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Cheviot Company Ltd.

BSE: 526817 Sector: Industrials
NSE: N.A. ISIN Code: INE974B01016
BSE LIVE 15:40 | 02 Dec 906.45 -9.70
(-1.06%)
OPEN

915.00

HIGH

925.00

LOW

903.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 915.00
PREVIOUS CLOSE 916.15
VOLUME 627
52-Week high 1141.00
52-Week low 540.00
P/E 11.85
Mkt Cap.(Rs cr) 408.81
Buy Price 906.45
Buy Qty 41.00
Sell Price 0.00
Sell Qty 0.00
OPEN 915.00
CLOSE 916.15
VOLUME 627
52-Week high 1141.00
52-Week low 540.00
P/E 11.85
Mkt Cap.(Rs cr) 408.81
Buy Price 906.45
Buy Qty 41.00
Sell Price 0.00
Sell Qty 0.00

Cheviot Company Ltd. (CHEVIOTCOMPANY) - Auditors Report

Company auditors report

TO THE MEMBERS OF CHEVIOT COMPANY LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of Cheviot Company Limited("the Company") which comprise the Balance Sheet as at 31st March 2016 theStatement of Profit and Loss Cash Flow Statement for the year then ended and a summary ofthe 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese 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 Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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 view and are free from material misstatement whether due to fraud orerror.

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 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 financial statements.

Opinion

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 :

a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016;

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

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 under Section 143(11) of the Act we give in the AnnexureA a statement on the matters specified in paragraph 3 and 4 of the Order.

2. As required by Section143 (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.

(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) 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 terms of Section164 (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 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 statements - Refer note no. 47. b to the financial statements.

(ii) The company did not have any long term contracts including derivative contractsfor which 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 Jain & Co.
Chartered Accountants
Registration No.: 302023E
P-21/22 Radhabazar Street CA P. K. Jain
Kolkata - 700 001 Partner
Dated the 25th day of May 2016 Membership No. 52018

Annexure 'A' to the Independent Auditors Report

(i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets.

b) There is a regular program of physical verification by the management which in ouropinion is reasonable having regard to the size of the Company and the nature of fixedassets. No material discrepancies have been noticed in respect of the assets physicallyverified during the year.

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.

(ii) a) Inventories have been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable.

b) The procedures of physical verification of stocks followed by the management areadequate in relation to the size of the Company and the nature of its business.

c) The Company is maintaining proper records of inventory. No material discrepancieswere noticed on verification between the physical stocks and book records and the samehave been properly dealt with in the books of account.

(iii) The Company has not granted any loans during the year to the parties covered inthe register maintained under section 189 of the Companies Act. Accordingly the provisionsof clauses (iii) (a) (b) & (c) are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of sections 185 and 186 of the Act with respectto the loans and investments made.

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

(vi) On the basis of records produced we are of the opinion that prima facie thecost records prescribed by the Central Government under section 148 (1) of the Act havebeen maintained by the Company. However we are not required to carry out and have notcarried out any detailed examination of such cost records.

(vii) a) According to the information and explanations given to us and the recordsexamined by us the Company is regular

in depositing undisputed statutory dues including Provident Fund Employees' StateInsurance Income Tax Sales Tax Service Tax Custom Duty Value Added Tax Excise Dutyand Cess and any other statutory dues with the appropriate authorities and there are noundisputed statutory dues outstanding as at 31st March 2016 for a period of more thansix months from the date they became payable.

b) According to the records of the Company the following dues are not deposited onaccount of disputes pending at various forums.

Name of the Statute Nature of dues Amount (Rs.) Year/Period to which amount relates Forum where dispute is pending
West Bengal Sales Tax Act 1994 West Bengal VAT Act 2003 and Central Sales Tax Act 1956 Sales tax 0.22 1993-94 Revision Level
and VAT 0.10 2006-07 Revision Level
0.39 2008-09 Revision Level
15.88 2011-12 * Revision Level
69.85 2012-13 ** Appeal Level
Income Tax Act 1961 Income tax 90.12 2008-09 Appeal Level
6.36 2009-10 Tribunal Level
36.24 2010-11 Appeal Level
20.38 2011-12 Appeal Level
15.81 2012-13 Appeal Level
Wealth Tax Act 1957 Wealth tax 115.13 2007-08 Appeal Level
107.62 2008-09 Appeal Level
Central Excise Act 1944 Excise duty 4764.37 March-11-February-13 Tribunal Level
GRAND TOTAL : 5242.47

* Further deposited ' 13.07

** Further deposited ' 24.23

(viii) Based on the information and explanations given to us the Company has notdefaulted during the year in repayment of loans or borrowings to any financial institutionor bank.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. According to theinformation and explanations received the Company has not given any guarantees for loanstaken by others from bank or financial institutions.

(x) Based on audit procedures performed and the information and explanations given tous we report that no fraud on or by the Company has been noticed or reported during theyear nor have we been informed of such case by the management.

(xi) According to the information and explanations given 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.

(xii) In our opinion and according to the information and explanations given to us theCompany 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 Sections 177 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) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with them.

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

For Jain & Co.
Chartered Accountants
Registration No.: 302023E
P-21/22 Radhabazar Street CA P. K. Jain
Kolkata - 700 001 Partner
Dated the 25th day of May 2016 Membership No. 52018

Annexure - B to the Independent Auditors' Report

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 CheviotCompany Limited ("the Company") as of 31st March 2016 in conjunction with ouraudit of the 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 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 to the extent applicable toan audit of internal financial controls both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain 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 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 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 of 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 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 Jain & Co.
Chartered Accountants
Registration No.: 302023E
P-21/22 Radhabazar Street CA P. K. Jain
Kolkata - 700 001 Partner
Dated the 25th day of May 2016 Membership No. 52018

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