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Choksi Imaging Ltd.

BSE: 530427 Sector: Consumer
NSE: N.A. ISIN Code: INE865B01016
BSE 00:00 | 22 Mar 17.15 -1.25
(-6.79%)
OPEN

18.40

HIGH

18.40

LOW

17.15

NSE 05:30 | 01 Jan Choksi Imaging Ltd
OPEN 18.40
PREVIOUS CLOSE 18.40
VOLUME 60
52-Week high 40.00
52-Week low 14.50
P/E 23.49
Mkt Cap.(Rs cr) 7
Buy Price 17.55
Buy Qty 4.00
Sell Price 20.00
Sell Qty 390.00
OPEN 18.40
CLOSE 18.40
VOLUME 60
52-Week high 40.00
52-Week low 14.50
P/E 23.49
Mkt Cap.(Rs cr) 7
Buy Price 17.55
Buy Qty 4.00
Sell Price 20.00
Sell Qty 390.00

Choksi Imaging Ltd. (CHOKSIIMAGING) - Auditors Report

Company auditors report

To the Members of Choksi Imaging Limited

Report on the Standalone Ind As Financial Statements

We have audited the accompanying standalone Ind AS financial statements of M/sCHOKSI IMAGING LIMITED which comprise the Balance Sheet as at March 31 2018 and theStatement of Profit and Loss (including Other

Comprehensive Income) the Statement of Cash Flow and the Statement of Changes inEquity for the year ended and a summary of significant accounting policies and otherexplanatory information which includes a joint operation (hereinafter referred to as"the standalone Ind AS financial statements)

Management's Responsibility for the Financial Statements

The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 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 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.

In conducting 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 thereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom 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 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 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 accounting principles generally accepted in India of the state of affairs of thecompany as at 31 March 2018 and its profit total comprehensive income its cash flowsand the changes in equity for the year ended on that date.

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" 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 it appears from our examination of those books;

(c) The balance sheet the statement of profit and loss including Other ComprehensiveIncome and the cash flow statement and the Statement of Changes in Equity dealt with bythis Report are in agreement 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.

(e) On the basis of the written representations received from the directors as on 31March 2018; and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164 (2) of the Act.

(f) In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlover financial reporting were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the company; We give"Annexure B" for report under clause (1) of sub section (3) of section 143 ofThe Companies Act 2013.

(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) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts; and

iii. There has been no delay in transferring amounts required to be transferred to theInvestor education and Protection Fund by the company;

FOR KARIA & SHAH
CHARTERED ACCOUNTANTS
Firm Registration No. 112203W
Sd/-
Sanjay Shah
(PARTNER)
Place : Mumbai
Date: May 26 2018

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

CHOKSI IMAGING LTD. F.Y.2017-18.

Referred to in paragraph 1 under the heading "Report on other legal and regulatoryrequirements" of our report of even date.

1. In respect of its Fixed Assets :

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment.

b) As per the information and explanation given to us the property plant andequipment have been physically verified by the management during the year which in ouropinion is reasonable considering the size of the company and nature of asset. Thefrequency of physical verification is reasonable and no material discrepancies werenoticed on such verification.

c) The tittle deeds comprising all the Immovable Properties of the land and acquiredbuildings which are freehold are held in the name of Company.

2. In respect of Inventories :

According to information and explanation given to us physical verification of inventoryhas been conducted at reasonable intervals except for inventories lying with third partieswhere confirmations have been received by the management and no material discrepancieswere noticed on physical verification during the year.

3. In respect of the loan secured or unsecured granted by the company to / fromcompanies firms or other parties covered in the register maintained under sec 189 ofCompanies act 2013:

a) According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under sec. 189 of The Companies Act 2013.

4. According to the information and explanations given to us the Company has compliedwith the provision of section 185 and 186 of The Companies Act 2013 in respect of loaninvestments guarantees and securities as applicable.

5. According to the information and explanation given to us the Company has notaccepted any deposit and hence reporting under paragraph 3(v) of the Order is notapplicable.

6. According to information & explanation given to us the Central Government hasnot prescribed maintenance of cost records under sub-section (1) of the section 148 ofCompanies Act 2013 for the year under consideration.

7. In respect of Statutory Dues :

a) According to information and explanations given to us in our opinion the Companyis generally regular in depositing undisputed statutory dues with appropriate authoritiesincluding Provident Fund Income Tax VAT Wealth Tax Service Tax Custom Duty GST Cessand other material statutory dues applicable to it with the appropriate authorities.

b) According to the information and explanation given to us no undisputed amountspayable in respect of Income Tax Wealth Tax Service Tax VAT Custom Duty GST and Cesswere in arrears as at 31st March 2018 for a period of more than Six months from the datethey became payable.

c) Details of dues of Income-tax Service tax Custom Duty Excise Duty and ValueAdded Tax GST which have not been deposited as on 31st March 2018 on account of disputeare given below : (Amount. In Lakhs)

Name of Statue Nature of Dues Forum where dispute is pending Periods to which the amount relates Amount unpaid Amount paid in protest
The Customs Act 1962 Custom Duty Central Excise Service 2011-12 1574.64 59.04
Tax Appellate Tribunal 2012-13
2013-14
The Customs Act 1962 Custom Duty- Executive Offence Central Excise Service Tax Appellate Tribunal 2011-12 To 2013-14 75.00 5.62

8. Based on our audit procedure and according to the information and explanations givenby the management we are of the opinion that the company has not defaulted in repaymentof its dues to any financial institution and banks and government and dues to debentureholders.

9. In our opinion and according to the information and explanation given to us moneyraised by way of term loans have been applied by the company during the year for thepurposes of which they were raised or as per purposes revised with appropriate approvalsother than temporary deployment pending application of proceeds. The Company has neitherraised any moneys by way of public offer nor were such proceeds pending to be appliedduring the current year.

10. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

11. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

12. 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 not applicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations give 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 and hence reporting under paragraph 3(xiv) of the Order is not applicable.

15. 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 non-cashtransactions with directors or persons connected with him.

Accordingly paragraph 3(xv) of the Order is not applicable.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For KARIA & SHAH

Chartered Accountants Firm

Registration No. 112203W

Partner : Sanjay Shah

Membership No: 042529

Place : Mumbai

Date : 26.05.2018

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

Annexure B to the Independent Auditor's Report of even date on financial statement ofM/s CHOKSI IMAGING LIMITED

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 ChoksiImaging Limited ("the Company") as of 31 March 2018 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date which includes a jointly controlled operation.

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 prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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 auditor's judgment 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 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 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 Institute of CharteredAccountants of India.

For KARIA & SHAH

Chartered Accountants Firm

Registration No. 112203W

Partner : Sanjay Shah

Membership No: 042529

Place : Mumbai

Date : 26.05.2018