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Ceenik Exports (India) Ltd.

BSE: 531119 Sector: Industrials
NSE: CEENIKEXPO ISIN Code: INE418D01010
BSE LIVE 13:32 | 30 Nov 5.72 -0.30
(-4.98%)
OPEN

5.72

HIGH

5.72

LOW

5.72

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.72
PREVIOUS CLOSE 6.02
VOLUME 25
52-Week high 14.52
52-Week low 5.72
P/E
Mkt Cap.(Rs cr) 1.92
Buy Price 5.72
Buy Qty 275.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.72
CLOSE 6.02
VOLUME 25
52-Week high 14.52
52-Week low 5.72
P/E
Mkt Cap.(Rs cr) 1.92
Buy Price 5.72
Buy Qty 275.00
Sell Price 0.00
Sell Qty 0.00

Ceenik Exports (India) Ltd. (CEENIKEXPO) - Auditors Report

Company auditors report

To

The Members of

Ceenik Exports (India) Limited.

Report on the Financial Statements

1. We have audited the accompanying financial statements of the CEENIK EXPORTS (INDIA)LIMITED ("the Company*) which comprise the Balance Sheet as at March 312015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility forthe Financial Statements

2. The management and Board of Directors of the Company are responsible for the mattersstated in Section 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 Standardspecified under Section 133 of the Act read with rule 7 of the Companies (Accounts)Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design; implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation of the financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with the ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement.

4. An audit involves performing procedure 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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial control systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's management and Board of Directors aswell as evaluating the overall presentation of the financial statements.

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

Opinion

6. 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 2015 and its loss and its Cash Flows forthe year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of the Section 143of the Act we give in theAnnexure a statement on the matters specified in paragraph 3 and4 of the Order.

8. As required by Section 143(3) of the Act we further report that:

a.we have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purpose 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 examinations 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 accounts;

d. in our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. on the basis of written representations received from the directors as on March312015 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312015 from being appointed as a director in terms of Section164(2) of theAct;

f. in our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i. The Company has filed a suit in lower court having jurisdiction in Mumbai againstoverseas party for realization of proceeds of sales.

ii. The Company did not have any long-term contracts including derivative contracts; assuch the questions of commenting on any material foreseeable losses thereon does not arise

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

For Udayavar Dhanesh Kumar & Associates
Chartered Accountants
Firm Registration No: 119401W
Dhanesh Kumar Udayavar
Place: Mumbai Proprietor
Date: 30.05.2015 Membership No. 102031

Annexure referred to in paragraph 7 Our Report of even date to the members of CeenikExports (India) Limited on the accounts of the company forthe year ended 31st March 2015.

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 report that:

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

b. As explained to us fixed assets have been physically verified by the managementduring the year and there is a regular programme of verification which in our opinion isreasonable having regard to size of the company and the nature of assets. As informed tous no material discrepancies were notices on such verification.

ii. a. As explained to us the inventory has been physically verified by the managementduring the year.

According to the information and explanations given to us we are of the opinion thefrequency'of verification is reasonable.

b. In our opinion and according to the information and explanations given to us theprocedures of physical verification of the inventories followed by the company arereasonable and adequate having regard to size of the company and the nature of business.

c. The company has maintained records of inventories. As explained to us andexplanation given to us no material discrepancies are noticed on verification between thephysical stocks and the book records. However the Company needs to improve methods ofmaintaining records of inventories of raw materials sent for processing stitchingwashing and other processes.

iii. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us thereis an adequate internal control procedure commensurate with the size of the company andthe nature of its business with regard to purchases of inventory fixed assets and withregard to sale of goods and services. During the course of our audit we have not observedany continuing failure to correct weakness in internal controls. However the Companyneeds to adopt better techniques along with technology in its internal control procedure.

v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.

vi. As informed to us the Central Government has not prescribed maintenance of costrecords under subsection (1) of Section 148 of the Act.

vii. a. According to the records of the Company the Company is regular in depositingwith appropriate authorities undisputed statutory dues including provident fund InvestorEducation Protection Fund Employees' State Insurance Income Tax Sales Tax Wealth TaxCustom Duty Cess and other material statutory dues applicable to it and no amount were inarrears as at 31st March 2015 for a period of more than six months from the date theybecame payable.

b. Details of dues of Service tax which have not been deposited as on 31stMarch 2015 on account of disputes are given below:

Name of Statute Nature of the Dues Amount (Rs in Lacs) Period to which it relates Forum where dispute is pending
1. Finance Act 1994 Service Tax 8.80 Financial Year 2007-08 to 2010-11 Commissioner of Service Tax (Appeals)
2. Income Tax Act 1961 Income Tax 2.12 Financial Year 2011-12 Commissioner of Income Tax (Appeals)

c. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question ofreporting delay in transferring such sums does not arise.

viii. There are no accumulated losses at the beginning of the year and the accumulatedlosses are not more than fifty percent of its net worth. The company has incurred cashlosses during the financial year covered under audit and but not in the Immediatelypreceding financial year.

ix. Based on our audit procedures and on the information and explanations given to uswe are of the opinion that the company has not defaulted in repayment of dues to afinancial institutions and or bank.

x. According to the information and explanations given to us the company has not givenguarantees for the loans taken by others from banks or financial institutions.

xi. The Company has raised new term loans during the year. The term loans granted tothe company have been applied for the purpose for which they were raised.

xii. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by ti ieManagement.

For Udayavar Dhanesh Kumar & Associates
Chartered Accountants
Firm Registration No: 119401W
Dhanesh Kumar Udayavar
Place: Mumbai Proprietor
Date: 30.05.2015 Membership No. 102031

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