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Camphor & Allied Products Ltd.

BSE: 500078 Sector: Industrials
NSE: CAMPALLIED ISIN Code: INE959C01015
BSE LIVE 11:04 | 29 Jun 785.00 4.90
(0.63%)
OPEN

785.00

HIGH

785.00

LOW

785.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 785.00
PREVIOUS CLOSE 780.10
VOLUME 35
52-Week high 880.00
52-Week low 507.00
P/E 16.73
Mkt Cap.(Rs cr) 403
Buy Price 785.00
Buy Qty 65.00
Sell Price 797.00
Sell Qty 1.00
OPEN 785.00
CLOSE 780.10
VOLUME 35
52-Week high 880.00
52-Week low 507.00
P/E 16.73
Mkt Cap.(Rs cr) 403
Buy Price 785.00
Buy Qty 65.00
Sell Price 797.00
Sell Qty 1.00

Camphor & Allied Products Ltd. (CAMPALLIED) - Auditors Report

Company auditors report

To the Members of Camphor & Allied Products Limited

Report on the Standalone Financial Statements:

We have audited the accompanying financial standalone statements of Camphor &Allied Products Limited ("the Company") which comprise the Balance Sheet asat 31st March 2016 the Statement of Profit and Loss Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone Financial Statements:

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in generally accepted inIndia including the Accounting Standards specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditors’ Responsibility:

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

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.

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 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 a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of 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 standalone financial statements.

Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its profit and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act with respect to the adequacy of theinternal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls we give in Annexure B a separate report on the same.

3. 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. statements complywith the Accounting Standards specified

d) In our opinion the aforesaid standalone financial under Section 133 of the Actread 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 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 has disclosed the impact of pending litigations on its financialposition in the aforesaid financial statements Refer Note 27(a) to the financialstatements;

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

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and

Protection Fund by the Company.

For Lodha & Company
Chartered Accountants
Firm Registration No: 301051E
A. M. Hariharan
Place : Mumbai Partner
Dated : 27th May 2016 Membership No: 38323

"ANNEXURE A" REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ONOTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE MEMBERS OFTHE CAMPHOR & ALLIED PRODUCTS LIMITED ON STANDALONE FINANCIAL STATEMENTS

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we state that:

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

b) As explained the assets have been physically verified by the management inaccordance with the phased programme designed to cover all the assets over two years. Inour opinion the frequency of verification is reasonable considering the size of theCompany and nature of its fixed assets. As informed no major discrepancies were noticedon such verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

2. The inventory has been physically verified by the management at reasonable intervalsduring the year. The discrepancies noticed on verification between the physical stocks andbook records were not material considering the operations of the Company and have beenproperly dealt with in the books of account.

3. During the year the Company has not granted any loans secured or unsecured tocompanies firms Limited Liability partnerships or other parties covered in the registermaintained under section 189 of the Act. Therefore Para 3 (iii) of the Order is notapplicable to the Company.

4. During the year the Company has not given any loans made investments issuedguarantees and security. Therefore Para 3 (iv) of the Companies (Auditor’s Report)Order 2016 is not applicable to the Company.

5. No deposits within the meaning of directives issued by RBI (Reserve Bank of India)and Sections 73 to 76 or any other relevant provisions of the Act and rules framed thereunder have been accepted by the Company. Therefore Para 3 (v) of the Order is notapplicable to the Company.

6. On the basis of records produced we are of the opinion that prima facie the costrecords and accounts prescribed by the Central Government under Section 148 (1) of the Acthave been maintained. However we are not required to and thus have not carried out anydetailed examination of such accounts and records with a view to ascertain whether theseare accurate and complete.

7. a) The Company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees’ State Insurance Income Tax Sales Tax ServiceTax Duty of Customs Duty of Excise Value added tax Cess and other material statutorydues applicable to the Company with the appropriate authorities. No undisputed amountspayable in respect of the aforesaid statutory dues were outstanding as at the last day ofthe financial year for a period of more than six months from the date they became payable.

b) According to the records of the Company there are no dues of Income Tax Sales TaxService tax Duty of Customs Duty of Excise Value added tax Cess which have not beendeposited on account of any dispute except the following:

Particulars Year to which the amount relates Forum where the dispute is pending ` in Lakhs
Sales Tax 2004-05 to 2006-07 High Court Allahabad 37.62

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowings to banks during the year.During the year the Company has not taken any loans or borrowings from a financialinstitution or government or issued any debenture.

9. The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and based on the information and explanationsgiven to us by the management term loans were applied for the purpose for which the loanswere obtained.

10. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

11. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

12. In our opinion the Company is not Nidhi Company. Therefore Para 3 (xii) of theOrder is not applicable to the Company.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements (Refer Note No. 34) asrequired by the applicable accounting standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures. Therefore Para 3 (xiv) ofthe Companies (Auditor’s Report) Order 2016 is not applicable to the Company.

15. According to the information and explanations given to us during the year theCompany has not entered into any non-cash transactions with directors or persons connectedwith him under section 192 of the Act. Therefore Para 3 (xv) of the Companies(Auditor’s Report) Order 2016 is not applicable to the Company.

16. The Company has not required to be registered under section 45 IA of the ReserveBank of India Act 1934.Therefore Para 3 (xvi) of the Companies (Auditor’s Report)Order 2016 is not applicable to the Company.

For Lodha & Company
Chartered Accountants
Firm Registration No: 301051E
A. M. Hariharan
Place : Mumbai Partner
Dated : 27th May 2016 Membership No: 38323

ANNEXURE B REFERRED TO IN PARAGRAPH 2 UNDER THE HEADING "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF THE CAMPHOR& ALLIED PRODUCTS 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 internalfinancial controls over financial reporting of Camphor & Allied Products Limited("the Company") as of March 31st 2016 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial internal control over financial reporting criteria established by the Companyconsidering the internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India (‘ICAI’). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company’s policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required 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 ICAI and deemedto be prescribed under section 143(10) of the Act to the extent applicable to financialcontrols both applicable to an audit audit of internal of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

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 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 control overfinancial 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 principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea 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 with the scope of improvement indocumentation and such internal financial controls over financial reporting were operatingeffectively as at March 31st 2016 based on the internal control overfinancial the Company considering the essential components of internal control stated inthe Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issuedby the Institute of Chartered Accountants of India.

For Lodha & Company
Chartered Accountants
Firm Registration No: 301051E
A. M. Hariharan
Place : Mumbai Partner
Dated : 27th May 2016 Membership No: 38323