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Capri Global Capital

BSE: 531595|NSE: CGCL|ISIN: INE180C01026|SECTOR: Finance - General
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Auditor's Report (Capri Global Capital) Year End : Mar '16

We have audited the accompanying standalone financial statements of
CAPRI GLOBAL CAPITAL LIMITED (the Company), comprising of the Balance
Sheet as at March 31, 2016, the Statement of Profit and Loss, the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory.

Management''s Responsibility for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the preparation of
these standalone financial statements in terms of requirements of the
Companies Act, 2013 (hereinafter referred to as the Act) 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 and the Rules made
there under including the accounting and auditing standards and matters
which are required to be included in the audit report.

We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other authoritative
pronouncements issued byte Institute of Chartered Accountants of India.
Those Standards and pronouncements require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the standalone financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the standalone financial statements.
The procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the standalone
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 standalone 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 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 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, 2016 (the
Order) issued by the Central Government of India in terms of
Sub-section (11) of Section 143 of the Companies Act, 2013 and on the
basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure-A a statement on the
matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;

b) In our opinion, proper books of account as required by law have been
kept by the Company, so far as appears from our examination of those
books;

c) 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 statement 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 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 31st March, 2016, 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 - B.

g) With respect to the other matters to be included in the Auditor''s
Report in accordance with the 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, we report
that:

i) The Company does not have any pending litigations which would impact
its financial position.

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
Investors Education and Protection Fund by the Company.


The Annexure referred to in paragraph 1 under the ''Report on Other
Legal and Regulatory Requirements'' our report to the members of CAPRI
GLOBAL CAPITAL LIMITED, (''the Company'') for the year ended on March 31,
2016. We report that:-

i. In respect of its fixed assets:

(a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of
fixed assets which is, in our opinion, reasonable having regard to the
size of the Company and the nature of its assets. In accordance with
this programme, certain fixed assets have been physically verified by
the management during the year and no material discrepancies have been
noticed on such verification.

(c) As per the information and explanation given to us by the
management, the Company does not own any immovable property.
Accordingly, the provisions of Clause 3(i)(c) of the Order are not
applicable to the Company.

ii. In respect of its inventories:

The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable. There were no material discrepancies noticed on physical
verification of inventories as compared to the book records.

iii. The Company has not granted any loans, secured or unsecured to
Companies, firms, Limited Liability Partnerships or other parties
covered in the register maintained under section 189 of the Act and
hence provisions of Clause 3(iii) of the aforesaid Order are not
applicable to the Company.

iv. The Company has not granted any loans or made any investments, or
provided any guarantee or security to the parties covered under Section
185 and 186 and hence provisions of Clause 3(iv) of the aforesaid Order
are not applicable to the Company.

v. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public
within the meaning of Sections 73, 74, 75 and 76 of the Act and the
Rules framed there under to the extent notified.

vi. In our opinion and according to the information and explanations
given to us maintenance of cost records under sub-section (1) of the
Section 148 of the Companies Act, 2013 has not been prescribed by the
government.

vii. (a) According to the records of the Company, 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, duty of customs, duty of excise,
value added tax or cess and other statutory dues applicable to it. No
undisputed amounts payable in respect of provident fund, employees''
state insurance, income-tax, sales tax, wealth tax, duty of customs,
duty of excise, value added tax or cess and other statutory dues were
outstanding, as at 31-03- 2016, for a period of more than six months
from the date they became payable.

(b) According to the records of the Company and information and
explanations given to us no dues of income tax, sales tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax or cess
that have not been deposited on account of any disputes.

viii. Based on our audit procedures and according to the information
and explanations given to us by the management, we are of the opinion
that the Company has not defaulted in repayment of dues to financial
institutions and bank.

ix. The Company has not raised any money by way of initial public
offer, further public offer (including debt instruments) and term loans
and hence provisions of Clause 3(ix) of the aforesaid Order are not
applicable to the Company.

x. 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 the information and explanations
given to us, we have neither come across any instance of material fraud
by the Company or on the Company by its officers or employees, noticed
or reported during the year, nor have we been informed of any such case
by the management.

xi. The Company has paid/provided managerial remuneration in accordance
with the requisite approvals mandated by the provision of the Section
197 read with Schedule V of the Act.

xii. The Company is not a Nidhi Company and the Nidhi Rules, 2014 are
not applicable to the Company and hence provisions of Clause 3(xii) of
the aforesaid Order are not applicable to the Company.

xiii. The Company has entered into the transaction with the related
parties in compliance with the provisions of the Section 177 and 188 of
the Act. The details of such related party transactions have been
disclosed in the standalone financial statements as required under
Accounting Standard (AS)18, Related Party Disclosures specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.

xiv. The Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during
the year under review and hence provisions of Clause 3(xiv) of the
aforesaid Order are not applicable to the Company.

xv. The Company has not entered into any non-cash transactions with its
directors or the persons connected with him and hence provisions of
Clause 3(xv) of the aforesaid Order are not applicable to the Company.

xvi. The Company has obtained registration as required under Section
45-1A of the Reserve Bank of India Act, 1934.


For and on behalf of

KARNAVAT & CO.

Chartered Accountants

Firm Regn No. 104863W

(Shashikant Gupta)

Camp: Gangtok Partner

Dated: April 23, 2016 Membership No. 45629

Source : Dion Global Solutions Limited
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