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Kemistar Corporation Ltd.

BSE: 531163 Sector: Others
NSE: N.A. ISIN Code: INE971L01029
BSE 00:00 | 12 Aug 40.15 0.90
(2.29%)
OPEN

41.00

HIGH

41.00

LOW

38.85

NSE 05:30 | 01 Jan Kemistar Corporation Ltd
OPEN 41.00
PREVIOUS CLOSE 39.25
VOLUME 5203
52-Week high 54.70
52-Week low 29.15
P/E 191.19
Mkt Cap.(Rs cr) 43
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 41.00
CLOSE 39.25
VOLUME 5203
52-Week high 54.70
52-Week low 29.15
P/E 191.19
Mkt Cap.(Rs cr) 43
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kemistar Corporation Ltd. (KEMISTARCORP) - Auditors Report

Company auditors report

To the Members of

Kemistar Corporation Limited

1. Opinion

We have audited the accompanying Ind-AS standalone financial statements of KemistarCorporation Limited which comprise the Balance Sheet as at March 31 2021 theStatement of Profit and Loss (Including Other Comprehensive Income) the Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information (herein after referred to as "the standalone financialstatements") .

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013

("the Act") in the manner so required and give a true and fair view inconformity with the Indian

Accounting Standards prescribed under section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended ("Ind AS") and otheraccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2021 its profit total comprehensive income its cash flows and thechanges in equity for the year ended on that date.

Basis of Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibility for the Audit of the Standalone Financial

Statements section of our report. We are independent of the Company in accordance withthe 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 standalonefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Key Audit Matters

Key Audit matters (‘KAM') are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

2. Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in the section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese 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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding theassets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

3. Auditor's Responsibility for the Standalone Financial Statements

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the

Company's preparation of the financial statements that give true and fair view in orderto design audit procedure that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentations of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

4. Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central

Government of India in terms of section (11) of section 143 of the Companies Act2015we give in the "Annexure-A" a statement on the matters specified in theparagraphs 3 and 4 of the Order to the extent applicable.

II. As required by section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

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

e. On the basis of written representations received from the directors as on March 312021 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of section 164(2) of theAct.

f. With respect to the adequacy of the internal financial controls over financialreporting of the

Company and the operating effectiveness of such controls refer to our separate reportin

"Annexure B"; and g. With respect to the other matters to be included inthe Auditor's Report in accordance with Rule

11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best ofour information and accordance to the explanation given 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 derivative contracts forwhich there were any material foreseeable losses.

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

For S. D. Mehta & Co.
Chartered Accountants
(Registration No. 137193W)
Date: 25th June 2021
Place: Ahmedabad
Sd/-
Shaishav D. Mehta
Partner
M.No.: 032891
UDIN: 21032891AAAAFB8248

Annexure-A to Independent Auditors' Report

Referred to in Paragraph 5(i) under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date.

1. In respect of Fixed Assets(Including Capital work in progress)

a. The Company is maintained proper records showing full particulars includingquantitative details and situations of its Fixed Assets.

b. The fixed assets are physically verified by the management at regular intervals andin our opinion is reasonable having regard to the size of Company and the nature of itsassets. Pursuant to the verification a portion of the fixed assets has been physicallyverified by the management during the year and no material discrepancies have been noticedon such verification.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

2. In respect of its inventories:-

(a) Inventories have been physically verified by the management at reasonably regularintervals during the year.

(b) In my opinion and according to the information and explanation given to me theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company has maintained proper records of inventories. As explained to me therewere no material discrepancies noticed on physical verification of inventory as comparedto the book.

3 The Company has not granted loans to parties covered in the Register maintainedunder Section 189 of the Companies Act 2013. As such reporting requirements under thispara are not applicable for the reporting period.

4 In respect of loan the provisions of section 185 and 186 have been compliedwith. There are no loans to directors; there are no investments guarantees and securitiesrequiring compliance u/s 186 of the Companies Act 2013.

5 During the year the company has not accepted any deposits from public.

6 Company is not required to maintain cost records pursuant to section 148 (1) ofthe Companies Act 2013.

7 In respect of Statutory Dues:

a. According to the information and explanations given to us and the records examinedby us the

Company is generally regular in depositing undisputed statutory dues including IncomeTax Cess and any other statutory dues with the appropriate authorities. According to theinformation and explanations given to us there are no undisputed dues payable in respectof above as at 31st March 2021 for a period of more than six months from the date onwhich they became payable.

b. According to the information and explanations given to us and on the basis of ourexamination of books of account and record No disputed dues were outstanding as on31/03/2021.

8 As the Company has not availed any term loan the question of purpose andapplication does not arise.

9 To the best of our knowledge and according to the information and explanationsgiven to us money raised by preferential allotment where applied for the purpose for whichthose were raised.

10 To the best of our knowledge and according to the information and explanationsgiven to us no material fraud on or by the Company has been noticed or reported duringthe year.

11 The Company has not paid or provided managerial remuneration under section 197of the Companies Act 2013 and hence the provision of paragraph 3(xi) of the Order is notapplicable to the Company.

12 The company is not a Nidhi company. As such The Nidhi rules 2014 are notapplicable.

13 All transactions with the related parties are in compliance with the sections177 and 188 of Companies Act 2013 where applicable and the details have been disclosed inthe Standalone financial statements as required by applicable accounting standards.

14 The company has not made any preferential allotment or Private placement ofshares of fully or partly convertible debentures during the year under review.

15 The company has not entered into any non cash transactions with directors orpersons connected with it.

16 Company is not required to be registered u/s. 45-IA of the Reserve Bank of IndiaAct 1934.

For S. D. Mehta & Co.
Chartered Accountants
(Registration No. 137193W)
Date: 25th June 2021
Place: Ahmedabad
Sd/-
Shaishav D. Mehta
Partner
M.No.: 032891
UDIN: 21032891AAAAFB8248

Annexure-B to Independent Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies

Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of KemistarCorporation Limited

("the Company") as of 31 March 2021 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 Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over

Financial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of

Internal Financial Controls over Financial Reporting (the "Guidance Note")and the Standards on Auditing issued by ICAI and deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Standalone financial statements whether due to fraud orerror.

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 withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the Standalonefinancial statements.

Inherent 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S. D. Mehta & Co.
Chartered Accountants
(Registration No. 137193W)
Date: 25th June 2021
Place: Ahmedabad Sd/-
Shaishav D. Mehta
Partner
M.No.: 032891
UDIN: 21032891AAAAFB8248

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