Mar 31, 2023
Cressanda Solutions Limited
REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL Statements
OpINION
We have audited the accompanying standalone financial statements of Cressanda Solutions Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2023, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended on that date (hereinafter referred to as the "standalone financial statements"), and a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31 2023, and its Profit, total comprehensive income, its cash flows and the changes in equity for the year ended.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor''s Responsibility for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
information other than the financial
STATEMENTS And AuDIToR''S REpoRT THEREoN
The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis and Board''s Report including Annexures to Board''s Report, but does not include the standalone financial statements and our auditor''s report thereon. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
MANAGEMENT''S RESpoNSIBILITY FoR THE standalone FINANCIAL STATEMENTS
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the 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 standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
AUDITOR''S RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by Section 143(3) of the Act, based on our audit 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 it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) I n our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2023 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 "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s report in accordance with the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid / provided by the Company to its director''s during year is in accordance with the provisions of Section 197 of the Act.
h) 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, as amended in our opinion and to the best of our information and according to the explanations given to us:
I. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements.
II. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
III. There were no amounts which were required to be transferred, to the Investor Education and Protection Fund (IEPF) by the Company.
IV. (a) The Management has represented that, to
the best of its knowledge and belief, other than as disclosed in notes to accounts, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (''Intermediaries'') with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (''Ultimate Beneficiaries'') or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (''Funding Parties'') with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our attention that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11 (e) as provided under (a) and (b) above, contain any material misstatement.
V. The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013.
VI. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31,2023.
2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.
For Rishi Sekhri & Associates
Chartered Accountants FRN- 128216W
Rishi Sekhri
Proprietor M. No. 126656 UDIN: 23126656BGWITH9432
Date: 30/05/2023
Place: Mumbai
Mar 31, 2016
To the Members of
CRESSANDA SOLUIONS LIMITED
We have audited the accompanying financial statements of Cressanda Solutions 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.
Management is responsible for 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 Standards notified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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.
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.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
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, 2016;
b) in the case of the Statement of Profit and Loss, of the loss 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.
As required by the Companies (Auditorâs 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 enclose in the Annexure a statement on the matters specified in paragraph 3 and 4 of the said Order.
As required by section 143(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the best of 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 appears from our examination of those books
c) the Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards Specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) In our opinion there are no observations or comments on the financial transactions, which may have an adverse effect on the functioning of the Company.
f) Report on the Internal Financial Controls under Clause (1) of Sub-section 3 of section 143 of the companies Act, 2013 (âthe Actâ)- is enclosed as an annexure to this report.
g) 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 sub-section (2) of section 164 of the Act.
h) With respect to the other matters to be included in the Auditorâs 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 has disclosed the impact of pending litigations on its financial position in its financial statements
ii. There no material foreseeable losses for which provision is required by law or accounting standard, including losses in respect to derivative contracts.
iii. There has been no instance or circumstance wherein the company was required to transfer any sum of money to the Investor Education and Protection Fund.
The Annexure referred to in the Independent auditorâs report to the members of Cressanda Solutions Limited for the year ended as on March 31, 2016. We report that: -
(i) Fixed Assets
(a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The management at reasonable intervals has physically verified the Fixed Assets and as such there was no material discrepancies noticed at the time of verification.
(c) The title deeds of immoveable properties are held in the name of the company.
(ii) Inventories
(a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations given to us, the 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 has maintained proper records of inventory. As explained to us, there was no material discrepancy noticed on physical verification of inventory as compared to the book records.
(iii) Granting of Loans to certain Parties
The Company has not granted any loans, secured or unsecured, to companies, firms, LLPs or other parties covered in the register maintained under section 189 of the Companies Act, 2013.
(iv) The company has not given any loans, investments guarantees, and security.
(v) Acceptance of Deposits
In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits in contravention of Directives issued by Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed there under, where applicable . No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
(vi) Maintenance of Cost Records
We have broadly examined the cost records maintained by the Company, prescribed by the Central Government under sub-section (1) of Section 148 of the Act, for the products manufactured by the Company in this connection and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.
(vii) Deposit of Statutory Dues
(a) As per the records verified by us, the Company is generally regular in depositing statutory dues involving Income Tax, Provident Fund, Employees State Insurance, Sales Tax, Service tax, Cess and other applicable statutory dues with the appropriate authorities. Also, scrutiny of the records revealed no dues in respect of Investor Education and Protection Fund, and Wealth Tax. There were no undisputed statutory dues remaining outstanding as on 31st March 2016 for a period of more than six months from the date they become payable.
(b) According to the information and explanation given to us by the company, there are no cases of non-deposit of disputed dues of Sales Tax, Income Tax, Custom Tax, Wealth Tax, Service Tax, Excise Duty and Cess with appropriate authorities.
(c) According to the information and explanations given to us no amount was required to be transferred to the Investor Education and Protection Fund in accordance with relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under.
(viii) Default in repayment of dues
Based on the records maintained, we are of the opinion that the Company has not defaulted in repayments of the dues to the Banks or financial institutions. The Company has not issued any debentures nor borrowed from any Government.
(ix) Application of Term Loans
The company has not raised moneys by way of initial public offer or further public offer (including debt instrument). The Company has applied the term loans for the purpose for which the loans were obtained.
(x) Frauds reporting
During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to information and explanations given to us no material fraud on or by the Company has been noticed or reported during the course of our audit.
(xi) The Managerial remuneration has been paid and provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act
(xii) The company is not a Nidhi Company hence this clause is not applicable.
(xiii) Based upon the audit procedures performed and according to the information and explanations given to us, All transactions with related parties are in compliance with sections 177 and 188 of Companies Act, 2x013 where applicable and the details have been disclosed in the Financial statements etc. as required by the applicable accounting standards.
(xiv) The company has not made preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
(xv) The company has not entered into any non-cash transactions with directors or persons connected with him.
(xvi) The company is not required to be registered under section 45-IA of the RBI Act, 1934.
(xvii) The company do not have any accumulated losses.
For AGARWAL SANGANERIA & CO.
Chartered Accountants
F. R. No. 317224E
SD/-
Saket Sanganeria, ACA Place: Mumbai
Partner Date: 29th May, 2016
I.C.A.I. M. No. 300679
Mar 31, 2015
We have audited the accompanying financial statements of Cressanda
Solutions Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2015, and the Statement of Profit & Loss and Cash Flow
Statement for the year then ended, 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 stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation 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 the 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
there under.
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.
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 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.
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 statement.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
tn our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 & 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 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 appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit and Loss, and the 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 Act,
Read with Rule 7 of the Companies (Accounts) Rules, 2014 and Accounting
Standard (AS) - 30 on 'Financial Instruments: Recognition and
Measurement' issued by the Institute of Chartered Accountants of India
(ICAI);
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. There are no pending litigations that impact the financial
statements;
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts, if any.
iii. There has been no delay in transferring amount, required to be
transferred, if any, to the Investor Education and Protection Fund by
the Company.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
[Referred to the Independent Auditor's Report to the members of
Cressanda Solutions Limited]
The Annexure referred to in the Independent auditor's report to the
members of Cressanda Solutions Limited for the year ended as on 31 st
March, 2015. We report that: -
(i) Fixed Assets
(a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The management at reasonable intervals has physically verified the
Fixed Assets.
(ii) Inventories
(a) During the financial year under audit the company had no inventory,
thus this particular clause 4(ii)(a), 4(ii)(b) and 4(ii)(c) of the
order is not applicable.
(iii) Loans taken from and given to parties covered under Section 189
of the Companies Act,2013
(a) The Company has not granted/taken any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 so requirement of the
clause 4(iii)(a), 4(iii)(b), 4(iii)(c), 4(iii)(d), 4(iii)(e), 4(iii)(f)
and 4(iii)(g) of the Order are not applicable.
(iv) Internal Controls
In our opinion and according to the 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, for the
purchase of inventory, sale of goods and services and fixed assets.
However, on the basis of our examination and explanations given to us,
we have noticed instances of major weakness in recording of
transactions in the books of accounts of the company.
(v) Public Deposits
The Company has not accepted any deposits from the public during the
years, which are within the purview of the directives issued by the
Reserve Bank of India and the provisions of Sections 73 to 76 or any
other relevant provisions of the Companies Act, 2013 and the rules
framed there under.
(vi) Cost Records
As per information & explanation given by the management, maintenance
of cost records has not been prescribed by the Central Government under
of sub-section (1) of section 148 of the Companies Act, 2013 for any
product of the company.
(vii) Statutory Dues
(a) As per the records verified by us, the Company is generally regular
in depositing statutory dues involving income Tax, Provident Fund,
Employees State Insurance, Sales Tax, Service tax, Cess and other
applicable statutory dues with the appropriate authorities. Also,
scrutiny of the records revealed no dues in respect of Investor
Education and Protection Fund, and Wealth Tax. There were no undisputed
statutory dues remaining outstanding as on 31.03.2015 for a period of
more than six months from the date they become payable.
(b) According to the information and explanations given to us, there is
no amount payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty, which has not been deposited on account of any
disputes.
(viii) Accumulated losses
The Company has losses less than 50% of its net worth at
the end of the financial year. The company has cash losses of
Rs. 14,14,985/- in the current year and incur cash losses of Rs.
1,43,03,715/- in the immediately preceding financial year.
(ix) Dues to Banks
The Company has neither issued any debentures nor has borrowed from any
Financial Institution or bank.
(x) Guarantees Given
As per the records verified by us and based on the explanations given
to us, we are of the opinion that the Company has not given any
guarantee for loans taken by others from Banks or Financial
Institutions, the terms and conditions of which are prima-facie
prejudicial to the interest of the Company.
(xi) Application of term I ,an
The company have not availed any term loan facility during the
financial year.
(xii) Frauds
During the course of our examination of the books and records of the
company, carried out in accordance with the generally accepted auditing
practices in India, and according to information and explanations given
to us no material fraud on or by the Company has been noticed or
reported during the course of our audit.
For Agarwal Sanganeria & Co
Chartered Accountants
Firm Regn No. 317224E
Saket Sanganeria
Partner
C.A.Membership No. 300679
Place: Mumbai
Date : 29th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Cressanda
Solutions Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, and the Statement of Profit & Loss and Cash Flow
Statement for the year then ended, a summary of significant accounting
policies and other explanatory information.
The books of accounts, as had been approved by the Board of Directors
in the meeting held on 31/05/2014 and as reported upon by us in our
Auditor''s Report dated 31/05/2014, have been altered thereafter on
account of certain errors and omissions on the part of the management
in drawing up the books of accounts. Due to the inherent limitations in
the audit of an entity, these errors and omissions were not detected
during the course of our audit.
However, after these errors and omissions have been brought to our
notice, the books of accounts have been re- opened and rectified by the
management and consequently, the financial statements have been
revised. Accordingly, we have revised our Audit Report. In our opinion
and to the best of our knowledge and ability, the financial statements,
so revised, are free from material misstatement and present a true &
fair view of the books of accounts of the company.
In this report, the term ''financial statements'' shall mean the
''revised financial statements'' and the term ''audit report''
shall mean our ''revised audit report''. Also, the terms ''Balance
Sheet'', ''Statement of Profit & Loss'' and ''Cash Flow
Statement'' shall mean the ''Revised Balance Sheet'', ''Revised
Statement of Profit & Loss'' and ''Revised Cash Flow Statement''
respectively.
Management is responsible for 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 Standards notified under the Companies Act, 1956 ("the
Act") read with the general circular 15/2013 dated 13th September
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.
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.
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 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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
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, 2014;
b) in the case of the Statement of Profit & Loss, of the loss 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.
As required by the Companies (Auditor''s Report) Order, 2003, issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraph 4 of the said Order.
Attention is drawn to Note No. 26 of the financial statements of the
company related to the value of investment in wholly owned subsidiary
company, Cressanda Solutions Inc. In absence of audited financial
statements of Cressanda Solutions Inc., we are unable to offer our
comments on the same.
As required by section 227(3) of the Act, we report that:
a) 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;
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) the Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards notified under
the Act read with the 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 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 Companies Act, 1956..
The Annexure referred to in the Independent auditor''s report to the
members of Cressanda Solutions Limited
for the year ended as on 31st March, 2014. We report that: -
(i) Fixed Assets
(a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The management at reasonable intervals has physically verified the
Fixed Assets.
(c) In our opinion, the company has not disposed of a substantial part
of its fixed assets during the year and the going concern status of the
Company has not been affected.
(ii) Inventories
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the 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 has maintained proper records of inventory. As
explained to us, there was no material discrepancy noticed on physical
verification of inventory as compared to the book records.
(iii) Loans taken from and given to parties covered under Section 301
of the Companies Act.1956
(a) The Company has not granted/taken any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956 so requirement of the
clause 4(iii)(b), 4(iii)(c) , 4(iii)(d), 4(iii)(e), 4(iii)(f) and
4(iii)(g) of the Order are not applicable.
(iv) Internal Controls
In our opinion and according to the 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, for the
purchase of inventory, sale of goods and services and fixed assets.
However, on the basis of our examination and explanations given to us,
we have noticed instances of major weakness in recording of
transactions in the books of accounts of the company.
(v) Transactions with Section 301 parties under the Companies Act. 1956
In Our opinion and according to the information and explanations given
to us by the Company, there are no transactions exceeding Rs.
5,00,000/-(Rupees Five Lacs only) with parties which are required to be
entered in a register of contracts in pursuance of Section 301 of The
Companies Act, 1956, hence clause 4(v)(a) and 4(v)(b) of the Order is
not applicable.
(vi) Public Deposits
The Company has not accepted any deposits from the public during the
year within the purview of the directives issued by the Reserve Bank of
India and the provisions of Sections 58A and 58AA of the Companies Act,
1956 and the rules framed thereunder.
(vii)
Internal Audit
The company does not have an internal audit system in place.
(viii) Cost Records
We have broadly examined the cost records maintained by the Company,
including pursuant to the Companies (Cost Accounting Records) Rules,
2011 prescribed by the Central Government under Section 209(1 )(d) of
the Companies Act, 1956 for the products manufactured by the Company in
this connection and are of the opinion that prima facie, the prescribed
accounts and records have been made.
(ix) Statutory Dues
(a) As per the records verified by us, the Company is generally regular
in depositing statutory dues involving Income Tax, Provident Fund,
Employees State Insurance, Sales Tax, Service tax, Cess and other
applicable statutory dues with the appropriate authorities. Also,
scrutiny of the records revealed no dues in respect of Investor
Education and Protection Fund, and Wealth Tax.There were no undisputed
statutory dues remaining outstanding as on 31.03.2014 for a period of
more than six months from the date they become payable except as stated
below:
Statement of Arrears of Statutory Dues Outstanding for More than Six
Months
(b) According to the information and explanations given to us, there is
no amount payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty, which has not been deposited on account of any
disputes.
Name of Nature of Amount Period to which Due date Date of
Statute Dues (Rs) the amount Payment
relates
Income Tax TDS 10,28,584 May 2013 07/06/2013 15/07/2014
Act. 1961
Income Tax TDS 95.000 December 07/01/2014 15/07/2014
Act. 1961 2013
(x) Accumulated Losses
The Company has accumulated losses less than 50% of its net worth at
the end of the financial year. The company has not incurred cash losses
in the current year or in the immediately preceding financial year.
(xi) Dues to Banks
The Company has neither issued any debentures nor has borrowed from any
Financial Institution or bank.
(xii) Loans against pledge of Securities
As per the records verified by us, the Company has not granted any
loans and/or advances on the basis of security by way of pledge of
shares, debentures and other securities during the year under review.
(xiii) Applicability of Special Statute
The provisions of special statutes as applicable to Chit fund, Nidhi or
Mutual Benefit Company are not applicable to the Company.
(xiv) Dealing in Shares
The company is not dealing in or trading in shares, securities,
debentures and other investments.
(xv) Guarantees given
As per the records verified by us and based on the explanations given
to us, we are of the opinion that the Company has not given any
guarantee for loans taken by others from Banks or Financial
Institutions, the terms and conditions of which are prima-facie
prejudicial to the interest of the Company.
(xvi) Term Loans
The Company has not raised money in the form of term loans. Hence,
clause 4(xvi) of the Order is not applicable to the company.
(xvii) Use of Short Term Funds
In our opinion and according to the information and explanations given
to us and on the basis of overall examination of the balance sheet of
the company, we report that there are no funds raised on short-term
which have been used for long term investment and vice-e-versa.
(xviii) Preferential Allotment
During the year, the Company has not made preferential allotment of
equity shares to the parties covered in the register maintained under
Section 301 of the Companies Act, 1956.
(xix) Debentures
No debentures have been issued by the Company during the year.
(xx) Public Issue
The Company is has not raised money by public issues during the year;
therefore clause 4(xx) of the Order is not applicable.
(xxi) Frauds
During the course of our examination of the books and records of the
company, carried out in accordance with the generally accepted auditing
practices in India, and according to information and explanations given
to us no material fraud on or by the Company has been noticed or
reported during the course of our audit.
For Agarwal Sanganeria & Co
Chartered Accountants
Firm Regn No. 317224E
Sd/-
Saket Sanganeria
Partner
C.A.Membership No. 300679
Place: Mumbai
Date: 21st August, 2014
Mar 31, 2013
We have audited the accompanying financial statements of CRESSANDA
SOLUTIONS LIMITED, which comprise the Balance Sheet as at March 31,
2013, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended and a summary of significant accounting policies
and other explanatory information.
Management is responsible for 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 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.
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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
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 judgement, 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 the Management,
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.
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 the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
1. 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.
2. As required by section 227(3) of the Act, we report that:
a) 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.
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, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
the Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956;
e) on the basis of the written representations received from the
directors as on March 31, 2013 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 Companies Act, 1956.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of CRESSANDA SOLUTIONS LIMITED, on the accounts of the
company for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed off during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the 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 on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancies were noticed on physical verification of
stocks by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
(b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceed five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amount payable in respect of income tax, wealth tax, service tax,
sales tax, custom duty and excise duty which have not been deposited on
account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. 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.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17 Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and 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, nor we have been informed
of such cases by the management.
For Agarwal Sanganeria & Co
Chartered Accountants
Firm Regn No. 317224E
Pawan Kr Agarwal
Partner
C.A.Membership No. 053496
Date: 27th May 2013
Place: Kolkata
Mar 31, 2012
We have audited the attached Balance Sheet of CRESSANDA SOLUTIONS
LIMITED, as at 31st March, 2012, the Statement of Profit and Loss and
the Cash Flow Statement 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 as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 22 7 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:
a) We have 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 examinations of those
books;
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account;
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report comply with the
applicable Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act. 1956.
e) On the basis of written representations received from the directors,
as on March 31, 2012 and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on March 31. 2012
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, they said accounts read together with the
notes thereon give the information required by the Companies Act. 1956.
in the manner so required aniline a true and fair view in conformitywith the accounting principles accepted in India:
a) in the case of the Balance Sheet, of the stale of the affairs of the
Company as at 31st March, 2012; '
b) in the case of the Statement of Profit and Loss, of the Loss for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the Cash How's for the
year ended on that date.
The Annexure referred to in the Auditor's Report to the members of
Cressanda Solutions Ltd. for the year ended 31st March, 2012. We report
that:
1. a) The company has no fixed assets, since there has been suspension
of all the business and services provided by the company , the Company
has disposed off all the fixed assets in the last financial year.
2. The Company was a service company, primarily rendering information
technology services. Accordingly it does not hold any physical
inventories. Thus paragraph 4(ii) of the Companies (Auditor's
Report,) Order 2003. ('The Order') is not applicable.
3. a)The Company has not granted an)- loans, secured or unsecured to
Companies, Firms and Other Parties listed in the register maintained
under section 301 of the Act, 1956.
b) The Company has not taken any loans, secured or unsecured from
Companies, Firms and Other Parties listed in the register maintained
under section 301 of the Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business. The
activities of the Company do not involve purchase of inventories and
sale of goods. However there has been suspension of all the business
and services provided by the Company in the last to last financial
year.
5. a) Based on the audit procedures applied by us and according to the
information and explanations given to us the transactions that need to
be entered into the register in pursuance of Section 301 of the
Companies Act, 1956 have been entered, although as according to the
information and explanations given to us, no transaction has been
carried out in the current year that requires entry under of Section
301 of the Companies Act, 1956;
6. The Company has not accepted any deposits from the public and
consequently, the directives issued by the Reserve Bank of India and
the provisions of Section 58A, 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under are not
applicable to the Company.
7. In our opinion, the Company does not have an internal audit system
which is commensurate with the size and nature of its business;
8. According to the information and explanations given to us,
maintenance of cost records has not been prescribed by the Central
Government under section 209(1) (d) of the Companies Act 1956 for any
of the services rendered by the Company.
9. a) According to the information and explanations given to us and as
per records produced before us, the Company is generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income-Tax,
Sales-Tax, Service Tax, Wealth-Tax, Cess and any other statutory dues
as applicable to it.
b) According to the information and explanations given to us. there are
no dues of Income tax that have not been deposited on account of am
dispute and there are no amounts involved and the forum where the
dispute is pending.
10. The company has accumulated losses at the end of the financial
year which is not less than 50% of its net worth;
11. According to the information and explanations given to us, there
were no dues to be paid to Financial Institutions or Banks or Debenture
Holders.
12. According to the 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 is not a Chit/Nidhi/Mutual Benefit Fund/Society.
Therefore, the provisions of Clause 4 (xiii) of the Order are not
applicable to the Company.
14. Based on our examinations of the records and explanations provided
to us, the company is not in the business of dealing or trading in
shares, securities, debentures except other investments. As per the
information provided to us proper records have been maintained of the
investment transactions and contracts and the company has held the
investments in its own name;
15. On the basis of the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions, the terms and conditions of which are
prejudicial to the interest of the Company.
16. According to the information & explanations given to us, no term
loan has been taken by the company during the year.
17. The funds raised on short-term basis have not been used for
long-term investment;
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956;
19. During the year the company has not issued any debentures.
20. The company has not raised any money by public issues during the
year;
21. Based upon the audit procedures performed and 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 Agarwal Sanganeria & Co.
Chartered Accountants
Firm Regn. No. 317224E
Bina Gupta
Partner
C.A. Membership. No. 060269
Date: 15thMay, 2012 Place: Camp New Delhi
Mar 31, 2010
We have audited the attached Balance Sheet of CRESSANDA SOLUTIONS
LIMITED, as at March 31, 2010, and also the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial Ãstatements 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 (Auditors Report) Order, 2003 as amended,
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:
a) We have 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 examinations of those
books;
c) The Balance Sheet, profit and Loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956.
e) On the basis of written representations received from the directors,
as on March 31. 2010 and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on March 31, 2010
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
1) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon 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 the affairs of the
Company as at March 31,2010;
b) in the case of the Profit and Loss Account, of the Loss 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.
ANNEXURE TO THE AUDITORS REPORT
The Annexure referred to in the Auditors Report to the members of
Cressanda Solutions Ltd. for the year ended 31st March, 2010. We report
that:
(a)The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) Physical verification of major assets was conducted by the
management during the year which in our opinion is reasonable having
regards to the size of the company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) During the year, the Company has not disposed off substantial part
of fixed assets and therefore do not affect the going concern
assumption.
2. The Company is a service company, primarily rendering information
technology services. Accordingly it does not hold any physical
inventories. Thus paragraph (ii) of the Companies (Auditors Report,)
Order 2003. (The Order) is not applicable.
3. a) The Company has not granted any loans, secured or unsecured to
Companies, Firms and Other Parties listed in the register maintained
under section 301 of the Act, 1956 except to two companies. The maximum
amount outstanding during the year was Rs 4S,57,177 and year end
balance was Rs 38,57,1 77.
b) The loans given are interest free and the other terms and conditions
of loans given by the Company secured or unsecured are prima facie
not prejudicial to the interest of the Company.
c) Since the loans given by the company are in the nature of advance,
so question of repayment of the principal amount does not arise.
d) We have been informed that there is no overdue amount more than Rs 1
lac, accordingly the requirement of this clause does not arise.
e) The Company has not taken any loans, secured or unsecured from
Companies, Firms and Other Parries listed in the register maintained
under section 301 of the Act, 1956 except from three companies and one
director. The maximum amount outstanding during the year was Rs
35,18,007 and year end balance was Rs. 26,48,007.
f) According to the information and explanations given to us, the rate
of interest and other terms and conditions of loans taken by the
Company are not prima facie prejudicial to the interest of the Company.
g) The Company is regular in repayment of the principal amount
including interest.
4. In our opinion and according to the information and explanations
given to us. there is adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets and the sale of services. The activities of
the Company do not involve purchase of inventories and sale of goods.
The management of the company has identified the areas where internal
control needs further improvement so as to commensurate with the size
and nature of the business;
5. (a) Based on the audit procedures applied by us and according to
the information and explanations given to us the transactions that need
to be entered into the register in pursuance of section 301 of the
Companies Act, 1956 has been entered;
(b)The transaction entered into the register in pursuance of section
301 of the Companies Act, 1956 have been made at prices, which are
reasonable having regard to the prevailing market prices at the
relevant time;
6. The Company has not accepted any deposits from the public and
consequently, the directives issued by the Reserve Bank of India and
the provisions of Section 58A, 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under are not
applicable to the Company.
7. In our opinion, the Company has an internal audit system which is
commensurate with the size and nature of its business;
8. According to the information and explanations given to us,
maintenance of cost records has not been prescribed by the Central
Government under section 209(1) (d) of the Companies Act 1956 for any
of the services rendered by the Company.
9. (a) According to the information and explanations given to us and
as per records produced before us, the Company is generally regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, employees state insurance, income-tax,
sales-tax, wealth-tax, cess and any other statutory dues applicable to
it.
(b) According to the information and explanations given to us, there
are no dues of income tax that have not been deposite 1 on account of
any dispute and there are no amounts involved and the forum where the
dispute is pending except for the assessment year 2001-2002 with the
Commissioner of Income Tax, Appeals XIII, New Delhi. The CIT has
disallowed vide order dated 01.02.2005 expenditure amounting to Rs.
1,19,43,788/- in the case of Doctor Sahib. Com (P) Ltd. which has
merged with Cressanda Solutions Limited w.e.f. 01.04.2001. The Company
has appealed to ITAT against the order of Commissioner of Income Tax,
Appeals XIII, and New Delhi. The order of tribunal is still pending for
hearing.
10.The company has accumulated losses at the end of the financial year
which is not less than 50% of its net worth and has incurred cash
losses of Rs. 520,950 in the current financial year and thereon no cash
losses in the immediately preceding financial year;
11. During the year the company has not defaulted in repayment of dues
to a financial institution or bank or debenture holders.
12. According to the 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 is not a Chit/nidhi/mutual benefit fund/society.
Therefore, the provisions of clause 4 (xiii) of the Order are not
applicable to the Company.
14.Based on our examinations of the records and explanations provided
to us, the company is not in the business of dealing or trading in
shares, securities, debentures except other investments, and we are of
the opinion that proper records have been maintained of the
transactions and contracts and timely entries have been made in those
records. We also report that the company has held the investments in
its own name;
15. On the basis of the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions, the terms and conditions of which are
prejudicial to the interest of the Company.
16. According to the information & explanations given to us, the term
loans were applied for the purpose for which the loans were obtained;
17. The funds raised on short-term basis have not been used for
long-term investment or vice versa;
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956;
19. During the year the company has not issued any debentures;
20. The company has not raised any money by public issues during the
year;
21. Based upon the audit procedures performed and 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 Agarwal Sanganeria & Co.
Chartered Accountants
Firm Regn.No.317224E
Pawan Kr. Agarwal
Partner
C.A. Membership. No. 053496
Date: 2nd September, 2010
Place: Camp Noida.
Mar 31, 2009
We have audited the attached Balance Sheet of CRESSANDA SOLUTIONS
LIMITED, as at March 31, 2009, and also the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys 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 (Auditors Report) Order, 2003 as amended,
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:
a) We have 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 examinations of those
books;
c) The Balance Sheet, profit and Loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the Accounting
Standards referred to in subjection (3C) of Section 211 of the
Companies Act, 1956.
e) On the basis of written representations received from the directors,
as on March 31, 2009 and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on March 31, 2009
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon 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 the affairs of the
Company as at March 31, 2009;
b) in the case of the Profit and Loss Account, 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.
ANNEXURE TO THE AUDITORS REPORT
The Annexure referred to in the Auditors Report to the members of
Cressanda Solutions Ltd. for the year ended 31st March, 2009. We report
that:
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Physical verification of major assets was conducted by the
management during the year which in our opinion is reasonable having
regards to the size of the company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) During the year, the Company has not disposed off substantial part
of fixed assets and therefore do not affect the going concern
assumption.
2. The Company is a service company, primarily rendering information
technology services. Accordingly it does not hold any physical
inventories. Thus paragraph 4(ii) of the Companies (Auditors Report,)
Order 2003. (The Order) is not applicable.
3. a) The Company has not granted any loans, secured or unsecured to
Companies, Firms and Other Parties listed in the register maintained
under section 301 of the Act, 1956 except to two companies. The
maximum amount outstanding during the year was Rs 49,16,219 and year
end balance was Rs 48,57,177.
b) The loans given are interest free and the other terms and conditions
of loans given by the Company secured or unsecured are prima facie not
prejudicial to the interest of the Company.
c) Since the loans given by the company are in the nature of advance,
so question of repayment of the principal amount does not arise.
d) We have been informed that there is no overdue amount more than Rs 1
lac, accordingly the requirement of this clause does not arise.
e) The Company has not taken any loans, secured or unsecured from
Companies, Firms and Other Parties listed in the register maintained
under section 301 of the Act, 1956 except from three companies and one
director. The maximum amount outstanding during the year was Rs
81,80,674 and year end balance was Rs .26,48,007.
f) According to the information and explanations given to us, the rate
of interest and otherterms and conditions of loans taken by the Company
are not prima facie prejudicial to the interest of the Company.
g) The Company is regular in repayment of the principal amount
including interest.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control
system commensurate with the size of the Company and the nature of its
business with regard to purchase of fixed assets and the sale of
services. The activities of the Company do not involve purchase of
inventories and sale of goods. The management of the company has
identified the areas where internal control needs further improvement
so as to commensurate with the size and nature of the business;
5. (a) Based on the audit procedures applied by us and according to
the information and explanations given to us the transactions that need
to be entered into the register in pursuance of section 301 of the
Companies Act, 1956 has been entered;
(b) The transaction entered into the register in pursuance of section
301 of the Companies Act, 1956 have been made at prices, which are
reasonable having regard to the prevailing market prices at the
relevant time;
6. The Company has not accepted any deposits from the public and
consequently, the directives issued by the Reserve Bank of India and
the provisions of Section 58A, 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under are not
applicable to the Company.
7. In our opinion, the Company has an internal audit system which is
commensurate with the size and nature of its business;
8. According to the information and explanations given to us,
maintenance of cost records has not been prescribed by the Central
Government under section 209(1) (d) of the Companies Act 1956 for any
of the services rendered by the Company.
9. (a) According to the information and explanations given to us and
as per records produced before us, the Company is generally regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, employees state insurance, income-tax,
sales-tax, wealth-tax, cess and any other statutory dues applicable to
it. (b) According to the information and explanations given to us,
there are no dues of income tax that have not been deposited on account
of any dispute and there are no amounts involved and the forum where
the dispute is pending except for the assessment year 2001-2002 with
the Commissioner of Income Tax, Appeals XIII, New Delhi. The CIT has
disallowed vide order dated 01.02.2005 expenditure amounting to Rs.
1,19,43,788/-in the case of Doctor Sahib. Com (P) Ltd. which has merged
with Cressanda Solutions Limited w.e.f. 01.04.2001. The Company has
appealed to ITAT against the order of Commissioner of Income Tax,
Appeals XIII, and New Delhi. The order of tribunal is still pending for
hearing.
10. The company has accumulated losses at the end of the financial
year which is not less than 50% of its net worth and has not incurred
cash losses in the current financial year and immediately preceding
financial year;
11. During the year the company has not defaulted in repayment of dues
to a financial institution or bank or debenture holders.
12. According to the 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 is not a Chit/nidhi/mutual benefit fund/society.
Therefore, the provisions of clause 4 (xiii) of the Order are not
applicable to the Company.
14. Based on our examinations of the records and explanations provided
to us, the company is not in the business of dealing or trading in
shares, securities, debentures except other investments, and we are of
the opinion that proper records have been maintained of the
transactions and contracts and timely entries have been made in those
records. We also report that the company has held the investments in
its own name;
15. On the basis of the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions, the terms and conditions of which are
prejudicial to the interest of the Company.
16. According to the information & explanations given to us, the term
loans were applied for the purpose for which the loans were obtained;
17. The funds raised on short-term basis have not been used for
long-term investment or vice versa;
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956;
19. During the year the company has not issued any debentures;
20. The company has not raised any money by public issues during the
year;
21. Based upon the audit procedures performed and 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 Agarwal Sanganeria & Co.
Chartered Accountants
Pawan Kr. Agarwal
Date: June 30, 2009 Partner
Place: Camp Noida. C.A. Membership. No. 053496