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Gautam Exim Ltd.

BSE: 540613 Sector: Others
NSE: N.A. ISIN Code: INE721X01015
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NSE 05:30 | 01 Jan Gautam Exim Ltd
OPEN 44.00
PREVIOUS CLOSE 44.00
VOLUME 3000
52-Week high 54.10
52-Week low 41.75
P/E 8.59
Mkt Cap.(Rs cr) 14
Buy Price 41.65
Buy Qty 3000.00
Sell Price 45.70
Sell Qty 3000.00
OPEN 44.00
CLOSE 44.00
VOLUME 3000
52-Week high 54.10
52-Week low 41.75
P/E 8.59
Mkt Cap.(Rs cr) 14
Buy Price 41.65
Buy Qty 3000.00
Sell Price 45.70
Sell Qty 3000.00

Gautam Exim Ltd. (GAUTAMEXIM) - Auditors Report

Company auditors report

To the Members of GAUTAM EXIM LIMITED VAPI

A Report on the Financial Statements

We have audited the accompanying financial statements of GAUTAM EXIM LIMITED ("theCompany") which comprises the balance sheet as at March 31 2018 the statement ofprofit and loss the cash flow statement for the year ended and a summary of significantaccounting policies and other explanatory information.

B Management's Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows 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 the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequete internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

C Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the 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 believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone financial statements.

D Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.

(a) In the case of the condensed balance sheet of the state of affairs of the Companyas at 31st March 2018; (b) In the case of the condensed statement of profit and loss ofthe profit for the period ended on that date; and (c) In the case of the condensed cashflow statement of the cash flows for the period ended on that date.

E Report on Other Legal and Regulatory Requirements

As required by the companies (Auditor's Report) Order 2016 "(the Order) issued bythe central government of India in terms of sub-section (11) of section 143 if the Act wegive in the "Annexure A" statement on the matters specified in paragraphs 3 and4 of the Order to the extent applicable.

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose 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 the Statement of Profit and Loss Statement and the Cash FlowStatement dealt with by this Report are in agreement with the books of accounts.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2018 from being appointed as a director in terms of Section 164(2) of theAct.

f) With 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 matters to be included in the Auditor's Report inaccordance with the Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in ouropinion and according to the best of our information and according to the explanationsgiven to us:

(i) The Company does not have any pending litigations which would impact its financialposition.

(ii) The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

(iii) There were no amount which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

As per our report of even date
For B. A. DESAI AND ASSOCIATES.
Chartered Accountants
ICAI FRN : 113069W
B A DESAI
Proprietor
Memb. No. : 046220
Place : Vapi
Date : 18/05/2018

ANNEXURE ‘B' TO THE INDEPENDENT AUDITOR'S REPORT

Auditor's Report to the matters specified in paragraphs 3 and 4 of the Companies(Auditor's Report) Order 2017 ("the Order") issued by the Central Government ofIndia in terms of subsection (11) of section 143 of the Act.

1. In respect of its fixed assets:

a) According to the information and explanation given to us the company has maintainedproper records showing full particulars including quantitative details and situation offixed assets.

b) According to the information and explanation given to us all the fixed assets havebeen physically verified by the management during the year and no material discrepancieswere noticed on such verification.

c) According to the information and explanation given to us the title deeds ofimmovable properties are held in the name of the company.

2. In respect of its inventories:

The Company is in the business of trading and does not have any physical inventories.Accordingly reporting under clause 3 (ii) of the Order is not applicable to the Company.

3. Loans granted by the company:

In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act inrespect of loans investment guarantees and securities.

4. Loans Investment Guarantees and Securities:

In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act inrespect of loans investment guarantees and securities.

5. Public Deposits:

According to the information and explanations given to us the company has not acceptedany deposits and consequently the directives issued by the Reserve Bank of Indiaprovisions of Section 73 to 76 or any other relevant provisions of the Companies Act andthe rules framed thereunder where applicable with regard to the acceptance of deposit arenot applicable.

6. Cost Records:

The maintenance of cost records has not been specified by the Central Government undersection 148(1) of the Companies Act 2013 for the business activities carried out by theCompany. Thus reporting under clause 3(vi) of the order is not applicable to the Company.

7. Statutory Dues:

a) In our opinion and according to information and explanations given to us thecompany has been regular in depositing undisputed statutory dues including provident fundemployees state insurance income tax sales tax wealth tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues with theappropriate authorities.

b) According to the information and explanation given to us no undisputed amounts incase of dues of income tax or sales tax or wealth tax or service tax or duty of customs orduty of excise or value added tax or cess is oustanding as at the year.

8. Repayment of financial dues:

In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to a financial institutions or bank.

9. Utilization of Term Loans and Initial Public Offer (IPO):

In our opinion and according to the information and the explanations given to us theCompany has raised Rs.3.324 Crore through Initial Public offer for the purpose workingcapital requirement. The Company has utilized full amount as on 31st March 2018. Duringthe current financial year company has not availed any fresh term loan.

10. Frauds:

According to the information and explanations given to us no fraud on or by thecompany by its officer/employees has been noticed or reported during the year.

11. Managerial remuneration:

According to the information and explanations given to us the managerial remunerationhas been paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with schedule V of the Companies Act. There is norestriction relating to managerial remuneration for a private company.

12. Nidhi Company

In our opinion the company is not a Nidhi Company. Therefore the Provisions of clause4(xii) of the order are not applicable to the company.

13. Related Party Transaction

In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of the Companies Act and the details has been disclosed in thefinancial statement as required by the applicable standards.

14. Preferential Allotment or Private Placement of Shares or Convertible Debentures(Fully or Partly):

According to the information and explanation given to us the company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review.

15. Non-cash Transaction

According to the information and explanations given to us the company has not enteredinto any non-cash transactions with the directors or the persons connected with him.Accordingly the provisions of clause 3(xv) of the order are not applicable to thecompany.

16. Registration u/s 45-IA of RBI Act 1934:

In our opinion the company is not required to be registered under section 45 IA of theReserve Bank of India Act 1934 and accordingly the provisions of clause 3(xvi) of theorder are not applicable to the company.

As per our report of even date
For B. A. DESAI AND ASSOCIATES.
Chartered Accountants
ICAI FRN : 113069W
B A DESAI
Proprietor
Memb. No. : 046220
Place : Vapi
Date : 18/05/2018

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act") We haveaudited the internal financial controls over financial reporting of GAUTAM EXIM LIMITED("the Company") as of March 31 2018 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting 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 the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Company's internal financial controls system over 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 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.

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 hasin all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 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 B. A. DESAI AND ASSOCIATES.
Chartered Accountants
ICAI FRN : 113069W
B A DESAI
Proprietor
Memb. No. : 046220
Place : Vapi Date : 18/05/2018