You are here » Home » Companies » Company Overview » Chandni Textiles Engineering Industries Ltd

Chandni Textiles Engineering Industries Ltd.

BSE: 522292 Sector: Industrials
NSE: N.A. ISIN Code: INE713D01055
BSE LIVE 15:40 | 23 Jun 24.70 0.45
(1.86%)
OPEN

24.10

HIGH

24.70

LOW

23.80

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 24.10
PREVIOUS CLOSE 24.25
VOLUME 67417
52-Week high 24.70
52-Week low 6.50
P/E 112.27
Mkt Cap.(Rs cr) 40
Buy Price 0.00
Buy Qty 0.00
Sell Price 24.70
Sell Qty 10063.00
OPEN 24.10
CLOSE 24.25
VOLUME 67417
52-Week high 24.70
52-Week low 6.50
P/E 112.27
Mkt Cap.(Rs cr) 40
Buy Price 0.00
Buy Qty 0.00
Sell Price 24.70
Sell Qty 10063.00

Chandni Textiles Engineering Industries Ltd. (CHANDNITEXT) - Auditors Report

Company auditors report

To

The Members of

Chandni Textiles Engineering Industries Ltd

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Chandni TextileEngineering Industries Ltd ('the Company') which comprise the balance sheet as at 31stMarch 2016 the statement of profit and loss and the cash flow statement for the yearthen ended and a summary of significant accounting policies and the 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; 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.

Auditor's 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 procedure to obtain evidence about the amounts and thedisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statement that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 31 March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specifiedin the paragraph 3 and 4 of the Order to the extent applicable.

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

(a) we have sought and obtained all the information and explanation 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;

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

(e) on the basis of the written representations received from the directors as on 31march 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act; and

(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"; and

(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) 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 its financial statement - Refer Note No. 35(i)(a) to the financial statements;

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

iii. there has been no amount required to be transferred to the Investor Education andProtection Fund by the Company.

For CHANDAN PARMAR & CO.

Chartered Accountants

ICAI FRN No. 101662W

Deepak H. Padachh

Partner

Membership No. 45741

Place: Mumbai

Date: 30-05-2016

ANNEXURE - A TO THE AUDITORS’ REPORT

(Referred to in paragraph 1 under 'Report on the Other Legal and RegulatoryRequirements' Section of our report of even date)

[i] (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed asset.

(b) These fixed assets have been physically verified by the management at reasonableintervals during the year and no material discrepancies were noticed on such verification.

(c) According to the information and explanation 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.

[ii] As informed to us the inventory in the company's possession has been physicallyverified at reasonable intervals during the year by the management. In respect ofinventory lying with the third parties the same have substantially been confirmed by themat reasonable intervals during the year. The discrepancies noticed on verification betweenphysical stock and book records were not material.

[iii] The company has not granted any loans secured or unsecured to companies firmslimited liability partnership or other parties covered in the register maintained u/s 189of the Companies Act 2013. Accordingly clause 3(iii) of the Order in not applicable.

[iv] According to the information and explanations given to us in our opinion theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the investments made.

[v] The company has not accepted deposits from the public.

[vi] As informed to us maintenance of cost records has not been prescribed by theCentral Government under sub-section (1) of Section 148 of the Companies Act 2013 for anyproduct of the Company.

[vii] According to the information and explanations given to us in our opinion theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the investments made.[v] The company has not accepted deposits from the public.

[viii] (a) In our opinion and according to the information and explanations given tous the company has generally been regular in depositing with the appropriate authoritiesthe undisputed statutory dues applicable to it. There were no arrears of outstandingundisputed statutory dues as at the last day of the financial year concerned for a periodof more than six months from the date they became payable.

(b)According to the information and explanations given to us there are no dues ofincome tax sales tax custom duty wealth tax service tax excise duty value added taxwhich have not been deposited on account of any dispute.

[viii] According to the information and explanations given to us the company has notdefaulted in repayment of loans to banks during the year. The company has not obtained anyloans or borrowings from any financial institutions government or debenture holders.

[ix] The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and terms loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

[x] According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit

[xi] According to the information and explanation given to us the company paid/provided for managerial remuneration in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V to the Act.

[xii] In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

[xiii] According to the information and explanations given to us transactions with therelated parties are in compliance with sections 177 and 188 of the Act where applicableand details of such transactions have been disclosed in the financial statements asrequired by the applicable accounting standards.

[xiv] According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year.

[xv] According to the information and explanations given to us the Company has notentered into noncash transactions with directors or persons connected with him.Accordingly paragraph 3(xv) of the Order is not applicable.

[xvi] According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934

For CHANDAN PARMAR & CO.

Chartered Accountants

ICAI FRN No. 101662W

Deepak H. Padachh

Partner

Membership No. 45741

Place: Mumbai

Date: 30-05-2016

ANNEXURE - B TO THE AUDITORS’ REPORT

(Referred to in paragraph 2 (f) under 'Report on the Other Legal and RegulatoryRequirements' Section of our report of even date)

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 ChandniTextile Engineering Industries Limited ("the Company") as of 31stMarch 2016 in conjunction with our audit of the standalone financial statements of theCompany 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 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 ('ICAI'). 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 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 audit involves performing procedure 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 control 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 procedureselected depends 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 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

ANNEXURE - B TO THE AUDITORS’ REPORT

(Referred to in paragraph 2 (f) under 'Report on the Other Legal and RegulatoryRequirements' Section of our report of even date) being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

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 31 March 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 CHANDAN PARMAR & CO.

Chartered Accountants

ICAI FRN No. 101662W

Deepak H. Padachh

Partner

Membership No. 45741

Place: Mumbai

Date : 30-05-2016