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Camex Ltd.

BSE: 524440 Sector: Industrials
NSE: N.A. ISIN Code: INE198C01010
BSE 00:00 | 20 Feb 15.80 0.50
(3.27%)
OPEN

16.00

HIGH

16.00

LOW

15.50

NSE 05:30 | 01 Jan Camex Ltd
OPEN 16.00
PREVIOUS CLOSE 15.30
VOLUME 1191
52-Week high 34.00
52-Week low 15.00
P/E 9.63
Mkt Cap.(Rs cr) 16
Buy Price 15.00
Buy Qty 675.00
Sell Price 17.70
Sell Qty 200.00
OPEN 16.00
CLOSE 15.30
VOLUME 1191
52-Week high 34.00
52-Week low 15.00
P/E 9.63
Mkt Cap.(Rs cr) 16
Buy Price 15.00
Buy Qty 675.00
Sell Price 17.70
Sell Qty 200.00

Camex Ltd. (CAMEX) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

CAMEX LIMITED

CIN - L25111GJ1989PLC013041 Ahmedabad

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of CAMEX LIMITED ("theCompany") which comprise the Balance Sheet as at 31st March 2019 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and Statement of Cash Flows for the year ended on that date and notesto the Financial Statements including a summary of Significant Accounting Policies andother explanatory Information.

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 Companies Act2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the India Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2019 its profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the independence requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Companies Act 2013 and theRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the ICAI's Code of Ethics. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion on thestandalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

There are no key audit matters to communicate in our report with respect to standaloneFinancial Statement.

Information Other than Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including the Annexure to Board's ReportCorporate Governance and Shareholder's Information but does not include the Standalonefinancial statements and auditor's report thereon.

Our opinion on the Standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements our responsibilityis to read other information and in doing so consider whether the other information ismaterially inconsistent with the Standalone financial statements or our knowledge obtainedduring the course of our audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the

Ind AS and other accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 standalone financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

As a part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit.

We also:

(a) Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

(b) Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

(c) Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

(d) Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

(e) Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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 Companies Act 2013 we give in the "Annexure - A" a statement onthe matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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 including Other ComprehensiveIncome Statement of changes in Equity and the Statement of Cash Flow Statement dealt withby this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with the IndAS 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 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in termsof Section 164(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 Section 197(16) of the Act in our opinion and to the best of ourinformation and according to the explanations given to us the remuneration paid by theCompany to its directors during the year is in accordance with the provisions of section197 of the Act.

(h) 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) TheCompany does not have any pending litigations which would impact its financial position.

(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 P.M.Nahata & Co.
Chartered Accountants
Firm Reg. No. 127484W
Place: Ahmedabad CA. Pankaj Nahata
Date : 22nd May 2019 Partner
Membership No. - 115636

Annexure - ‘A'

Annexure to the Independent Auditors' Report of even date on the Standalone FinancialStatements of CAMEX LIMITED

The Annexure referred to in paragraph 1 under the heading "Report on other legaland regulatory requirements" of our report of even date

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

(b) The fixed assets have been physically verified during the year by the Management inaccordance with programme of physical verification which in our opinion provides forphysical verification of all fixed assets at a reasonable interval having regard to sizeof the Company and nature of fixed assets.

According to the Information and explanation given to us no material discrepancieswere noticed on such verification.

(c) Based upon the audit procedure performed and according to the records of thecompany title deeds of all the immovable properties are in the name of company.

(ii) The Inventories of Raw Materials Work-in-Progress Finished Goods Stores andSpares have been physically verified by the management. In our opinion the frequency ofverification is reasonable. On the basis of our examination of the records of theinventory we are of opinion that the discrepancies noticed on verification betweenphysical stock and book records were not material and have been properly dealt with thebooks of account.

(iii) The Company has not granted loans secured or unsecured to the companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct. Therefore the reporting requirements of paragraph 3(iii) of the order is notapplicable to the Company.

(iv) In respect of loans investments guarantee and security attracting provisions ofsection 185 and 186 of the Companies Act have been complied with by the company.

(v) According to the information and explanations given to us the Company has notaccepted deposits from the public within the meaning of Sections 73 to 76 of the Act andthe rules framed there under. Therefore the reporting requirements of paragraph 3 (v) ofthe Order is not applicable to the Company.

(vi) The Company has maintained the cost records as prescribed by the CentralGovernment under section 148(1) of the Act and we are of the opinion that prima faciethe prescribed cost records have been maintained by the company. However we have not madedetailed examination of the cost records with a view to determine whether they areaccurate or complete.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the company in respect of undisputed statutory duesincluding Provident fund Employees' State Insurance Income-tax Goods and Services taxduty of Customs Cess and other material statutory dues have been regularly depositedduring the year by the company with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect ofProvident fund Employees' State Insurance Income-tax Goods and Services tax duty ofCustoms Cess and other material statutory dues were in arrears as at March 31 2019 for aperiod 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 Central Excise Service Tax Sales Tax Goods and Service Tax Income Tax ValueAdded TaxTax Deducted at Source Tax Collected at Source Professional Tax which havenot been deposited with the appropriate authorities on account of any dispute.

(viii) Based on our audit procedure and information and explanation given by themanagement we are of the opinion that the company has not defaulted in repayment of loansto the banks.

Further the company has not borrowed or raised any money from debentures holdersduring the year. (ix) The Company has not raised any moneys by way of initial public offeror further public offer (including debt instruments). Accordingly the provisions ofclause 3(ix) of the order are not applicable to the company.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the standalone financial statements and as per the information andexplanations given by the Management we report that no material fraud on or by theCompany has been noticed or reported during the year. (xi) According to the informationand explanations given to us and based on our examination of the records of the companythe company has paid/provided for managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with schedule V to the Act.

(xii) In our opinion the Company is not a Chit Fund or a Nidhi/Mutual BenefitFund/Society. Therefore the provisions of Clause 3(xii) of the Order are not applicableto the Company.

(xiii) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company all the transactions with related parties arein compliance with Section 177 and 188 of the Act where applicable and also the detailswhich have been disclosed in the Standalone Financial Statements as required by theapplicable Indian accounting standard.

(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 Accordingly reporting requirement of paragraph 3(xiv) of the Order are notapplicable to the Company.

(xv) In our opinion and according to the information and explanations given to us theCompany has not entered into any non cash transactions with directors or persons connectedwith him. Accordingly reporting requirement of paragraph 3(xv) of the order is notapplicable to the Company.

(xvi) According to the information given and as explained to us the company is notrequired to be registered under section 45 IA of the Reserve Bank of India Act 1934.

For P.M.Nahata & Co.
Chartered Accountants
Firm Reg. No. 127484W
Place: Ahmedabad CA. Pankaj Nahata
Date : 22nd May 2019 Partner
Membership No. - 115636

"Annexure B" to the Independent Auditor's Report of even date on theStandalone Ind AS

Financial Statements of CAMEX LIMITED

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 CAMEXLIMITED ("the Company") as of March 31st 2019 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued 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 safeguarding ofits 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.

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 the ICAI anddeemed to be prescribed under Section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 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 March 31st 2019based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For P.M.Nahata & Co.
Chartered Accountants
Firm Reg. No. 127484W
Place: Ahmedabad CA. Pankaj Nahata
Date : 22nd May 2019 Partner
Membership No. - 115636