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Cochin Malabar Estates & Industries Ltd.

BSE: 508571 Sector: Others
NSE: N.A. ISIN Code: INE788M01017
BSE LIVE 15:14 | 05 Dec 25.05 -1.30
(-4.93%)
OPEN

25.05

HIGH

25.05

LOW

25.05

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 25.05
PREVIOUS CLOSE 26.35
VOLUME 61
52-Week high 35.25
52-Week low 24.85
P/E
Mkt Cap.(Rs cr) 4.43
Buy Price 25.05
Buy Qty 139.00
Sell Price 27.65
Sell Qty 10.00
OPEN 25.05
CLOSE 26.35
VOLUME 61
52-Week high 35.25
52-Week low 24.85
P/E
Mkt Cap.(Rs cr) 4.43
Buy Price 25.05
Buy Qty 139.00
Sell Price 27.65
Sell Qty 10.00

Cochin Malabar Estates & Industries Ltd. (COCHINMALABAR) - Auditors Report

Company auditors report

To the Members of

The Cochin Malabar Estates and Industries Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of The Cochin MalabarEstates & Industries Limited(‘the Company’) which comprise the BalanceSheet as at 31 March 2016 the Statement of Profit and Loss and the Cash Flow Statementfor the year then ended and a summary of significant accounting policies and otherexplanatory 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.

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 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 ofthe financial statements whether due to fraud 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 circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting 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 standalone 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 of the state of affairs of the Company as at 31stMarch 2016 and its loss 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure ‘A’ a statement on the mattersspecified in 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 andobtained all the information and explanations which to the best of our knowledge andbelief 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 theafore said 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 the Act;

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’.

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 opinion and to the best ofour 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 2.15A to the financial statements

ii. The Company did not have any material foreseeable losses on long term contractsincluding derivative contracts;

iii. The provisions relating to transferring any amounts to the Investor Education andProtection Fund is not applicable to the Company during the year.

For Singhi & Co.
Chartered Accountants
Firm‘s Registration No. 302049E
Gopal Jain
Place: Kolkata Partner
Date: 13th May 2016 Membership No. 059147

The Annexure referred to in paragraph 1 under the heading "Report on Other Legaland Regulatory Requirements" of our Independent Auditors’ Report of even date inrespect to statutory audit of The Cochin Malabar Estates & Industries Limited for theyear ended 31st March 2016 we report that:

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

(b) Fixed Assets of the Company were physically verified during the year by themanagement wherever possible. According to the information and explanations given to usno material discrepancies were noticed on such verification carried on by the management.

(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. No inventories were held by the company at the close of the year and hence therequirements of clause (ii) of the Order are not applicable.

iii. In our opinion and according to the information and explanations given to us theCompany has not granted any loan to parties covered in the register maintained undersection 189 of the Companies Act 2013. Thus paragraph 3(iii) of the Order is notapplicable.

iv. In our opinion and according to the information and explanations given to us theCompany has not made any loans or investments during the year. The Company has neitherissued any guarantee nor has provided any security on behalf of any party.

v. The Company has not accepted any deposits within the meaning of Sections 73 to 76 ofthe Companies Act 2013 and the rules framed there under.

vi. As the Rubberwood factory are not under operation Cost records and books ofaccounts prescribed by the Government of India under sub-section (1) of Section 148 of theAct were not maintained as the need for maintaining the Cost records did not arise duringthe year.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company is generally been regular indepositing the undisputed statutory dues including provident fund employees’ stateinsurance income tax sales tax service tax duty of customs value added tax cess andother material statutory dues during the year by the Company with the appropriateauthorities and no such dues were in arrears as at 31st March 2016 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us the dues of income tax sales tax wealth tax service tax dutyof customs duty of excise value added tax and cess as at 31st March 2016 which have notbeen deposited on account of dispute and the forum where the disputes are pending are asunder:

Name of the Statute Nature of Dues Amount (Rs.) Period to which the amount relates Forum where dispute pending
Central Sales Tax 1956 CST Levy on Rubber Cess 213331 1988-89 to 1992-93 Supreme Court of India

viii. Based on our audit procedures and on the basis of information and explanationsgiven by the management the Company did not have any outstanding debentures or dues tothe financial institutions/Bank during the year.

ix. According to the information and explanations given to us by the management theCompany has not availed any term loans and hence the requirements of clause (ix) of theabove Order are not applicable to the company.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

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. Accordingly paragraph 3(xii) of the Order is notapplicable.

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 him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

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

For Singhi & Co.
Chartered Accountants
Firm‘s Registration No. 302049E
Gopal Jain
Place: Kolkata Partner
Date: 13th May 2016 Membership No. 059147
Annual Report 2015-16 19

The Annexure referred to in paragraph 2 (f) under the heading "Report on OtherLegal and Regulatory Requirements" of our Independent Auditors’ Report of evendate in respect to the internal financial control under clause (i) of sub-section 3 ofsection 143 of the Act of The Cochin Malabar Estates & Industries Limited for the yearended 31 March 2016 we report that:

We have audited the internal financial controls over financial reporting of The CochinMalabar Estates & Industries Limited ("the Company") as of 31st March 2016in conjunction with our audit of the financial statements of the Company for the yearended 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’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditor’s 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 ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 ICAI.

For Singhi & Co.
Chartered Accountants
Firm‘s Registration No. 302049E
Gopal Jain
Place: Kolkata Partner
Date: 13th May 2016 Membership No. 059147

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