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Circuit Systems (India)
BSE: 532913|ISIN: INE720H01010|SECTOR: Electricals
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« Mar 12
Auditor's Report (Circuit Systems (India)) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Circuit
 Systems (India) Limited (the Company), which comprise the Balance
 Sheet as at 31 March, 2013 and the Statement of Profit and Loss and
 Cash Flow Statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 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.
 
 Auditor''s Responsibility
 
 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.
 
 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 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.
 
 Report on Other Legal and Regulatory Requirements
 
 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 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 referred
 to in subsection (3C) of section 211 of the Companies Act, 1956;
 
 e.  on the basis of written representations received from the directors
 as on 31 March, 2013 and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31 March, 2013 from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
 
 [Referred to in Paragraph 1 under the heading of report on other legal
 and regulatory requirements of our report of even date]
 
 1.  (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets on the basis of available information.
 
 (b) As explained to us, all the fixed assets have been physically
 verified by the management in a phased periodical manner, which in our
 opinion is reasonable, having regard to the size of the Company and
 nature of its assets. No material discrepancies were noticed on such
 physical verification.
 
 (c) In our opinion, the Company has disposed of a substantial part of
 fixed assets as set out in Note 29 being the work-in-progress at SEZ
 Unit during the period. On the basis of our examination of the books
 and records of the Company, and according to the information and
 explanations given to us, in our opinion, the disposal of the said
 assets work-in-progress has not affected the going concern status of
 the Company.
 
 2.  (a) The inventories have been physically verified during the year
 by management. In our opinion, the frequency of verification is
 reasonable.
 
 (b) According to the information and explanations given to us, in our
 opinion the procedures of physical verification of inventory followed
 by the management are reasonable and adequate in relation to the size
 of the Company and the nature of its business.
 
 (c) In our opinion and according to the information and explanations
 given to us the Company is maintaining proper records of inventory.
 According to the information and explanations given to us no material
 discrepancies were noticed on physical verification of inventories as
 compared to book records.
 
 3.  (a) The Company has granted unsecured loans to two parties covered
 in the register maintained under
 
 Section 301 of the Companies Act, 1956. The maximum amount at any time
 during the year was Rs. 32,51,896/- and the year-end balance is NIL.
 
 (b) In our opinion and according to the information and explanations
 given to us, the terms and conditions on which loans have been granted
 to the above parties listed in the register maintained under section
 301 of the Companies Act, 1956 are not, prima facie prejudicial to the
 interest of the Company.
 
 (c) We are informed that the loans granted to the above parties, do not
 have any stipulation for the payment of principal and interest.
 
 (d) The Company has taken unsecured loans from three parties covered in
 the Register maintained under Section 301 of the Companies Act, 1956.
 The maximum amount at any time during the year was Rs.5,31,96,325/- and
 the year-end balance is NIL
 
 (e) In our opinion and according to the information and explanation
 given to us, the rate of interest and other terms and conditions of
 such loan are not prima facie prejudicial to the interest of the
 company.
 
 (f) In respect of the aforesaid loans, the company is regular in
 repaying the principal amount which is repayable on demand.
 
 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, for the
 purchase of inventory and fixed assets and for the sale of goods and
 services. Further, on the basis of our examination of the books of
 account and records of the Company and according to the information and
 explanation given to us, we have neither come across nor have been
 informed of any continuing failure to correct major weaknesses in the
 internal control system.
 
 5.  According to the information and explanations given to us, the
 particulars of contracts or arrangements referred to in section 301 of
 the Companies Act,1956 that needs to be entered in the register
 maintained under that section have been so entered. Transactions done
 in pursuance of such contracts or arrangements have made at prices
 which appear reasonable as per information available with the company.
 
 6.  In our opinion and according to the information and explanations
 given to us, the Company has not accepted deposits from the public and
 therefore, the provisions contained in Sections 58A, 58AA or any other
 relevant provisions of the Act and Rules framed there under are not
 applicable to the Company.
 
 7.  In our opinion, the internal audit functions carried out during the
 year by a firm of Chartered Accountants appointed by the management
 have been commensurate with the size of the Company and the nature of
 its business.
 
 8.  According to the information and explanations given to us, the
 Central Government has prescribed for maintenance of cost records under
 Section 209(1)(d) of the Companies Act, 1956 in respect of
 manufacturing activity of the Company and we are of the opinion that
 prima facie the prescribed accounts and records have been made and
 maintained. We have, however, not made a detailed examination of the
 records with a view to determining whether they are accurate or
 complete.
 
 9.  (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 been generally regular in depositing
 undisputed statutory dues including Provident Fund, Investor Education
 and Protection Fund, Employees'' State Insurance, Sales Tax/Value Added
 Tax, Gratuity, Professional Tax, Income-tax, Wealth-tax, Custom Duty,
 Excise duty, Service Tax, Cess and any other applicable dues, during
 the year with the appropriate authorities. However, minor delay has
 been noticed in respect of Tax Deducted at Source (TDS) during the
 year. According to the information and explanation given to us no
 undisputed amounts payable in respect of statutory dues outstanding as
 at 31 March 2013 for a period of more than six months from the date
 they became payable other than a sum of Rs. 69,489/- of Tax Deducted at
 Source.  (b) According to the information and explanation given to us,
 there are no dues of Provident Fund, Sales tax/ Value Added Tax,
 Professional tax, Income tax, Wealth-tax, Custom duty, Excise duty,
 Service tax, Cess and any other dues to the extent applicable, which
 have not been deposited on account of dispute. The following are the
 particulars of statutory dues not deposited by the Company on account
 of disputes as at 31 March 2013:
 
 10.  The Company does not have any accumulated losses at the end of the
 year. During the year the Company has incurred cash loss. Further
 during the previous year the Company has not incurred any cash losses.
 
 11.  In our opinion and according to the information and explanation
 given to us, the Company has been generally regular in repayment of
 dues to Banks and Financial Institutions.
 
 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.  In our opinion, the Company is not a chit fund / nidhi / mutual
 benefit fund / society. Therefore, the provisions of clause (xiii) of
 paragraph 4 of the Order are not applicable to the Company.
 
 14.  In our opinion and according to the information and explanations
 given to us, the Company is not dealing or trading in shares,
 securities, debentures and other investments. The investment in shares
 and other securities have been held by the Company in its own name.
 
 15.  According to the information and explanations given to us, Company
 has not given any guarantee for loan taken by others from banks and
 Financial Institutions during the year.
 
 16.  During the period under audit, the company has not obtained any
 fresh term loans; hence the provisions of clause (xvi) are not
 applicable to the company.
 
 17.  On the basis of the information and explanations given to us and
 on an overall examination of the Financial Statements of the Company,
 in our opinion, there are no funds raised on a short-term basis which
 have been used for long-term investments.
 
 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 during the year.
 
 19.  The Company has not issued any debentures during the year.
 
 20.  During the year, the Company has not raised money by public issue.
 
 21.  During the course of our examination of the books of account and
 records of the Company, carried out in accordance with the generally
 accepted auditing practices in India, we have not come across any
 instance of material fraud on or by the Company, noticed or reported
 during the year, nor have been informed of such case by the management.
 
                                      For. C.R. SHAREDALAL & CO. 
 
                                      CHARTERED ACCOUNTANTS,
 
                                      (Registration No.109943W)
 
                                      (C. R. SHAREDALAL)
 
 PLACE : AHMEDABAD                     PARTNER
 
 DATE : 25-05-2013                     Membership No.002571
Source : Dion Global Solutions Limited
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