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Chambal Breweries & Distilleries Ltd.

BSE: 512301 Sector: Others
NSE: N.A. ISIN Code: INE417N01011
BSE LIVE 15:15 | 14 Dec 5.83 0.27
(4.86%)
OPEN

5.83

HIGH

5.83

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5.35

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.83
PREVIOUS CLOSE 5.56
VOLUME 6560
52-Week high 12.00
52-Week low 3.98
P/E 583.00
Mkt Cap.(Rs cr) 4
Buy Price 5.31
Buy Qty 500.00
Sell Price 5.83
Sell Qty 4700.00
OPEN 5.83
CLOSE 5.56
VOLUME 6560
52-Week high 12.00
52-Week low 3.98
P/E 583.00
Mkt Cap.(Rs cr) 4
Buy Price 5.31
Buy Qty 500.00
Sell Price 5.83
Sell Qty 4700.00

Chambal Breweries & Distilleries Ltd. (CHAMBALBREWER) - Auditors Report

Company auditors report

To

The Members of

CHAMBAL BREWERIES & DISTILLERIES LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of M/s. CHAMBAL BREWERIES &DISTILLERIES LIMITED (the "company") which comprise the Balance Sheet as atMarch312017 the Statement of Profit and Loss and Cash Flow Statement Tor the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section234(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication o: appropriate accounting policies; making judgments and estimates that arereasonable and pruden:; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' 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 procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall 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 our best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner sc required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.

In case of Balance Sheet of the state of affairs of the Company as at 31st March2017.

(b) In the case of the Statement of Profit and Loss of the Profit of the company forthe year ended 31" March 2017

(c) In the case of the Cash Flow Statement of the cash flow for the year ended on thatdate.

Report or Other Legal and Regulatory Requirements

I As requh-ed by the Companies [Auditor’s Report) Order. 2017 ["theOrder") issued by the Centra) Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act vve 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 arc in agreement with the books of account;

(d) in our opinion the aforesaid financial state men is 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 3 1March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as a director in terms of Section1'64 (2) of the Act; and

(1) 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 reportin Annexure B

(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 does no they any pending litigation which would impact its financialposition.

ii the Company does not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no amount to be transferred to the Investor education andProtection Fund by the Company.

iv. The company has provided requisite disclosures in its financial statements as toholding as well as dealing in specified banknotes during the period from 8 November 2016to 30 December 2016 and these arc in accordance with ill ebooks of accounts maintained bythe company.

For VAG& COMPANY
CHARTERED ACCOUNTANTS
(Registration No. 003014C)
SD/-
CA ARPIT JAIN
PLACE: KOTA DATED: 24/05/2017 (PARTNER)
Membership No. 409781

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the financial statements for the year ended 31 March 2017. we report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details 3nd

situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during they car and nomaterial discrepancies were noticed on such verrication. In our opinion this periodicityof physical verification Is reasonable having regard to the size of the Company and thenature of its assets.

(c) There are no immovable property' in the name of company. Hence question of titledeeds in the name of company does not arise.

(ii) based on the audit procedures and explanation given by the management there was notransactions held during the whole year of purchases and sales further there was noopening and dosing inventory held by the company. Therefore clause 2 of the order is notapplicable to the company.

(iiij (a) The Company has granted loans to seven parties covered in the registermaintained under section 109 of the Companies Act 2013 (‘the Act').

(b) In the case of the loans granted to the related party listed in the registermaintained under section 189 of the Act the borrowers have been regular in the payment ofthe interest as stipulated. The tcmis of arrangements do not stipulate any repaymentschedule and the loans are repayable on demand. Accordingly paragraph 3(iii)(b) of theOrder is not applicable to the Company in respect of repayment of the principal amount

(c) There are no overdue amounts of more than rupees one lakh in respect of the loansgranted to the bodies corporate listed in the register maintained under section 189 of theAct.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the companies act 2013in respect of loans investments guarantees and security'.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost recodes undersector 148(1] of the Act for any of the activities done by the Company.

(vii) (a] According to the information and explanations given to us and on the basis ofour examination of the

records of the Company amounts deducled/ accrued in the books of account in respect ofundisputed statutory dues including provident fund income tax sales tax wealth taxservice tax duty of customs value added tax cess and other material statutory dues havebeen regularly deposited during the year by the Company with the appropriate authorities.As explained to us the Company did not have any dues on account of employees' stateinsurance and duty of excuse.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax. dutyof customs value added tax cess and other material statutory dues were in arrears as at31 March 2017 for a period of 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 wealth tax duty of customs and cess which have not been deposited with theappropriate authorities on account of any dispute.

(vijj) In our opinion and according to the information and explanation given to us thecompany lias not defaulted in the repayment of dues to banks. The company has not takenany loan either form financial institutions or form government and has not issued anydebentures.

(ix) Based upon the audit procedures performed and the information and explanationgiven by the management the company has not raised money by way of initial public offeror further public offer including debt instrument and term loans. Accordingly theprovisions of clause 3(ix) of the other arc not applicable to the company and hence notcommented upon.

(xj According to the information and explanations given to us no material fraud on orby the Company has beer noticed or reported during the course of our audit

Cxi) Based upon the audit procedures performed and the information and explanationgiven by the management the company has paid managerial remuneration in accordance withthe requisite approvals mandated by the provisions of section 197 read with schedule V tothe companies acL

(xii) In our opinion the company Is not a Nidhi company therefore the provisions ofclause 4(xii) of the order arc not applicable to the company.

(xiii) In our opinion all transactions with the related parties arc in compliance withsection 177 and 188 of the Companies act 2013. And the details have been disclosed in thefinancial statements as required by the applicable accounting standards.

(xiv) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment privatePlacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3(xiv) of the order are not applicable to thecompany.

(xv) Rased upon the audit procedures performed and the information and explanationsgiven by die management the company has not entered into any non cash transactions withdirectors or persons connected with him.

(xvi) In our opinion the company is not required to be registered under section 45 l Aof the Reserve bank of india act 19'34.

For VAG & COMPANY
CHARTERED ACCOUNTANTS
(Registration No. 003014C)
SD/-
CAARPIT JAIN
PLACE: KOTA (PARTNER)
DATED: 24/05/2017 Membership No. 409781

"Annexure B' to the Independent Auditor's Report uf even date on the StandaloneFinancial Statements of Cham bat breweries and distilleries limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act. 2 013 ("the Act") y

We have audited the internal financial controls over financial reporting Chambalbreweries and distilleries limited (‘the Company") as of March 31. 2017 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's managements 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 Chart ei cd Accountants of India. 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 die 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 finannal 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 bylCAland deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute ol Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and 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 ope rating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material 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 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 authorisations ofmanagement and directors uf 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 deflected.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 that the degree of compliance with thepolicies 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. 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control staled in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For VAG & COMPANY
CHARTERED ACCOUNTANTS
(Registration No. 003014C)
SD/-
CAARPIT JAIN
PLACE: KOTA (PARTNER)
DATED: 24/05/2017 Membership No. 409781