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Choksi Imaging Ltd.

BSE: 530427 | NSE: | Series: NA | ISIN: INE865B01016 | SECTOR: Consumer Goods - Electronic

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Jul 23, 16:00
29.60 1.30 (4.59%)
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5,454
30-Day
7,683
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  • Prev. Close

    28.30

  • Open Price

    28.90

  • Bid Price (Qty.)

    28.85 (500)

  • Offer Price (Qty.)

    30.70 (400)

NSE Live

Dec 27, 11:22
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Choksi Imaging is not listed on NSE

Annual Report

For Year :
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Auditor's Report

We have audited the accompanying financial statements of CHOKSI IMAGING LTD., which comprise the Balance Sheet as at 31st March 2012, the Statement of Profit and Loss account for the year ended 31st March, 2012, the Cash Flow Statement of the Company for the year ended on that date and summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Management is responsible for the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance and Cash Flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the Auditor''s judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant to the Company''s preparation and fair presentation of the Financial Statements in order to design audit procedures that we appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the Financial Statements. Report on Other Legal and Regulatory Requirements As required by the Companies (Auditor''s Report) Order, 2003 as amended by Companies (Auditor''s Report) (Amendment), Order,2004 (together the ''Order'') issued by the Central Government of lndia in terms of sub-section (4A) of section 227 of the Companies Act, 1956 of lndia (the ''Act''), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations give to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. As required by Section 227(3) of the Act, we report that : a) We have obtained all the information and explanations, which to the best of 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 the company so far as appears from our examination of those books; c) The Balance Sheet, the Profit and Loss account and Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; e) On the basis of written representations received from the Directors, as on 31st March 2012 and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; f) In our opinion and to the best of our information and according to the explanations given to us, the said Financial Statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and give a true and fair view in conformity with the accounting principles generally accepted in India; i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2012; ii) in the case of the Profit and Loss account, of the profit of the Company for the year ended on that date; and iii) in the case of Cash Flow Statement, of the cash flow for the year ended on that date. ANNEXURE TO THE AUDITOR''S REPORT The Annexure referred to in the Auditors'' report to the members of Choksi Imaging Ltd., (the Company) on the financial statements for the year ended 31st March, 2012, we report that : (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its asset. No material discrepancies were noticed on such verification. (c) During the year, in our opinion, a substantial part of fixed assets has not been disposed off by the Company. (ii) (a) The inventory of the Company at work, godown and branches and with consignment agent has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) The procedures of physical verification followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the books record were not material. (iii) (a) The Company has not granted any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under Section 301 of the Act. Consequently, clauses 4(iii) (a) to 4(iii)(d) of the Order are not applicable to the Company. However, Company has taken loans from five parties listed in the register maintained under Section 301 of the Companies Act,1956. The maximum amount involved during the year was Rs. 1799.17 lacs and the year end balance of loan taken was Rs. 1638.29 lacs as per the annexure enclosed herewith. (b) In our opinion the rate of interest and other terms and conditions on which loan have been taken from the parties listed in the register maintained under Section 301 of the Companies Act,1956 are not prima facie prejudicial to the interest of the Company. (c ) There is no stipulation fixed regarding repayment of principal and interest. (d) There is no overdue amount of the loan taken from the parties listed in the register maintained u/s. 301 of the Companies Act, 1956. (iv) In our opinion and according to the information and explanation given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and with regard to the sale goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls. (v) (a) According to the information and explanations given to us, we are of the opinion that the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available. (vi) In our opinion and according to the information and explanation given to us, the Company has complied with the provision of Section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules,1975 with regard to the deposit accepted from the public. Accordingly, there have been no proceedings before the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal in this matter and no order has been passed by any of the aforesaid authorities. (vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. (viii) The provision of Cost Audit prescribed by the Central Government, u/s 209 (l)(d) of the Companies Act, 1956 are not applicable to the Company. However, Company has maintained the books of accounts pursuant to the rules prescribed by the Central Government for maintenance of cost records under Section 209(l)(d) of the Act in respect of the product sold by the Company and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained . The Company has obtained compliance report from Cost Auditor for the year. (ix) (a) The Company has generally been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, cess and other material statutory dues applicable to it. (b) According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2012 for a period of more than six months from the date they became payable. According to the information and explanation given to us, the disputed Income tax Rs. 9,80,187/- related to Assessment Year 2001-2002 & matter is pending before Bombay High Court, that have not been deposited on account of disputed matters pending. (x) The Company does not have any accumulated losses as at 31st March, 2012 and has not incurred any cash losses in the Financial Year ended on that date or in the immediately preceding Financial Year. (xi) Based on our audit procedures and on the information and explanations given by Management, we are of the opinion that the Company has not defaulted in repayment of its dues to any financial institution, bank during the year. (xii) According to the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4(xii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company. (xiii) In our opinion, the Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company. (xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Reports) Order, 2003 are not applicable to the Company. (xv) The Company has not given any guarantees for loans taken by others from banks or financial institutions. (xvi) The Company has not taken any term loan during the year. (xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment, and vice versa. (xviii) The Company has not made preferential allotment of shares to parties and Companies covered in the register maintained, under Section 301 of the Companies Act, 1956 during the year. (xix) Company has not made any issue of debentures. (xx) During the period covered by our audit report, the Company has not raised any money by public issues. (xxi) During the course of our examination of books and record of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us by the Management no material fraud found on or by the Company and causing material misstatement to Financial Statement have been noticed or reported during the course of our audit. For PARIKH AND AMlN ASSOCIATES CHARTERED ACCOUNTANTS Firm Registration No. 107520W K. R. PARIKH Place: Mumbai (PARTNER) Date : 12th May, 2012 Membership No.36517