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Camex Ltd.

BSE: 524440 Sector: Industrials
NSE: N.A. ISIN Code: INE198C01010
BSE LIVE 15:40 | 23 Feb 27.40 -0.35
(-1.26%)
OPEN

28.45

HIGH

28.70

LOW

27.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 28.45
PREVIOUS CLOSE 27.75
VOLUME 90234
52-Week high 37.00
52-Week low 20.70
P/E 14.89
Mkt Cap.(Rs cr) 27.98
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 28.45
CLOSE 27.75
VOLUME 90234
52-Week high 37.00
52-Week low 20.70
P/E 14.89
Mkt Cap.(Rs cr) 27.98
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Camex Ltd. (CAMEX) - Auditors Report

Company auditors report

To

The Members of

Camex Limited

Ahmedabad

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Camex Limited ("theCompany") (CIN - L24230GJ1989PLC013041) which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143 (10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2016 and its profit and its 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 ofthe Act we give in the Annexure 'A' a statement on the matters specified in theparagraphs 3 of the Order to the extent applicable.

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 bestof 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 theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in termsof Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investoreducation and protection fund by the Company.

For Surana Maloo & Co
Chartered Accountants
FRN:112171W
Per Vidhan Surana
Place : Ahmedabad Partner
Date : 30th May 2016 M.No. 041841

Annexure-"A" to the Independent Auditors' Report

The Annexure referred to in paragraph 1 under the heading "Report on other legaland regulatory requirements" of our report of even date

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified during the year by the Management inaccordance with programme of physical verification which in our opinion provides forphysical verification of all fixed assets at a reasonable intervals having regard to sizeof the Company and nature of fixed assets. According to the information and explanationgiven to us no material discrepancies were noticed on such verification.

(c) Based upon the audit procedure performed and according to the records of thecompany title deeds of all the immovable properties are held in the name of the company.

(ii) The Inventories of Raw materials Work in Progress Stock in trade Stores andspares and other consumables have been physically verified by the management. In ouropinion the frequency of verification is reasonable. On the basis of our examination ofthe records of the inventory we are of opinion that the discrepancies noticed onverification between physical stock and book records were not material and have beenproperly dealt with the books of account.

(iii) The Company has not granted loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act.Therefore the reporting requirements of paragraph 3 (iii) of the Order are notapplicable.

(iv) The Company has not given loans made investments or provided guarantees orsecurity attracting the provisions of Section 185 and 186 of the Act. Hence the reportingrequirements of paragraph 3 (iv) of the Order are not applicable.

(v) According to the information and explanations given to us the Company has notaccepted deposits from the public within the meaning of Sections 73 to 76 of the Act andthe rules framed there under.

Therefore the reporting requirements of paragraph 3 (v) of the Order is notapplicable to the Company.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income tax sales tax service tax duty of custom excise duty value addedtax cess and other material statutory dues as applicable have been regularly depositedduring the year by the Company with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax service tax value added taxcess and other material statutory dues were in arrears as at 31 March 2016 for a periodof more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of income tax sales tax service tax duty of customs duty of excise value addedtax or cess which have not been deposited with the appropriate authorities on account ofany dispute.

(viii) Based on our audit procedure and the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of loansto banks. The Company has not borrowed or raised any money from debenture holders duringthe year.

(ix) The Company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments). In our opinion and according to the informationand explanation given to us and on examination of the balance sheet of the company theterm loans were applied for the purpose for which the loans were obtained.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given bythe Management we report that no material fraud on or by the Company has been noticed orreported during the year.

(xi) In our opinion the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith schedule V of the Act.

(xii) In our opinion the Company is not a chit fund or a Nidhi/Mutual benefitfund/society. Therefore the provisions of Clause 3(xii) of the Order are not applicableto the Company.

(xiii) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company all the transactions with related parties arein compliance with Section 177 and 188 of the Act where applicable and also the detailswhich have been disclosed in the Financial Statements are in accordance with theapplicable Accounting Standard.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year therefore the reportingrequirement of paragraph 3(xiv) of the Order are not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith him. Accordingly reporting requirement of paragraph 3(xv) of the order is notapplicable to the Company.

(xvi) According to the information given and as explained to us the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For Surana Maloo & Co
Chartered Accountants
FRN:112171W
Per Vidhan Surana
Place : Ahmedabad Partner
Date : 30th May 2016 M.No. 041841

Annexure 'B'

Annexure to the Independent Auditor's Report of even date on the Standalone FinancialStatements of Camex Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CamexLimited ("the Company") (CIN - L24230GJ1989PLC013041) as of March 31st2016 in conjunction with our audit of the financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by the ICAI anddeemed to be prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31st 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Surana Maloo & Co
Chartered Accountants
FRN:112171W
Per Vidhan Surana
Place : Ahmedabad Partner
Date : 30th May 2016 M.No. 041841