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Chemcrux Enterprises Ltd.

BSE: 540395 Sector: Industrials
NSE: N.A. ISIN Code: INE298W01016
BSE 13:46 | 21 Nov 60.90 2.90
(5.00%)
OPEN

60.90

HIGH

60.90

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60.90

NSE 05:30 | 01 Jan Chemcrux Enterprises Ltd
OPEN 60.90
PREVIOUS CLOSE 58.00
VOLUME 4000
52-Week high 60.90
52-Week low 25.10
P/E 12.82
Mkt Cap.(Rs cr) 30
Buy Price 60.90
Buy Qty 64000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 60.90
CLOSE 58.00
VOLUME 4000
52-Week high 60.90
52-Week low 25.10
P/E 12.82
Mkt Cap.(Rs cr) 30
Buy Price 60.90
Buy Qty 64000.00
Sell Price 0.00
Sell Qty 0.00

Chemcrux Enterprises Ltd. (CHEMCRUXENTERP) - Auditors Report

Company auditors report

To The Members of CHEMCRUX ENTERPRISES LIMITED

Report on the Financial Statements

We have audited the accompanying Financial Statements of CHEMCRUXENTERPRISES LIMITED (“the Company”) which comprise the Balance sheet as at 31stMarch 2018 the Statement of Profit & Loss and the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 (“the Act”) with respect to thepreparation of these financial statements that give a true and fair view of the financialposition and financial performance of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the 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 financial statements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid 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 of the state of affairs of the Companyas at 31/03/2018 and its Profit for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors' Report) Order2016(“theOrder”) issued by the Central Government of India in terms of sub section (11) ofsection 143 of the Companies Act 2013. We give in the Annexure A statements on thematters 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 explanationswhich to the best of our knowledge and belief were necessary for the purpose of ourAudit; b) In our opinion proper books of accounts as required by the law have been keptby the Company so far as appears from our examination of the said books; c) The BalanceSheet Statement of Profit & Loss and Cash Flow Statement dealt with by this reportare in agreement with the books of accounts of the Company; d) In our opinion theaforesaid Financial Statements comply with the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. e) Onthe basis of written representations received from the directors as on 31st March 2018and taken on record by the Board of Directors we report that none of the directors isdisqualified as on 31st March 2018 from being appointed as a director of the Company interms of Section 164(2) of the Act. f) With respect to the adequacy of the internalfinancial controls over financial reporting and the operating effectiveness of suchcontrols; refer to our separate report in “Annexure B” attached herewith. g)With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us: (i) The Company hasdisclosed the impact of pending litigations on its financial position in its financialstatements. (ii) The Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts. (iii) There has been no delay in transferring amountsrequired to be transferred to the Investor Protection Fund by the Company.

FOR TALATI & TALATI

CHARTERED ACCOUNTANTS

(F.R.N. 110758 W)

Sd/-

Place : Vadodara CA MANISH BAXI Date : 29/05/2018 PARTNER

(M. R. N. 045011)

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

“Annexure A” to the Independent Auditor's Report of even dateon the Standalone Financial Statements of Chemcrux Enterprises Limited Company limitedReports under The Companies (Auditor's Report) Order 2016 (CARO 2016) for the year endedon 31st March 2018

To

The Members of Chemcrux Enterprises Limited

(i) In respect of Fixed Asstes

(a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets for the period ended 31stMarch 2018 and is in the process of updating the same for the year under consideration.(b) The fixed assets are physically verified at reasonable intervals by the Management inaccordance with a regular programme of verification. According to the information andexplanations given to us the management is in process of reconciling fixed assetsphysically verified during the year with the fixed assets as per register maintained anddoes not expect any material discrepancy. (c) According to the information andexplanations given to us and the records examined by us and based on the examination ofthe registered sale deed / transfer deed / Letter of Award provided to us we report thatthe title deeds comprising all the immovable properties of land and buildings which arefreehold are held in the name of the Company as at the balance sheet date.

(ii) In Respect of Inventories

As explained to us the inventories except goods-in-transit werephysically verified during the year by the Management at reasonable intervals and nomaterial discrepancies were noticed on physical verification.

(iii) Compliance under section 189 of The Companies Act 2013

According to the information and explanations given to us the Companyhas not granted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013.

(iv) Compliance under section 185 and 186 of The Companies Act 2013

In our opinion and according to the information and explanations givento us the Company has not given any loan falling under the purview of the provisions ofSections 185 and 186 of the Companies Act 2013 in respect of grant of loans makinginvestments and providing guarantees and securities as applicable.

(v) Compliance under section 73 to 76 of The Companies Act 2013 andRules framed there under while accepting Deposits. According to the information andexplanations given to us the Company has not accepted any deposits during the year.

(vi) Maintenance of cost records

To the best of our knowledge and as explained the Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of section 148 of theCompanies Act 2013 for the products of the company.

(vii) Deposit of Statutory Dues

(a) According to the information and explanations given to us inrespect of statutory dues: The Company has generally been regular in depositing undisputedstatutory dues including Provident Fund Income-tax Sales Tax Service Tax CustomsDuty Excise Duty Value Added Tax cess and other material statutory dues applicable toit to the appropriate authorities. There were no undisputed amounts payable in respect ofProvident Fund Income-tax Sales Tax Service Tax Customs Duty Excise Duty Value AddedTax cess and other material statutory dues in arrears as at 31st March 2018 for a periodof more than six months from the date they became payable.

(b) As per the information and explanations given to us there are nodues of Income-tax Sales Tax Service Tax Customs Duty Excise Duty and Value Added Taxwhich have not been deposited as on 31st March 2018 on account of disputes.

(viii) Repayment of Loans and Borrowings In our opinion and accordingto the information and explanations given to us the Company has not defaulted in therepayment of loans or borrowings to financial institutions and banks. The Company has nottaken any loans or borrowings from Government and has not issued any debentures.

(ix) Utilization of Money Raised by Public Offers and Term Loan Forwhich they Raised : In our opinion and according to the information and explanations givento us the money raised by way of term loan have been applied by the Company during theyear for the purposes for which it was raised. During the year under audit the Companyhas not raised moneys by way of public offer.

(x) Reporting of Fraud during the year :To the best of our knowledgeand according to the information and explanations given to us no fraud by the Company andno material fraud on the Company by its officers or employees has been noticed or reportedduring the year.

(xi) Managerial Remuneration : In our opinion and according to theinformation and explanations given to us the Company has paid or provided managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

(xii) Compliance by Nidhi Company Regarding Net Owned Fund to DepositsRatio According to the information and explanations given to us the Company is not aNidhi Company and hence reporting under clause (xii) of the Order is not applicable.

(xiii) Related party compliance with Section 177 and 188 of companiesAct 2013

In our opinion and according to the information and explanations givento us the Company is in compliance with Section 188 and 177 of the Companies Act 2013where applicable for all transactions with the related parties and the details of relatedparty transactions have been disclosed in the financial statements as required by theapplicable Accounting Standards.

(xiv) Compliance under section 42 of Companies Act - 2013 regardingPrivate placement of Shares or Debentures During the year the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures and hence reporting under clause (xiv) of the Order is not applicable to theCompany.

(xv) Compliance under section 192 of Companies Act 2013

In our opinion and according to the information and explanations givento us during the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with him and hence provisions of section 192 of theCompanies Act 2013 are not applicable.

(xvi) Requirement of Registration under 45-IA of Reserve Bank of IndiaAct 1934

According to the information and explanations given to us the Companyis not required to be registered under section 45-IA of the Reserve Bank of India Act1934.

FOR TALATI & TALATI CHARTERED ACCOUNTANTS

(F.R.N. 110758 W)

Sd/-

Place : Vadodara CA MANISH BAXI Date : 29/05/2018 PARTNER

(M. R. N. 045011)

Annexure B to the Independent Auditors' Report

“Annexure B” to the Independent Auditor's Report of even dateon the Standalone Financial Statements of Chemcrux Enterprises Limited :

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (“the Act”) We haveaudited the internal financial controls over financial reporting of CHEMCRUX ENTERPRISESLIMITED (“the Company”) as on 31st March 2018 in conjunction with our audit ofthe standalone 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 andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting 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 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.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the “Guidance Note”) and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial control system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting assessing the risk that amaterial weakness exists and operating effectiveness of internal control based on theassessed risk. The procedures selected depend upon on the auditor's judgment includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2018 basedon 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 issues by the Institute ofChartered Accountants of India.

FOR TALATI & TALATI CHARTERED ACCOUNTANTS

(F.R.N. 110758 W)

Sd/-

CA MANISH BAXI PARTNER

(M. R. N. 045011)

Place : Vadodara Date : 29/05/2018