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M K Exim (India) Ltd.

BSE: 538890 Sector: Industrials
NSE: N.A. ISIN Code: INE227F01010
BSE 00:00 | 25 Apr 11.29 0
(0.00%)
OPEN

11.51

HIGH

11.51

LOW

11.29

NSE 05:30 | 01 Jan M K Exim (India) Ltd
OPEN 11.51
PREVIOUS CLOSE 11.29
VOLUME 2000
52-Week high 14.65
52-Week low 5.33
P/E 23.04
Mkt Cap.(Rs cr) 8
Buy Price 11.29
Buy Qty 1000.00
Sell Price 11.51
Sell Qty 788.00
OPEN 11.51
CLOSE 11.29
VOLUME 2000
52-Week high 14.65
52-Week low 5.33
P/E 23.04
Mkt Cap.(Rs cr) 8
Buy Price 11.29
Buy Qty 1000.00
Sell Price 11.51
Sell Qty 788.00

M K Exim (India) Ltd. (MKEXIMINDIA) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

To the members of M.K. EXIM (INDIA) LIMITED

Report on the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of M.K. EXIM(INDIA) LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Pro t and Loss statement of changes in equity and Cash FlowStatement for the year then ended and a summary of signi cant accounting policies andother explanatory information.

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 Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2018; and its pro t statement of changes in equity and cash flows for theyear ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Companies Act 2013. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Responsibilities of Management for 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 financial statements to 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 Indian AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with provisions of the Act for safeguarding of the assetsof the company and for preventing and detecting frauds and other irregularities; selectionand application of appropriate accounting policies; making judgements 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 financial statements that give a true and fair view and are free from materialmisstatements whether due to fraud and error.

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

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

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

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements:

Ind AS-19 for Employees Benefits) in respect of Provision for Gratuity. The Provisionfor Gratuity provided by the company is inadequate and its effect on liabilities andprofit of the Company is unascertainable. Further requisite disclosures are not made inrespect of retirement benefits.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

As required by Companies (Auditors' Report) Order 2016 issued by the CentralGovernment of India in terms of Section 143(11) of the Act we give in the Annexure A astatement on the matters speci ed in paragraphs 3 and 4 of the said order. As required bySection 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanations which to thebest of 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 appears from our examination of those books.

c. The Balance Sheet the Statement of Pro t and Loss statement of changes inequity and the Cash Flow Statement dealt with by this report are in agreement with thebooks of account.

d. In our opinion the aforesaid Standalone Financial Statements comply with theIndian Accounting Standards referred to in Section 133 of the Companies Act 2013 readwith rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of written representations received from the Directors as on 31March 2018 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on 31 March 2018 from being appointed as a director in termsof 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.

g. With respect to the other matter 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 litigation which would impact itsfinancial position.

ii. The company did not have any long term contracts including derivative contractsfor which 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 Vimal Agrawal & Associates
Chartered Accountants
_
(FRN: 004187C)
SD/-
(V. K. Agrawal)
Place: Jaipur Partner
th
Dated: 30 May 2018 M.No.071627

ANNEXURE A REFERRED TO IN OUR REPORT OF EVEN DATE ON THE ACCOUNTS OF M.K. EXIM (INDIA)LIMITED FOR THE YEAR ENDED ON 31 MARCH 2018

1. (a) The company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management at the end ofthe year which in our opinion is reasonable having regard to the size of the company andthe nature of its assets. No material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties as disclosed in fixed assets are held inthe name of the company.

2. The inventory excluding stocks with third parties has been physicallyverified during the year at reasonable intervals by the management. The procedure ofphysical verification of inventories followed by the management is adequate in relation tothe size of the company and the nature of its business. The company is maintaining properrecords of inventory. No material discrepancies were noticed on physical verification.

3. The company has not granted any loans to companies firms or other parties coveredin the register maintained under section 189 of the Companies Act 2013.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of sec. 185 & 186 of the Companies Act2013in respect of the loans and investments made and guarantees and security provided by it.

5. In our opinion and according to the information and explanations given to usthe company has not accepted any deposits from the public within the meaning of sections737475 & 76 of the Act and Rules framed thereunder.

6. We have been explained that the maintenance of cost records has not beenprescribed by the Central Government under sub section (1) of Section 148 of the CompaniesAct 2013.

7. (a) The company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees State Insurance Income tax Sales tax Wealth taxService tax Duty of Customs Duty of Excise Value Added tax Cess and any otherstatutory dues with the appropriate authorities and there were no arrears of outstandingstatutory dues as at the last day of the financial year for a period of more than sixmonths from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Sales tax Service tax Duty of Customs Duty of Excise and value added taxoutstanding on account of any Dispute.

8. In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of dues to financial institutions banksgovernment and debenture holders as at the balance sheet date.

9. The company has applied the term loan the purpose for which the loan was obtained.

10. According to the information and explanations given to us no material fraud on orby the company or by its officers or employees has been noticed or reported during theyear.

11. The company has paid/provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V of theAct.

12. As the company is not a Nidhi company and the Nidhi Rules 2014 are not applicableto it. Accordingly the provisions of clause 3(xii) of the order are not applicable to thecompany.

13. The company has entered into transactions with related parties in compliance withthe provisions of the sections 177 & 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandard 18 Related Party Disclosures specified under section 133 of the Act read withRule 7 of the Companies(Accounts) Rules 2014.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of clause 3(xiv) of the order are not applicable to the company.

15. The company has entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of clause 3(xv) of the order arenot applicable to the company.

16. The company is not required to be registered under section 45-IA of the ReserveBank Of India Act 1934. Accordingly the provisions of clause 3(xvi) of the order are notapplicable to the company.

For Vimal Agrawal & Associates
Chartered Accountants
_
(FRN: 004187C)
SD/-
(V. K. Agrawal)
Place: Jaipur Partner
th
Dated: 30 May 2018 M.No.071627

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph in the Independent Auditors' Report of even date to themembers of M.K. Exim (India) Limited on the standalone financial statements for the yearended 31 March 2018.

Report on the Internal Financial Controls under Cause

(i) of Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls over financial reporting of M.K.Exim (India) Limited ("the Company") as of 31 March 2018 in the conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

2. 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor' Responsibility

3. 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 deemed to be prescribedunder section 143 (10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining and 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of 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

i. Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

ii. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and iii.Provide reasonable assurance regarding prevention of timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of internal Financial Controls Over Financial Reporting

7. 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

8. 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 2018 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 Vimal Agrawal & Associates
Chartered Accountants
_
(FRN: 004187C)
SD/-
(V. K. Agrawal)
Place: Jaipur Partner
Dated: 30 May 2018 M.No.071627