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Cressanda Solutions Ltd.

BSE: 512379 Sector: IT
NSE: N.A. ISIN Code: INE716D01033
BSE 00:00 | 03 Dec 4.48 0.21
(4.92%)
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NSE 05:30 | 01 Jan Cressanda Solutions Ltd
OPEN 4.48
PREVIOUS CLOSE 4.27
VOLUME 4027085
52-Week high 4.48
52-Week low 0.25
P/E
Mkt Cap.(Rs cr) 136
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.48
CLOSE 4.27
VOLUME 4027085
52-Week high 4.48
52-Week low 0.25
P/E
Mkt Cap.(Rs cr) 136
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cressanda Solutions Ltd. (CRESSANDASOLNS) - Auditors Report

Company auditors report

To the Members of

CRESSANDA SOLUIONS LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying financial statements of Cressanda Solutions Limited("the Company") which comprise the Balance Sheet as at March 31 2019 andthe Statement 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 Standalone 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 ofthese standalone financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the Indian Accounting Standards (IndAS) prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunderand the Order issued under section 143(11) of the Act.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

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 March31 2019;

b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Other Matters

As required by the Companies (Auditor's Report) Order 2017 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we enclose in the Annexure a statement on the matters specified in paragraph 3and 4 of the said Order.

As required by section 143(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 account as required by law have been kept by theCompany so far as 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 Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards Specified under section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014;

e) In our opinion there are no observations or comments on the financial transactionswhich may have an adverse effect on the functioning of the Company.

f) Report on the Internal Financial Controls under Clause (1) of Sub-section 3 ofsection 143 of the companies Act 2013 ("the Act")- is enclosed as an annexureto this report.

g) on the basis of written representations received from the directors as on March 312019 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Act.

h) 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

ii. There no material foreseeable losses for which provision is required by law oraccounting standard including losses in respect to derivative contracts.

iii. There has been no instance or circumstance wherein the company was required totransfer any sum of money to the Investor Education and Protection Fund.

For C.P Jaria & Co.
Chartered Accountants
FRN No.104058W
Pankaj Jain FCA Date: 30th May 2019
Membership No.112020 Place: Mumbai

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in the Independent auditor's report to the members of CressandaSolutions Limited for the year ended as on March 31 2019. 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 andas such there was no material discrepancies noticed at the time of verification.

(c) According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds provided to us we report thatthe title deeds comprising all the immovable properties of land and buildings which arefreehold are held in the name of the Company as at the balance sheet date. In respect ofimmovable properties of land and building that have been taken on lease and disclosed asfixed assets in the standalone financial statements the lease agreements are in the nameof the Company.

(ii) Inventories

(a) The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The company has maintained proper records of inventory. As explained to us therewas no material discrepancy noticed on physical verification of inventory as compared tothe book records.

(iii) Granting of Loans to certain Parties

The Company has not granted any loans secured or unsecured to companies firms LLPsor other parties covered in the register maintained under section 189 of the CompaniesAct 2013.

(iv) The company has not given any loans investments guarantees and security.

(v) Acceptance of Deposits

In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits in contravention of Directives issued by ReserveBank of India and the provisions of section 73 to 76 or any other relevant provisions ofthe Act and the rules framed there under where applicable. No order has been passed bythe Company Law Board or National Company Law Tribunal or Reserve Bank of India or anycourt or any other tribunal.

(vi) Maintenance of Cost Records

We have broadly examined the cost records maintained by the Company prescribed by theCentral Government under sub-section (1) of Section 148 of the Act for the productsmanufactured by the Company in this connection and are of the opinion that prima faciethe prescribed accounts and records have been made and maintained.

(vii) Deposit of 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 31st March 2019 for a period of more than six months from thedate they become payable.

(b) According to the information and explanation given to us by the company there areno cases of non- deposit of disputed dues of Sales Tax Income Tax Custom Tax WealthTax Service Tax Excise Duty and Cess with appropriate authorities.

(c) According to the information and explanations given to us no amount was required tobe transferred to the Investor Education and Protection Fund in accordance with relevantprovisions of the Companies Act 1956 (1 of 1956) and rules there under.

(viii) Default in repayment of dues

Based on the records maintained we are of the opinion that the Company has notdefaulted in repayments of the dues to the Banks or financial institutions. The Companyhas not issued any debentures nor borrowed from any Government.

(ix) Application of Term Loans

The company has not raised moneys by way of initial public offer or further publicoffer (including debt instrument). The Company has applied the term loans for the purposefor which the loans were obtained.

(x) Frauds reporting

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.

(xi) The Managerial remuneration has been paid and provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act

(xii) The company is not a Nidhi Company hence this clause is not applicable.

(xiii) Based upon the audit procedures performed and according to the information andexplanations given to us All transactions with related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial statements etc. as required by the applicable accountingstandards.

(xiv) The company has not made preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him.

(xvi) The company is not required to be registered under section 45-IA of the RBI Act1934.

For C.P Jaria& Co.
Chartered Accountants
FRN No.104058W
Pankaj Jain FCA Date: 30th May 2019
Membership No.112020 Place: Mumbai

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT

[Referred to the Independent Auditor's Report to the members of Cressanda SolutionsLimited]

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 CressandaSolutions Limited('the Company') as of 31st March 2019 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material 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 judgment 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2019.

For C.P Jaria& Co.
Chartered Accountants
FRN No.104058W
Pankaj Jain FCA Date: 30th May 2019
Membership No.112020 Place: Mumbai

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