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Oriental Trimex Ltd.

BSE: 532817 Sector: Others
NSE: ORIENTALTL ISIN Code: INE998H01012
BSE 00:00 | 24 Apr 2020 Oriental Trimex Ltd
NSE 05:30 | 01 Jan 1970 Oriental Trimex Ltd

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OPEN 5.53
PREVIOUS CLOSE 5.27
VOLUME 400
52-Week high 15.05
52-Week low 4.50
P/E
Mkt Cap.(Rs cr) 16
Buy Price 5.53
Buy Qty 9600.00
Sell Price 4.95
Sell Qty 880.00
OPEN 5.53
CLOSE 5.27
VOLUME 400
52-Week high 15.05
52-Week low 4.50
P/E
Mkt Cap.(Rs cr) 16
Buy Price 5.53
Buy Qty 9600.00
Sell Price 4.95
Sell Qty 880.00

Oriental Trimex Ltd. (ORIENTALTL) - Auditors Report


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Company auditors report

TO THE MEMBERS OF ORIENTAL TRIMEX LIMITED

REPORT ON THE STANDALONE IND AS FINANCIAL STATEMENTS

We have audited the accompanying Ind AS financial statements of ORIENTAL TRIMEX LIMITEDwhich comprise the Balance Sheet as at 31st March 2019 the statement of Profit and Loss(including Other Comprehensive Income) the Cash Flow statement and the Statement ofChanges in Equity for the year accounting policies and endedonthatdate and a summary ofsignificant other explanatory information (hereinafter referred to as "Ind ASFinancial Statements)

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE IND AS 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 preparation ofthese Ind AS financial statements that give a true and fair view of the stateprofit(financialperformance affairs position) including other comprehensive income) cash flows andchanges in equity the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) 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 assets 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 financial internal controls andensuring their operating effectiveness and the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions 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 the ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers the internal financial control relevant to theCompany's preparation of the Ind AS financial that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Ind AS financial statements.

We believe that the audit evidence we have obtained is appropriate to provide a basisfor our qualified audit opinion on the Ind AS financial statements.

BASIS FOR QUALIFIED OPINION

The Company has not made adequate provision for Doubtful Receivables and Advances sincethe provision has been made at full value of doubtful receivables in case of certainparties and at nil value in case of other parties according to management perception.(Refer Note 6.2 & 9.1)

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph the aforesaid Ind AS 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 including the Ind AS of the state ofaffairs (financial position) of the Company as at 31st March 2018 it's profit(financialperformance including in equity for the othercomprehensive income) it's cash flows yearended on that date

OTHER MATTER

The comparative financial information of the Company for the year ended 31st March2017 and the transition date opening balance sheet as at 1st April 2016 included in theseInd AS financial statements are based on the previously issued statutory financialstatements prepared in accordance with the Companies (Accounting Standards) Rules 2006audited by another auditor whose reports for the years ended 31st March 2017 and 2016expressed an unmodified opinion on thosefinancialstatementsasadjustedforthedifferencesinthe accounting principles adopted by the Company on transition to the Ind AS which havebeen audited by us.

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 sub-section (11) of section 143 ofthe Act we give in Annexure - A a statement on the matters specified in paragraphs 3 and4 of the Order to the extent applicable.

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 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 the books;

c) The Balance Sheet the Statement of Profit and Loss Cash Statement AND Statement ofChanges in Equity dealt with in this report are in agreement with the books of account;

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 to the extent applicable.

e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to adequacy of the internal financial controls over financial reportingof the Company and the operating effectivenesss of such controls we give our separatereport in Annexure - B.

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 has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements - Refer Note 22(I) (A).

(ii) The Company has not entered into any long term contracts including derivativecontracts requiring provision under the applicable law or accounting standards formaterial foreseeable losses.

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For MEHRA WADHWA & CO.
Chartered Accountants
(FRN : 004749N)
NEW DELHI ROHIT WADHWA F.C.A.
MAY 30 2019 (Partner)
Mem. No.: 083100

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in Paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

1 a) The Company is in the process of updating it's records showing full particularsincluding quantitative details and situation of its fixed assets. sufficientand

b) We are informed that physical verification of the assets was conducted by themanagement at reasonable intervals in a phased manner and no material discrepancies werenoticed on such verification. c) According to the information and explanations given tous the title deeds of immovable properties of the Company are held in the name of theCompany.

2 a) We are informed that stocks of finished goods stores spare parts and rawmaterial have been physically verified by the management at reasonable intervals.

b) In our opinion and according to the information and explanations given to us thediscrepancies noticed on physical verification of stocks as compared to book records werenot material and the same have been adequately dealt with in the books of account.

3 a) Except for certain advances the company has not granted any loans secured orunsecured to companies firms or other parties covered in the register maintained undersection 189 of the Companies Act.

b) The advances are interest free and receivable on demand. Therefore there is noquestion of receipt of principal and interest.

c) There is no overdue amount.

4. 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 2013in respect of loans investments guarantees and security.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the provisions of sections 73to 76 or any other relevant provisions of the Companies Act and the rules framedthereunder.

6. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the Central Government for the maintenance of cost records under section148 (1) of the Companies Act 2013 and are of the opinion that prima facie the specifiedaccounts and records have been made maintained. We have not however made a detailedexamination of the same.

7 a) According to the records of the Company the Company is generally irregular indepositing undisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax wealth tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues whichever are applicable with theappropriate authorities.

The extent of the arrears of undisputed outstanding statutory dues as at the last dayof the financial year concerned for a period of more than six months from the date theybecame payable

Nature of Statutory Dues Year Ended 31.03.2019 Year Ended 31.03.2018
(Rs. in Lacs) (Rs. in Lacs)
Provident Fund 25.61 17.01
Employee State Insurance 3.55 2.16
Income Tax/TDS 114.52 110.72
Sales Tax 152.11 152.11
Other Dues 5.29 6.48
301.08 288.48

b) According to the records of the Company the dues outstanding of income tax salestax wealth tax service tax custom duty excise duty and cess on account of any disputeare as follows:

Particulars Amount (Rs. in Lacs) Forum where pending Deposit (Rs. in Lacs)
Sales Tax (Tax/ Penalty/Interest) TDS (Short Deduction/ Interest/ Penalty for late deposit of TDS) 214.72 Commissionerate/AO/ Tribunal 4.15
FY: 2010-11 20.08 CIT(A) -
Custom Duty (Tax/ Penalty/Interest) 22.30 Tribunal -

8 The company has defaulted in repayment of dues to banks and financial institutions asdetailed hereunder. Period and amount of continuing default as on the balance sheet datein repayment of loans and interest is stated below.

SECURED SHORT-TERM BORROWINGS 2018-19 2017-18
Loans Repayable on Demand
- From other than banks (ARCIL) (Rs. in Lacs) 532.05 532.05
- Period of Default (months) 21 to 26 9 to 15

9 During the year there were no moneys raised by way of initial public offer orfurther public offer and term loans.

10 Based on audit procedures performed and according to the information andexplanations given to us no fraud on or by the Company was noticed or reported during theyear.

11 In our opinion the managerial remuneration has been paid or provided in accordancewith the requisite approvals mandated by the provisions of section 197 read with ScheduleV to the Companies Act 2013.

12 In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3 (xii) are not applicable to the Company. 13 According to the information andexplanations given to us and based on our examination of the records of the Companytransactions entered into by the Company with the related parties are in compliance withSection 177 of the Act.

During the year the company has entered into transactions of purchases sales of goodsand advances from/to related parties exceeding rupees one crore. The purchase sale andadvance given is in the normal course of business of the Company. We are unable to commentwhether such transactions have been carried out at arm's length price considering thequality time of delivery and other parameters of the goods being a technical matter.However the management has certified that all the purchases and sales from/to relatedparties are at arms length price.

All the details have been disclosed in the financial statements as required by theapplicable accounting standards.

14 During the year the Company has made a preferential allotment of equity sharesthrough conversion of warrants during the year. In our opinion and to the best of ourinformation and according to the explanations given to us by the management therequirements of section 42 of the Companies Act 2013 have been complied with and theamounts raised have been used for the purpose for which the funds were raised.

15 In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith the Directors.

16 In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45-1A of the Reserve Bank of IndiaAct 1934.

For MEHRA WADHWA & CO.
Chartered Accountants
(FRN : 004749N)
NEW DELHI ROHIT WADHWA F.C.A.
MAY 30 2019 (Partner)
Mem. No.: 083100


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