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Gautam Exim Ltd.

BSE: 540613 Sector: Others
NSE: N.A. ISIN Code: INE721X01015
BSE 00:00 | 13 Jan Gautam Exim Ltd
NSE 05:30 | 01 Jan Gautam Exim Ltd
OPEN 77.95
PREVIOUS CLOSE 77.95
VOLUME 3000
52-Week high 77.95
52-Week low 25.50
P/E 23.98
Mkt Cap.(Rs cr) 24
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 77.95
CLOSE 77.95
VOLUME 3000
52-Week high 77.95
52-Week low 25.50
P/E 23.98
Mkt Cap.(Rs cr) 24
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 2022 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 2022 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 Statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

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 records relevant to 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 StandaloneFinancial Statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• 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 reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 312022 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct.

f) We have also audited the internal financial controls over financial reporting of theCompany as on March 31 2022 in conjunction with our audit of the Standalone StandaloneFinancial Statements of the Company for the year ended on March 31 2022 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 KHAKHKHAR & CO.
Chartered Accountants
ICAI FRN: 141767W
CA CHETAN D KHAKHKHAR
Proprietor
Memb. No. : 122647
Place : Vapi UDIN : 22122647AJUKYW4815
Date : 28/05/2022

ANNEXURE ‘A' TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in paragraph 1 under ‘Report on Other Legal andRegulatory Requirements' section of our report to the members of Gautam Exim Limited ofeven date for the year ended March 31 2022

In terms of the information and explanations sought by us and given by the company andbooks of accounts and records examined by us in normal course of audit and to the best ofour knowledge and belief we states that:

1. In respect of its Property Plant and Equipment and Intangible Assets:

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

(i) The Company does not have any intangible assets and accordingly reporting underclause 3(i)(a)(B) of the Order is not applicable to the Company.

(b) The Company has a regular program of physical verification of its property plantand equipment under which the assets are physically verified in a phased manner over aperiod of three years which in our opinion is reasonable having regard to the size ofthe Company and the nature of its assets. In accordance with this program certainproperty plant and equipment were verified during the year and no material discrepancieswere noticed on such verification.

(c) As per our verification of records of company and books of accounts of company allimmovable property documents in the name of company hence other details in tabularformats in relation to title of documents held in the name of other person is notrequired to be given.

(d) The Company has not revalued its Property Plant and Equipment or intangible assetsduring the year.

(e) In terms of Information and explanation sought by us and given by the company andbooks of accounts and records examined by us in the normal course of audit and to the bestof our knowledge and belief we state that there has not been any proceeding against thecompany or no proceeding pending in relation to holding of Benami property by the company.Hence no disclosure requirement in the financial statements in relation to same.

2. In respect of its inventories:

(a) The Company does not have any stock of inventory during the year under audit andhence reporting under Clause (ii) (a) of the Order is not applicable.

(b) The company has not been sanctioned any working capital limit in excess of fivecrore rupees in aggregate at any points of time during the year and hence reporting underclause (ii)(b) of the Order is not require.

3. The Company has not made any investment in provided any guarantee or security orgranted any loans or advances in the nature of loans secured or unsecured to companiesfirms Limited Liability Partnerships (LLPs) or any other parties during the year.Accordingly reporting under clause 3(iii) of the Order is not applicable to the Company.

4. (a) In our opinion and according to the information and explanations given to usthe Company has not given any loans directly or indirectly to directors covered undersection 185 of the Companies Act 2013.

(b) In our opinion and according to the information and explanation given to us thecompany has not given guarantee or has provided security in connection with loan to anyperson or other body corporate as covered under section 186 of the Companies Act 2013 andhas not acquired any security of any other body corporate.

5. In our opinion and according to the information and explanation given to us thecompany has not accepted any deposits in contravention of Directives issued by ReserveBank of India and provisions of Sections 73 to 76 or any other relevant provisions of theAct and the rules framed there under wherever applicable.

6. The Central Government has not specified maintenance of cost records undersub-section (1) of section 148 of the Act in respect of Company's products/businessactivity. Accordingly reporting under clause 3(vi) of the Order is not applicable.

7. (a) In our opinion and according to the information and explanations given to usundisputed statutory dues including goods and services tax provident fund employees'state insurance income-tax sales-tax service tax duty of customs duty of excisevalue added tax cess and other material statutory dues as applicable have generallybeen regularly deposited with the appropriate authorities by the Company though therehave been slight delays in a few cases. Further no undisputed amounts payable in respectthereof were outstanding at the year-end for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to us there are no statutorydues referred to in sub clause (a) above that have not been deposited with the appropriateauthorities on account of any dispute.

8. According to the information and explanations given to us no transactions weresurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961 (43 of 1961) which have not been recorded in the books of accounts.

9. (a) According to the information and explanations given to us the Company has notdefaulted in repayment of its loans or borrowings or in the payment of interest thereon toany lender.

(b) According to the information and explanations given to us including representationreceived from the management of the Company and on the basis of our audit procedures wereport that the Company has not been declared a willful defaulter by any bank or financialinstitution or other lender.

(c) In our opinion and according to the information and explanations given to us moneyraised by way of term loans were applied for the purposes for which these were obtained.

(d) In our opinion and according to the information and explanations given to us theCompany has not raised any funds on short term basis during the year or in any previousyear. Accordingly reporting under clause 3(ix) (d) of the Order is not applicable to theCompany.

(e) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company the Company has not taken anyfunds from any entity or person on account of or to meet the obligations of itssubsidiary.

(f) According to the information and explanations given to us the Company has notraised any loans during the year on the pledge of securities held in its subsidiary.

10. (a) In our opinion and according to the information and explanations given to usmoney raised by way of initial public offer were applied for the purposes for which thesewere obtained though surplus funds which were not required for immediate utilization havebeen invested in readily realizable liquid investments

(b) According to the information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or (fully partially oroptionally) convertible debentures during the year. Accordingly reporting under clause3(x)(b) of the Order is not applicable to the Company.

11.(a) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or on the Company has been noticed or reported duringthe period covered by our audit.

(b) No report under section 143(12) of the Act has been filed with the CentralGovernment for the period covered by our audit.

(c) According to the information and explanations given to us including therepresentation made to us by the management of the Company there are no whistle-blowercomplaints received by the Company during the year.

12. The Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicable toit. Accordingly reporting under clause 3(xii) of the Order is not applicable to theCompany.

13. In our opinion and according to the information and explanations given to us alltransactions entered into by the Company with the related parties are in compliance withsections 177 and section 188 of the Act. The details of such related party transactionshave been disclosed in the standalone financial statements etc. as required underAccounting Standard (AS) 18 Related Party Disclosures specified in Companies (AccountingStandards) Rules 2021 as prescribed under section 133 of the Act.

14. (a) In our opinion and according to the information and explanations given to usthe Company has an internal audit system as required under section 138 of the Act which iscommensurate with the size and nature of its business.

(b) We have considered the reports issued by the Internal Auditors of the Company tilldate for the period under audit.

15. According to the information and explanation given to us the Company has notentered into any non-cash transactions with its directors or persons connected with themand accordingly provisions of section 192 of the Act are not applicable to the Company.

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

Accordingly reporting under clause 3(xvi) of the Order is not applicable to theCompany.

(b) The Company has not conducted any Non-Banking Financial or Housing Financeactivities during the year. Therefore the provisions of clause 3(16)(b) of the Order arenot applicable to the Company;

(c) The company is not engaged in any non-banking financial or housing financeactivities. Accordingly the requirements to report on clause 3(16)(c) of the order is notapplicable to the company.

(d) There is no group /core investment company. Accordingly the requirement to reporton clause 3(16) of the order is not applicable to the company.

17. The Company has not incurred any cash loss in the current as well as theimmediately preceding financial year.

18. There has been no resignation of the statutory auditors during the year.Accordingly reporting under clause 3(xviii) of the Order is not applicable to theCompany.

19. According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realisation of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the plans of the Board of Directors and management nothing has come to ourattention which causes us to believe that any material uncertainty exists as on the dateof the audit report that Company is not capable of meeting its liabilities existing at thedate of balance sheet as and when they fall due within a period of one year from thebalance sheet date. We however state that this is not an assurance as to the futureviability of the company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the company as and when they fall due.

20. According to the information and explanations given to us the Company does notfulfill the criteria as specified under section 135(1) of the Act read with the Companies(Corporate Social Responsibility Policy) Rules 2014 and according reporting under clause3(xx) of the Order is not applicable to the Company.

21. The reporting under clause 3(xxi) is not applicable in respect of audit ofstandalone financial statements of the Company. Accordingly no comment has been includedin respect of said clause under this report.

As per our report of even date
For C D KHAKHKHAR & CO.
Chartered Accountants
ICAI FRN: 141767W
CA CHETAN D KHAKHKHAR
Proprietor
Place : Vapi Memb. No. : 122647
Date : 28/05/2022

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 2022 in conjunction with our audit ofthe standalone Standalone Financial Statements of the Company 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 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 procedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the Standalone Financial Statements whether due tofraud 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 the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of Standalone Financial Statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the Standalone 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 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 2022 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 KHAKHKHAR & CO.
Chartered Accountants
ICAI FRN: 141767W
CA CHETAN D KHAKHKHAR
Proprietor
Memb. No. : 122647
Place : Vapi
Date : 28/05/2022

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