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CTIL Ltd.

BSE: 532363 Sector: Services
NSE: N.A. ISIN Code: INE394B01017
BSE LIVE 13:04 | 08 Aug Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.63
PREVIOUS CLOSE 0.66
VOLUME 20550
52-Week high 0.95
52-Week low 0.46
P/E
Mkt Cap.(Rs cr) 1.94
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.63
Sell Qty 32303.00
OPEN 0.63
CLOSE 0.66
VOLUME 20550
52-Week high 0.95
52-Week low 0.46
P/E
Mkt Cap.(Rs cr) 1.94
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.63
Sell Qty 32303.00

CTIL Ltd. (CTIL) - Auditors Report

Company auditors report

Independent Auditors' Report

TO

The Members of

CTIL Limited

Report on the financial Statements

We have audited the accompanying financial statements of CTIL Limited ("theCompany") which comprise the Balance Sheet as at March 31 2014 the Statement ofprofit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management’s Responsibility for the financial statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accordance with the Accounting Standards referred to insub-section (3c)of section 211 of the Companies Act 1956 ("the Act") Thisresponsibility includes the design implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

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 requirement 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 theauditor’s 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 Company’s 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 audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a. In the case of the Balance Sheet of the state of affairs of the Company as at March312014;

b. In the case of the Statement of profit and Loss of the profit for year ended onthat date; and

c. In the case of the Cash Flow Statement of the cash flow for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor’s Report) Order 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofsection227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of 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 as required by law have been kept by the Company sofar as appears from our examination of those books;

c. The Balance Sheet Statement of profit and Loss Cash Flow Statement dealt with bythis 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 sub-section(3C) of section211 of the Companies Act 1956;

e. On the basis of written representations received from the directors as on March 312014 and taken on record by the Board Directors none of the director is disqualified ason March 31 2014 from being appointed as a director in terms of clause (g) of subsection(1) of section 274 of the Companies Act 1956.

For BALAJI VISWANATH & CO

Chartered Accountants

(Firm Regn .No. 008194S)

Sd/-

B Balaji Viswanath & Co

Proprietor

M.No. 029357

Place: Hyderabad

Date: 29/05/2014

ANNEXURE

Re: CTIL Limited

Referred to in paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date.

1. a The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

C. The Company has not disposed off any substantial part of its fixed assets during theyear and the going concern status of the company is not affected.

2 The Company is a service company primarily rendering IT services. Accordingly itdoesn’t hold any physical inventories. Thus paragraph 4(ii) of the order is notapplicable.

3 a. The company has not granted interest free unsecured loan to bodies corporatelisted in the Register maintained under section 301 of the Companies Act 1956.

b. In our opinion and according to the information and explanations given to us theterms and conditions are not prima-facie prejudicial to the interest of the company.

c. In respect of loans granted by the Company repayments of principal amount areregular.

d. There are no overdue amounts as at the year end.

e. The company has not taken unsecured loans from three parties covered in the registermaintained under section 301 of the Companies Act 1956.

f. In our opinion and according to the information and explanations given to us theterms and conditions are not prima-facie prejudicial to the interest of the company.

g. In respect of loan taken by the Company the repayments of principal amount areregular.

4 In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business for the purchase of inventory fixed assets and also for the saleof goods. Further on the basis of our examinations and according to the information andexplanations given to us we have neither come across nor have been informed of anyinstance of major weaknesses in the aforesaid internal control systems.

5 a. According to the information and explanations given to us we are of the opinionthat the transactions that need to be entered into the register maintained under section301 of the Companies Act 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us thetransactions made in pursuance of contracts or arrangements entered in the registermaintained under section 301 of the Companies Act 1956 and exceeding the value of rupeesfive lakhs in respect of any party during the year have been made at prices which arereasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us thecompany has not accepted deposits from Public. Hence compliance with the directivesissued by the Reserve Bank of India and the provisions of Section58A & 58AA of theCompanies Act 1956 and the Companies (Acceptance of Deposits) Rules 1975 with regard tothe deposits accepted from the public is not applicable. According to the information andexplanations given to us in this regard no order under the aforesaid sections has beenpassed by the Company Law Board or National Company Law Tribunal or Reserve Bank of Indiaor any court or any other Tribunal of the company.

7. In our opinion the Company has an internal audit system commensurate with the sizeand nature of its business.

8. Central Government has not prescribed Maintenance of Cost records under Section209(1)(d) of the Companies Act 1956 for any of the services rendered by the company.

9. In respect of statutory dues:

a. According to the records of the Company the undisputed statutory due includingprovident Fund Employees State Insurance Income tax excise duty sales tax and Cesshave been generally regularly deposited with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect of theaforesaid dues were outstanding as at 31 March 2014 for a period of more than six monthsfrom the date they become payable.

10. The company has accumulated losses. However it has not incurred any cash losses inthe financial year and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion that the company has not defaulted in repayment of duesto financial institutions & banks.

12. In our opinion and according to the information and explanations given to us noloans and advances have been granted by the company on the basis of security by way ofpledge of shares and other securities.

13. In our opinion the company is not a chit fund or a nidhi/ mutual benefit fund/society. Therefore clause 4(xiii) of the Companies (Auditor’s Report) Order 2003 isnot applicable to the company.

14. In our opinion and according to the information and explanations given to us thecompany is not dealing in shares securities debentures and other investments.Accordingly the provisions of clause 4(xiv) of the Companies (Auditor’s Report)Order 2003 are not applicable to the company.

15. In our opinion and according to the information and explanations given to us thecompany has given guarantees for loans taken by its subsidiary company and associatecompany from bank / financial institutions. According to the information and explanationsgiven to us we are of the opinion that the terms and conditions thereof are not primafacie prejudicial to the interest of the company.

16. In our opinion according to the information and explanations given to us the termloans have been applied for the purposes for which they were raised.

17. In our opinion and according to the information and explanation given to us and onoverall examination of balance sheet of the company we are of the opinion that there areno funds raised for short term basis that have been used for long term investment.

18. During the year the Company has not made any preferential allotment of shares tothe parties and Companies covered in the register maintained under Section 301of theCompanies Act 1956.

19. The Company has not raised any money by way of issue of Debentures during the year;hence paragraph (xix) of the order is not applicable to the company.

20. According to the information and explanations given to us during the year thecompany has not raised any funds on public issue and hence this clause is not applicableto the company.

21. According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the course of our audit.

For BALAJI VISWANATH & CO

Chartered Accountants

(Firm Regn .No. 008194S)

Sd/-

B Balaji Viswanath & Co

Proprietor

M.No. 029357

Place: Hyderabad

Date: 29/05/2014

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