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Gautam Exim Ltd.

BSE: 540613 Sector: Others
NSE: N.A. ISIN Code: INE721X01015
BSE 00:00 | 16 Sep Gautam Exim Ltd
NSE 05:30 | 01 Jan Gautam Exim Ltd
OPEN 46.90
PREVIOUS CLOSE 45.70
VOLUME 15000
52-Week high 47.90
52-Week low 23.15
P/E 20.96
Mkt Cap.(Rs cr) 14
Buy Price 26.10
Buy Qty 3000.00
Sell Price 44.50
Sell Qty 3000.00
OPEN 46.90
CLOSE 45.70
VOLUME 15000
52-Week high 47.90
52-Week low 23.15
P/E 20.96
Mkt Cap.(Rs cr) 14
Buy Price 26.10
Buy Qty 3000.00
Sell Price 44.50
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 (the Company) which comprises the balance sheet as at March 31 2019 the statement of profit and loss the cash flow statement for the year ended and a summary of significant accounting policies and other explanatory information.

B. Opinion

In our opinion and to the best of our information and according to the explanations given to us the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(a) In the case of the condensed balance sheet of the state of affairs of the Company as at 31st March 2019;

(b) In the case of the condensed statement of profit and loss of the profit for the period ended on that date; and

(c) In the case of the condensed cash flow statement of the cash flows for the period ended on that date.

C. Basis for Opinion

We conducted our audit in accordance with standards on Auditing specified under Section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules made thereunder and we have fulfilled our ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

D. Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report but does not include the financial statements and our auditor's report thereon.

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

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

E. Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

F. Auditor's Responsibilities for the Audit of the Financial Statements

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

As part of an audit in accordance with standards on Auditing we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act we are also responsible for explaining our opinion on weather the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

 Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the financial statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However future events or conditions may cause the Company to cease to continue as a going concern.

 Evaluate the overall presentation structure and content of the financial statements including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

G. Report on Other Legal and Regulatory Requirements

As required by Section 197(6) of the Act we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.

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 Act we give in the Annexure A statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

Further to our comments in Annexure A 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 best of 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 the Company so far as appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss Statement and the Cash Flow Statement dealt with by this Report are in agreement with the books of accounts.

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

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

f) We have also audited the internal financial controls over financial reporting of the Company as on March 31 2019 in conjunction with our audit of the Standalone financial statements of the Company for the year ended on March 31 2019 and our report as per Annexure B expressed on unmodified opinion.

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

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

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

(iii) There was no amount which was required to be transferred to the Investor Education and Protection Fund by the Company.

As per our report of even date
For C D KHAKHAR & CO.
Chartered Accountants
ICAI FRN: 141767W
CA CHETAN D KHAKHAR
Proprietor
Memb. No. : 122647
Place : Vapi
Date : 25/05/2019

ANNEXURE `A' 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 of India in terms of sub-section (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 maintained proper records showing full particulars including quantitative details and situation of fixed assets.

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

c) According to the information and explanation given to us the title deeds of immovable 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 the company has complied with the provisions of section 185 and 186 of the Companies Act in respect 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 the company has complied with the provisions of section 185 and 186 of the Companies Act in respect of loans investment guarantees and securities.

5. Public Deposits:

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

6. Cost Records:

The maintenance of cost records has not been specified by the Central Government under section 148(1) of the Companies Act 2013 for the business activities carried out by the Company. 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 the company has been regular in depositing undisputed statutory dues including provident fund employees state insurance income tax sales tax wealth tax service tax duty of customs duty of excise value added tax cess and any other statutory dues with the appropriate authorities.

b) According to the information and explanation given to us no undisputed amounts in case of dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty 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 the company 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 the Company has raised Rs.3.324 Crore through Initial Public offer for the purpose working capital requirement. The Company has utilized full amount as on 31st March 2018.

10. Frauds:

According to the information and explanations given to us no fraud on or by the company 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 remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V of the Companies Act. There is no restriction 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 clause 4(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 with section 177 and 188 of the Companies Act and the details has been disclosed in the financial 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 any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.

15. Non-cash Transaction

According to the information and explanations given to us the company has not entered into 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 the company.

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 the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3(xvi) of the order are not applicable to the company.

As per our report of even date
For C D KHAKHAR & CO.
Chartered Accountants
ICAI FRN: 141767W
CA CHETAN D KHAKHAR
Place : VapiProprietor
Date : 25/05/2019Memb. No. : 122647

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Subsection 3 of Section 143 of the Companies Act 2013 (the Act)

We have audited the internal financial controls over financial reporting of GAUTAM EXIM LIMITED (the Company) as of March 31 2019 in conjunction with our audit of the standalone 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 maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation 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 over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013 to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the 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 designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition use or disposition of the company'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 financial reporting including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or 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 the explanations given to us the Company has in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31 2019 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For C D KHAKHAR & CO.
Chartered Accountants
ICAI FRN: 141767W
CA CHETAN D KHAKHAR
Place : VapiProprietor
Date : 25/05/2019Memb. No. : 122647

   

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