Mar 31, 2015
We have audited the accompanying financial statements of CLASSIC GLOBAL
FINANCE & CAPITAL LTD (CIN: L65921PB1995PLC015573) ("the
company"),which comprise the Balance Sheet as at 31 March 2015, the
Statement of Profit and Loss, the 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
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these 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 the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these 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 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 true and fair view 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 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 financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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, 2015;
b) In the case of the 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 Requirements
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 Companies Act, 2013, 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
purposes of our audit.
b) 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.
c) Company does not have any branch office accordingly reports on the
accounts of the branch offices of the Company audited under Section
143(8) of the Act are not applicable.
d) 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.
e) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
f) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
Annexure to the Auditors' Report
Companies (Auditor's Report) Order, 2015 ("the Order")
The Annexure referred to in our report to the members of CLASSIC GLOBAL
FINANCE & CAPITAL LTD for the year Ended on 31st March 2015. We report
that:
1. (a) Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) As explained to us, the management has physically verified the
fixed assets during the year and there is a regular programme of
verification which, in our opinion, is reasonable having regards to the
size of the company and the nature of the assets. No discrepancies were
noticed on such verification.
2. (a) Company does not have any inventory at the end of the year.
(b) In view of our comment in paragraph (a) above, clause (ii) (a) (b)
and (c) of paragraph 2 of the aforesaid order are not applicable to the
company.
3. (a) Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act.
(b) in view of our comment in paragraph (a) above, clause (iii) (a) and
(b) of paragraph 3 of the aforesaid order are not applicable to the
company.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control systems 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, we have not observed any
continuing failure to correct major weakness in internal control
system.
5. Company has not accepted deposits from public. Hence provisions of
sections 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed there under, do not apply to this company.
6. The Central Government has not prescribed the maintenance of cost
records under sub-section (1) of section 148 of the Companies Act for
any of the products manufactured/services rendered by the Company.
7. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues have been regularly deposited during the year by the
Company with the appropriate authorities. As explained to us, the
Company did not have any dues on account of Wealth tax, Sales tax,
Excise Duty, Cess, Employees' State Insurance and Investor Education
and Protection Fund.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax and other material
statutory dues were in arrears as at 31 March 2015 for a period of more
than six months from the date they became payable.
(c) According to the records of the Company, there were no amounts
which were required to be transferred to investor education and
protection fund. Therefore, the provision of clause 3 (viii) (c) of the
Companies (Auditor's Report) Order, 2015 are not applicable to the
Company.
8. The company has accumulated losses at the end of the financial year
and which is less than fifty per cent of its net worth. The company has
not incurred cash losses in such financial year and in the immediately
preceding financial year.
9. In our opinion and according to the information and explanation
given to us, the company has not take any loan from financial
institution and bank hence clause 9 of the CARO 2015 is not applicable.
10. The Company has not given any guarantee for the loans taken by
others from bank & financial Institutions.
11. In Our Opinion and according to the information and explanations
given to us, company does not have any term loans.
12. Based upon the audit procedures performed and according to the
information and explanations given to us, we report that no fraud on or
by the Company has been noticed or reported during the year.
M/s Sanjay Chirania & Associates
Chartered Accountants
Sd/-
CA. Ruchi Lakhotia
Partner
M No.302232 FRN:325710E
Place: Kolkata
Date: 30.05.2015
Mar 31, 2012
We have audited the attached Balance Sheet of Classic Global Finance
and Capital Ltd. as at 31st March, 2012 and also the Statement of
Profit and Loss for the year ended on that date annexed thereto. These
financial Statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 the financial
statements are free of material misstatement. An audit includes
examining, 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India 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.
Further to our comments in the Annexure referred to above, 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 Balance Sheet and Profit and Loss A/C dealt with by this
report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet and Profit and Loss A/C dealt
with by this report 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 representations received from the
directors, as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the Directors being disqualified from
being appointed a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the companies Act, 1956, 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 31st March, 2012; and
(b) In the case of the Profit and Loss A/c, the Profit for the year
ended on that date.
ANNEXURE
Re Classic Global Finance and Capital Ltd.
Referred to in paragraph 3 of our report of even date,
i. (a) According to the information and explanations given to us, the
company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) All the assets have been physically verified by the management
during the year and there is a regular programme 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) According to the information and explanations given to us, we have
examined that during the year, the company has not disposed of any
assets.
ii. According to the information and explanations given to us, we are
of the opinion that during the year no inventory exists in the company.
Therefore, the provisions of clause 4(ii) of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
iii. According to the information and explanations given to us, we are
of the opinion that during the year company has not granted/taken any
loans, secured and unsecured, to/from companies, firms, or other
parties covered in the register maintained under section 301 of the
Act.
iv. In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the company and the nature of its
business, with regard to fixed assets. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal control system of the company.
v. According to the information and explanations given to us, we are of
the opinion that there are no contracts or arrangements that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956. Therefore, the provisions of clause 4(ii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
vi. In our opinion and according to the information and explanations
given to us, there is no acceptance of Deposits in the company
according to the provisions of sections 58A and 58AA and other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 with regard to the deposits accepted from the
public. Therefore, the provisions of clause 4(vi) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
vii. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii. In our opinion and according to the information and explanations
given to us, this clause of the books of account relating to materials,
labour and other items of cost maintained by the company pursuant to
the Rules made by the Central Government for the maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956 in not
applicable on the company.
ix. (a) In our opinion and according to the information and
explanations given to us, during the year the company is regular in
paying undisputed statutory dues including provident fund, investor
education fund, employees'' state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty and other material
statutory dues with the appropriate authorities.
(b) There is no disputed amount of statutory dues payable by company.
x. The Company has not incurred cash loss during the financial year and
during the financial year immediately preceding such financial year.
xi. In our opinion and according to the information and explanations
given to us, the company has not taken any loan from financial
institution, bank or debentures holders. Therefore, the provisions of
clause 4(xi) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
xii. In our opinion and according to the information and explanations
given to us, the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities. Therefore, the provisions of clause 4(xii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
xiii. In our opinion, the company is not a chit fund or a nidhi 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.
xiv. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly
shares, securities, debentures and other investments are in the own
name of company.
xv. In our opinion, the company has not given guarantees for loans
taken by others from banks or financial institutions that are
prejudicial to the interest of the company. Therefore, the provisions
of clause 4(xv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
xvi. In our opinion, the company has not taken any term loan.
Therefore, the provisions of clause 4(xvi) of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
xvii. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
xviii. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
xix. According to the information and explanations given to us during
the period covered by our audit report, the company had not issued
debentures. Therefore, the provisions of clause 4(xix) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
xx. According to the information and explanations given to us during
the period covered by our audit report, the company has not raised
money by public issue. Therefore, the provisions of clause 4(xx) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
xxi. 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 Deepender Anil & Associates
Chartered Accountants
CA. Vibha Gupta
(Partner)
(M.No. - 127613)
Place:- Delhi FR No. 019666N
Date:- 01/09/2012