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CHL Ltd.

BSE: 532992 Sector: Services
NSE: N.A. ISIN Code: INE790D01020
BSE 00:00 | 15 Mar 11.00 0
(0.00%)
OPEN

11.55

HIGH

11.55

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11.00

NSE 05:30 | 01 Jan CHL Ltd
OPEN 11.55
PREVIOUS CLOSE 11.00
VOLUME 1425
52-Week high 18.50
52-Week low 10.90
P/E 6.29
Mkt Cap.(Rs cr) 60
Buy Price 10.45
Buy Qty 1425.00
Sell Price 11.50
Sell Qty 50.00
OPEN 11.55
CLOSE 11.00
VOLUME 1425
52-Week high 18.50
52-Week low 10.90
P/E 6.29
Mkt Cap.(Rs cr) 60
Buy Price 10.45
Buy Qty 1425.00
Sell Price 11.50
Sell Qty 50.00

CHL Ltd. (CHL) - Auditors Report

Company auditors report

To the Members of CHL LIMITED

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS Financial Statements of CHL LIMITED("the company") which comprise the Balance Sheet as at 31 March 2018 theStatement of Profit and Loss including the Statement of other Comprehensive Income theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information (hereinafterreferred to as ‘'Standalone Ind AS Financial Statements'').

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of theseStandalone Ind As financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income and cash flows andchange in equity of the Company in accordance with the accounting principles generallyaccepted in India including the India Accounting Standards (Ind AS) specified underSection 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015 asamended. This responsibility also includes the maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS financialstatements based on our audit.

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 there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Standalone Ind AS financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the Standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the Standalone Ind AS financial statements that give 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 Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the Ind AS and other accounting principles generally accepted in India of the stateof affairs of the Company as at March 31 2018 and its comprehensive income its cashflows and changes in equity for the year ended on that date.

Other Matter

The comparative financial information of the company for the year ended 31.03.2017prepared in accordance with Indian Accounting Standards included in these Standalone IndAS financial statements have been audited by predecessor auditors. The report dated26.05.2017 of the predecessor auditors on the comparative financial information expressedan unmodified opinion. Our opinion on the financial statements is not modified in respectof the above matter.

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 theparagraph 3 and 4 of the Order to the extent applicable.

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 purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books (c) The Balance Sheet andthe Statement of Profit and Loss (including other comprehensive income) the Cash FlowStatement and the Statement of Changes in Equity dealt with by this Report are inagreement with the books of account.

(d) In our opinion the aforesaid Standalone Ind As financial statements comply withthe Indian Accounting Standards specified under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended.

(e) On the basis of written representations received from the directors as on 31 March2018 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 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 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 mattersincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 in our opinion and to our best of our information and according tothe explanations given to us: i. The Company has disclosed the impact of pendinglitigations as at 31st March 2018 on its financial position in its Standalone Ind Asfinancial statements–(Refer Note No. 28) to the Standalone Ind AS financialstatements; ii. The Company did not have any long-term contracts including derivativescontracts for which there were any material fore seeable losses; iii. There has been nodelay in transferring amounts required to be transferred to Investor Education andProtection Fund.

For D G A & Co.
Chartered Accountants
Firm Reg. No. 003486N
(D K Agarwal FCA)
Place: New Delhi Partner
Dated: 28.05.2018 Membership No. 080355

ANNEXURE- A to the Independent Auditor's Report on the Standalone Ind AS FinancialStatements of CHL LIMITED for the year ended 31st March 2018 i. a. The company hasmaintained proper records showing full particulars including quantitative details andsituation of its fixed assets. b. The fixed assets have been physically verified by theManagement during the year in accordance with a regular programme of verification whichin our opinion is reasonable having regard to the size of the company and the nature ofits assets. The discrepancies noticed on such verification which were not material havebeen properly dealt with in the books of account. c. According to the information andexplanations given to us and on the basis of our examinations of the records of thecompany the title deeds of the immovable properties are held in the name of the company.ii. In our opinion and according to the information and explanations given to usinventories have been physically verified by the management at reasonable intervals havingregard to the size of the company and no material discrepancy was noticed on suchverification as compared to book records. iii. According to the information andexplanations given to us the company has not granted any loans secured or unsecured tocompanies firms limited liability partnerships or other parties covered in the registerrequired under section 189 of the Companies Act 2013. Accordingly the provisions ofclause paragraph 3(iii)(a) (b) and ( c) of the Order are not applicable. iv. In ouropinion and according to the information and explanations given to us the Company hascomplied with the provisions of section 185 and 186 of the Act with respect to the loansand investments made and any guarantee or security provided. v. The Company has notaccepted any deposits from the public. vi. The Central Government has not prescribed themaintenance of cost records under section 148 (1) of the Companies Act 2013. vii. a. TheCompany is generally regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income tax salestax service tax custom duty excise duty value added tax cess and other statutory duesapplicable to it. b. According to information and explanations given to us there are noundisputed amounts payable in respect of income taxsales tax service tax custom dutyexcise duty value added tax cess that were outstanding as at 31st March 2018 for aperiod of more than six months from the date they become payable. c. In our opinion andaccording to the information and explanations given to us by the company and its taxadvisor/consultant following dues of income tax have not been deposited by the company onaccount of disputes:

S.No. Name of the Statue Nature of Dues Amount (Rs.) Period to which the amount relate Forum where dispute is pending
1 Income-tax Act 1961 U/S 250/143(3) 9802032 AY 2005-06 ITATDelhi
2 Income-tax Act 1961 U/S 250/143(3) 5205310 AY 2008-09 CIT (Appeal) order/subject to verification by AO.
3 Income-tax Act 1961 U/S 271(1) 716786 AY 2009-10 ITATDelhi
4 Income-tax Act 1961 U/S 143(3) 432959 AY 2010-11 Rectification u/s 154 is pending
5 Income-tax Act 1961 U/S 143(3) 6911130 AY 2011-12 ITAT Rectification u/s 154 is also pending before AO
6 Income-tax Act 1961 U/S 143(3) 4564190 AY 2012-13 ITATDELHI
7 Income-tax Act 1961 U/S 143(3) 6053880 AY 2013-14 CIT (Appeal)
8 Income-tax Act 1961 U/S 143(3) 5040460 AY 2015-16 CIT (Appeal)
9 Income-tax Act 1961 U/S 271(1) 6495410 AY 2012-13 CIT (Appeal)
10 Service Tax (Finance Act 1994 rws Service Tax Rule 1994) U/S 73(1)Sec 78Sec 77(2) 56545957 SCN dt 21.10.09 & 22.10.10 (F.Y. 2004-05 to 2009-10) Appeal CESTAT Delhi

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to the banks and financial institutions.ix. According to the information and explanations given to us the Company has not raisedmoney by way of initial public offer or further public offer (including debt instruments).In our opinion and according to the information and explanations given to us the termloans taken by the Company have been applied for the purpose for which they were raised.x. According to the information and explanations given to us no fraud by the Company oron the Company by its officers or employees has been noticed or reported during the courseof our audit. xi. According to the information and explanations given to us and based onour examination of the records of the company the managerial remuneration has beenprovided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable. xiii. In our opinion and according to the information and explanations givento us all transactions with the related parties are in compliance with section 177 and188 of the Companies Act 2013 where applicable and the details of such transactions havebeen disclosed in the Financial Statements as required by the applicable accountingstandards. xiv. According to the information and explanations given to us and on the basisof our examinations of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year. xv. In our opinion and according to the information andexplanations given to us the Company has not entered into any non-cash transactions withthe directors or persons connected with him. Accordingly clause (xv) of the Order is notapplicable. xvi. The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For D G A & Co.
Chartered Accountants
Firm Reg. No. 003486N
(D K Agarwal FCA)
Place: New Delhi Partner
Dated: 28.05.2018 Membership No. 080355

ANNEXURE- B to the Independent Auditor's Report on the Standalone Ind AS FinancialStatements of CHL LIMITED for the year ended 31st March 2018 Report on the InternalFinancial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act2013 ("the Act")

We have audited the internal financial controls over financial reporting of C H LLimited ("the Company") as of 31 March 2018 in conjunction with our audit of thestandalone Ind As 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'). 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 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. 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.

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 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.

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 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 31 March 2018 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 D G A & Co.
Chartered Accountants
Firm Reg. No. 003486N
(D K Agarwal FCA)
Place: New Delhi Partner
Dated: 28.05.2018 Membership No. 080355