Independent Auditors Report
To the Members of
CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED
Mumbai
Report on the Financial Statements
We have audited the accompanying financial statements of CANARA ROBECO ASSET MANAGEMENT
COMPANY 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 give 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”). 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 Profit and Loss Account, 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 accounts as required by law have been kept by the
Company so far as appears from our examination of those books.
(c) The Company’s Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report comply with the Accounting Standards referred to in sub-section
(3C) of Section 211 of the Companies Act, 1956 to the extent applicable;
(e) On the basis of Written Representation received from the Directors as on 31st
March, 2014, and then taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2014, from being appointed as a director in terms of clause
(g) of sub- section (1) of section 274 of The Companies Act, 1956.
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For and on behalf of |
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Uttam Abuwala & Co. |
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Chartered Accountants |
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Firm Registration No: 111184W |
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Sd/- |
| Place: Mumbai |
PRERAK V. AGARWAL |
| Dated: April 25, 2014 |
Partner (M. No.: 158844) |
ANNEXURE TO THE AUDITOR’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2014
Referred to in paragraph 5 of our report of even date to the members of CANARA
ROBECO ASSET MANAGEMENT COMPANY LIMITED on the accounts for the year ended 31st March,
2014 On the basis of such checks as we considered appropriate and according to the
information and explanation given to us during the course of our audit, we report that:
i) (a) The company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets.
(b) As explained to us, fixed assets have been physically verified by the management at
regular intervals. In our opinion, the frequency of physical verification of fixed assets
is reasonable having regard to the size of the company and nature of its assets. No
material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations given to us, no
fixed asset has been disposed during the year and therefore does not affect the going
concern assumption.
ii) The Company has no inventory and hence clause 4(ii) (a) (b) and (c) are not
applicable.
iii) Based on the audit procedures applied by us and according to the information and
explanations given to us the company has not granted or taken any loans secured or
unsecured to / from companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956 Therefore, the provisions of sub clauses (b)
, (c) , (d) , (e) , (f) and (g) of sub para (iii) of para 4 of the Order are not
applicable to the Company.
iv) In our opinion and according to the information and explanations given to us, there
is an adequate internal control procedure commensurate with the size of the Company and
the nature of its business for purchase of fixed assets and for the sale of services.
During the course of our audit, we have not observed any continuing failure to correct
major weakness in the internal control system.
v) Based on the audit procedures applied by us and according to the information and
explanation given to us. There were no transactions that need to be entered in the
Register maintained in pursuance of section 301 of the companies Act, 1956. Accordingly,
sub clause (b) of sub- para (v) of para 4 of the Order regarding reasonability of prices
at which such transactions have been entered into is not applicable.
vi) In our opinion and according to the information and explanation given to us the
Company not accepted any deposit from public within the provision of section 58A, 58AA and
other relevant provisions of the Companies Act, 1956 and the rules framed there under.
vii) In our opinion, the Company has internal audit system commensurate with its size
and nature of its business.
viii) As explained to us, the maintenance of cost records has not been prescribed by
the Central Government under clause (d) of sub-section (1) of section 209 of the Companies
Act, 1956.
ix) (a) in our opinion and according to the records of the company, undisputed
statutory dues including Provident Fund, Employees’ State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, cess to the extent applicable and any other statutory
dues have been regularly deposited with the appropriate authorities. According to the
information and explanations given to us there were no outstanding statutory dues as on
March 31, 2014 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no amounts
payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and
excise duty which have not been deposited on account of any disputes.
x) The company does not have accumulated losses at the end of the financial year.
Furhter, it has not incurred cash losses during the current financial year and in the
immediately preceding financial year.
xi) On the basis of verification of records and according to the information and
explanations given to us and based on the records made available to us, the Company has
not raised any loans from Financial Institutions or Bank or on Debentures. Hence
provisions of clause 4(xi) of the Order are not applicable to the company.
xii) The company has not granted any loans and advances on the basis of security by way
of pledge of shares debenture and other securities.
xiii) The Company is not a chit fund or a nidhi or a mutual benefit society. Therefore
the provisions of sub-para (xiii) of para 4 of the Order are not applicable to the
Company.
xiv) In our opinion the company is not dealing in or trading in shares securities
debentures and other investments. Accordingly provisions of clause
4(xiv) are not applicable to the company.
xv) According to the information and explanations given to us Company has not given any
guarantee for loans taken by others from Banks or financial institutions.
xvi) According to the information and explanations given to us, the Company has not
raised any term loan during the year. Accordingly, provisions of clause 4(xvi) are not
applicable to the Company.
xvii) According to the information and explanations given to us and based on an overall
examination of the Balance Sheet of the Company, we report that funds raised on short term
basis have not been used for long term investment.
xviii) The company has not made any preferential allotment of shares during the year to
parties and companies covered in the register maintained under section 301 of the
companies Act, 1956.
xix) The Company has not issued any debentures during the year and therefore the
provisions of clause 4(xix) are not applicable.
xx) The company has not made any public issue of any securities during the year. The
provisions of clause 4(xx) are not applicable to the Company.
xxi) Based on the audit procedures performed and the information and explanations given
to us, we report that no fraud on or by the Company has been noticed or reported during
the year, nor have we been informed of such case by the management.
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For and on behalf of |
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Uttam Abuwala & Co. |
|
Chartered Accountants |
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Firm Registration No: 111184W |
|
Sd/- |
| Place: Mumbai |
PRERAK V. AGARWAL |
| Dated: April 25, 2014 |
Partner (M. No.: 158844) |
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 619(4) OF THE
COMPANIES ACT, 1956 ON THE ACCOUNTS OF CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED FOR
THE YEAR ENDED 31 MARCH 2014
The preparation of financial statements of Canara Robeco Asset Management Company
Limited for the year ended 31 March 2014 in accordance with the financial reporting
framework prescribed under the Companies Act 1956 is the responsibility of the management
of the company. The statutory auditor appointed by the Comptroller and Auditor General of
India under Section 619(2) of the Companies Act, 1956 is responsible for expressing
opinion on these financial statements under Section 227 of the Companies Act, 1956 based
on independent audit in accordance with the Standards on Auditing prescribed by their
professional body, the Institute of Chartered Accountants of India. This is stated to have
been done by them vide their Audit Report dated 25 April 2014.
I, on behalf of the Comptroller and Auditor General of India, have decided not to
review the report of the Statutory Auditor on the accounts of Canara Robeco
Asset Management Company Limited for the year ended 31 March 2014 and as such have no
comments to make under Section 619(4) of the Companies Act, 1956.
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For and on the behalf of the |
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Comptroller and Auditor General of India |
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Sd/- |
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(Y. N. Thakare) |
| Place : Mumbai |
Principal Director of Commercial Audit & |
| Date : 10 June, 2014 |
Ex-Officio Member, Audit Board-I, Mumbai |
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