You are here » Home » Companies » Company Overview » Crystal Credits Corporation Ltd

Crystal Credits Corporation Ltd.

BSE: 530465 Sector: Financials
NSE: N.A. ISIN Code: INE036C01012
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty

Crystal Credits Corporation Ltd. (CRYSTALCREDITS) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 CRYSTAL CREDITS CORPORATION LIMITED AUDITORS' REPORT TO THE MEMBERS OF CRYSTAL CREDITS CORPORATION LTD We have audited the attached Balance Sheet of CRYSTAL CREDITS CORPORATION LTD., as at 31st March, 1999 and also the annexed Profit & Loss Account for the year ended on that date read with notes on accounts and report that: 1. As required by the Manufacturing and other companies (Auditor's Report) Order, 1988 issued by the Company Law Board of in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure statement on the matters specified in paragraph 4 and 5 of the said order to the extent applicable to the Company. 2. Further to our comments in the Annexure referred to in paragraph (1) above: a) We have obtained all the information and explanations which to the best of 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 the Company so far as appears from our examination of the Books of the Company. c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of Account of the Company. d) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view: i. In the case of Balance Sheet, of the state of affairs of the Company as at March 31, 1999; and ii. In the case of the Profit and Loss Account, of the Loss for the year ended on that date. For U.SHANKAR & ASSOCIATES Chartered Accountants Sd/- New Delhi RANJAN GUPTA, FCA Dated:28.07.1999 Partner ANNEXURE TO THE AUDITOR : REPORT Referred to in paragraph 1 of our Report of even date 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. As explained to us, the assets have been physically verified by the management at reasonable intervals during the year. According to the information and explanations given to us, no discrepancies have been noticed on such physical verification as compared to the books records; 2. None of the Fixed Assets have been revalued during the year. 3. According to information and explanation given to us the company has taken unsecured loans from Companies listed in the register maintained under Section 301 of the Companies Act, 1956. However the rate of interest and other conditions of loans are not prima facie prejudicial to the interest of the Company. 4. According to the information and explanations given to us, the Company has granted secured loans to Companies listed in the register maintained under Section 301 of the Companies Act, 1956. The rate of interest, where applicable and other terms and conditions of the loans granted, are not prima facie prejudicial to the interest of the Company. 5. The parties to whom loans and advances in the nature of loans have been granted by the Company are repaying the principal amount with interest wherever applicable. There are instances where payments are irregular - the company has initiated satisfactory measures to recover dues of the company. 6. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of Plant & Machinery, Equipment's and other assets. 7. In our opinion and according to the information and explanations given to us, the Company has complied with the Provisions of Section 58A & B of the Companies Act, 1956 and the directions issued by the Reserve Bank of India in respect of holding public deposits under NBFC stipulation. 8. Provident fund dues amounting to Rs.3,78,638 (last year Rs.6,97,702) is payable as per records of the company in accordance with PF rules. 9. Internal audit system needs to be reorganised & augmented. The companies nature of business demand more articulate systems of internal control. 10. There are no undisputed amounts payable in respect of Wealth-tax, Customs duty and Excise duty except income tax as at 31st March, 1999 which were outstanding for a period of more than six months from the date they became payable. 11. In our opinion and according to the information and explanations given to us, personal expenses have not been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practices. 12. The Company has granted advances on the basis of security, by way of pledge of shares, debentures and other securities. In some cases titles to shares and debentures are not held in the Company's name as transfers and endorsements of titles are in process. 13. The investments in hand have been physically verified during the year by the management and no material discrepancies have been noticed on such verification. The valuation of investments is on the same basis as in the preceding year. 14. We are informed that the provisions of any special status applicable to chit funds, nidhi or mutual benefit society do not apply to the Company. Considering the nature of business being carried on, at present, by the Company and also the nature of matters referred to in various clauses of Manufacturing and other Companies (Auditor's Report) Order, 1988 Clauses (iii)(iv),(v),(vi),(xii),(xiv),(xvi) and (xx) of para 4A of the aforesaid order are, in our opinion, not applicable to the Company. For U.SHANKAR & ASSOCIATES Chartered Accountants Sd/- New Delhi RANJAN GUPTA, FCA Dated:28.07.1999 Partner AUDITORS COMMENTS UNDER NON BANKING FINANCIAL COMPANIES AUDITOR'S REPORT (RBI) DIRECTION, 1988. 1. The Company has been registered as a Non Banking Financial Institution as provided in Section 451A of RBI Act, 1934 within prescribed period. The Company was earlier registered by RBI as NBFC in May'1994 having Registration No.290.0068. 2. The Company has raised funds in the shape of secured debentures/bonds during the Financial Year 1998-99. 3. The Company has accepted deposits from its directors and also made renewal of certain deposits during the accounting year. However no fresh public deposit are accepted by the company. 4. The Company does not maintain Credit Rating as on 31st March, 1999. Not accepting fresh deposits except renewal of certain deposits within prescribed limits. 5. The Company has not defaulted in the payment of principal and interest. Wherever the repayment discrepancy was noted it was promptly rectified. 6. The Company has complied with Prudential norms of Income recognition, accounting standards and asset classification in terms of NBFC Prudential Norms (RBI) Directions, 1998. 7. The capital adequency ratio has been complied correctly. 8. Company maintains prescribed SLR in approved Govt.Securities and kept with an "A" Schedule designated bank. 9. All Quarterly, Half Yearly and Annual Returns are filed with RBI. For U.SHANKAR & ASSOCIATES Chartered Accountants Sd/- New Delhi RANJAN GUPTA, FCA Dated:28.07.1999 Partner

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