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Cityman Ltd.

BSE: 521210 Sector: Industrials
NSE: N.A. ISIN Code: INE117C01010
BSE 00:00 | 18 Oct Cityman Ltd
NSE 05:30 | 01 Jan Cityman Ltd
OPEN 10.61
PREVIOUS CLOSE 10.61
VOLUME 754
52-Week high 10.61
52-Week low 3.85
P/E
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.61
CLOSE 10.61
VOLUME 754
52-Week high 10.61
52-Week low 3.85
P/E
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cityman Ltd. (CITYMAN) - Auditors Report

Company auditors report

To the Members of Cityman Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Cityman Limited (“the Company”)which comprise the balance sheet as at 31st March 2022 and the statement of Profit andLoss (including other comprehensive income) Statement of Changes in Equity and Statementof Cash Flows for the year then ended and notes to the financial statements including asummary of significant accounting policies and other explanatory information.

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 state of affairs of the Company as at March31 2022 and loss (including other comprehensive income) changes in equity and its cashflows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters (‘KAM') are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Key Audit Matters How our audit addressed the key audit matter
Going Concern We have performed the following key procedures:
The Company was in the business of manufacture and sale of readymade garments in India as well as outside India. The company ceased the above business 1. We considered whether events or conditions exist that may cast significant doubt on the entity's ability to continue as a going concern.
Further the Company has booked operating loss during the year & have huge accumulated losses at the end of the financial year. 2. Evaluated management's assessment of the Company's ability to continue as a going concern and in doing so considered if the management's assessment includes all relevant information.
Considering the judgmentand estimates involved as a part of determination of going concern concept it is considered to be a key audit matter. 3. Evaluated Management's plan for future action including efforts to streamline its process reduce expenditures and expansion plan the company.
Refer note 18 of the financial statements

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and our auditors' reportthereon. Our opinion on the financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon. In connection with our auditof the financial statements our responsibility is to read the other information and indoing so consider whether the other information is materially inconsistent with thefinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Responsibilities of Management for the Standalone Financial Statements

The Company's Management and Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 (“the Act”) with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under section 133 of the Act. 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; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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.

In preparing the financial statements the management and Board of Directors isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

e ldentify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

e Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls. e Evaluate the appropriateness of accounting policies usedand the reasonableness of accounting estimates and related disclosures made by management.e Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

e Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation. Wecommunicate with those charged with governance regarding among other matters the plannedscope and timing of the audit and significant audit findings including any significantdeficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors' report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2020 (“the Order')issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the “Annexure A' a statement on the mattersspecified in paragraphs 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 purposes of our audit. b. In ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books. c. The Balance Sheet The Statement ofChanges in Equity the Statement of Profit and Loss (including other comprehensiveincome) and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account. d. In our opinion the aforesaid financial statements comply with theIndian Accounting Standards (Ind AS) specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014. e. On the basis of the writtenrepresentations received from the directors as on 31st March 2022 taken on record by theBoard of Directors none of the directors is disqualified as on 31st March 2022 from beingappointed as a director in terms of Section 164 (2) of the Act f. With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our separate Report in“Annexure B'”.

g. With respect to the other matters to be included in the Auditors 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 21 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 intransferring amounts required to be transferred to the Investor Education and ProtectionFund by the Company. iv. (a) The management has represented that to the best of itsknowledge and belief no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the company toor in any other person or entity including foreign entities with the understandingwhether recorded in writing or otherwise that the Intermediary shall whether directlyor indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the company or provide any guarantee security or the likeon behalf of the Ultimate Beneficiaries. (b) The management has represented that to thebest of its knowledge and belief other than as disclosed in the notes to the accounts nofunds have been received by the company from any person or entity including foreignentities with the understanding whether recorded in writing or otherwise that thecompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party(“Ultimate Beneficiaries”) or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries.

(c) Based on such audit procedures that the auditor has considered reasonable andappropriate in the circumstances nothing has come to their notice that has caused them tobelieve that the representations under sub-clause (i) and (ii) contain any materialmisstatement.

v. The Company has not declared or paid any dividend during the year ended 31st March2022 and therefore compliance with section 123 of the Companies Act 2013 is notapplicable.

vi. The applicability of the accounting software for maintaining its books of accountwhich has a feature of recording audit trail (edit log) facility has been made postponedand therefore reporting under this clause is not applicable.

3. With respect to the matter to be included in the Auditors' Report under section197(16):

According to the information & explanations given to us and based on ourexamination of the records of the Company the Company has not paid / provided formanagerial remuneration for the year.

for NSVM & Associates
Chartered Accountants
Firm registration number: 010072S
G.C.S Mani
Partner
Membership No: 036508
UDIN: 22036508AJQCJV6144
Place: Bengaluru
Date: 26" May 2022

Annexure A to the Independent Auditors' Report

The Annexure referred to in paragraph 2 under ‘Report on other Legal andRegulatory Requirements' in the Independent Auditors' Report to the Members of CitymanLimited (‘the Company') for the year ended 31 March 2022 we report that:

(i) (a) A. The Company has maintained proper records showing full particularsincluding quantitative details and situation of Plant Property and Equipment. B. Thecompany does not have any intangible assets.

(b) According to the information and explanations give to us the Company has a regularprogramme of physical verification of its Plant Property and Equipment by which PlantProperty and Equipment are verified in a phased manner over a period of three years. Inaccordance with this programme certain Plant Property and Equipment were verified duringthe year and no material discrepancies were noticed on such verification. In our opinionis reasonable having regard to the size of the company and the nature of its assets. Nomaterial 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 company does not own any immovable propertyand hence clause 3(i)(c) of the Order is not applicable to the company.

(d) The company has not valued its Plant Property and Equipment (including Right ofuse assets) or intangible assets of both during the year Accordingly the provisions ofclause 3(i)(d) of the Order is not applicable to the Company. (e) According to theinformation and explanations given to us no proceedings have been initiated or arepending against the company for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (45 of 1988) and rules made thereunder.

(ii) (a) As explained to us inventory of the company has been physically verifiedduring the year by the management at regular intervals. In our opinion the frequency ofsuch verification is reasonable. There are no discrepancies noticed during the course ofphysical verification.

(b) The company has not been sanctioned working capital limits in excess of five crorerupees in aggregate from banks or financial institutions on the basis of security ofcurrent assets.

(iii) In our opinion and according to the information and explanations given to usDuring the year the Company has not made any investments or security or granted any loansor advances in the nature of loans secured or unsecured to Companies firms LimitedLiability Partnership or other parties. Accordingly the provisions of clause 3(iii) (a)(b) (c) (da) (e) and (f) of the Order are not applicable to the Company.

(iv) The Company has not given any loan or guarantees or made any investments to whichthe provisions of section 185 or 186 apply Hence paragraph 3(iv) of CARO is notapplicable to the company.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable

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

(vii) (a) According to the records of the company the company is regular in depositingwith appropriate authorities undisputed statutory dues including Provident Fund andEmployees State Insurance Income Tax Sales Tax Goods & Service tax and otherstatutory dues applicable to it. (b) According to the information and explanations givento us there are no undisputed amounts payable in respect of income tax wealth tax salestax customs duty VAT Service Tax E.S.I. Provident Fund Goods & Service tax andexcise duty which have remained outstanding as at 31st March 2022 for a period of morethan six months from the date they become payable.

(viii) According to the information and explanations given to us there were notransactions relating to previously unrecorded income that have been surrendered ordisclosed as income during the year in the tax assessments under the Income Tax Act 1961(43 of 1961).

(ix) a) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of loans or other borrowings or in the paymentof interest thereon to any lender.

b) In our opinion and according to the information and explanations given to us thecompany has not been declared willful defaulter by any bank or financial institution orother lender.

c) The company has not taken any term loans. Accordingly the provisions of clause3(ix) (c) of the Order are not applicable to the Company. d) In our opinion and accordingto the information and explanations given to us funds raised on short term basis have notbeen utilized for long term purposes.

e) In our opinion and according to the information and explanations given to us thecompany has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries joint ventures or associate companies.

f) In our opinion and according to the information and explanations given to us thecompany has not raised any loans during the year on the pledge of securities held in itssubsidiaries joint ventures or associate companies. (x) a) According to the informationand explanation given to us and based on audit procedure performed no money was raised bythe way of public issue/follow-on-offer (including debt instruments) and reporting underclause 3(x)(a) of the Order is not applicable. b) According to the information andexplanation given to us and based on audit procedure performed during the year theCompany has not made any preferential allotment or private placement of shares orconvertible debentures (fully partially or optionally convertible) and hence reportingunder clause 3(x)(b) of the Order is not applicable. (xi) a) According to the informationand explanations given to us no material fraud on the Company by its officers oremployees or a fraud by the Company has been noticed or reported during the course of ouraudit. b) Based upon audit procedure performed and information and explanation given bythe management no report under sub-section (12) of section 143 of the Companies Act hasbeen filed in ADT -4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules2014 with Central Government during the year and up to the date of this report. c) Asrepresented to us by the management there are no whistle blower complaints received bythe Company during the year. (xii) In our opinion and according to the information andexplanations given to us the Company is not a Nidhi Company. Thus paragraph 3(xii) ofthe Order is not applicable. (xiii) According to the information and explanations given tous and based on our examination of the records of the Company transactions with therelated parties are in compliance with Sections 177 and 188 of the Act where applicableand details of such transactions have been disclosed in the financial statements asrequired by the applicable accounting standards.

(xiv) In our Opinion and based on our examination the Company has an internal auditsystem commensurate with the size and nature of its business We have considered theInternal Audit reports of the Company issued till date for the period under audit.

(xv) On the basis of the information and explanations given to us in our opinionduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with its directors and hence provisions of section 192 ofthe Companies Act 2013 are not applicable to the Company. (xvi) a) In our opinion andaccording to the information and explanations given to us the Company is not required tobe registered under Section 45-IA of the Reserve Bank of India Act 1934. b) In our opinionand according to the information and explanations given to us the Company has notconducted any Non

- Banking Financial or Housing Finance activities without a valid Certificate ofRegistration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act1934.

c) Based in audit procedure performed the Company or any of the Companies in the groupare not a Core Investment Company (CIC) as defined in the regulations made by the ReserveBank of India and hence clause 3 (xvi) (c ) & (d) of the order is not applicable tothe company.

(xvii) The company has incurred cash loss in the financial year of an amount of Rs.2890989 and in the immediately preceding year of an amount of Rs. 2200991.

(xviil) There has not been any resignation of statutory auditors during the year. Thisparagraph 3(xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans we are of the opinion that nomaterial uncertainty exists as on the date of the audit report that Company is capable ofmeeting its liabilities existing at the date of balance sheet as and when they fall duewithin a period of one year from the balance sheet date. We however state that this isnot an assurance as to the future viability of the Company. We further state that ourreporting is based on the facts up to the date of the audit report and we neither give anyguarantee nor any assurance that all liabilities falling due within a period of one yearfrom the balance sheet date will get discharged by the Company as and when they fall due.

(xx) As the Company does not meet the criteria specified in Section 135 of theCompanies Act 2013 the Company is not required to spend any amount on activities relatedto corporate social responsibility for the year ended March 31 2022. Hence reportingunder paragraph 3(xx)(a) and 3(xx)(b) is not applicable.

forNS VM & Associates
Chartered Accountants
Firm registration number: 010072S
GCS Mani
Partner
Membership No: 036508
UDIN: 22036508AJQCJV6144
Place: Bengaluru
Date: 26" May 2022

Annexure B to the Independent Auditors' Report

(Referred to paragraph 1(f) under ‘Report on other regulatory requirements'Section of our report to the members of Cityman Limited of even date)

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 CitymanLimited (“the Company') as of 31 March 2022 in conjunction with our audit of thefinancial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the ‘Guidance Note') issued by the Institute of Chartered Accountants ofIndia. These responsibilities include the design implementation and maintenance ofadequate intemal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the company based on our audit. We conducted our audit inaccordance with the Guidance Note on audit of internal financial controls and theStandards on Auditing issued by Institute of Chartered Accountants of India and deemed tobe prescribed under Section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 auditor's judgement 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 company's 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 authorizations 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.

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 to the best of information and according to the explanations given tous the Company has in all material aspects an adequate internal financial control systemover financial reporting as at March 31 2022 based on the internal control overfinancial reporting criteria established by the company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

for N S V M & Associates
Chartered Accountants
Firm registration number: 010072S
GCS Mani
Partner
Membership No: 036508
UDIN: 22036508AJQCJV6144
Place: Bengaluru
Date: 26" May 2022

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