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Chamanlal Setia Exports Ltd.

BSE: 530307 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE419D01026
BSE 15:51 | 23 Jul 99.50 -2.40
(-2.36%)
OPEN

105.00

HIGH

108.80

LOW

99.00

NSE 05:30 | 01 Jan Chamanlal Setia Exports Ltd
OPEN 105.00
PREVIOUS CLOSE 101.90
VOLUME 21609
52-Week high 219.90
52-Week low 83.10
P/E 12.36
Mkt Cap.(Rs cr) 515
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 105.00
CLOSE 101.90
VOLUME 21609
52-Week high 219.90
52-Week low 83.10
P/E 12.36
Mkt Cap.(Rs cr) 515
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Chamanlal Setia Exports Ltd. (CHAMANLALSETIA) - Auditors Report

Company auditors report

TO THE MEMBERS OF CHAMAN LAL SETIA EXPORTS LIMITED

1. REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of CHAMAN LAL SETIA EXPORTS LTD.("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryaccounting policies and other explanatory information.

2. MANAGEMENT'S RESPONSIBILITY FOR THE 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 Financial Statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the Accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forthe ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

3. 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 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 financialstatements are free from material misstatement. An audit involves performing procedures toobtain audit evidence about the amounts and disclosures in the financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlsrelevant to the Company's preparation of the financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the financial statements.

4. 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.

(a) In the case of the Balance sheet of the state of affairs of the Company as atMarch 312017

(b) In the case of the Statement of profit and loss of the profit for the year endedon that date. and

(c) 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 bythe Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 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 and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d. In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of written representations received from the Directors as on March 312017 and taken on record by the Board of Directors none of the Directors aredisqualified as on March 312017 from being appointed as a Director in terms of Section164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over the 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) 2014 in our opinion and tothe 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. 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 has 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 2017.

iv. The Company has provided requisite disclosure in its financial statements as toholding as well as dealing in specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management - Refer Note 17 of notesto accounts.

For Rajesh Kapoor & Co.
Chartered Accountants
Sd/-
(Rajesh Kapoor)
Prop.
Place: Amritsar M.No.: 92692
Date: 29.05.2017 Pan No:- ABEPK2044H

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 financial statements for the year ended 31 March 2017 wereport 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) (a) (b) and(c) of the Order are 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 regular in depositing undisputedstatutory dues including Provident Fund Employees State Insurance Income tax Sales taxService tax Value added tax duty of excise duty of custom cess and any otherstatutory dues as applicable with the appropriate authorities and we have been informedthat there are no arrears of outstanding statutory dues as at the last day of thefinancial year under audit for a period of more than six months from the date they becamepayable.

(b) As explained to us as at 31st March 2017 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.

(xii) 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 financial statements as required byapplicable 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/provided in accordance with the requisite approvalsmandated by the provisions of Section 197 read with Schedule V to the Companies Act 2013.

(xv) According to the information and explanations give to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

(xvi) According to the information and explanations give to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For Rajesh Kapoor & Co.
Chartered Accountants
Sd/-
(Rajesh Kapoor)
Place: Amritsar Prop.
Date: 29.05.2017 M.No.: 92692
Pan No.:- ABEPK2044H

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT - 31 MARCH 2017

(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 internal financial controls over financial reporting of Chaman LalSetia Exports Ltd. ("the Company")as of 31st March 2017 in conjunction with ouraudit of the financial statements 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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 Accountant 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 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 auditors' judgement 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 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) providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the company's assets that could have a material effect on thefinancial 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 2017 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 Rajesh Kapoor & Co.
Sd/-
Chartered Accountants
(Rajesh Kapoor)
Place: Amritsar Prop.
Date: 29.05.2017 M.No.: 92692
Pan No. ;- ABEPK2044H