You are here » Home » Companies » Company Overview » CMI FPE Ltd

CMI FPE Ltd.

BSE: 500147 Sector: Engineering
NSE: FLATPROD ISIN Code: INE515A01019
BSE 00:00 | 18 Apr 1323.65 35.20
(2.73%)
OPEN

1250.15

HIGH

1349.80

LOW

1250.15

NSE 05:30 | 01 Jan CMI FPE Ltd
OPEN 1250.15
PREVIOUS CLOSE 1288.45
VOLUME 687
52-Week high 1439.75
52-Week low 627.10
P/E 22.85
Mkt Cap.(Rs cr) 654
Buy Price 1300.05
Buy Qty 9.00
Sell Price 1323.65
Sell Qty 111.00
OPEN 1250.15
CLOSE 1288.45
VOLUME 687
52-Week high 1439.75
52-Week low 627.10
P/E 22.85
Mkt Cap.(Rs cr) 654
Buy Price 1300.05
Buy Qty 9.00
Sell Price 1323.65
Sell Qty 111.00

CMI FPE Ltd. (FLATPROD) - Auditors Report

Company auditors report

To The MembeRs of CMI FPE Limited Report on the Ind AS FinancialStatements

We have audited the accompanying Ind AS financial statements of CMIFPE Limited ("the Company") which comprise the Balance Sheet as at March31 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS 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 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 Indian Accounting Standards(Ind AS) prescribed under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted in India.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS 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 Ind AS financialstatements based on our audit.

In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matteRs which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunderand the Order issued under Section 143(11) of the Act.

We conducted our audit of the Ind AS financial statements in accordancewith the 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 Ind AS financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the 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 Ind AS financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's DirectoRs as wellas evaluating the overall presentation of the Ind AS financial statements. We believe thatthe audit evidence obtained by us is sufficient and appropriate to provide a basis for ouraudit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid 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 profit total comprehensiveincome its cash flows and the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit wereport that: a) We have sought and obtained all the information and explanations which tothe best of our knowledge and belief were necessary for the purposes of our audit. b) Inour opinion proper books of account as required by law have been kept by the Company sofar as it appeaRs from our examination of those books. c) The Balance Sheet the Statementof Profit and Loss including Other Comprehensive Income the Cash Flow Statement andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account.

d) In our opinion the aforesaid Ind AS financial statements complywith the Indian Accounting Standards prescribed under Section 133 of the Act. e) On thebasis of the written representations received from the directoRs of the Company as onMarch 31 2018 taken on record by the Board of DirectoRs none of the directoRs aredisqualified as on March 31 2018 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 overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over financial reporting. g) With respect to the other matteRs to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Auditand AuditoRs) Rules 2014 as amended in our opinion and to the best of our informationand according to the explanations given to us: i. The Company has disclosed the impact ofpending litigations on its financial position in its Ind AS financial statements. ii. TheCompany has made provision as required under the applicable law or accounting standardsfor material foreseeable losses if any on long-term contracts including derivativecontracts. iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure B" a statement on the matteRs specified inparagraphs 3 and 4 of the Order.

For DELOITTE HASKINS & SELLS

Chartered Accountants (Firm's Registration No. 117365W)

(Samir R. Shah)

(Partner) (MembeRship No. 101708)

Place: Valsad Date: May 30 2018

ANNEXURE "A"

TO THE INDEPENDENT AUDITOR'S REPORT OF CMI FPE LIMITED

(Referred to in paragraph 1 (f) under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of CMI FPE Limited ("the Company") as of March 31 2018 in conjunctionwith our audit of the Ind AS financial statements of the Company for the year ended onthat 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 ("the Guidance Note") issued by the Institute of CharteredAccountants of India ("the ICAI"). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and erroRs the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note issued by the ICAI and the Standards onAuditing prescribed under Section 143(10) of the Act to the extent applicable to an auditof internal financial controls. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an undeRstanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Company's internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting isa process 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 controlover financial 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 authorisations ofmanagement and directoRs of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 to the best of our information and according to theexplanations given to us 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 March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.

For DELOITTE HASKINS & SELLS

Chartered Accountants (Firm's Registration No. 117365W)

(Samir R. Shah)

(Partner) (MembeRship No. 101708)

Place: Valsad Date: May 30 2018

ANNEXURE "B"

TO THE INDEPENDENT AUDITOR'S REPORT OF CMI FPE LIMITED

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date)

(i) (a) The Company has maintained proper records showing fullparticulaRs including quantitative details and situation of fixed assets.

(b) The fixed assets were physically verified during the year by theManagement in accordance with a regular programme of verification which in our opinionprovides for physical verification of all the fixed assets at reasonable intervals.According to the information and explanation given to us no material discrepancies werenoticed on such verification.

(c) According to the information and explanations given to us and therecords examined by us and based on the examination of the registered sale deed / transferdeed / conveyance deed provided to us we report that the title deeds comprising all theimmovable properties of land and buildings which are freehold are held in the name of theCompany as at the Balance Sheet date.

(ii) As explained to us the inventories were physically verifiedduring the year by the Management at reasonable intervals and no material discrepancieswere noticed on physical verification.

(iii) The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability PartneRships or other parties covered in the registermaintained under Section 189 of the Companies Act 2013 ("the Act"). (iv) In ouropinion and according to the information and explanations given to us the Company hascomplied with the provisions of Sections 185 and 186 of the Act in respect of grant ofloans making investments and providing guarantees and securities as applicable.

(v) According to the information and explanations given to us theCompany has not accepted any deposit during the year and does not have any unclaimeddeposits as at March 31 2018. Therefore the provisions of clause 3(v) of the Order arenot applicable to the Company. (vi) The maintenance of cost records has been specified bythe Central Government under Section 148(1) of the Act. We have broadly reviewed the costrecords maintained by the Company puRsuant to the Companies (cost records and audit)Rules 2014 as amended prescribed by the Central Government under subsection (1) ofSection 148 of the Act and are of the opinion that prima facie the prescribed costrecords have been made and maintained. We have however not made a detailed examinationof the cost records with a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us inrespect of statutory dues: (a) The Company has generally been regular in depositingundisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Sales Tax Service Tax Customs Duty Excise Duty Value Added Tax Goods andService Tax cess and other material statutory dues applicable to it to the appropriateauthorities. (b) There were no undisputed amounts payable in respect of Provident FundEmployees' State Insurance Income-tax Sales Tax Service Tax Customs Duty ExciseDuty Value Added Tax Goods and Service Tax cess and other material statutory dues inarreaRs as at March 31 2018 for a period of more than six months from the date theybecame payable.

(c) Details of dues of Income-tax Sales Tax Service Tax Custom DutyExcise Duty Value Added Tax Goods and Service Tax which have not been deposited as onMarch 31 2018 on account of disputes are given below:

Name of Statute Nature of Dues Forum where Dispute is Pending

Period to which the Amount Relates

Amount Involved

(Rs in lakhs)

The Central Excise Act 1944 Excise Duty – Cenvat Credit (excluding interest and penalty) Commissioner of Central Excise & Service Tax Large Tax Unit-Audit Mumbai

2009-10 to 2010-11

79.18

The Central Excise Act 1944 Service Tax – Cenvat Credit (excluding interest and penalty) CESTAT Mumbai

2010-11 to 2014-15

4456.23

Tamil Nadu Value Added Tax 2006 Sales Tax (excluding interest and penalty) Deputy Commissioner III Chennai

2012-13

3.15

Income-tax Act 1961 Income-tax Income-tax Appellate Tribunal

2010-11 (A.Y.)

107.11

Income-tax Act 1961 Income-tax Commissioner of Income-tax (Appeals)

2011-12 (A.Y.)

0.11

Income-tax Act 1961 Income-tax Commissioner of Income-tax (Appeals)

2013-14 (A.Y.)

83.02

(viii) The Company has not taken any loans or borrowings from financialinstitutions banks and government or has not issued any debentures. Therefore theprovisions of clause 3(viii) of the Order are not applicable to the Company.

(ix) The Company has not raised moneys by way of initial public offeror further public offer (including debt instruments) or term loans. Therefore theprovisions of clause 3(ix) of the Order are not applicable to the Company. (x) To the bestof our knowledge and according to the information and explanations given to us no fraudby the Company and no material fraud on the Company by its officeRs or employees has beennoticed or reported during the year. (xi) In our opinion and according to the informationand explanations given to us the Company has paid / provided managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

(xii) The Company is not a Nidhi Company and therefore the provisionsof clause 3(xii) of the Order are not applicable to the Company. (xiii) In our opinion andaccording to the information and explanations given to us the Company is in compliancewith Sections 177 and 188 of the Act where applicable for all transactions with therelated parties and the details of related party transactions have been disclosed in thefinancial statements as required by the applicable accounting standards.

(xiv) During the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures.Therefore the provisions of clause 3(xiv) of the Order are not applicable to the Company.(xv) In our opinion and according to the information and explanations given to us duringthe year the Company has not entered into any non-cash transactions with its directoRs ordirectoRs of its holding company or peRsons connected with them and hence provisions ofSection 192 of the Act are not applicable.

(xvi) The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934.

For DELOITTE HASKINS & SELLS

Chartered Accountants (Firm's Registration No. 117365W)

(Samir R. Shah)

Place: Valsad

(Partner)

Date: May 30 2018

(MembeRship No. 101708)