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Lahoti Overseas Ltd.

BSE: 531842 Sector: Others
NSE: N.A. ISIN Code: INE515C01023
BSE 00:00 | 18 Oct 10.71 0.13
(1.23%)
OPEN

10.40

HIGH

11.30

LOW

10.40

NSE 05:30 | 01 Jan Lahoti Overseas Ltd
OPEN 10.40
PREVIOUS CLOSE 10.58
VOLUME 14869
52-Week high 26.00
52-Week low 9.55
P/E 2.36
Mkt Cap.(Rs cr) 31
Buy Price 10.42
Buy Qty 50.00
Sell Price 10.71
Sell Qty 1328.00
OPEN 10.40
CLOSE 10.58
VOLUME 14869
52-Week high 26.00
52-Week low 9.55
P/E 2.36
Mkt Cap.(Rs cr) 31
Buy Price 10.42
Buy Qty 50.00
Sell Price 10.71
Sell Qty 1328.00

Lahoti Overseas Ltd. (LAHOTIOVERSEAS) - Auditors Report

Company auditors report

To the Members of

Lahoti Overseas Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of LahotiOverseas Limited (‘the Company') which comprise the balance sheet as at 31 March2018 the statement of profit and loss (including other comprehensive income) thestatement of cash flows and the statement of changes in equity for the year then ended anda summary of the significant accounting policies and other explanatory information (hereinafter referred to as "standalone Ind AS financial statements").

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act read with relevant rules issued thereunder.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

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 thereunder.

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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thefinancial position of the Company as at 31 March 2018 and its financial performanceincluding other comprehensive income its cash flows and the changes in equity for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein the Annexure A a statement on the matters specified in the paragraph 3 and 4 of theorder.

2. 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 bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c) The balance sheet the statement of profit and loss the statement of cash flows andthe statement of changes in equity dealt with by this Report are in agreement with thebooks of account;

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with relevant rule issuedthereunder;

e) On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of

Directors none of the directors is disqualified as on 31 March 2018 from beingappointed as a director in terms of Section 164 (2) of the Act;

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 ourseparate report in "Annexure B"; and

g) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition

ii. The company did not have any long term contracts including derivative contracts forwhich there would be any material financial losses

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

For PALAN & Co

Firm Regn. No. : 133811W

Chartered Accountants

C. K PALAN

Proprietor

Membership No: 100741

Place: Mira Road (East)

Date: May 30 2018

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 1 under "Report on other Legal and RegulatoryRequirements" section of our Independent Auditors Report to the Members of LahotiOverseas Limited for the year ended March 31 2018

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

1) In respect of fixed assets:

(a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonableintervals. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the company.

2) Physical verification of inventory has been conducted at reasonable intervals by themanagement and discrepancies if any are dealt suitably in the Accounts.

3) The company has not granted any loans secured or unsecured to parties covered inthe register maintained u/s 189 of the Companies Act 2013 and accordingly the provisionsof clause iii(a)(b) (c) of the Companies (Auditor's Report) Order 2016 are not applicableto the company

4) The provisions of Sec. 185 and 186 have been complied with in respect of loansinvestments guarantees and securities.

5) The Company has not accepted any deposits from the public attracting the directivesissued by the Reserve Bank of India and the provisions of Section 73 to 76 of theCompanies Act 2013 and the rules framed there under. Therefore the provisions of Clause3(v) of the Companies (Auditor's Report) Order 2016 are not applicable to the Company.

6) Maintenance of cost records has not been specified by the Central Government undersub-section (1) of section 148 of the Companies Act 2013. Hence provisions of clause (vi)of the Companies (Auditor's Report) Order 2016 is not applicable.

7) a) The company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues to theappropriate authorities.

b) According to the information and explanations given to us and the records of thecompany examined by us there are no dues of Income Tax as at March 31 2018 and henceprovisions of clause (vib) of the Companies (Auditor's Report) Order 2016 is notapplicable.

8) According to the records of the company examined by us and the information andexplanation given to us the company has not defaulted in repayment of loans andborrowings to a bank or government. Company has not borrowed from a financial institutionnor have they issued any debentures.

9) No moneys have been raised by way of initial public offer and hence point (ix) ofCompanies (Auditor's Report) Order 2016 is not applicable.

10) During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud by the Company or any fraud on the company byits officers or employees during the year nor have we been informed of any such instanceby the Management.

11) The Managerial Remuneration has been paid in accordance with requisite approvalsmandated by the provisions of the section 197 read with Schedule V to the Companies Act2013.

12) This company is not a Nidhi Company and hence point (xii) of Companies (Auditor'sReport) Order 2016 is not applicable.

13) According to the information and explanations given to us and based on ourexaminations of the records of the Company transactions with related parties are incompliance with section 177 and 188 of the Companies Act 2013 and the details have beendisclosed suitably.

14) The company has not made any preferential allotment or private placement of sharesor 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 him. Accordingly the provisions of section 192 of Companies Act2013 are not applicable.

16) The company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

17) The company is not required to conduct Internal Audit as it does not fulfill theconditions laid down in Section 138 of the Company's Act.

For PALAN & Co

Firm Regn. No. : 133811W

Chartered Accountants

C. K. PALAN

Proprietor

Membership No: 100741

Place: Mira Road (East)

Date: May 30 2018.

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph (f) under ‘report on other legal and regulatoryRequirements' Section of our report of even date)

The Annexure referred to in paragraph 2(f) under "Report on other Legal andRegulatory Requirements" section of our Independent Auditors Report to the Members ofLahoti Overseas Limited for the year ended March 31 2018

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

We have audited the internal financial controls over financial reporting LahotiOverseas Limited ("the Company") as of March 31 2018 in conjunction with ouraudit of the 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 Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe designing implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets f theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation o reliable financial information asrequired under the Companies Act 2013.

Auditor's 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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the 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 financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial 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 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 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For PALAN & Co

Firm Regn. No. : 133811W

Chartered Accountants

C.K. PALAN

Proprietor

Membership No: 100741

Place: Mira Road (East)

Date: May 30 2018.