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Capri Global Capital
BSE: 531595|NSE: CGCL|ISIN: INE180C01018|SECTOR: Finance - General
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« Mar 13
Auditor's Report (Capri Global Capital) Year End : Mar '14
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, 2014 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 gives 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) read with General Circular
 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
 in respect of Section 133 of the Companies Act 2013 and in accordance
 with the accounting practices generally accepted in India. 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, 2014;
 
 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, 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 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, 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
 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, 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31st March, 2014, from
 being appointed as a director in terms of clause (g) of sub-section (1)
 of Section 274 of the Companies Act 1956.
 
 As required by the Companies (Auditor''s Report) Order, 2003 issued by
 the Central Government of India in terms of Section 227 (4A) of the
 Companies Act 1956, and on the basis of such checks as we considered
 appropriate, we further 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) As explained to us, the Company has a system of verifying all its
 major fixed assets over a period of three years 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.
 The discrepancies noticed on such verification were not material and
 have been properly dealt with in the books of accounts.
 
 (c) During the year, the Company has not disposed off any substantial
 /major part of fixed assets so as to affect the going concern status of
 the Company.
 
 (ii) In respect of its inventories:
 
 (a) As per the information and explanation given to us by the
 management, the inventories of the Company mainly consists of Shares &
 Securities maintained in electronic (dematerialization) mode and hence
 no physical verification of inventories of the Company is required. In
 our opinion, sub-clause (ii)(a) and (ii)(b) of Paragraph 4 of the Order
 are not applicable to the Company.
 
 (b) 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. No discrepancies have been noticed on verification between
 the stocks as per dematerialization mode and the book records.
 
 (iii) (a) The Company has granted interest free unsecured loan and
 advances in the nature of loan to four wholly owned subsidiary parties
 covered in the register maintained under section 301 of the Companies
 Act, 1956. The maximum amount involved together with balance due at the
 end of the year was Rs. 21.05 Lacs and the year end balance was Rs. Nil.
 
 (b) In our opinion and according to the information and explanations
 given to us the other terms and conditions of the loans given by the
 Company are not prima facie prejudicial to the interest of the Company.
 
 (c) The principal amounts are repayable on demand and there is no
 repayment schedule.
 
 (d) In respect of the said loans, the same are repayable on demand and
 therefore the question of overdue amounts does not arise.
 
 (e-g) The Company has not taken loans, secured or unsecured from
 Companies, firms or other parties covered in the register maintained
 under section 301 of the Companies Act, 1956 and hence provisions of
 paragraph 4(iii)(e) to 4(iii)(g) of the aforesaid Order are not
 applicable to the Company.
 
 (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, for the
 purchase of inventory and fixed assets and for sale of services. During
 the course of our audit, we have not observed any major weakness in
 such internal controls.
 
 (v) Based on the audit procedures applied by us, and to the best of our
 knowledge and belief and according to the information and explanations
 given to us by the management, we are of the opinion that during the
 year no contracts or arrangements referred to in Section 301 of the
 Companies Act, 1956, have been entered into by the Company. Accordingly
 requirement of clause (v)(a) & (v)(b) of Paragraph 4 of the Order are
 not applicable to the Company.
 
 (vi) 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 58A and 58AA or any other relevant
 provisions of the Companies Act, 1956 and the Companies (Acceptance of
 Deposits) Rules, 1975 are applicable.
 
 (vii) In our opinion, the internal audit functions carried out during
 the year by a firm of independent Chartered Accountants appointed by
 the Management has been commensurate with the size of the Company and
 nature of its business.
 
 (viii) As per the information and explanations given to us by the
 management, maintenance of cost records under Section 209(1)(d) of the
 Companies Act, 1956 has not been prescribed by the Company Law Board
 and hence in our opinion the requirement of clause (viii) of Paragraph
 4 of the Order is not applicable to the Company.
 
 (ix) (a) According to the information and explanations given to us by
 the management and according to the records of the Company, the Company
 is generally regular in depositing with appropriate authorities
 undisputed statutory dues including provident fund, investor education
 protection fund, employees'' state insurance, income-tax, service tax,
 wealth tax, and other applicable statutory dues.
 
 (b) According to the information and explanations given to us, no
 undisputed arrears of above statutory dues were outstanding, as at 31st
 March 2014, for a period of more than six months from the date they
 became payable.
 
 (x) The Company does not have accumulated losses at the end of the
 financial year and the Company has not incurred any cash losses during
 the current financial year as well as in the immediately preceding
 financial year.
 
 (xi) 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 and banks.
 
 (xii) Based on our examination of documents and records and according
 to the explanations given to us by the management we are of the opinion
 that the Company has maintained adequate documents and records in cases
 where it has granted loans and advances on the basis of security by way
 of pledge of shares, debentures and other securities.
 
 (xiii) As per the information and explanations given to us by the
 management, the Company is not a Chit Fund or a Nidhi Company.  Hence
 in our opinion, the provisions of any special statute as specified
 under Clause (xiii) of Paragraph 4 of the Order are not applicable to
 the Company.
 
 (xiv) As per the information and explanations given to us by the
 management and based on our examination of the records and evaluation
 of the related internal controls, we are of the opinion that proper
 records have been maintained of the transactions and contracts in
 respect of dealing or trading in shares, securities, debentures and
 other investments and timely entries have been made therein. We also
 report that the Company has held all the shares, securities, and other
 investments in its own name except to the extent of exemption under
 section 49 of the Companies Act, 1956.
 
 (xv) The Company has not given any guarantee for loans taken by others
 from Bank or financial institution and accordingly requirement of
 Paragraph 4(xv) of the aforesaid Order are not applicable to the
 Company.
 
 (xvi) In our opinion and according to the information and explanations
 given to us by the management, the Company has not availed of any term
 loan during the year.
 
 (xvii) According to the cash flow statement on the Balance Sheet date
 and according to the information and explanations given to us and on an
 overall examination of the Balance sheet of the Company, we are of the
 opinion that no funds raised on short term basis have, prima-facie,
 been used for long term investments. No long-term funds have been used
 to finance short-term assets except permanent working capital.
 
 (xviii) 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 and therefore, in our opinion
 clause (xviii) of Paragraph 4 of the Order is not applicable.
 
 (xix) During the period covered by our audit report, the Company has
 not issued debentures and therefore clause (xix) of Paragraph 4 of the
 Order is not applicable.
 
 (xx) During the period covered by our audit report, the Company has not
 raised money by way of public issues except by way of Employee Stock
 Option Plans and conversion of warrants into equity shares as per terms
 and conditions of warrants issued in the earlier year.
 
 (xxi) Based upon the audit procedures performed and as per information
 and explanations given to us by the management, we report that no fraud
 on or by the Company has been noticed or reported during the year.
 
 
                                                  For and on behalf of
 
                                                        KARNAVAT & CO.
 
                                                 Chartered Accountants
 
                                                 Firm Regn No. 104863W
 
 192, Dr. D. N. Road                                     (Viral Joshi)
 
 Mumbai - 400001                                               Partner
 
 Dated: 9th May, 2014                            Membership No. 137686
Source : Dion Global Solutions Limited
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