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Globe Commercials Ltd.

BSE: 540266 Sector: Others
NSE: N.A. ISIN Code: INE804Q01013
BSE LIVE 09:44 | 12 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 24.00
PREVIOUS CLOSE 19.82
VOLUME 50
52-Week high 24.00
52-Week low 24.00
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 24.00
Sell Qty 50.00
OPEN 24.00
CLOSE 19.82
VOLUME 50
52-Week high 24.00
52-Week low 24.00
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 24.00
Sell Qty 50.00

Globe Commercials Ltd. (GLOBECOMMERCIAL) - Auditors Report

Company auditors report

We have audited the accompanying financial statements of Globe Commercials Limited ("thecompany") which comprise the Balance Sheet as at March 31 2016 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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.

Auditor's Responsibility

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 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 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 financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the said accounts together with the notes thereon give the informationrequired by the Companies Act 2013 in the manner so required for the companies and givea true and fair view in conformity with the accounting principles generally accepted inIndia:

(i) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016 (ii) In the case of the Profit and Loss Account of the Profit for the yearended on that date; and (iii) In the case of the Cash Flow Statement of the cash flowsfor the year 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 sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified inthe paragraph 3 and 4 of the order.

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 ouropinion proper books of account as required by law have been kept by the Company so far asappears from our examination of those books

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

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

e) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 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 ourseparate report in "Annexure B".

g) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11of the Companies (Audit and Auditors) Rules 2014 and to our best of ourinformation and according to the explanations given to us:-

i. As per information and explanation provided company doesn't have any pendinglitigation that could affect the fairness of the financial statement. ii The Company didnot have any long-term contracts including derivatives contracts for which there were anymaterial foreseeable losses. ii. There were no amounts which required to be transferred toInvestor Education and Protection Fund.

For M/s. Shyam C. Agrawal & Co.
Chartered Accountant
Sd/-
Shyam Agrawal
Proprietor
Membership No – 031774
FRN: 110243W
Place: Mumbai
Date: May 30 2016