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CRISIL Ltd.

BSE: 500092 Sector: Others
NSE: CRISIL ISIN Code: INE007A01025
BSE LIVE 15:40 | 06 Dec 2219.15 14.75
(0.67%)
OPEN

2219.50

HIGH

2226.05

LOW

2195.00

NSE LIVE 15:53 | 06 Dec 2214.00 16.65
(0.76%)
OPEN

2210.05

HIGH

2223.70

LOW

2185.00

OPEN 2219.50
PREVIOUS CLOSE 2204.40
VOLUME 22146
52-Week high 2490.00
52-Week low 1750.00
P/E 50.21
Mkt Cap.(Rs cr) 15822.54
Buy Price 0.00
Buy Qty 0.00
Sell Price 2218.00
Sell Qty 5.00
OPEN 2219.50
CLOSE 2204.40
VOLUME 22146
52-Week high 2490.00
52-Week low 1750.00
P/E 50.21
Mkt Cap.(Rs cr) 15822.54
Buy Price 0.00
Buy Qty 0.00
Sell Price 2218.00
Sell Qty 5.00

CRISIL Ltd. (CRISIL) - Auditors Report

Company auditors report

To the Members of CRISIL Limited

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of CRISIL Limited(“the Company”) which comprise the Balance Sheet as at December 312015 theStatement of Profit and Loss and 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 preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate 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 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 issued by the Institute of CharteredAccountants of India as specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures 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 financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the Company has in place an adequate internal financial controls system overfinancial reporting and the effectiveness of such controls. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thestandalone financial statements.

OPINION

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 atDecember 31 2015 its profit 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 ('the Order') issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure 1 a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 it 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 aforesaid standalone financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of written representations received from the directors as on December31 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on December 31 2015 from being appointed as a director in terms ofsection 164 (2) of the Act;

(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. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 24 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

For S.R. BATLIBOI & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E per Jayesh Gandhi
Partner
Membership Number: 037924
Place: Mumbai
Date: February 9 2016

Annexure referred to in paragraph 1 under the heading “Report on Other Legal andRegulatory Requirements” of our Report of even date

Re: CRISIL Limited

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

(b) Fixed assets have been physically verified by the management during the year and nomaterial discrepancies were identified on such verification.

(ii) The Company's business does not involve inventories and accordingly therequirements under paragraph 4(ii) of the Order are not applicable to the Company.

(iii) (a) The Company has granted loan to a entity covered in the register maintainedunder section 189 of the Companies Act 2013. In respect of loan granted repayment of theprincipal amount is as stipulated and payment of interest has been regular.

(b) There is no overdue amount of loans granted to the entity listed in the registermaintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of fixed assets and for rendering ofservices. The activities of the Company do not involve purchase of inventory and the saleof goods. During the course of our audit we have not observed any major weakness orcontinuing failure to correct any major weakness in the internal control system of theCompany in respect of these areas.

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

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under clause 148(1) of the Companies Act 2013for the products/services of the Company.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income-taxsales-tax wealth-tax service tax excise duty value added tax cess and other materialstatutory dues applicable to it. The provisions relating to customs duty are notapplicable to the Company.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income- tax wealth-taxservice tax sales-tax customs duty excise duty value added tax cess and othermaterial statutory dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

(c) According to the records of the Company the dues outstanding of income-taxsales-tax wealth- tax service tax customs duty excise duty value added tax and cesson account of any dispute are as follows:

Name of the Statute Nature of Dues Amount

(Rs.)

Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 5000000 A.Y 2000-01 High Court
3875417 A.Y 2001-02 High Court
4600929 A.Y 2002-03 High Court
3638158 A.Y 2003-04 High Court
3196382 A.Y 2004-05 High Court
2876744 A.Y 2005-06 High Court
1625404 A.Y 2006-07 Commissioner of Income Tax (Appeals)
83224366 A.Y. 2007-08 Income Tax Apellate Tribunal
30723070 A.Y. 2008-09 Income Tax Apellate Tribunal
39642753 A.Y. 2009-10 Income Tax Apellate Tribunal
30648793 A.Y. 2010-11 Income Tax Apellate Tribunal
33189232 A.Y. 2011-12 Income Tax Apellate Tribunal
Sales Tax Act 1956 Sales Tax 1927861 FY 2003-04 Asst. Comm. Of Sales Tax (Appeals)
3445717 FY 2004-05 Asst. Comm. Of Sales Tax (Appeals)
Finance Act Service Tax 15042302 F.Y 1999-2000 to 2001-2002 Customs Excise & Service Tax Appellate Tribunal

(d) According to the information and explanations given to us the amount required tobe transferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made thereunder has beentransferred to such fund within time.

(viii) The Company has no accumulated losses at the end of the financial year and ithas not incurred cash losses in the current and immediately preceding financial year.

(ix) The Company has not taken any loans from financial institutions banks and has notissued any debentures.

(x) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.

(xi) The Company did not have any term loans outstanding during the year.

(xii) To the best of our knowledge and according to the information and explanationsgiven to us no material fraud by/ on the Company has been noticed or reported during theyear.

For S.R. BATLIBOI & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E
per Jayesh Gandhi
Partner
Membership Number: 037924
Place: Mumbai
Date: February 9 2016

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