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Camlin Fine Sciences Ltd.

BSE: 532834 Sector: Industrials
NSE: CAMLINFINE ISIN Code: INE052I01032
BSE LIVE 15:40 | 02 Dec 99.65 -1.75
(-1.73%)
OPEN

101.45

HIGH

103.45

LOW

99.00

NSE LIVE 15:52 | 02 Dec 99.35 -2.35
(-2.31%)
OPEN

101.10

HIGH

103.60

LOW

98.25

OPEN 101.45
PREVIOUS CLOSE 101.40
VOLUME 73222
52-Week high 119.60
52-Week low 76.10
P/E 59.32
Mkt Cap.(Rs cr) 1029.38
Buy Price 0.00
Buy Qty 0.00
Sell Price 99.45
Sell Qty 84.00
OPEN 101.45
CLOSE 101.40
VOLUME 73222
52-Week high 119.60
52-Week low 76.10
P/E 59.32
Mkt Cap.(Rs cr) 1029.38
Buy Price 0.00
Buy Qty 0.00
Sell Price 99.45
Sell Qty 84.00

Camlin Fine Sciences Ltd. (CAMLINFINE) - Auditors Report

Company auditors report

To

The Members of

Camlin Fine Sciences Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Camlin FineSciences Limited ("the Company") which comprise the balance sheet as at March31 2016 the statements of profit and loss and the cash flow for the year then ended anda summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated insection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 (as amended). This responsibility also includes the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. 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 thereunder.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation of the financial statements.

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

Opinion

8. 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 March31 2016 and its profit and cash flows for the year ended on that date.

Emphasis of Matter

9. We draw attention to Note No. 12 of the financial statements in respect of theCompany’s investment of Rs 56.01 Lacs in and loans of Rs 160.33 Lacs given to itsSubsidiary Company recoverability of which is based on successful implementation ofmanagement’s future plans in respect of the subsidiary.

Our opinion is not modified in respect of this matter.

Report on other Legal and Regulatory Requirements

10. As required by the Companies (Auditor’s Report) Order 2016 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act (the"Order") and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us we give in Annexure A a statement on the matters specified in the paragraphs3 and 4 of the Order.

11. 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 appears from our examination of those books;

c) the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith 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 written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.

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 included in the Auditor’s Report inaccordance with Rule 11 of the

Companies (Audit and Auditors) Rules 2014 (as amended) in our opinion and to our bestof our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 35 to the financial statements.

ii. The Company did not have any long term contracts including derivative contracts onwhich provision for material foreseeable losses was required under the applicable law oraccounting standards.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and protection Fund by the Company.

For B. K. Khare and Co.
Chartered Accountants
Firm’s Registration No. : 105102W
Himanshu Chapsey
Partner
Membership No. : 105731
Mumbai: May 23 2016

ANNEXURE A TO THE AUDITOR’S REPORT REFERRED TO IN PARAGRAPH

10 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS OF MEMBERS OF CAMLIN FINE SCIENCESLIMITED FOR THE YEAR ENDED MARCH 31 2016

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

ii. Accordingtotheinformationandexplanationsgiven to us the fixed assets are physicallyverified by the management according to a phased programme designed to cover all the itemsover a period of three years which in our opinion is reasonable having regard to thesize of the Company and the nature of its assets. The fixed assets have not beenphysically verified by the Company during the year and hence it is not possible todetermine whether there are any discrepancies with respect to the same.

iii. The title deeds of immovable property of the Company are held in the name of theCompany.

2) Inventories have been physically verified by management at reasonable intervalsduring the year. The discrepancies noticed on such verification were immaterial and havebeen properly dealt with in the books of account of the Company.

3) The Company has granted unsecured loans to 7 companies covered in the registermaintained under Section 189 of the Act which aggregated Rs 2836.54 Lacs at March 312016.

i. Except for one loan aggregating Rs 377.68 Lacs at March 31 2016 (the terms of whichare not prima facie prejudicial to the Company) the aforesaid loans have been made to itswholly-owned subsidiaries. According to the information and explanations given to us andhaving regard to management’s representation that the loans are given to wholly-ownedsubsidiaries of the Company in the interest of the Company’s business the rate ofinterest and other terms and conditions for such loans are not prima facie prejudicial tothe interest of the Company.

ii. According to the information and explanations given to us and to the best of ourknowledge no schedule of repayment of principal and interest has been stipulated inrespect of the loans aggregating

Rs 1470.93 Lacs. In respect of the other loans the same are repayable over a periodof 2 years from the date on which these have been granted without any specific stipulationas to payment of interest and principal.

iii. In respect of the loan of Rs 377.68 Lacs (against which a provision of Rs 160 Lacshas been made) the Company is in discussions with the borrower for the recovery of amountand has recovered some amount during the year. In respect of the other loans in view of nospecific stipulation as to payment of interest and principal we are unable to comment onthe overdue amount if any on such loans.

4) In our opinion and according to the information and explanations given to us theCompany has complied with provisions of Section 185 and 186 of the Companies Act 2013 andthe Rules framed thereunder in respect of loans to investments in guarantees and othersecurity given by the Company.

5) As indicated in note 9 to the financial statements the Company has in respect ofthe deposits accepted by it complied with the provisions of Sections 73-76 of the Actread with the Rules framed thereunder. According to the information and explanations givento us the Company has not accepted deposits during the year ended March 31 2016.According to the information and explanations given to us and to the best of our knowledgeand belief no order has been passed by the Company Law board or the Reserve Bank of Indiaor any court or other tribunal which is to be complied with by the Company.

6) We have broadly reviewed the books of account maintained by the Company in respectof the products where pursuant to the rules made by the Central Government of India themaintenance of cost records has been prescribed under Section 148 of the Act and are ofthe opinion that prima facie the prescribed accounts and records have been made andmaintained. We have not however made a detailed examination of the records with a viewto determine whether they are accurate or complete.

7) i. According to the records of the Company the Company is generally regular indepositing with the appropriate authorities undisputed statutory dues including ProvidentFund Employees’ State Insurance Income Tax Excise Duty Customs Duty Sales TaxService Tax Customs Duty Value Added Tax and other statutory dues applicable to it.

ii. According to the information and explanations given to us there are no undisputedamounts payable in respect of Provident Fund Employees’ State Insurance Income TaxSales Tax Excise Duty Service Tax Customs Duty and Value Added Tax that wereoutstanding at the year-end for a period of more than six months from the date theybecame payable.

iii. According to the information and explanations given to us and records of theCompany examined by us except sales tax and value added tax there are no dues of IncomeTax Wealth Tax Service Tax Excise Duty Custom Duty and cess which have not beendeposited on account of any dispute except as indicated below:

Name of the Statue Nature of Dues Rs In Lacs Period to which the amount relates Forum
Maharashtra Value 77.16 2010-2011 Deputy
Value Added Added Commissioner
Tax Act 2002 Tax Appeals
Central Sales Sales 655.28 2010-2011 Deputy
Tax 1956 Tax Commissioner
Appeals

8) The Company has not defaulted in repayment of loans or borrowings to a financialinstitution bank Government or repayment of dues to debenture holders.

9) The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) and the term loans were applied for the purposes forwhich those are raised.

10) Based on the audit procedures performed and as per the information and explanationsgiven to us by management no fraud on or by the Company has been noticed or reportedduring the year.

11) Managerial remuneration paid is in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V to the Companies Act 2013.

12) The Company not being a Nidhi Company the para 3(xii) of the Order is notapplicable to the Company.

13) According to the information and explanations given to us all transactions withrelated parties during the year are in compliance with sections 177 and 188 of CompaniesAct 2013 and the details of the same have been disclosed in the financial statements asrequired by the applicable accounting standards.

14) The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Hence provisionsof para 3(xiv) of the Order are not applicable to the Company.

15) According to the information and explanations given to us the Company has notentered into non-cash transactions with directors or persons connected with him. Henceprovisions of para 3(xv) are not applicable to the Company.

16) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Hence provisions of para 3(xvi) of the Order are not applicableto the Company.

For B. K. Khare and Co.
Chartered Accountants
Firm’s Registration No. : 105102W
Himanshu Chapsey
Partner
Membership No. : 105731
Mumbai: May 23 2016

Annexure B to the Independent Auditor’s Report Of Even Date On The StandaloneFinancial Statements Of Camlin Fine Sciences 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 Camlin FineSciences Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding 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 Companies Act 2013.

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 ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgement including the assessment of the risks of materialmisstatement 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company ’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company ’s internal financial controlover financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company ; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company ; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For B. K. Khare & Co.
Chartered Accountants
Firm Registration No. 105102W
Himanshu Chapsey
Partner
Mumbai: May 23 2016 Membership No. 105731

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