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CRISIL Ltd.

BSE: 500092 Sector: Others
NSE: CRISIL ISIN Code: INE007A01025
BSE 00:00 | 20 Jul 1777.60 -9.10
(-0.51%)
OPEN

1769.10

HIGH

1798.95

LOW

1743.00

NSE 00:00 | 20 Jul 1785.75 5.55
(0.31%)
OPEN

1790.00

HIGH

1800.00

LOW

1748.00

OPEN 1769.10
PREVIOUS CLOSE 1786.70
VOLUME 704
52-Week high 2020.85
52-Week low 1611.00
P/E 53.80
Mkt Cap.(Rs cr) 12,799
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1769.10
CLOSE 1786.70
VOLUME 704
52-Week high 2020.85
52-Week low 1611.00
P/E 53.80
Mkt Cap.(Rs cr) 12,799
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

CRISIL Ltd. (CRISIL) - Auditors Report

Company auditors report

To the Members of CRISIL Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of CRISILLimited (‘the Company') which comprise the Balance Sheet as at 31 December 2017the Statement of Profit and Loss (including Other

Comprehensive Income) the Cash Flow Statement and the Statement of Changes in Equityfor the year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the Standalone Financial Statements

2. 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 state ofaffairs (financial position) profit or loss (financial performance including othercomprehensive income) cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (‘Ind AS') specified under Section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act.

Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether these standalone financialstatements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on these standalone financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including Ind AS specified under Section133 of the Act of the state of affairs (financial position) of the Company as at 31December 2017 and its profit (financial performance including other comprehensiveincome) its cash flows and the changes in equity for the year ended on that date.

Other Matter

9. The comparative financial information for the year ended 31 December 2016 and thetransition date opening balance sheet as at 1 January 2016 prepared in accordance with IndAS and included in these standalone financial statements are based on the previouslyissued statutory financial statements for the year ended 31 December 2016 and 31 December2015 respectively prepared in accordance with Accounting Standards prescribed underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 (asamended) which were audited by the predecessor auditor whose reports dated 11 February2017 and 9 February 2016 respectively expressed unmodified opinion on those standalonefinancial statements and have been adjusted for the differences in the accountingprinciples adopted by the Company on transition to Ind AS which have been audited by us.Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor's Report) Order 2016 (‘the Order')issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure I a statement on the matters specified in paragraphs 3 and 4 of the Order.

11. Further to our comments in Annexure I as required by Section 143(3) of the Act wereport that:

a) we have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books;

c) t he standalone financial statements dealt with by this report are in agreement withthe books of account;

d) in our opinion the aforesaid standalone financial statements comply with Ind ASspecified under Section 133 of the Act;

e) on the basis of the written representations received from the directors and taken onrecord by the Board disqualified of Directors none of the directors as on 31December 2017 from being appointed as a director in terms of Section 164(2) of the Act;

f) we have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as on 31 December 2017 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport dated 13 February 2018 as per Annexure II expressed unmodified opinion;

g) 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 (as amended) inour opinion and to the best of our information and according to the explanations given tous:

i. the Company as detailed in Note 34 to the standalone financial statements hasdisclosed the impact of pending litigations on its financial position;

ii. the Company did not have any long term contracts including derivative contracts forwhich there was any material foreseeable losses;

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

per Khushroo B. Panthaky

Partner

Membership No.: 42423

Place: Mumbai

Date: 13 February 2018

Annexure I to the Independent Auditor's Report of even date to the members of CRISILLimited on the Standalone Financial Statements for the year ended 31 December 2017

Based on the audit procedures performed for the purpose of reporting a true and fairview on the standalone financial statements of the Company and taking into considerationthe information and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the year byengaging an external expert and no material discrepancies were noticed on suchverification. In our opinion the frequency of of the fixed assets is reasonable havingregard to the size of the Company and the nature of its assets. (c) The title deeds of allthe immovable properties are held in the name of the Company.

(ii) The Company does not have any inventory. Accordingly the provisions of clause3(ii) of the Order are not applicable.

(iii) The Company has granted unsecured loans to a Company covered in the registermaintained under Section 189 of the Act; and with respect to the same:

(a) in our opinion the terms and conditions of grant of such loans are not primafacie prejudicial to the company's interest;

(b) the schedule of repayment of principal and payment of interest has been stipulatedand the repayment/ receipts of the principal amount and the interest are regular;

(c) there is no overdue amount in respect of loans granted to such Company.

(iv) In our opinion the Company has complied with the provisions of Sections 185 and186 of the Act with respect to loans given investments made and guarantees andsecurities given.

(v) In our opinion the Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) The Central Government has not specified maintenance of cost records undersub-section (1) of Section 148 of the Act in respect of Company's services. Accordinglythe provisions of clause 3(vi) of the Order are not applicable.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax goods and services tax cess and other materialstatutory dues as applicable to the appropriate authorities. Further no undisputedamounts payable in respect thereof were outstanding at the year-end for a period of morethan six months from the date they become payable.

(b) There are no dues in respect of duty of customs duty of excise and goods andservices tax that have not been deposited with the appropriate authorities on account ofany dispute. The dues outstanding in respect of income-tax sales-tax service-tax andvalue added tax on account of any dispute are as follows:

Statement of Disputed Dues

Name of the statute Nature of dues Amount (Rs. in lakhs) Amount paid under Protest (Rs. in lakhs) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 50 - AY 2000-01 High Court
39 - AY 2001-02 High Court
46 - AY 2002-03 High Court
36 - AY 2003-04 High Court
32 - AY 2004-05 High Court
29 - AY 2005-06 High Court
16 10 AY 2006-07 Commissioner of Income Tax (Appeals)
832 - AY 2007-08 High Court
75 - AY 2007-08 Commissioner of Income Tax (Appeals)
851 340 AY 2008-09 Income Tax Appellate Tribunal
* - AY 2008-09 Commissioner of Income Tax (Appeals)
1294 714 AY 2009-10 Income Tax Appellate Tribunal
63 - AY 2009-10 Commissioner of Income Tax (Appeals)
859 720 AY 2010-11 Income Tax Appellate Tribunal
835 331 AY 2011-12 Income Tax Appellate Tribunal
871 214 AY 2012-13 Income Tax Appellate Tribunal
140 - AY 2013-14 Income Tax Appellate Tribunal
20 3 AY 2013-14 Commissioner of Income Tax (Appeals)
62 8 AY 2014-15 Commissioner of Income Tax (Appeals)
Income tax Act 1961 Income tax 97 - AY 2015-16 Commissioner of Income Tax (Appeals)
Bombay Sales Tax Act 1959 Sales Tax 19 - FY 2003-04 Asst. Comm. of Sales Tax (Appeals)
34 - FY 2004-05 Asst. Comm. of Sales Tax (Appeals)
Finance Act 1994 Service Tax 48 - FY 2010-11 to 2012-13 Add Comm. of Service Tax

*represent amount lesser than Rs.1 lakhs

(viii) The Company has no loans or borrowings payable to a financial institution or abank or government and no dues payable to debenture-holders during the year.

Accordingly the provisions of clause 3(viii) of the Order are not applicable.

(ix) The Company did not raise moneys by way of initial public offer or further publicoffer (including debt instruments) and did not have any term loans outstanding during theyear. Accordingly the provisions of clause 3(ix) of the Order are not applicable.

(x) In our opinion no material fraud by the Company or on the Company by its officersor employees has been noticed or reported during the period covered by our audit.

(xi) Managerial remuneration has been paid / provided by the Company in accordance withthe requisite approvals mandated by the provisions of Section 197 of the Act read withSchedule V to the Act.

(xii) In our opinion the Company is not a Nidhi Company.

Accordingly provisions of clause 3(xii) of the Order are not applicable.

(xiii) In our opinion all transactions with the related parties are in compliance withSections 177 and 188 of Act where applicable and the requisite details have beendisclosed in the standalone financial statements etc. as required by the applicable IndAS.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

(xv) In our opinion the Company has not entered into any non-cash transactions withthe directors or persons connected with them covered under Section 192 of the Act.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

per Khushroo B. Panthaky

Partner

Membership No.: 42423

Place: Mumbai

Date: 13 February 2018

Annexure II to the Independent Auditor's Report of even date to the members of CRISILLimited on the Standalone Financial Statements for the year ended 31 December 2017

Independent Auditor's Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (‘the Act')

1. In conjunction with our audit of the standalone financial statements of CRISILLimited (‘the Company') as at and for the year ended 31 December 2017 we haveaudited the internal financial controls over financial reporting (‘IFCoFR') of theCompany as at that date.

Management's Responsibility for Internal Financial Controls

2. 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 Accountantsof India (ICAI). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of the Company's business including adherence to theCompany'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 Act.

Auditor's Responsibility

3. Our responsibility is to express an opinion on the Company's IFCoFR based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theICAI and deemed to be prescribed under Section 143(10) of the Act to the extentapplicable to an audit of IFCoFR and the Guidance Note issued by the ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate IFCoFR wereestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the IFCoFR and their operating effectiveness. Our audit of IFCoFR includes obtaining anunderstanding of IFCoFR assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

6. A Company's IFCoFR is a process designed to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A Company'sIFCoFR include 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 authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of IFCoFR including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of the IFCoFRto future periods are subject to the risk that the IFCoFR may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequate internalfinancial controls over financial reporting and such controls were operating effectivelyas at 31 December 2017 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note issued by the ICAI.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

per Khushroo B. Panthaky

Partner

Membership No.: 42423

Place: Mumbai

Date: 13 February 2018