.

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 misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive true and 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 Company'sDirectors as well as evaluating 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 statement of affairs of the company as at31st March 2017 and its profit and its cash flow for the year ended on that date.

Emphasis of Matters

The reports should be read together with the Notes to the financial statements andattention to following matters be given:

a) Notes to the financial statements which describe the uncertainty related to theoutcome of the pendency's of appeals and legal matters filed by the company as well asagainst the company.

Our opinion is not modified in respect of these matters.

Report on other Legal and Regulatory Requirements

1. 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 A statement on the matters specified in the paragraph 3and 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 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 Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the CompaniesAct 2013 read with rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in ‘Annexure B' and

g) With respect to the other matters included in the Auditor's Report and to our bestof our information and according to the explanations given to us:

The Company has disclosed the impact of pending litigations on its financial positionin its financial statements;

The Company does not have any long-term contracts including derivatives contracts forwhich any provision is required;

The Company is not required to transfer amounts to the Investor Education andProtection Fund.

The Company has provided requisite disclosures in its standalone financial statementsas to holdings as well as dealings in Specified Bank Notes during the period from 8November 2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer Note 3.28 to the standalone financial statements.

For DBS & Associates

Chartered Accountants Firm Registration No.:018627N

Sd/-

CA Roxy Teniwal Partner

M. No - 141538 Mumbai August 26 2017

Annexing ‘A' to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31 March 2017 we report that:

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

(b) The Company has regular conduct of physical verification of its fixed assets atreasonable intervals; no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

There is no stock in trade in the company during the year.

The Company has not granted any loans to one body corporate covered in the registermaintained under section 189 of the Companies Act 2013 (‘the Act')

The Company in respect of loans investments guarantees and security the provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

The Company has not accepted any deposits from the public.

The Central Government has not prescribed the maintenance of cost records under section148(1) of the Act for any of the services rendered by the Company.

(a) According to the information and explanation given to us and records examined byus the company is regular in depositing undisputed statutory dues including providentfund employees' state insurance income-tax sales-tax service tax duty of customsduty of excise value added tax cess and any other statutory dues to the appropriateauthorities. According to the information and explanation given to us there were noundisputed amounts payable in respect of Income Tax Excise Duty cess and any otherstatutory dues outstanding as on 31st March 2017 for a period more than six months fromthe date they became payable except the following

Income Tax

Assessment Year Amount Status
2008-09 (Section 147 of Income Tax Act 1962) 396990/- Appeal Filed to Commissioner appeal on 25/05/2015
2012-13 (Section 154 of Income Tax Act 1962) 215010/- Appeal Filed to Commissioner appeal on 16/10/2015
2013-14 (Section 220(2) of Income Tax Act 1962) 930/-
2014-15 (Section 147220(2) of Income Tax Act 1962) 1328/-

TDS

TDS 20000/- booked on 06/07/2016 (interest not Included)
TDS on Interest 371629/- booked on 31/03/2017 (interest not Included)

(b) According to the information and explanations given to us there are no materialdues of any in respect of income tax or sales tax or duty of customs or duty of excise orvalue added tax that have not been deposited with the appropriate authorities on accountof dispute except the details given above-

I. According to the records of the company examined by us and the information andexplanation given to us the company has not defaulted in repayment of loans or borrowingsto a bank as at the balance sheet date;

II. According to the information and explanations given to us and based on ourexamination of our records of the Company term loans were applied for the purposes forwhich those were raised.

III. According to the information and explanations given to us no material fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

IV. According to the information and explanations given to us and based on ourexamination of our records of the Company the Company has not paid/ provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with schedule V to the Act.

V. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

VI. 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.

VII. 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.

VIII. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or person connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

The Company is already registered under Section 45-IA of the Reserve Bank of India Act1934.

For DBS & Associates

Chartered Accountants Firm Registration No.:018627N

Sd/-

CA Roxy Teniwal Partner

M. No - 141538 Mumbai August 26 2017

Annexing 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 CRESCENTLEASING LIMITED (“the Company”) as of March 31 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 (TCAT). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companies' 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material 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 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India

For DBS & Associates

Chartered Accountants Firm Registration No.:018627N

Sd/-

CA Roxy Teniwal Partner

M. No - 141538 Mumbai August 26 2017