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Circuit Systems (India)
BSE: 532913|ISIN: INE720H01010|SECTOR: Electricals
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« Mar 14
Auditor's Report (Circuit Systems (India)) Year End : Mar '15
 We have audited the accompanying financial statements of Circuit System
 (India) Limited (the Company), which comprise the Balance Sheet as at
 31st March, 2015, the Statement of Profit and Loss, Cash Flow Statement
 and a summary of significant accounting policies and other explanatory
 information.
 
 * Management''s Responsibility for the Financial Statements
 
 The Company''s Board of Directors is responsible for the matters 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 of 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.
 
 * Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these standalone
 financial statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made there under. We conducted our
 audit in accordance with the Standards on Auditing specified under
 Section 143(10) of the Act. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement. An audit involves performing procedures to
 obtain audit evidence about the amounts and the disclosures in the
 financial statements. The procedures selected depend on the auditor''s
 judgment, including the assessment of the risks of material
 misstatement of the financial statements, whether due to fraud or
 error. In making those risk assessments, the auditor considers internal
 financial control relevant to the Company''s preparation of the
 financial statements that give a true and fair view in order to design
 audit procedures that are appropriate in the circumstances. An audit
 also includes evaluating the appropriateness of the accounting policies
 used and the reasonableness of the accounting estimates made by the
 Company''s Directors, as well as evaluating the overall presentation of
 the financial statements. We believe that the audit evidence we have
 obtained is sufficient and appropriate to provide a basis for our audit
 opinion on the standalone financial statements.
 
 * Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone financial statements
 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, of the state of affairs of the Company as
 at 31st March, 2015, and its loss and its cash flows for the year ended
 on that date.
 
 * Report on Other Legal and Regulatory Requirements
 
 As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order), issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Companies Act, 2015, we give in
 the Annexure a statement on the matters specified in paragraphs 3 and 4
 of the Order, to the extent applicable.
 
 As required by Section 143 (3) of the Act, we report that:
 
 (a) We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 (b) In our opinion, proper books of account as required by law have
 been kept by the Company so far as it 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.
 
 (e) On the basis of the written representations received from the
 directors as on 31st March, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 (i) The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 34 to the
 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 has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 ANNEXURE TO THE AUDITOR''S REPORT
 
 (Referred to in paragraph 5 of our report of even date)
 
 I.  Fixed Assets: -
 
 (a) The Company has maintained proper records to show full particulars,
 including quantitative details and situation of fixed assets.
 
 (b) The management has physically verified all the fixed assets at the
 year-end. No material discrepancies have been noticed on such
 verification.
 
 II.  Inventory :
 
 (a) The stocks of finished goods, stores and spares have been
 physically verified during the year by the management. In our opinion,
 the frequency of verification is reasonable.
 
 (b) The procedure of physical verification of stocks followed by the
 management is reasonable and adequate in relation to the size of the
 Company and the nature of its business.
 
 (c) No material discrepancies have been noticed on physical
 verification of stocks as compared to book records.
 
 II. Loan:
 
 According the information and explanation given to us, the company has
 not granted any loans, secured or unsecured to companies, firms or
 their parties covered in the register maintained under section 189 of
 the companies Act 2013.
 
 II.  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 with regard to purchases of stores, raw materials including
 components, plant & machinery, equipment, other goods, assets and job
 work and with regard to the sales of goods, assets and job work. To the
 best of our knowledge, no major weaknesses in internal control were
 either reported or noticed by us during the course of our audit.
 
 III. In our opinion and according to the information and explanations
 given to us, the Company has not accepted any deposit during the
 current financial year.
 
 IV.  The Central Government has not prescribed for the maintenance of
 cost records under sub-section (1) of section 148 of the Companies Act,
 2013.
 
 V.  (a) The Company is regular in depositing undisputed statutory dues
 including provident fund, employees''
 
 state insurance, income tax, sales tax, wealth tax, service tax, duty
 of customs, duty of excise, value added tax, cess and any other
 statutory dues with a appropriate authorities.
 
 (b) According to the information and explanation given to us, there
 were no undisputed amounts payable in respect of Income-Tax,
 Wealth-Tax, Sales Tax, Customs Duty and Excise Duty which have remained
 outstanding as at 31st March, 2015 for a period of more than six months
 from the date they became payable.
 
 (c) The company is not required to transfer any amount to investor
 educational and protection fund in accordance with provisions of
 Companies Act, 2013 or rules made thereunder.
 
 VI.  The Company has not incurred cash losses during the year. The
 Company has no accumulated losses more than 50% of its net worth.
 
 VII.  On the basis of the verification of records and information and
 explanations given to us, the Company has not defaulted in repayment of
 dues to financial institutions or banks.
 
 VIII. The Company has not given any guarantees for loans taken by
 others from banks and financial institutions during the year.
 
 IX.  Based on verification of records of the company, the terms loan
 were applied for the purpose for which loans were obtained.
 
 X.  Based on the Audit procedure performed and the representation
 obtained from the management, we report that no case of fraud on or by
 the Company has been noticed or reported during the year under Audit.
 
                                    For Baheti Bhadada and Associates
                                                Chartered Accountants
                                        Firm Registration No. 100865W
 
                                                      (Krutesh Patel)
 Place : Ahmedabad                                            Partner
 Date : 22 April 2015                           Membership No. 140047
Source : Dion Global Solutions Limited
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