The Members of
Ceenik Exports (India) Limited
Report on the Standalone Financial Statements
We have audited the accompanying Standalone Financial Statements of CEENIK EXPORTS(INDIA) LIMITED (the Company) which comprises of the Balance Sheet as atMarch 31 2019 and the Statement of Profit and Loss (including Other ComprehensiveIncome) and the Statement of Cash Flows for the year then ended statement of changes inequity for the year then ended and a summary of the significant accounting policies andother explanatory information.
Managements 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 including other comprehensive income andcash flows and statement of changes in equity of the Company in accordance with the IndianAccounting principles generally accepted in India including the accounting Standards (IndAS) prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder and the Order issued under section 143(11) of the Act.
We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free frommaterial misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness
of such controls. An audit also includes evaluating the appropriateness of theaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Directors as well as evaluating the overall presentation of the standalonefinancial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
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 including the Ind AS of the state ofaffairs of the Company as at March 31 2019 and its profit total comprehensive incomeand its cash flows for the year ended on that date.
Emphasis of matter
We draw attention to:
i. The Company has not sought written confirmation in respect of trade receivabletrade payable loan & advances deposit receivable and deposit payable balancesoutstanding as at 31st March 2019 and hence consequentialreconciliation/adjustment may arise there from if any.
ii. Apart from expected credit loss as per Ind AS the company has not made any otherprovision for losses as on 31st March 2019. However the company had made aprovision for doubtful debts of Rs. 100.24 lacs pertaining to one customer with whomsubstantial transactions were executed during the year ended 31st March 2018.The company has initiated legal action and filed suit against the customer for recovery ofoutstanding dues during the current year.
Report on Other Legal and Regulatory Requirements
1) As required by Section 143(3) of the Act based on our audit 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 the Statement of Cash Flow and statement of change in equity dealt with by thisReport are in agreement with the books of account.
d) In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors of theCompany as on March 312019 taken on record by the Board of Directors none of thedirectors are disqualified as on March 312019 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 A. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.
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 as amended inour opinion and to the best of our information and according to the explanations given tous:
i. The Company has pending litigations in the form of suits filed by Sundry Creditorsfor non-payment of dues. This would not have an impact on its financial position in itsstandalone financial statements. However contingent liabilities have been disclosed byway of notes to accounts in the financial statements.
ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.
iii. There has been no dividend declared by the company during the current financialyear and hence there was no amount required to be transferred to the Investor Educationand Protection Fund by the Company.
2) As required by the Companies (Auditor's Report) Order 2016 (the Order)issued by the Central Government in terms of Section 143(11) of the Act we give inAnnexure B a statement on the matters specified in paragraphs 3 and 4 of theOrder.
|For Vijay Darji and Associates |
|Chartered Accountants |
|CAVijay Darji |
|Mem No: 105197 |
|FRN: 118614W |
|Place: Mumbai |