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CTIL
BSE: 532363|ISIN: INE394B01017|SECTOR: Computers - Software Medium/Small
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Mar 12
Auditor's Report (CTIL) Year End : Mar '13
Report on the financial Statements
 
 We have audited the accompanying financial statements of CTIL Limited
 (the Company) which comprise the Balance Sheet as at March 31, 2013,
 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 accor- dance
 with the Accordance with the Accounting Standards referred to in
 sub-section (3c)of sec- tion 211 of the Companies Act 1956 (the Act)
 This responsibility includes the design, imple- mentation 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 require- ment 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 disclo- sures 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 ac- counting
 estimates made by management, as well as evaluating the overall
 presentation of the financial statements.
 
 We believe that 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 profit for
 year ended on that date; and
 
 c.  In the case of the Cash Flow Statement, of the cash flow 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 section227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of 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 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, 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
 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, 2013, and taken on record by the Board Directors, none
 of the director 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.
 
 Annexure referred to in paragraph 3 of our report of even date
 
 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.
 
 b.  The fixed assets were physically verified during the year by the
 Management in accordance with a regular programme of verification
 which, in our opinion, provides for physical verification of all the
 fixed assets at reasonable intervals. According to the information and
 explanations given to us, no material discrepancies were noticed on
 such verification.
 
 c.  The Company has not disposed off any substantial part of its fixed
 assets during the year and the going concern status of the company, is
 not affected.
 
 2 The Company is a service company, primarily rendering IT services.
 Accordingly, it doesn''t hold any physical inventories. Thus paragraph
 4(ii) of the order is not applicable.
 
 3 a.  The company has granted interest free unsecured loan to bodies
 corporate listed in the Register maintained under section 301 of the
 Companies Act, 1956. The maximum amount involved during the year was
 Rs.193.24 Lakhs and the year-end balance of loan granted is Rs.321.37
 lakhs.
 
 b.  In our opinion and according to the information and explanations
 given to us, the terms and conditions are not prima-facie prejudicial
 to the interest of the company.
 
 c.  In respect of loans granted by the Company, repayments of principal
 amount are regular.
 
 d.  There are no overdue amounts as at the year end.
 
 e.  The company has not taken unsecured loans from three parties
 covered in the register maintained under section 301 of the Companies
 Act, 1956.
 
 f.  In our opinion and according to the information and explanations
 given to us, the terms and conditions are not prima-facie prejudicial
 to the interest of the company.
 
 g.  In respect of loan taken by the Company, the repayments of
 principal amount are regular.
 
 4 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, fixed assets and also for the
 sale of goods. Further, on the basis of our examinations and according
 to the information and explanations given to us, we have neither come
 across nor have been informed of any instance of major weaknesses in
 the aforesaid internal control systems.
 
 5 a.  According to the information and explanations given to us, we are
 of the opinion that the transactions that need to be entered into the
 register maintained under section 301 of the Companies Act, 1956, have
 been so entered.
 
 b. In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the register maintained under section 301 of
 the Companies Act, 1956 and exceeding the value of rupees five lakhs in
 respect of any party during the year have been made at prices which are
 reasonable having regard to the prevailing market prices at the
 relevant time.
 
 6. In our opinion and according to the information and explanations
 given to us the company has not accepted deposits from Public. Hence,
 compliance with the directives issued by the Reserve Bank of India and
 the provisions of Section58A & 58AA of the Companies Act, 1956 and the
 Companies (Acceptance of Deposits) Rules, 1975, with regard to the
 deposits accepted from the public is not applicable. According to the
 information and explanations given to us, in this regard, no order
 under the aforesaid sections 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 of the company.
 
 7.  In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 8.  Central Government has not prescribed Maintenance of Cost records
 under Section 209(1)(d) of the Companies Act, 1956 for any of the
 services rendered by the company.
 
 9.  In respect of statutory dues:
 
 a. According to the records of the Company, the undisputed statutory
 due including provident Fund, Employees State Insurance, Income tax,
 excise duty, sales tax and Cess have been generally regularly deposited
 with the appropriate authorities. According to the information and
 explanations given to us, no undisputed amounts payable in respect of
 the aforesaid dues were outstanding as at 31 March, 2013 for a period
 of more than six months from the date they become payable.
 
 10.  The company has accumulated losses. However, it has not incurred
 any cash losses in the financial year and in the immediately preceding
 financial year.
 
 11.  Based on our audit procedures and according to the information and
 explanations given to us, we are of the opinion that the company has
 not defaulted in repayment of dues to financial institutions & banks.
 
 12.  In our opinion and according to the information and explanations
 given to us, no loans and advances have been granted by the company on
 the basis of security by way of pledge of shares and other securities.
 
 13.  In our opinion, the company is not a chit fund or a nidhi/ mutual
 benefit fund/ society. Therefore, clause 4(xiii) of the Companies
 (Auditor''s Report) Order, 2003 is not applicable to the company.
 
 14.  In our opinion and according to the information and explanations
 given to us, the company is not dealing 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.  In our opinion and according to the information and explanations
 given to us, the company has given guarantees for loans taken by its
 subsidiary company and associate company from bank / financial
 institutions. According to the information and explanations given to
 us, we are of the opinion that the terms and conditions thereof are not
 prima facie prejudicial to the interest of the company.
 
 16.  In our opinion according to the information and explanations given
 to us, the term loans have been applied for the purposes for which they
 were raised.
 
 17.  In our opinion and according to the information and explanation
 given to us and on overall examination of balance sheet of the company,
 we are of the opinion that there are no funds raised for short term
 basis that have been used for long term investment.
 
 18.  During the year, the Company has not made any preferential
 allotment of shares to the parties and Companies covered in the
 register maintained under Section 301of the Companies Act, 1956.
 
 19.  The Company has not raised any money by way of issue of Debentures
 during the year; hence paragraph (xix) of the order is not applicable
 to the company.
 
 20.  According to the information and explanations given to us during
 the year the company has not raised any funds on public issue and hence
 this clause is not applicable to the company.
 
 21.  According to the information and explanations given to us no fraud
 on or by the company has been noticed or reported during the course of
 our audit.
 
 
 
 For BALAJI VISWANATH & CO 
 
 Chartered Accountants 
 
 (Firm Regn .No. 008194S)
 
 
 
 B Balaji Viswanath & Co
 
 Proprietor
 
 M.No. 029357
 
 
 
 Place: Hyderabad 
 
 Date : 30/05/2013
Source : Dion Global Solutions Limited
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