Mar 31, 2016
To,
The Members of
CCL INTERNATIONAL LIMITED
1. Report on the Financial Statements
We have audited the accompanying financial statements of CCL International Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31,2016, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
2. Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation & presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
3. Auditors'' Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
4. Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone financial statements gives the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2016;
(b) In the case of Statement of Profit and Loss, of the profit for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
5. Report on Other Legal and Regulatory Requirement
i. As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure-A a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
ii. 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 best of 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 the Company so far as it appears from our examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules, 2014; and
e. On the basis of written representations received from the directors, as on March 31, 2016 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2016 from being appointed as a director in terms of Section 164(2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ; and
iii. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
a. The Company does not have any litigation on its financial position.
b. The Company has not made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
c. The company was not required to deposit or pay any dues in respect of the Investor Education and Protection Fund during the year.
The Annexure-A referred to in our Independent Auditors'' Report to the members of the company on the standalone financial statements for the year ended March 31,2016, we report that:
1. In respect of Fixed Assets:
a. The Company has maintained proper records showing full particulars, including quantitative details and situations of Fixed Assets.
b. The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of the Company and the nature of its assets.
c. The title deeds of all the immovable properties (which are included under the head ''fixed assets'') are held in the name of the Company.
2. In respect of Inventory:
a. The management has conducted physical verification of inventory at reasonable intervals during the year.
b. The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.
c. The Company is maintaining proper records of inventory and no material discrepancies between physical inventory and book records were noticed on physical verification.
3. The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Act.
4. According to information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security.
5. The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended).
6. According to the information and explanations given to us, pursuant to the rules prescribed by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, we have broadly reviewed the cost records and are of the opinion that prima facie, the prescribed records have been made and maintained by the Company.
7.
(i) According to the information and explanations given to us and on the basis of examination of the records of the Company, the company is generally regular in depositing undisputed statutory dues including Income Tax, TDS, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other material statutory dues with the appropriate authorities to the extent applicable. There are no undisputed statutory dues payable for a period of more than six months from the date they become payable as at 31 March 2016.
(ii) According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise duty and Cess, which have not been deposited on account of any dispute.
8. In our opinion, and according to the information & explanations given to us, the company has not defaulted in repayment of dues to bankers & financial institutions. The Company does not have any outstanding debentures during the year.
9. The Company did not raise moneys byway of initial public offer or further public offer (including debt instruments). In our opinion, the term loans availed during the year were applied for the purposes for which the loans were obtained.
10. No fraud by the Company or on the Company by its officers or employees has been noticed or reported during the period covered by our audit.
11. The Managerial remuneration has been paid in accordance with the provisions of section 197 read with Schedule V to the Companies Act, 2013.
12. Since the company is not a Nidhi Company, this clause is not applicable.
13. According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where ever applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
14. According to the information and explanations given to us, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15. According to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him and the provisions of section 192 of Companies Act, 2013 have been complied with;
16. The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act, 1934.
(Referred to in paragraph 5(ii) (f) under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of CCL International Limited (âthe Companyâ) as of 31st March, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India (the âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation 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 financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ)issued by ICAI and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks 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 to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For KPMC & Associates
Chartered Accountant
Firm Reg. No. 005359C
Date: 30.05.2016
Place: Delhi .. ,
(Sanjay Mehra)
Partner
M No.075488
Mar 31, 2015
We have audited the accompanying financial statements of CCL
International Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2015, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statement
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation & presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding assets of the Company
and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide 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
explanations given to us, the aforesaid Standalone financial statements
gives the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) In the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirement
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of sub-
section (11) of Section 143 of the Act, we give in the Annexure a
statement on the matters specified 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 best of 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 the Company so far as it appears from our examination of
those books;
c. The Balance Sheet, the Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules,
2014; and
e. On the basis of written representations received from the
directors, as on March 31, 2015 and taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015
from being appointed as a director in terms of Section 164(2) of the
Act.
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any litigation on its financial position.
ii. The Company has not made provision, as required under the
applicable law or accounting standards, for material foreseeable
losses, if any, on long-term contracts including derivative contracts.
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company
Annexure to Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the company on the standalone financial statements for the
year ended March 31, 2015, we report that:
1. In respect of Fixed Assets:
a. The Company has maintained proper records showing full particulars,
including quantitative details and situations of Fixed Assets.
b. The fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the Company and
the nature of its assets.
2. In respect of Inventory:
a. The management has conducted physical verification of inventory at
reasonable intervals during the year.
b. The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c. The Company is maintaining proper records of inventory and no
material discrepancies between physical inventory and book records were
noticed on physical verification.
3. The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act. Accordingly, the provisions of clauses
3(iii)(a) and 3(iii)(b) of the Order are not applicable.
4. In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our audit, no major
weakness has been noticed in the internal control system in respect of
these areas.
5. The Company has not accepted any deposits within the meaning of
Sections 73 to 76 of 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.
6. We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under sub section (1) of Section 148 of the
Act in respect of Company's product and services and are of the opinion
that, prima facie, the prescribed accounts and records have been made
and maintained.
7.
(i) According to the information and explanations given to us and on
the basis of examination of the records of the Company, the company is
generally regular in depositing undisputed statutory dues including
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, excise
duty, TDS, ,value added tax, Cess and any other statutory dues with the
appropriate authorities to the extent applicable. There are no
undisputed statutory dues payable for a period of more than six months
from the date they become payable as at 31 March 2015.
(ii) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
duty, Excise duty and Cess, which have not been deposited on account of
any dispute.
(iii) No amounts were required to be transferred to investor education
and protection fund. Hence, clause 3 (vii) (c) of the order is not
applicable to the Company.
8. The company has no accumulated losses at the end of the financial
year. Further, the company has not incurred cash losses during the
current financial year and the immediately preceding financial year
9. In our opinion, and according to the information & explanations
given to us, the company has not defaulted in repayment of dues to
bankers & financial institutions. The Company does not have any
outstanding debentures during the year.
10. As per information and explanations given to us, the terms and
conditions on which the company has not given corporate guarantee for
loans taken by companies from banks or financial institutions are not,
prima facie, prejudicial to the interest of the company.
11. On the basis of records made available and according to
information and explanations given to us, the company has applied its
term loans for the purposes for which the loans were obtained.
12. Based upon the audit procedure performed for the purpose of
reporting the true and fair view and on the basis of the information
and explanations given by the management, we report that no fraud on or
by the company has been noticed or reported during the course of our
audit.
For KPMC & Associates
Chartered Accountant
Firm Reg. No. 005359C
Date: 30.05.2015
Place: Delhi (Sanjay Mehra)
Partner
M No. 075488
Mar 31, 2014
1. We have audited the accompanying financial statements of CCL
International Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements, that gives a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards notified under the Companies Act, 1956 ("the Act")
read with the General Circular 15/2013 dated September 13,2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors'' judgment, including the
assessment of the risks 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 the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements gives
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) In the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirement
7. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
8. As required by Section 227(3) of the Act, we report that:
I. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
II. In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
III. The financial statements dealt with by this report are in
agreement with the books of account;
IV. In our opinion, the financial statements comply with the Accounting
Standards notified under the Companies Act, 1956 ("the act") read with
General Circular 15/2013 Dated 13th September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
and
V. On the basis of written representations received from the directors,
as on March 31, 2014 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014 from being
appointed as a director in terms of clause (g)of sub-section (1) of
Section 274 of the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT OF EVEN DATE TO THE
MEMBERS OF CCL INTERNATIONAL LIMITED, ON THE FINANCIAL STATEMENTS FOR
THE YEAR ENDED MARCH 31, 2014 (Referred to in paragraph 7 under "Report
on Other Legal and Regulatory Requirements" section of our report of
even date)
1. In respect of Fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situations of Fixed Assets.
(b) According to information and explanation given to us, all the
assets have been physically verified by the management during the year
under the regular program of verification which, in our opinion, is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such
verification.
(c) During the year, no part of the fixed assets of the Company was
disposed off.
2. In respect of Inventory:
a) As per the information furnished, the inventories have been
physically verified by the management at reasonable intervals during
the year. In our opinion, having regard to the nature and location of
stocks, the frequency of physical verification is reasonable.
(b) In our opinion, and according to the information ad explanations
given to us, procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(b) In our opinion and according to the information and explanation
given to us, the company has Maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. The Company has not taken loans secured or unsecured to/ from the
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
In respect of loans, secured or unsecured, granted by the company to
parties covered in the Register maintained under section 301 of the
Companies Act, 1956, according to the information and explanation given
to us the companies has not granted any loan to any party.
4. In our opinion and according to the information and explanation
given to us, there is an adequate Internal Control System commensurate
with the size of the Company and the nature of its business for the
purchases of Inventory, Fixed Assets and with regard to the sale of
goods and services. During the course of our audit, no major weakness
had been noticed in internal control system.
5. In respect of contracts or arrangements entered in the Register
maintained in pursuance of section 301 of the Companies Act, 1956, to
the best of our knowledge and belief and according to the information
and explanation given to us:
a) The particulars of contracts or arrangements referred to in section
301 of the Act that needed to be entered in the Register maintained
under the said section have been so entered.
b) In our opinion, and according to the information and explanations
given to us, it is our opinion that these transactions have been made
at reasonable process having regards to the prevailing market price.
6. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public
and hence directive issued by the Reserve bank of India and the
Provisions of section 58A and 58AA of the Companies Act, 1956 and rules
framed there under are not applicable for the year under audit.
7. In our opinion and according to the information and explanation
given to us, the company has an adequate internal audit system
commensurate with the size of the company and the nature of business.
8. We have been informed by the management, no cost records have been
prescribed under section 209(1) (d) of the Companies Act, 1956.
9. (a) According to information and explanation given to us and the
books and records examined by us the Company is regular in depositing
undisputed statutory dues including Income Tax, TDS, Wealth Tax, Sales
Tax, Service Tax and other material statutory dues as applicable with
appropriate authorities. No undisputed amounts were in arrears as at
31st March, 2014 for a period of more than six months from the date
they become payable.
(b) According to the records of the Company, there are no dues
outstanding of Income Tax, TDS, Wealth Tax, Service Tax as at 31st
march 2014, which have not been deposited with the appropriate
authorities on account of any dispute.
10. In our opinion, the Company has no accumulated losses at the end of
the financial year and it has not incurred cash losses in the current
and the immediately preceding financial year.
11. Based on our audit procedure and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions or banks or debentures holders as the company has paid all
outstanding during the year.
12. Based on our examination of the records and information and
explanations given to us, the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities during the year.
13. In our opinion, the Company is not a chit fund or a nidhi or a
mutual benefit fund/ society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
14. In our opinion and according to the information and explanation
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments therefore the provision of
clause 4 (xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
15. Based on our examination of the records and information and
explanations given to us, the Company has not given guarantee for loans
taken by others from banks or financial institutions.
16. According to information and explanation given to us, the term
loans have been applied for the purpose for which they were raised.
17. According to information and explanation given to us, and an
overall examination of Balance Sheet and Cash Flow Statement of the
Company, we report that no fund raised on short term basis have been,
prima facie, used for long term investment and no long term fund have
been used to finance short term requirement.
18. During the year, the company has not made preferential allotment of
shares to parties and companies covered in the register maintained
under Section 301 of the Companies Act, 1956.
19. The company has not issued any secured debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. According to the information and explanation given to us, we report
that no fraud of material significance on or by the company has been
noticed or reported during the course of our audit.
For VIDYA & COMPANY
Chartered Accountant
Firm No. 308022E
Date : 30.05.2014
Place: Delhi (S.P. Agarwal)
Partner
M. No. 088663
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying financial statements of CCL
International Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2013, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements, that gives a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards referred to in sub- section (3C) of Section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors'' judgment, including the
assessment of the risks 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 the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
(b) In the case of Statement of Loss, of the profit for the year ended
on that date; and
(C) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of sub-
section (4A) of Section 227 of the Act, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
8. As required by Section 227(3) of the Act, we report that:
I) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
II) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
III) the financial statements dealt with by this report are in
agreement with the books of account;
IV) in our opinion, the financial statements comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the Act.
V) on the basis of written representations received from the directors,
as on March 31, 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013 from being
appointed as a director in terms of clause (g)of sub-section (1) of
Section 274 of the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT OF EVEN DATE TO THE
MEMBERS OF CCL INTERNATIONAL LIMITED, ON THE FINANCIAL STATEMENTS FOR
THE YEAR ENDED MARCH 31,2013. Annexure referred to in paragraph 3 of
the Auditor''s Report of even date to the Members of CCL INTERNATIONAL
LIMITED. On the accounts for the yearended 31st March 2013.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situations of Fixed
Assets.
(b) As per the information and explanations given to us, there is a
phased program of physical verification of fixed assets adopted by
company and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification is
reasonable, having regard to the size of the company and nature of its
business.
» (c) Based on our scrutiny of records of the company and the
information and explanations received by us, we report that there was
no substantial sale of fixed Assets during the financial year ended on
31.03.2013. Hence, the Going Concern Assumption of the company is not
affected.
2. (a) As per the information furnished, the inventories have been
physically verified by the management at reasonable intervals during
the year. In our opinion, having regard to the nature and location of
stocks, the frequency of physical verification is reasonable.
(b) In our opinion, and according to the information ad explanations
given to us, procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) The company is maintaining proper records of inventories. In our
opinion, The Company is maintaining proper records of inventory and no
material discrepancies between physical inventory and book records were
noticed on physical verification.
3. (a) The company has not granted any loan, secured or unsecured to
companies, firms or other Parties covered in the register under section
301 of the Act.
(b) The company has not taken unsecured loan from parties covered in
the register Maintain Under section 301 ofthecompaniesAct1956.
(c) As per information given to us, unsecured loan taken by the company
from parties covered in the register maintained under section 301 of
the companies Act, 1956 are interest free and other terms and
conditions loan taken by the company are prima facie not prejudicial to
the interest of the Company.
(d).As per the information and explanation given to us, the company is
regular in payment of principal.
4. In our opinion and according to information and explanations given
to us, there is an adequate internal control system commensurate with
the size of the company and the nature of its business with regards to
purchase of inventory and fixed assets and for the sale of
shares/debentures. During the course of our audit, no major weakness
had been noticed in the internal controls.
5. (a) Based on the audit procedure applied by us and according to the
information and explanation provided by the management, we are of the
opinion all transactions that need to be entered into the register
maintained under section 301 of the Act have been so entered.
(b) Based of the information and explanations given to us , it is our
opinion that these transactions have been made at reasonable process
having regards to the prevailing market price.
6. Based on our scrutiny of the company''s record and according to the
information and explanations provided by the management, the company
has not accepted any deposits so far up to 31.03.2013.
7. In our opinion, the company has an internal audit system
commensurate with the size of the company and the nature of business.
8. We have been informed by the management, no cost records have been
prescribed under section 209(1 )(d) of the Companies Act, 1956.
9. (a) According to the information and explanations given to us and
records examined by us, the company is regular in deposition, with the
appropriate authorities, undisputed statutory dues including Income
Tax, Wealth Tax, Cess and other statutory dues, applicable to it.
(b) According to information and explanations given to us , no
undisputed amount payable in respect of income tax, wealth tax , cess
and other statutory dues were outstanding as at 31st March 2013 for a
period of more than six months from the date they became payable.
(c) There are no dues of Sales tax, Income tax / Wealth Tax, Excise
duty/ Cess, which have been deposited on account of any dispute.
10. The Accumulated losses of the company are not more than fifty
percent on its net worth at the end of the financial year. The Company
has not incurred any cash loss during the financial year covered by our
audit and immediately Proceeding financial year.
11. Based on our audit procedure and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions or banks or debentures holders as the company has paid all
outstanding during the year.
12. Based on our examination of the records and nformation and
explanations given to us, the company has not granted any loans and
advances on the basis of security by way of pledge of shares ,
debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, debenture and other investments have been held by the Company
in its own name except to the extent of exemption granted under section
49 of the Act.
15. Based on our examination of the records and information and
explanations given to us, the Company has not given guarantee for loans
taken by others from banks or financial institutions.
16. According to the records of the company, no term loan has been
obtained by the company. Hence comment under the clause is not called
for.
17. According to the information and explanations given to us and on an
overall explanation of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long term
investment by the company.
18. During the year, the company has not made preferential allotment of
shares to parties and companies covered in the register maintained
under Section 301 of the Companies Act, 1956.
19. The company has not issued any secured debentures during the year.
20. The company has not raised any money by public during the period
covered by our report. To the best of our knowledge and belief an
according to the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the course of
ouraudit.
21. According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the course of
ouraudit.
For VIDYA& COMPANY
Chartered Accountant
Firm No. 308022E
(S.P. AGARWAL)
Date : 30.05.2013 PARTNER
Place : Delhi M No. 088663
Mar 31, 2011
1. We have audited the attached Balance Sheet of CCL INTERNATIONAL
LIMITED, as at 31st March 2011 and also the Profit & Loss Account and
Cash Flow Statement for the year ended on that annexed thereto. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion of these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
financial statements are free of material misstatement. An audit
include examine on a test basis, evidence supporting the amounts and
disclosures in the Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management. As well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the companies ( Auditor's Report) Order 2003 ,
issued by the Department of Company Affairs in terms of sub Section
(4A) of section 227 of the Companies Act , 1956 , we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said order.
4. Further to our comment in paragraph 3 above, we report that:-
a. We have obtained all the information and explanations which to the
best of our knowledge and belief are necessary for the purpose of our
audit.
b. In our opinion, proper books of accounts, as required by law have
been kept by the company, so far as appears from our examination of
such books.
c. The Balance Sheet and the Profit and Loss Account dealt with by
this report are in agreement with books of accounts.
d. In our opinion, the Balance Sheet and Profit & Loss Account comply
with the Accounting Standards referred to in Sub - Section (3C) of
Section 211 of the Companies Act, 256.
e. On the basis of written representation received from the directors
and taken on the record by the board of directors, we report that none
of director is disqualified as on 31st March 2011 from being appointed
as director in terms of section 274(l)(g) of the Companies Act, 1956.
f. In our Opinion and to the best of our information and according to
explanations given to us the said account read with the Notes there to
give the information required by the Companies Act, 1956 in the manner
as required and give a true and fair view in conformity with the
accounting principles generally accepted in India :-
(a) In case of Balance Sheet, of the state of affairs of the Company as
at 31st March 2011.
(b) In case of the Profit & Loss Account of the Profit of the Company
for the year ended on that date.
(c) In case of Cash Flow Statement, of the cash flow of the company for
the year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
ANNEXURE
Annexure referred to in paragraph 3 of the Auditor's Report of even
date to the Members of CCL INTERNATIONAL LIMITED. On the accounts for
the year ended 31st March 2011.
1(a) The Company has maintained proper records showing full particulars
including quantitative details and situations of Fixed Assets.
(b) As per the information and explanations given to us, there is a
phased program of physical verification of fixed assets adopted by
company and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification is
reasonable, having regard to the size of the company and nature of its
business.
(c) Based on our scrutiny of records of the company and the information
and explanations received by us, we report that there was no sale of
fixed assets during the financial year ended on 31.03.2011 substantial
or otherwise. Hence the question of reporting whether sale of any
substantial part of fixed assets has affected the going concern of the
company does not arise.
2(a) As per the information furnished, the inventories have been
physically verified by the management at reasonable intervals during
the year. In our opinion, having regard to the nature and location of
stocks, the frequency of physical verification is reasonable.
(b) In our opinion, and according to the information and explanations
given to us, procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) The company is maintaining proper records of inventories. In our
opinion, the discrepancies verification of stocks were not material in
relation to the operation of company and the same have been properly
dealt with in the books of accounts.
3(a) The Company has not granted any loan, secured or unsecured to
companies, firms or other Parties Covered in the register under section
301 of the Act.
(b) The company has taken unsecured loan from 2(Two) parties covered in
the register Maintain Under section 301 of the companies Act 1956 as
explained in point 4 below.
The year end balance of loan taken from such parties was Rs. NIL
(c) As per information given to us, unsecured loan taken by the company
from parties covered in the register maintained under section 301 of
the companies Act,1956 are interest free and other terms and conditions
loan taken by the company are prima facie not prejudicial to the
interest of the Company.
(d) As per the information and explanation given to us, the company is
regular in payment of principal and being all such loan are interest
free, thus no interest is being paid on the above loan.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regards to
purchase of stores and fixed assets and for the sale of
shares/debentures. During the course of our audit, no major weakness
had been noticed in the internal controls.
5(a) Based on the audit procedure applied by us and according to the
information and explanation provided by the management, we are of the
opinion all transactions that need to be entered into the register
maintained under section 301 of the Act have been so entered.
(b) Based of the information and explanations given to us, it is our
opinion that these transactions have been made at reasonable process
having regards to the prevailing market price.
6. Based on our scrutiny of the company's record and according to the
information and explanations provided by the management, the company
has not accepted any deposits so far up to 31.03.2011.
7. In our opinion, the company has an internal audit system
commensurate with the size of the company and the nature of business.
8. We have been informed by the management, no cost records have been
prescribed under section 209(l)(d) of the Companies Act, 1956.
9(a) According to the information and explanations given to us and
records examined by us, the company is regular in deposition, with the
appropriate authorities, undisputed statutory dues including Income
Tax, Wealth Tax, Cess and other statutory dues, applicable to it.
(b) according to information and explanations given to us , no
undisputed amount payable in respect of income tax , wealth tax , cess
and other statutory dues were outstanding as at 31st March 2011 for a
period of more than six months from the date they became payable.
(c) There are no dues of Sales tax, Income tax / wealth Tax, excise
duty/cess, which have been deposited on. account of any dispute.
10. The Accumulated losses of the company are not more than fifty
percent on its net worth at the end of the financial year. The Company
has not incurred any cash loss during the financial year covered by our
audit and immediately Proceeding financial year.
11. Based on our audit procedure and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions or banks or debentures holders as the company has paid all
outstanding during the year.
12. Based on our examination of the records and information and
explanations given to us, the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. The Company has maintained proper records of transactions and
contracts in respect of trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, debenture and other investments have been held by the Company
in its own name except to the extent of exemption granted under section
49 of the Act.
14. Based on our examination of the records and information and
explanations given to us, the Company has not given guarantee for loans
taken by others from banks or financial institutions.
15. According to the records of the company, no term loan has been
obtained by the company. Hence comment under the clause is not called
for. According to the information and explanations given to us and on
an overall explanation of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment by the company.
16. The company has not made any preferential allotment of shares
during the year.
17. There are no secured debentures outstanding as at the yearend.
18. The company has not raised any money by public during the period
covered by our report. To the best of our knowledge and belief an
according to the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
19. The company has not issued any secured debentures during the year.
20. The company has not raised any money by public during the period
covered by our Report.
21. According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
FOR VIDYA & COMPANY
Chartered Accountants
Film No.308022E
Date : 31.05.2011 (S.P.AGARWAL)
Place : New Delhi PARTNER
M No. 088663
Mar 31, 2010
1. We have audited the attached Balance Sheet of CCL INTERNATIONAL
LIMITED, as at 31st March 2010 and also the Profit & Loss Account and
Cash Flow Statement for the year ended on that annexed thereto. These
financial Statements are the responsibility of the companys
management. Our responsibility is to express an opinion of these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
financial statements are free of material misstatement. An audit
include examine on a test basis, evidence supporting the amounts and
disclosures in the Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management. As well as evaluating the overall financial
statetn-jnl presentation. We believe the our audit provides a
reasonable basis for our opinion.
3. As required by the companies ( Auditors Report) Order 2003 , as
amended by Companies ( Auditors Report ) ( Amendment ) Order , 2004
issued by the Department of Company Affairs in terms of sub Section
(4A) of section 227 of the Companies Act , 1956 , we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said order.
4. Further to our comment in paragraph 3 above, we report that :-
(i) - We have obtained all the information and explanations which to
the best of our knowledge and belief are necessary for the purpose of
our audit.
(ii) In our opinion, proper books of accounts, as required by law have
been kept by the company, so far as appears from our examination of
such books.
(iii) The Balance Sheet and the Profit and Loss Account dealt with by
this report are in agreement with books of accounts.
(iv) In our opinion, the Balance Sheet and Profit & Loss Account comply
with the Accounting Standards referred to in Sub - Section (3C) of
Section 211 of the Companies .Act, 1956.
(v) On the basis of written representation received from the directors
and taken on the record by the board of directors, we report that none
of director is disqualified as on 31st March 2010 from being appointed
as director in terms of section 274(l)(g) of the Companies Act, 1956.
(vi) In our Opinion and to the best of our information and according to
explanations given to us the said account read with the Notes there to
, give the information required by the Companies Act, 1956 in the
manner - as required and give a true and fair view in conformity with
the accounting principles generally accepted in India :-
(a) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March 2010.
(b) In case of the Profit & Loss Account of the Profit of the Company
for the year ended on that date.
(c) In case of Cash Flow Statement, of the cash flow of the company for
the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Annexure referred to in paragraph 3 of the Auditors Report of even
date to the Members of CCL INTERNATIONAL LIMITED. On the accounts for
the year ended 31st March 2010.
l.(a) The Company has maintained proper records showing full
particulars including quantitative details and situations of Fixed
Assets.
(b) As per the information and explanations given to us, there is a
phased program of physical verification of fixed assets adopted by
company and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification is
reasonable, having regard to the size of the company and nature of its
business.
(c) Based on our scrutiny of records of the company and the information
and explanations received by us, we report that there was no sale of
fixed assets during the financial year ended on 31.03.2010 substantial
or otherwise. Hence the question of reporting whether sale of any
substantial part of fixed assets has affected the going concern of the
company does not arise.
2.(a) As per the information furnished, the inventories have been
physically verified by the management at reasonable intervals during
the year. In our opinion, having regard to the nature and location of
stocks, the frequency of physical verification is reasonable.
(b) In our opinion, and according to the information ad explanations
given to us, procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. (a) The Company has not granted any Loan, Secured or Unsecured to
Companies, Firms or Other Parties covered in the register under section
301 of the Act.
(b) The Company has taken unsecured loan from 2 ( Two ) parties covered
in the register maintain under section 301 of the Companies Act,1956 as
explained in point. 4 below. The yearend balance of loan taken from
such parties was Rs. NIL.
(c) As per information given to us, unsecured loan taken by the Company
from parties covered in the register maintained under section 301 of
the Companies Act, 1956 are interest free and other terms and
conditions of loan taken by the Company are prima facie not prejudicial
to the interest of the Company.
(d) As per the information and explanation given to us, the company is
regular in payment of principal and being all such loan are interest
free, thus no interest is being paid on the above loan.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regards to
purchase of stores and fixed assets and for the sale of
shares/debentures. During the course of our audit, no major weakness
had been noticed in the internal controls.
5. In respect of contracts or arrangements entered in the register
maintained pursuance of section 301 of the Companies Act, 1956 and
according to the information and explanations given to us:-
a) The particulars of the contracts or arrangements referred to in
section 301 that needed to be entered into the register, maintained
under the said section have been so entered.
b) In our opinion and having regard to our comments in paragraph (5)
above , the transactions made in pursuance of such contracts and
arrangements aggregating during the year to Rs. 5.00 lacs or more in
respect of each party, have been made at prices which are reasonable
having regard to the prevailing market prices.
6. Based on our scrutiny of the companys record and according to the
information and explanations provided by the management, the company
has not accepted any deposits so far up to 31.03.2010.
7. In our opinion, the company has an internal audit system
commensurate with the size of the company and the nature of business.
8. We have informed by the Management, no cost records has been
prescribed under section 209(1) (d) of the Companies Act, 1956.
9(a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, Investor Education
Protection- Fund, income tax, Sales Tax, wealth tax, services tax,
custom duty, excise duty, cess and other statutory dues, applicable to
it.
(b) According to information and explanations given to us , no
undisputed amount payable in respect of income tax , wealth tax ,
services tax, custom duty, excise duty, cess and other statutory dues
were in arrears, as at 31st March 2010 for a period of more than six
months from the date they became payable.
10. The Accumulated losses of the company are not more than fifty
percent on its net worth at the end of the financial year. The Company
has not incurred any cash loss during the financial year covered by our
audit and immediately preceding financial year.
11. Based on our audit procedure and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions or banks or debentures holders as the company has paid all
outstanding during the year.
12. Based on our examination of the records and information and
explanations given to us, the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. As per the information and explanations given to us the provisions
of any special statute applicable to chit fund do not apply to the
company. The company is also not a nidhi / mutual benefit fund /
society.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, debenture and other investments have been held by the Company
in its own name except to the extent of exemption granted under section
49 of the Act.
15. Based on our examination of the records and information and
explanations given to us, the Company has not given guarantee for loans
taken by others from banks or financial institutions.
16. According to the records of the company, no term loan has been
obtained by the company. Hence comment under the clause is not called
for.
17. According to the information and explanations given to us. and on
an overall I - explanation of the balance sheet of the company, we
report that no funds raised on short term basis have been used for long
term investment by the company.
18. . The company has not made any preferential allotment of Equity
shares to the Parties and Companies covered in the register
maintained under section 301 of the Act, during the year.
19. The Company has not issued any secured debentures during the year.
20. The company has not raised any money by public during the period
covered by our report.
21. According to the information and explanations given to us , no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For VIDYA & COMPANY
Chartered Accountants
Date : 25th August, 2010 (S. P. AGARWAL)
Place : New Delhi PARTNER
Firm Reg. No.: 308022E
Mar 31, 2009
1. We have audited the attached Balance Sheet of CCL INTERNATIONAL
LIMITED, as at 31st March 2009 and also the Profit & Loss Account and
Cash Flow Statement for the year ended on that annexed thereto. These
financial Statement are the responsibility of the companys management.
Our responsibility is to express an opinion of these financial
statement based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
financial statements are free of material misstatement. An audit
include examine on a test basis , evidence supporting the amounts and
disclosures in the Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management. As well as evaluating the overall financial
statement presentation. We believe the our audit provides a reasonable
basis for our opinion.
3. As required by the companies ( Auditors Report) Order 2003 ,
issued by the Department of Company Affairs in terms of sub Section
(4A) of section 227 of the Companies Act, 1956 , we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said order.
4. Further to our comment in paragraph 3 above , we report that :-
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief are necessary for the purpose of our
audit.
(ii) In our opinion , proper books of accounts , as required by law
have been kept by the company , so far as appears from our examination
of such books.
(iii) The Balance Sheet and the Profit and Loss Account dealt with by
this report are in agreement with books of accounts.
(iv) In our opinion , the Balance Sheet and Profit & Loss Account
comply with the Accounting Standards referred to in Sub - Section (3C)
of Section 211 of the Companies Act, 256.
(v) On the basis of written representation received from the directors
and taken on the record by the board of directors, we report that none
of director is disqualified as on 31s1 March 2009 from being appointed
as director in terms of section 274(l)(g) of the Companies Act, 1956.
(vi) In our Opinion and to the best of our information and according to
explanations given to us the said account read with the Notes there to
give the information required by the Companies Act , 1956 in the manner
as required and give a true and fair view in conformity with the
accounting principles generally accepted in India :-
(a) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March 2009.
(b) In case of the Profit & Loss Account of the Profit of the Company
for the year ended on that date.
(c) In case of Cash Flow Statement, of the cash flow of the company for
the year ended on that date.
ANNEXTURE TO THE AUDITORS REPORT
ANNETURE
Annexure referred to in paragraph 3 of the Auditors Report of even
date to the Members of CCL INTERNATIONAL LIMITED. On the accounts for
the year ended 31* March 2009.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situations of Fixed
Assets.
(b) As per the information and explanations given to us, there is a
phased program of physical verification of fixed assets adopted by
company and no material discrepancies were noticed on such verification
. In our opinion, the frequency of verification is
reasonable, having regard to the size of the company and nature of its
business.
(c) Based on our scrutiny of records of the company and the information
and explanations received by us, we report that there was no sale of
fixed assets during the financial year ended on 31.03.2009 substantial
or otherwise. Hence the question of reporting whether sale of any
substantial part of fixed assets has effected the going concern of the
company does not arise.
2. (a) As per the information furnished, the inventories have been
physically verified by the management at reasonable intervals during
the year. In our opinion, having regard to the nature and location of
stocks, the frequency of physical verification is reasonable.
(b) In our opinion, and according to the information ad explanations
given to us, procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. The company has neither taken nor granted any loans and advances in
the nature of loans to parties covered in the register maintained under
section 301 of the Companies Act , 1956 hence the question of reporting
whether the terms and conditions of such loans are prejudicial to
interest of company whether reasonable steps for recovery/repayment of
over dues of such loan are taken does not arise.
4. In our opinion and according to information and explanations given
to us , there are adequate internal control procedures commensurate
with the size of the company and the nature of its business with
regards to purchase of stores and fixed assets and for the sale of
shares/debentures. During the course of our audit, no major weakness
had been noticed in the internal controls.
5 In respect of contracts or arrangements entered in the register
maintained pursuance of section 301 of the Companies Act, 1956 and
according to the information and explanations given to us:-
a) The particulars of the contracts or arrangements referred to in
section 301 that needed to be entered into the register, maintained
under the said section have been so entered.
b) In our opinion and having regard to our comments in paragraph (5)
above , the transactions made in pursuance of such contracts and
arrangements aggregating during the year to Rs.5 lacs or more in
respect of each party, have been made at prices which are reasonable
having regard to the prevailing market prices.
6. Based on our scrutiny of the companys record and according to the
information and explanations provided by the management, the company
has not accepted any deposits so far up to 31.03.2009.
7. In our opinion , the company has an internal audit system
commensurate with the size of the company and the nature of business.
8. We have been informed by the management , no cost records have been
prescribed under section 209(l)(d) of the Companies Act, 1956.
9(a) According to the information and explanations given to us and
records examined by us , the company is regular in deposition , with
the appropriate authorities , undisputed statutory dues including
income tax , wealth tax , cess and other statutory dues , applicable to
it.
(b) according to information and explanations given to us , no
undisputed amount payable in respect of income tax , wealth tax , cess
and other statutory dues were outstanding as at 31st March 2009 for a
period of more than six months from the date they became payable.
(c) There are no dues of Sales tax , Income tax / wealth Tax , excise
duty/cess , which have been deposited on account of any dispute.
10. The Accumulated losses of the company are not more than fifty
percent on its net worth at the end of the financial year. The Company
has not incurred any cash loss during the financial year covered by our
audit and immediately proceeding financial year.
11. Based on our audit procedure and on the information and
explanations given by the management , we are of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions or banks or debentures holders as the company has paid all
outstanding during the year.
12. Based on our examination of the records and information and
explanations given to us, the company has not granted any loans and
advances on the basis of security by way of pledge of shares ,
debentures and other securities.
13. As per the information and explanations given to us the provisions
of any special statute applicable to chit fund do not apply to the
company. The company is also not a nidhi / mutual benefit fund /
society.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, debenture and other investments have been held by the Company
in its own name except to the extent of exemption granted under section
49 of the Act.
15. Based on our examination of the records and information and
explanations given to us, the Company has not given guarantee for loans
taken by others from banks or financial institutions.
16. According to the records of the company, no term loan has been
obtained by the company. Hence comment under the clause is not called
for.
17. According to the information and explanations given to us and on
an overall explanation of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment by the company.
18. The company has not made any preferential allotment of shares
during the year.
19. The Company has not issued any secured debentures during the year.
20. The company has not raised any money by public during the period
covered by our report.
21 To the best of our knowledge and belief an according to the
information and explanations given to us , no fraud on or by the
Company has been noticed or reported during the course of our audit.
For VIDYA & COMPANY
CHARTERED ACCOUNTANTS
Sd/-
(S.P. AGARWAL)
PARTNER
Place : New Delhi
Dated : 02. 09. 2009
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