We have audited the accompanying financial statements of CAPRI GLOBAL
CAPITAL LIMITED (formerly known as Money Matters Financial Services
Limited) (the Company), which comprise the Balance Sheet as at March
31, 2015, 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
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 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.
Our responsibility is to express an opinion on these 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
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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. 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
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
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 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, 2015 (the
Order) issued by the Central Government of India in terms of
Sub-section (11) of Section 143 of the Companies Act, 2013, we give in
the Annexure 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
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 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, 2015, and 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 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
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
iii) There were no amounts which were required to be transferred to the
Investors Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
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
31,2015. We report that:-
i. In respect of its fixed assets
(a) The Company has maintained 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.
ii. In respect of its inventories
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
(b) 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) On the basis of our examination of the records of inventory, we are
of the opinion that the Company is maintaining proper records of
inventory. 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 or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 and hence provisions of
paragraph 3(iii) of the aforesaid Order are not applicable to the
iv. 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 purchases of
inventory, fixed assets and with regard to the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal controls system. There is no sale of services.
v. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public to
which provisions of Sections 73 to Section 76 or any other relevant
provisions of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014 are 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. 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
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
(b) According to the information and explanations given to us, 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 31-03-2015, for a period of more than six months
from the date they became payable.
(c) 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.
(d) No amount is required to be transferred to Investor''s Education and
Protection Fund in accordance with Section 205C(2) of the Companies
Act, 1956 (1 of 1956) and Rules made thereunder.
viii. The Company does not have accumulated losses. The Company has not
incurred any cash losses during the financial year covered by our audit
and in the immediately preceding financial year.
ix. 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.
x. The Company has not given any guarantee for loans taken by others
from Bank or financial institution, and accordingly requirement of
Paragraph 3(x) of the aforesaid Order are not applicable to the
xi. The Company has not raised term loans during the year.
xii. Based upon the audit procedures performed and information and
explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the year.
For and on behalf of
KARNAVAT & CO.
Firm Regn No. 104863W
192, Dr. D. N. Road (Viral Joshi)
Mumbai - 400001 Partner
Dated: May 09, 2015 Membership No. 137686