You are here » Home » Companies » Company Overview » Chamanlal Setia Exports Ltd

Chamanlal Setia Exports Ltd.

BSE: 530307 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE419D01026
BSE 00:00 | 26 Mar 84.45 0.10
(0.12%)
OPEN

84.85

HIGH

85.40

LOW

83.35

NSE 05:30 | 01 Jan Chamanlal Setia Exports Ltd
OPEN 84.85
PREVIOUS CLOSE 84.35
VOLUME 51024
52-Week high 168.00
52-Week low 65.10
P/E 10.97
Mkt Cap.(Rs cr) 437
Buy Price 84.45
Buy Qty 65.00
Sell Price 84.90
Sell Qty 221.00
OPEN 84.85
CLOSE 84.35
VOLUME 51024
52-Week high 168.00
52-Week low 65.10
P/E 10.97
Mkt Cap.(Rs cr) 437
Buy Price 84.45
Buy Qty 65.00
Sell Price 84.90
Sell Qty 221.00

Chamanlal Setia Exports Ltd. (CHAMANLALSETIA) - Auditors Report

Company auditors report

TO THE MEMBERS OF CHAMAN LAL SETIA EXPORTS LIMITED

1. REPORT ON THE AUDIT OF THE INDIAN ACCOUNTING STANDARDS (Ind AS) FINANCIALSTATEMENTS

We have audited the accompanying Ind AS financial statements of CHAMAN LAL SETIAEXPORTS LTD. ("the Company") which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss (including other comprehensive income) Statementof Changes in Equity and Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

2. MANAGEMENT'S RESPONSIBILITY FOR THE Ind AS FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in sub-section(5) of Section 134 of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these Ind AS Financial Statements that give a true andfair view of the State of affairs profit (including other comprehensive income) changesin equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards prescribed underSection 133 of the Act.

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 the ensuring the accuracy and completenessof the accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

3. AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) the Act. Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the Ind ASfinancial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and disclosures in the Ind ASfinancial statements. The procedures selected depend on the auditor's judgment includingthe assessment of the risks of material misstatement of the Ind AS financial statementswhether due to fraud or error. In making those risk assessments the auditor considersinternal financial controls relevant to the Company's preparation of the Ind AS financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Directors as well as evaluating the overall presentation of the Ind ASfinancial statements We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Ind AS financialstatements.

4. OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with the IndAS and other accounting principles generally accepted in India.

(a) In the case of the Balance sheet of the state of affairs of the Company as atMarch 312018

(b) In the case of the Statement of profit and loss of the profit for the year endedon that date (including other comprehensive income)

(c) Changes in equity for the year ended on that date.

(d) In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

5. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. 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 Act we give in the Annexure A a statement on the matters specified in paragraphs 3and 4 of the Order.

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 purpose 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 Statement of Profit and Loss (including other comprehensiveincome) Statement of changes in Equity and the Cash Flow Statement and dealt with by thisReport are in agreement with the books of account; d. In our opinion the aforesaid Ind ASfinancial statements comply with the Ind AS prescribed under section 133 of the Act readwith relevant rules issued thereunder;

e. On the basis of written representations received from the Directors as on March 312018 taken on record by the Board of Directors none of the Directors are disqualified ason March 31 2018 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 the financialreporting of the Company and the reporting 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) 2014 as amended in ouropinion and 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 Ind AS financial statements;

ii. In our opinion and as per the information and explanations provides to us theCompany has not entered into any long-term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses;

iii. There have been no delay in transferring the amounts required to be transferredto the Investor Education and Protection Fund by the Company during the year ended 31stMarch 2018; and

iv. The disclosure in the IND AS Financial Statements regarding holding as well asdealings in specified bank notes during the period from 08 November 2016 to 30 December2016 have not been made since they do not pertain to the financial year ended 31st March2018. However amounts as appearing in the audited financial statements for the periodended 31st March 2017 have been disclosed.

For R Chopra & Associates
Chartered Accountants
(Rakesh Chopra)
Prop.
Place: Amritsar M.No.:- 514576
Date: 29.05.2018 FRN No.:- 022992N

Annexure A to the Independent Auditors' Report

With reference to the Annexure referred to in Independent Auditors' Report to themembers of the Company on the Ind AS financial statements for the year ended 31 March2018 we report the following :-

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

(b) All the fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion isreasonable having regard to the size of the company and the nature of its assets and noserious discrepancies have been noticed in respect of those assets which have beenphysically verified.

(c) According to the information and explanation gives to us and on the basis ofexamination of the records of the company the title deeds of immovable properties areheld in the name of the Company.

(ii) (a) Inventory has been physically verified by the management at reasonableintervals during the year.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. No material discrepancieswere noticed on physical verification.

(iii) According to the information and explanations given to us during the yearCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under Section189 of the Companies Act 2013 (‘the Act'). Accordingly paragraphs 3(iii) of theOrder is not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loans made any investments or provided any guarantees andsecurities covered under section 185 and 186 of the Companies Act 2013.

v) In our opinion and according to the information and explanations given to us theCompany is not required to maintain the cost records under sub-section (1) of Section 148of the Companies Act 2013.

(vi) According to the information and explanations given to us the Company has notaccepted any deposits from the public during the year.

(vii) (a) According to the information and explanations given to us and according tothe books and records as produced and examined by us in accordance with the generallyaccepted auditing practices in India the company is generally regular in depositingundisputed statutory dues including Provident Fund Employees State Insurance Income taxSales tax Service tax Goods and Services Tax Value added tax duty of excise duty ofcustom cess and any other statutory dues as applicable with the appropriate authoritiesand we have been informed that there are no arrears of outstanding statutory dues as atthe last day of the financial year under audit for a period of more than six months fromthe date they became payable.

(b) As explained to us as at 31st March 2018 the amounts of taxes cess duty etc.which have been disputed by the Company have been duly shown under the notes to accountsalong with the name of departments.

(viii) In our opinion and according to the information and explanations given to us the company during the year has not defaulted in repayment of dues to the Government. TheCompany did not have any outstanding dues to its bankers and financial institution. TheCompany has no debenture holders.

(ix) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not raised any moneys by way ofinitial public offer or further public offer (including debt instruments) and term loansduring the year. Accordingly paragraph 3(ix) of the Order is not applicable to theCompany.

(x) According to the information and explanations given to us during the year nomaterial fraud on or by the company by its officers or employees has been noticed orreported during the 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 not entered into any non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the Order is not applicable to the Company.

(xii) In our opinion and according to the information and explanations given to us theCompany has entered into transactions with related parties in compliance with theprovisions of Sections 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the Ind AS financial statements asrequired by applicable Accounting Standards.

(xiii) In our opinion and according to the information and explanations given to usthe Company is not a Nidhi company and the Nidhi Rules 2014 are not applicable to it.Accordingly paragraph 3(xii) of the Order is not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us themanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the CompaniesAct 2013.

(xv) 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. (xvi) According to the information and explanations given to us the Company isnot required to be registered under Section 45-IA of the Reserve Bank of India Act 1934.

For R Chopra & Associates
Chartered Accountants
(Rakesh Chopra)
Prop.
Place: Amritsar M.No.:- 514576
Date: 29.05.2018 FRN No.:- 022992N

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT – 31ST MARCH 2018

(Refer to in our report of even date)

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 internalfinancial controls over financial reporting of Chaman Lal Setia Exports Ltd. ("theCompany")as of 31st March 2018 in conjunction with our audit of the Ind AS financialstatements of the Company for the year ended 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 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 Companies Act 2013.("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 as specified under Section143 (10) of the Companies Act 2013 issued by ICAI and deemed to be prescribed underSection 143(10) of the Act to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether internal financial controls over financial reportingwas established and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditors' judgement including the assessment of therisks of material 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 IND AS 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 the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the Ind AS 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 2018 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 the ICAI.

For R Chopra & Associates
Chartered Accountants
(Rakesh Chopra)
Prop.
Place: Amritsar M.No.:- 514576
Date: 29.05.2018 FRN No.:- 022992N