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Chamak Holdings Ltd.

BSE: 539600 Sector: Others
NSE: N.A. ISIN Code: INE049R01013
BSE LIVE 09:44 | 16 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.50
PREVIOUS CLOSE 10.00
VOLUME 150
52-Week high 12.50
52-Week low 0.00
P/E 19.53
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.50
CLOSE 10.00
VOLUME 150
52-Week high 12.50
52-Week low 0.00
P/E 19.53
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Chamak Holdings Ltd. (CHAMAKHOLDINGS) - Auditors Report

Company auditors report

INDEPENDENTAUDITOR’SREPORTONFINANCIALSTATEMENTS

To the members ofChamak Holdings Limited

1)Report on the Financial Statements

We have audited the accompanying financial statements of Chamak HoldingLimited ("theCompany") which comprise the Balance Sheet as at March 31 2016 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

2)Management’s Responsibility for the 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 preparationof these 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 Rule7 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 viewand are free from material misstatement whether due to fraud orerror.

3)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 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 anddisclosures 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 tofraud 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 circumstance. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting 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 financial statements.

4)Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financialstatements give the information required by the Act inthe 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 andits loss andits cash flows for the year ended on that date.

5)Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016(the Order) issued bythe Central Government of India in terms of section 143 (11) of the Act we give in the"AnnexureA" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 purpose of our audit.

b) In our opinion proper books of account as required by law have been keptby 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) Rule 2014.

e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 312016 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 ourseparateReport 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) Rules2014 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 includingderivative 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.

BA-5 Stutee Building B. Bhushan & Co.
Bank Street Karol Bagh Chartered Accountants
New Delhi-110005 Firm Registration No. 001596N
By the hand of
Kamal Ahluwalia

"ANNEXURE A" TO INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 5)

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

(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such verification. (c) The Company does not hold any immovable property.

ii) The inventories were physically verified by the management at reasonable intervalsduring the year.

The discrepancies noticed on physical verification of inventory as compared to bookrecords were not material and have been properly dealt with in thebooks of account.

iii) The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the Act.

iv) In our opinion and according to the information and explanation given to us theCompany has complied with the provision of section 185 and 186 of the Act in respect ofloans made during the year.

v) The Company has notaccepted any deposits within the meaning of sections 73 to 76 orany other relevant provisions of the Act and the rules framed thereunder.

vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act in respect of activities carried out by the Company.

vii) (a) According to the information and explanations given to us and on the basis ofour examination of the books of accountthe Company has generally been regular indepositing with appropriate authorities undisputed statutory dues including providentfund employees’ state insurance income-tax sale tax service tax value added taxcess and other statutory dues with the appropriate authorities and no undisputed amountspayable were outstanding as at March 31 2016 for a period of more than six months fromthe date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax dutyof customs duty of excise value added tax andcess that have not been deposited bythe Company with appropriate authorities on account ofdispute.

viii) The Company does not have any loans or borrowings from any financialinstitutions banks Government or debenture holders during the year.

ix) The Companydid not raise any money by way of initial public offer or further publicoffer and term loansduring the year.

x) To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or any fraud on the Companyby its officers or employees hasbeen noticed or reported during the year.

xi) According to the information andexplanations give to us and based on ourexamination of the records of the Company the managerial remuneration has beenpaid/provided in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii) The Company is not a nidhi company.

xiii) 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 sections177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv) The Company has not made any preferential allotment or private placement of sharesduring the year under review.

xv) The Company has not entered into any non-cash transactions with directors orpersons connected with him.

xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

BA-5 Stutee Building B. Bhushan& Co.
Bank Street Karol Bagh Chartered Accountants
New Delhi-110005 Firm Registration No. 001596N
By the hand of
Kamal Ahluwalia
Partner
May 30 2016 Membership No.093812

"ANNEXURE B" TO INDEPENDENT AUDITOR’S REPORTOF EVEN DATE ON THEFINANCIAL STATEMENTS

Report on the Internal Financial Controls underClause (i) of sub-section 3 of thesection 143 of theAct

We have audited the Internal Financial Controls over financial reporting of ChamakHoldingLimited ("the Company")as of March 31 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management’sResponsibility for Internal Financial Controls

The Company’s management is responsible for laying down andmaintaininginternalfinancialcontrols based on‘theinternalcontroloverfinancialreporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance note on Auditof Internal FinancialControls Over Financial Reporting(Guidance Note)issued by the Institute CharteredAccountants of India (ICAI). These responsibilities include the design implementation andmaintenance of adequateinternalfinancialcontrols that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany’s policies the safeguarding of its assets the preventionand detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor’s Responsibility

Our responsibility is to express an opinion onthe Company’s internal financialcontrols over financial reporting based on our audit.

We conducted our audit in accordance with the Standards of Auditing to the extentapplicable to an audit of internal financialcontrols and the Guidance Note both issued bytheICAI. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain the reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy oftheinternalfinancial controls system overfinancialreporting and their operatingeffectiveness. Our audit ofinternalfinancial 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 theinternalfinancial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internalfinancial control overfinancialreporting is a process designed toprovide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements forexternal purposes in accordance with generallyaccepted accounting principles. ACompany's internalfinancial controloverfinancialreporting includes those policies and procedures that (i) pertain to themaintenance of records that in reasonable detailaccurately and fairly reflect thetransactions and dispositions of the assets of the Company; (ii) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally acceptedaccounting principles and that receiptsand expenditures of theCompany are being made only in accordance with authorizations ofmanagement and directors of theCompany; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition oftheCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of its 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 to 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 allmaterial respects an adequateinternalfinancialcontrols system over financialreporting and suchinternalfinancialcontrolsoverfinancialreporting were operatingeffectively as at March 31 2016 based on theinternalcontrol overfinancialreporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note issued by the ICAI.

BA-5 Stutee Building B. Bhushan & Co.
Bank Street Karol Bagh Chartered Accountants
New Delhi-110005 Firm Registration No. 001596N
By the hand of
Kamal Ahluwalia
Partner
May 30 2016 Membership No.093812