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Crestchem Ltd.

BSE: 526269 Sector: Industrials
NSE: N.A. ISIN Code: INE293N01016
BSE LIVE 15:21 | 21 Mar 12.46 -0.65
(-4.96%)
OPEN

12.46

HIGH

12.46

LOW

12.46

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.46
PREVIOUS CLOSE 13.11
VOLUME 200
52-Week high 13.80
52-Week low 9.03
P/E
Mkt Cap.(Rs cr) 3.74
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.95
Sell Qty 25.00
OPEN 12.46
CLOSE 13.11
VOLUME 200
52-Week high 13.80
52-Week low 9.03
P/E
Mkt Cap.(Rs cr) 3.74
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.95
Sell Qty 25.00

Crestchem Ltd. (CRESTCHEM) - Auditors Report

Company auditors report

To the Members of

CRESTCHEM LIMITED Indrad(Kadi)

Report on the Financial Statements

We have audited the accompanying financial statements of Crestchem Limited (‘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 ofsignificant 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 ofthesefinancial 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 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 thereunder.

We conducted our audit in accordance with the Standards onAuditing 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 proceduresselected 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 controlrelevant to the Company’s preparationof the financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimatesmade 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.

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 March31 2016 and its profits and its cash flows for the year ended on that date.

Emphasis of Matters:

During the previous years the company has sold / disposed off all fixed assets likeLand Factory Building and a significant portion of its Plant & Machinery. Thiscondition indicates the existence of a material uncertainty that may cast significantdoubt about the Company’s ability to continue asa going concern. However FinancialStatements of the Company have been prepared on a going concern basis.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") as amended issued by the Central Government of India in terms of sub-section(11) of section 143 of the Act we give in the "Annexure-A" a statementon the matters specified in the paragraphs 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 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 March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 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 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.

(ii) The Company did not have any long term contracts including derivative contractsfor which 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.

For TALATI & TALATI
Chartered Accountants
(Firm Reg. No 110758W)
AHMEDABAD (UMESH H.TALATI)
DATE: 30 th May 2016 PARTNER
M.NO. 34834

ANNEXURE TO INDEPENDENT AUDITOR’S REPORT :

(Referred to in paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date.)

i) In respect of its Fixed Assets:

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets on the basis of availableinformation.

(b) As explained to us a major portion of the fixed assets has been physicallyverified by the management during the year in accordance with a phased program ofverification adopted by the Company. In our opinion the frequency of verification isreasonable having regard to the size of the company and nature of its assets. As informedto us no material discrepancies were noticed on such physical verification.

(c) There were no immovable property held by the company hence sub clause (c) of Clause(i) of Paragraph (3) of Companies Auditor’s Report Order 2016 is not applicable tothe company.

ii) As explained to us inventories were physically verified by the management atreasonable intervals during the year and there were no material discrepancies noticed onPhysical Verification by the management.

iii) According to the information and explanations given to us and on the basis ofthe records produced before us the company has not granted any Loan Secured or Unsecuredto the companies or firms or other parties covered in the register maintained undersection 189 of the Companies Act 2013 and hence sub-clause (a) (b) & (c) of clause(iii) of Paragraph 3 of the Companies Auditor’s Report Order 2016 are not applicableto the Company.

iv) In our opinion and according to the information and explanations given to usthe company has not made any loans investments and guarantees to any party referred to insection 185 and 186 of Companies Act 2013. Hence Clause (iv) of Paragraph 3 of CompaniesAuditor’s Report Order 2016 is not applicable to the Company.

v) In our opinion and according to the information and explanations given to usthe Company has not accepted any deposit and hence the provisions of Section 73 to 76 orany other relevant provisions of the Companies Act and the Companies (Acceptance ofDeposits) Rules 2014 with regard to the deposits accepted are not applicable to theCompany. Therefore the provisions of Clause (v) of paragraph 3 of the CompaniesAuditor’s Report Order 2016 are not applicable to the Company. According to theinformation and explanations given to us no order has been passed by Company Law Board orNational Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

vi) In our opinion and according to the information and explanation given to usthe Central Government of India has not prescribed the maintainance of Cost AccountingRecords under sub Section (1) of Section 148 of the Companies Act 2013 andhence Clause(vi) of Paragraph 3 of Companies Auditor’s Report Order 2016 is not applicable tothe Company.

vii) In respect of the Statutory dues:

a) The company is regular in depositing other statutory dues applicable to it.According to the information and explanations given to us and on the basis of recordsproduced before us FBT of Rs. 42540/- is outstanding for more than six months. Exceptabove there are no undisputable amount payable in respect of Income Tax Sales Tax customduty excise duty and cess were outstanding as at 31st March 2016 for a period of morethan six months from the date they become payable.

b) According to the records of the company there are no dues of Sales Tax Income TaxExcise Duty and Cess which have not been deposited on account of any dispute.

viii) On the basis of information and explanations given to us and on the basis ofrecords produced before us the company has not defaulted in repayment of loans orborrowing to a Financial Institution Bank and Government. And during the year thecompany has not raised money by issuing debentures and hence question of default inrepayment of dues to debenture holders does not arise.

ix) During the period under review the company has not raised any moneys by way ofinitial public offer or further pubic offer and term loans. Hence Clause (ix) ofParagraph 3 of Companies Auditor’s Report Order 2016 is not applicable to theCompany.

x) In our opinion and according to the information and explanations given to us andbased on management representation no fraud by the company or any fraud on the company byits officers or employees has been noticed or reported during the year.

xi) On the basis of the information and explanation given to us and on the basis ofrecords produced before us managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act 2013.

xii) As the company is not a Nidhi Company. Hence Clause (xii) Paragraph 3 ofCompanies Auditor’s Report Order 2016 is not applicable to the company.

xiii) According to the information and explanations given to us and based onmanagement representation all the transactions with the related parties are in compliancewith section 177 and 188 of Companies Act 2013

xiv) On the basis of the information and explanation given to us and on the basisof records produced before us the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review.

xv) On the basis of the information and explanation given to us and on the basis ofrecords produced before us the company has not entered into any non- cash transactionswith directors or persons connected with him. Hence Clause (xv) of Paragraph 3 ofCompanies Auditor’s Report Order 2016 is not applicable to the Company.

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

For TALATI & TALATI
Chartered Accountants
(Firm Reg. No 110758W)
AHMEDABAD (UMESH H.TALATI)
DATE: 30 th May 2016 PARTNER
M.NO. 34834