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Gautam Exim Ltd.

BSE: 540613 Sector: Others
NSE: N.A. ISIN Code: INE721X01015
BSE 00:00 | 19 Oct 35.55 0
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NSE 05:30 | 01 Jan Gautam Exim Ltd
OPEN 34.55
PREVIOUS CLOSE 35.55
VOLUME 6000
52-Week high 47.85
52-Week low 17.55
P/E 16.61
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 34.55
CLOSE 35.55
VOLUME 6000
52-Week high 47.85
52-Week low 17.55
P/E 16.61
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gautam Exim Ltd. (GAUTAMEXIM) - Auditors Report

Company auditors report

To the Members of GAUTAM EXIM LIMITED VAPI

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of GAUTAM EXIM LIMITED("the Company") which comprises the balance sheet as at March 31 2021 thestatement of profit and loss the cash flow statement for the year ended and a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Financial Statements give the information required by theCompanies Act 2013 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 March 31 2021 the profit/loss Statement changes in equity and its cashflows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with standards on Auditing specified under Section143(10) of the Act. Our responsibilities under those standards are further described inthe Auditor's Responsibilities for the Audit of the Standalone Financial Statementssection of our report. We are independent of the Company in accordance with the code ofEthics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the Standalone Financial Statementsunder the provisions of the Act and the rules made thereunder and we have fulfilled ourethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.

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

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the "Annual Report" but doesnot include the Standalone Financial Statements and our auditor's report thereon.

Our opinion on the Standalone Financial Statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the Standalone Financial Statementsor 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.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors are responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone Standalone Financial Statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate 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 recordsrelevant t o the preparation and presentation ofthe Standalone Financial Statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the Standalone Financial Statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial 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. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith standards on Auditing 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 Standalone Financial Statements.

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

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

Obtain an understanding of internal control relevant to the audit in order todesign 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 whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

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

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Group'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Standalone Financial Statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

Evaluate the overall presentation structure and content of the StandaloneFinancial Statements including the disclosures and whether the Standalone FinancialStatements represent the underlying transactions and events in a manner that achieves fairpresentation.

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

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

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

A. Report on Other Legal and Regulatory Requirements

As required by Section 197(6) of the Act we report that the Company has paidremuneration to its directors during the year in accordance with the provisions of andlimits 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 bythe central government of India in terms of sub-section (11) of section 143 of the Act wegive in the "Annexure A" statement on the matters specified in paragraphs3 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 wereport that:

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 Standalone Financial Statements comply withthe Accounting 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 312021 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2021 from being appointed as a director in terms of Section 164(2) oftheAct.

f) We have also audited the internal financial controls over financial reporting of theCompany as on March 31 2021 in conjunction with our audit of the Standalone StandaloneFinancial Statements of the Company for the year ended on March 31 2021 and our report asper "Annexure B" expressed on unmodified opinion.

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 was no amount which was required to be transferred to the InvestorEducation 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
UDIN : 21122647AAAADT2703
Place : Vapi
Date : 16/06/2021

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 ofIndia in terms of sub-section (11) of section 143 of the Act.

1. In respect of its fixed assets:

a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed 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) The title deed of all the immovable properties are held in the name of 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 andexplanations given to us the company has been regular in depositing undisputed statutorydues including provident fund employees state insurance income tax sales tax wealthtax service tax duty of customs duty of excise value added tax cess and any otherstatutory dues with the appropriate 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 outstanding 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 explanations given to us duringthe year the Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) and term loans. Accordingly paragraph 3(ix) ofthe Order is notapplicable.

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 have 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 C D KHAKHAR & CO.
Chartered Accountants
ICAI FRN: 141767W
CA CHETAN D KHAKHAR
Place : Vapi Proprietor
Date : 16/06/2021 Memb. No. : 122647

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 have audited the internal financial controls over financial reporting of GAUTAM EXIMLIMITED ("the Company") as of March 31 2021 in conjunction with our audit ofthe standalone Standalone Financial Statements of theCompany for the year ended on thatdate.

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 theStandalone 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 Standalone Financial Statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial 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 StandaloneFinancial Statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the StandaloneFinancial 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 has in 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 2021 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 C D KHAKHAR & CO.
Chartered Accountants
ICAI FRN: 141767W
CA CHETAN D KHAKHAR
Place : Vapi Proprietor
Date : 16/06/2021 Memb. No. : 122647

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