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Choksi Imaging Ltd.

BSE: 530427 Sector: Consumer
NSE: N.A. ISIN Code: INE865B01016
BSE 00:00 | 22 May 13.60 0
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13.60

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13.60

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13.60

NSE 05:30 | 01 Jan Choksi Imaging Ltd
OPEN 13.60
PREVIOUS CLOSE 13.60
VOLUME 201
52-Week high 19.40
52-Week low 8.60
P/E 6.36
Mkt Cap.(Rs cr) 5
Buy Price 13.65
Buy Qty 60.00
Sell Price 13.60
Sell Qty 99.00
OPEN 13.60
CLOSE 13.60
VOLUME 201
52-Week high 19.40
52-Week low 8.60
P/E 6.36
Mkt Cap.(Rs cr) 5
Buy Price 13.65
Buy Qty 60.00
Sell Price 13.60
Sell Qty 99.00

Choksi Imaging Ltd. (CHOKSIIMAGING) - Auditors Report

Company auditors report

To the Members of Choksi Imaging Limited

Report on the Standalone Ind As Financial Statements

Opinion

We have audited the accompanying standalone financial statements of M/sCHOKSI IMAGING LIMITED which comprise the Balance Sheet as at March 31 2019 and theStatement of Profit and Loss (including Other Comprehensive Income) the Statement of CashFlow and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information. (hereinafter referredto as "the standalone financial statements)

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ( the Act) in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India including Indian Accounting Standards ( Ind AS ) specified under section 133 ofthe Act of the state of affairs of the Company as at March 31 2019 and profit/loss(changes in equity) and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

We have determined the matters described below to be the key auditmatters to be communicated in our report:

Key Audit Matter How our audit addressed the key audit matter
Litigation Matter- Claims against company not acknowledged as Debt Refer note no 2.27 to the accompanying financial statements. Our procedures included but were not limited to the following:
Obtained an understanding of management's stance on the said matter based on the provisions of the law prevailing at that period of time.
As at 31st March 2019 the contingent liability reported in notes accompanying financial statements is on account of order passed by Commissioner of Customs for the levy of SAD & penalty thereon amounting to Rs 15.74 crores and further penalty on executives/director of the company amounting to Rs 75 lacs. Assessed the professional competence and capabilities of the legal adviser engaged by the management. Based on our procedures we also considered the adequacy of disclosures in respect of the said litigation as a contingent liability in the notes to the standalone financial statements.
The Company has filed an appeal before the Honorable Tribunal of Customs against the said order and management is expecting a favorable order based on the legal advisory's opinion.
Considering the materiality of the amount involved this matter has been identified as a key audit matter for the current year audit.

Information Other than the Financial Statements and Auditor'sReportThereon

The Company's Board of Directors' is responsible for theother information. The other information comprises the information included in the AnnualReport but does not include the financial statements and our auditor's reportthereon.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether otherinformation is materially inconsistent with the financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibility of Management for the Standalone Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance (changes in equity) and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the accounting Standards specified under section 133 of the Act. 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 appropriateimplementation and maintenance of accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing thecompany's financial reporting process

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

Report on Other Legal and Regulatory Requirements

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 of the Companies Act 2013 we give in the Annexure A; statement onthe matters 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:

We have sought and obtained all the information and explanations whichto the best of our knowledge and belief were necessary for the purposes of our audit.

a. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books [and properreturns adequate for the purposes of our audit have been received from the branches notvisited by us. ]

b. The Balance Sheet the Statement of Profit and Loss and the CashFlow Statement dealt with by this Report are in agreement with the books of account.

c. In our opinion the aforesaid standalone financial statements complywith the Accounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014.

d. On the basis of the written representations received from thedirectors as on 31st March 2019 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2019 from being appointed as a director interms of Section 164 (2) of the Act.

e. With respect to the adequacy of the internal financial controls overfinancial reporting (IFCoFR) of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B".

f. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements

Refer Note 2.27 to the financial statements.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company during the yearended 31 st March 2019.

FOR KARIA & SHAH
CHARTERED ACCOUNTANTS
Firm Registration No. 112203W
Sd/-
Sanjay Shah
(PARTNER)
Place : Mumbai
Date: 25th May 2019