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Ceenik Exports (India) Ltd.

BSE: 531119 Sector: Industrials
NSE: CEENIKEXPO ISIN Code: INE418D01010
BSE 11:30 | 20 Sep 6.66 0.30
(4.72%)
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6.66

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6.66

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NSE 05:30 | 01 Jan Ceenik Exports (India) Ltd
OPEN 6.66
PREVIOUS CLOSE 6.36
VOLUME 100
52-Week high 7.86
52-Week low 5.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 6.67
Buy Qty 1000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.66
CLOSE 6.36
VOLUME 100
52-Week high 7.86
52-Week low 5.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 6.67
Buy Qty 1000.00
Sell Price 0.00
Sell Qty 0.00

Ceenik Exports (India) Ltd. (CEENIKEXPO) - Auditors Report

Company auditors report

To 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 2020 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 thepreparation and presentation of these Standalone Financial Statements that give a true andfair view of the financial position financial performance including other comprehensiveincome and cash flows and statement of changes in equity of the Company in accordance withthe Indian Accounting principles generally accepted in India including the accountingStandards (Ind AS) prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted in India.

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.

Auditors Responsibility

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 suchcontrols. An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Company's Directorsas well as evaluating the overall presentation of the standalone financial 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.

Opinion

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 2020 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 2020 and hence consequentialreconciliation/adjustment may arise there from if any. ii. Apart from expected creditloss as per

Ind AS the company has not made any other provision for losses as on 31stMarch 2020.

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 31 2019 taken on record by the Board of Directors none of thedirectors are disqualified as on March 31 2020 from being appointed as a director interms of Section 164(2) of the Act. f) With respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate Report in "Annexure A". Ourreport expresses an unmodified opinion on the adequacy and operating effectiveness of theCompany's internal financial controls over financial 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 provisionas required under the applicable law or accounting standards for material foreseeablelosses if any on long-term contracts including derivative 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 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Actwe give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

For JS Uberoi & Co.
Chartered Accountants
s/d
CA Bharat Jeswani
Partner
Mem No: 142376
FRN: 111107W
Place: Nagpur
Date: 28h July 2020
UDIN:20142376AAAAAE4919

Annexure ‘A' to the Independent Auditor's Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Ceenik Exports (India) Limited ofeven date) REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE(I) OF SUB- SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT")

We have audited the internal financial controls over financial reporting of CEENIKEXPORTS (INDIA) LIMITED ("the Company") as of March 31 2020 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

MANAGEMENTS 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. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting

(the "Guidance Note") issued by the Institute of Chartered Accountants ofIndia and the Standards on Auditing prescribed under Section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls. Those Standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects. Our audit involves performing procedures toobtain audit evidence about the adequacy of the internal financial controls system overfinancial reporting and their operating effectiveness. Our audit of internal financialcontrols over financial reporting included obtaining an understanding of internalfinancial controls over financial reporting assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on theCompany's internal financial controls system over 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.

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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2019 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For JS Uberoi & Co.
Chartered Accountants
s/d
CA Bharat Jeswani
Partner
Mem No: 142376
FRN: 111107W
Place: Nagpur
Date:28h July 2020
UDIN: 20142376AAAAAE4919

Annexure ‘B' to the Independent Auditor's Report

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Ceenik Exports (India) Limited ofeven date)

1) In respect of Company's Fixed Assets:

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

(b) The Company has a program of verification to cover all the items of fixed assets ina phased manner which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the program certain fixed assets werephysically verified by the management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification.During the year the company has transferred a substantial portion of its fixed assets toM/s Viking Advanced Technologies Private Limited (CIN: U28920MH1995PTC087833).

(c) According to the information and explanations given to us the records examined byus and based on the examination of the details provided to us we report that all thefixed assets held by the Company are in the name of the Company.

2) In respect of Company's Inventory:

(a) According to the information given to us physical verification of Inventory hasbeen conducted by the management on a timely basis at reasonable intervals having regardsto the size of the Company and nature of business.

(b) No material discrepancies having an impact on the financial position of the companyas on the said date were noticed during the physical verification of inventory.

3) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms LLP's or any other partiescovered in the registers-maintained u/s 189 of the Act.

4) 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 in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

5) The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2019 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company. However the company has taken interestfree refundable security deposits from its trade parties; such deposits being reflected asdeferred income in its financial statements as per Ind AS.

6) The maintenance of cost records has not been specified by the Central

Government under section 148(1) of the Companies Act 2013 for the business activitiescarried out by the Company. Thus reporting under clause 3(vi) of the order is notapplicable to the Company.

7) According to the information and explanations given to us in respect of statutorydues: (a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Service TaxGoods and Service Tax Value Added Tax Customs Duty Excise Duty Cess and other materialstatutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Sales Tax Service Tax Value Added Tax Goods and ServiceTax Customs Duty Excise Duty Cess and other material statutory dues in arrears as atMarch 31 2020 for a period of more than six months from the date they became payable (c)According to the information and explanations given to us there are no material duesincome tax which have not deposited with the appropriate authorities on account of anydispute.

8) The Company has not defaulted on repayment of loan taken from bank during the periodunder review.

9) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3 (ix)of the Order is not applicable to the Company.

10) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or no material fraud on the Company by its officersor employees has been noticed or reported during the year.

11) In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

12) The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of theOrder is not applicable to the Company.

13) In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

14) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.

15) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its directors and hence provisions of section 192 of theCompanies Act 2013 are not applicable to the Company.

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

For JS Uberoi & Co.
Chartered Accountants
s/d
CA Bharat Jeswani
Partner
Mem No: 142376
FRN: 111107W
Place: Nagpur
Date: 28h July 2020
UDIN:20142376AAAAAE4919

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