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Cressanda Solutions Ltd.

BSE: 512379 Sector: IT
NSE: N.A. ISIN Code: INE716D01033
BSE 00:00 | 16 Jul 2.23 -0.01
(-0.45%)
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2.24

HIGH

2.24

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2.23

NSE 05:30 | 01 Jan Cressanda Solutions Ltd
OPEN 2.24
PREVIOUS CLOSE 2.24
VOLUME 71700
52-Week high 2.71
52-Week low 2.17
P/E
Mkt Cap.(Rs cr) 68
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.24
CLOSE 2.24
VOLUME 71700
52-Week high 2.71
52-Week low 2.17
P/E
Mkt Cap.(Rs cr) 68
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 SOLUTIONS LIMITED

We have audited the accompanying financial statements of Cressanda Solutions Limited("the Company") which comprise the Balance Sheet as at March 31 2017 and 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 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 Accounting Standards notified under section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility includes thedesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error. Our responsibility is to express anopinion on these financial statements based on our audit. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of Chartered Accountantsof India. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatement. An audit involves performing procedures to obtainaudit evidence about the amounts and disclosures in the financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal control relevant to theCompany's preparation and fair presentation of the financial statements in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by management as well as evaluating the overall presentation ofthe financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion. In our opinion and tothe best of our information and according to the explanations given to us the financialstatements give the information required by the Act in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia: a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2017; b) in the case of the Statement of Profit and Loss of the loss for theyear ended on that date; and c) in the case of the Cash Flow Statement of the cash flowsfor the year ended on that date.

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 of the Act we enclose in theAnnexure a statement on the matters specified in paragraph 3 and 4 of the said Order. Asrequired by section 143(3) of the Act we report that: a) we have obtained all theinformation and explanations which to the best of our knowledge and belief were necessaryfor the purpose of our audit; b) in our opinion proper books of account as required by lawhave been kept by the Company so far as appears from our examination of those books c) theBalance Sheet Statement of Profit and Loss and Cash Flow Statement dealt with by thisReport are in agreement with the books of account. d) in our opinion the Balance SheetStatement of Profit and Loss and Cash Flow Statement comply with the Accounting StandardsSpecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014; e) In our opinion there are no observations or comments on the financialtransactions which may have an adverse effect on the functioning of the Company.

38 f) Report on the Internal Financial Controls under Clause (1) of Sub-section 3of section 143 of the companies Act 2013 ("the Act")- is enclosed as anannexure to this report. g) on the basis of written representations received from thedirectors as on March 31 2017 and taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2017 from being appointed as a director interms of sub-section (2) of section 164 of the Act. h) With respect to the other mattersto be included in the Auditor's Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinion and to the best of our information and accordingto the explanations given to us: i. The Company has disclosed the impact of pendinglitigations on its financial position in its financial statements ii. There no materialforeseeable losses for which provision is required by law or accounting standardincluding losses in respect to derivative contracts. iii. There has been no instance orcircumstance wherein the company was required to transfer any sum of money to the InvestorEducation and Protection Fund. iv. The Company has provided requisite disclosures in itsfinancial statements as to holdings as well as dealings in Specified Bank Notes during theperiod from 8 November 2016 to 30 December 2016 and these are in accordance with thebooks of accounts maintained by the Company. Refer Note 19 to the financial statements.

For AGARWAL SANGANERIA & CO.

Chartered Accountants F.R.No. 317224E

SD/-

Saket Sanganeria ACA

Place: Mumbai Partner

Date: 30th May 2017 I.C.A.I. M. No. 300679

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 2017. 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 reasonableintervals has physically verified the Fixed Assets and as such there was no materialdiscrepancies noticed at the time of verification. (c) The title deeds of immoveableproperties are held in the name of 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 accordingto the information and explanations given to us the procedures of physical verificationof inventories followed by the management are reasonable and adequate in relation to thesize of the Company and the nature of its business. (c) The company has maintained properrecords of inventory. As explained to us there was no material discrepancy noticed onphysical verification of inventory as compared to the 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 2017 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 Wealth TaxService 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 2x013 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 AGARWAL SANGANERIA & CO.

Chartered Accountants F.R.No. 317224E

SD/-

Saket Sanganeria ACA

Place: Mumbai Partner

Date: 30th May 2017 I.C.A.I. M. No. 300679

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 GinzaIndustries Limited ('the Company') as of 31st March 2017 in conjunction withour audit 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 onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material 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 2017.

For AGARWAL SANGANERIA & CO.

Chartered Accountants F.R.No. 317224E

SD/-

Saket Sanganeria ACA

Place: Mumbai Partner

Date: 30th May 2017 I.C.A.I. M. No. 300679