To the Members of Cressanda Solutions Limited
We have audited the accompanying financial statements of Cressanda Solutions Limited("the Company") which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit & Loss and Cash Flow Statement for the year then ended a summaryof significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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 design implementation and maintenance of adequate internalfinancial controls 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.
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 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 issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and 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 anddisclosures in the financial statements. The procedures selected depend on theauditors 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 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 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 standalone financial statement.
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 explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:
a) in the case of the Balance Sheet of the state of affairs of the Company as at March312015;
b) in the case of the Statement of Profit & Loss of the profit for the year endedon that date; and
c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors 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 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 the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;
d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under section 133 of the Act Read with Rule 7 of theCompanies (Accounts) Rules 2014 and Accounting Standard (AS) - 30 on FinancialInstruments; Recognition and Measurement issued by the Institute of CharteredAccountants of India (ICAI);
e) On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.
f) 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. There are no pending litigations that impact the financial statements;
ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts if any.
iii. There has been no delay in transferring amount required to be transferred ifany to the Investor Education and Protection Fund by the Company.
| ||For Agarwal Sanganeria & Co |
| ||Chartered Accountants |
| ||Firm Regn No. 317224E |
|Place: Mumbai ||Saket Sanganeria |
|Date: 29th May 2015 ||Partner |
| ||C.A.Membership No. 300679 |
ANNEXURE TO INDEPENDENT AUDITORS REPORT
[Referred to the Independent Auditors Report to the members of CressandaSolutions Limited]
The Annexure referred to in the Independent auditors report to the members ofCressanda Solutions Limited
for the year ended as on 31 st March 2015. We report that: -
(i) Fixed Assets
(a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The management at reasonable intervals has physically verified the Fixed Assets.
(a) During the financial year under audit the company had no inventory thus thisparticular clause 4(ii)(a) 4(ii)(b) and 4(ii)(c) of the order is not applicable.
(iii) Loans taken from and given to parties covered under Section 189 of the CompaniesAct2013
(a) The Company has not granted/taken any loans secured or unsecured to companiesfirms or other parties covered in the register maintained under section 189 of theCompanies Act 2013 so requirement of the clause 4(iii)(a) 4(iii)(b) 4(iii)(c)4(iii)(d) 4(iii)(e) 4(iii)(f) and 4(iii)(g) of the Order are not applicable.
(iv) Internal Controls
In our opinion and according to the information and explanations given to us there areadequate internal control procedures commensurate with the size of the Company and thenature of its business for the purchase of inventory sale of goods and services andfixed assets. However on the basis of our examination and explanations given to us wehave noticed instances of major weakness in recording of transactions in the books ofaccounts of the company.
(v) Public Deposits
The Company has not accepted any deposits from the public during the years which arewithin the purview of the directives issued by the Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed there under.
(vi) Cost Records
As per information & explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under of sub-section (1) ofsection 148 of the Companies Act 2013 for any product of the company.
(vii) Statutory Dues
(a) As per the records verified by us the Company is generally regular in depositingstatutory dues involving income Tax Provident Fund Employees State Insurance Sales TaxService tax Cess and other applicable statutory dues with the appropriate authorities.Also scrutiny of the records revealed no dues in respect of Investor Education andProtection Fund and Wealth Tax. There were no undisputed statutory dues remainingoutstanding as on 31.03.2015 for a period of more than six months from the date theybecome payable.
(b) According to the information and explanations given to us there is no amountpayable in respect of income tax wealth tax service tax sales tax customs duty whichhas not been deposited on account of any disputes.
(viii) Accumulated Losses
The Company has accumulated losses less than 50% of its net worth at the end of thefinancial year. The company has incurred cash losses of Rs. 1414985/- in the currentyear and incur cash losses of Rs. 14303715/- in the immediately preceding financialyear.
(ix) Dues to Banks
The Company has neither issued any debentures nor has borrowed from any FinancialInstitution or bank.
(x) Guarantees Given
As per the records verified by us and based on the explanations given to us we are ofthe opinion that the Company has not given any guarantee for loans taken by others fromBanks or Financial Institutions the terms and conditions of which are prima-facieprejudicial to the interest of the Company.
(xi) Application of term loan
The company have not availed any term loan facility during the financial year.
During the course of our examination of the books and records of the company carriedout in accordance with the generally accepted auditing practices in India and accordingto information and explanations given to us no material fraud on or by the Company hasbeen noticed or reported during the course of our audit.
| ||For Agarwal Sanganeria & Co |
| ||Chartered Accountants |
| ||Firm Regn No. 317224E |
| ||Saket Sanganeria |
| ||Partner |
| ||C.A.Membership No. 300579 |
|Place: Mumbai || |
|Date: 29th May 2015 || |