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Globe International Carriers Ltd.

BSE: 538385 Sector: Others
NSE: GICL ISIN Code: INE947T01014
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Globe International Carriers Ltd. (GICL) - Auditors Report

Company auditors report

To

The Members

Globe International Carriers Ltd Jaipur Report on Financial Statements

We have audited the accompanying financial statements of Globe International CarriersLtd (Formerly known as Globe International Carriers Private Limited) (the Company) whichcomprise the Balance Sheet as at March 31 2016 the Statement of Profit and Loss and CashFlow Statement for the year then ended and a summary of significant accounting policiesand 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 ol 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 that give a true and fair viewand are free from material misstatement whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our icsponsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

Wc 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 . amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

BASIS OF QUALIFIED OPINION

The Company is not providing the liabilities for gratuity in the books which isinconsistent in accordance with the Accounting Standard - 15 *Employee Benefits* issuedby the Institute of Chartered Accountants of India. The total gratuity liability as on31.03.2016 comes to Rs. 1401463/- as per certificates received from approved valuer.

QUALIFIED 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 financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;

(b) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on March 31 2016; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on March 31 2016.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2016 (‘the Order') asamended issued by the Central Government of India in terms of sub-section (11) of section143 of the Act wre give in the Anncxure a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that:

a. We have obtained all the inlormation and explanations which to the best of ourknowledge 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 apyjears from our examination of those books.

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

d. Except for the effects of the matter described in the Basis for Qualified Opinionparagraph in our opinion the Balance Sheet the Statement of Profit and Loss and the('ash. Flow Statement comply with Accounting Standards notified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014;

e. On the basis of the written representations received from the directors as onMarch31 2016 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2016 from being appointed as a director in terms of Section164(2) of the Act.

f. 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) there arc number of pending litigations on the Company's financial position in itsfinancial statements. The financial implication of such pending litigations on theCompany's financial position in its financial statements is Rs. 21039876/-. Thisfinancial implication ol such pending litigation has been recognised as contingentliability' in the financial statements of the period under consideration as the cases arcnot finalised yet.

(ii) the Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts; and

(iii) There has been an occasion in Company during the year under consideration totransfer any sums to the Investor Education and

Protection Fund. '1 he question of delay in transferring such sums does not arise.

For Mansaka Ravi & Associates
Chartered Accountants
FRN 015023C
(CA Akshita Mansaka)
Place: Jaipur Partner
Date: 26.05.2016 M. No. 517180

ANNEXURE REFERRED TO IN THE AUDITOR S REPORT ON THE ACCOUNTS OF GLOBE INTERNATIONALCARRIERS LTD FOR THE YEAR ENDING 31st MARCH 2016

As required by the Companies (Auditor s report) Order 2016 issued by the CentralGovernment of India in terms of section 143(11) of the Companies Act 2013 we reportthat:

(i) In respect of fixed assets:

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

(b) As explained to us all the fixed assets have been physically verified by themanagement during the year at reasonable intervals which in our opinion is reasonablehaving regard to the size of the Company and the nature of assets. As explained nomaterial discrepancies were noticed on such physical verification.

(c) The Company is not having any immovable properties.

(ii) In respect of its inventories:

(a) As explained to us the inventory has been physically verified by the management atregular intervals during the year. In our opinion the frequency of verification isreasonable. And there were no material discrepancies noticed on physical verification ofinventory as compared to the book records.

(iii) In respect of loans secured or unsecured granted by the Company to companies

firms Limited Liability Partnerships or other parties covered in the register

maintained under section 189 of the Companies Act 2013:

(a) According to the information and explanations given to us the Company has grantedany loans secured and unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under section 189 of Companies Act 2013.

(b) According to the information and explanations given to us the terms and conditionsof the grant of such loans are not prejudicial to the company's interest except interestcomponent.

(c) According to the information and explanations given to us the schedule ofrepayment of principal and payment of interest has not been stipulated. However allrepayments or receipts have been received by company by the end of year.

(d) As the schedule of repayment of principal and payment of interest has not beenstipulated there is no overdue amount. However the Company has taken reasonable stepsfor recovery of principal or interest if any from such parties.

(iv) In our opinion and according to the information and explanations given to us inrespect of loans investments guarantees and security the provisions of Section 185 and186 of the Companies Act 2013 have been complied with except the following whereprovisions of section 185 and 186 (regarding interest) were not complied with:

In respect of Maximum amount outstanding (Rs. In thousands) Closing balance as at balance sheet date (Rs. In thousands)
Directors 2627.13 0
Persons in whom directors are interested 37756.53 0

(v) According to the information and explanations given to us the Companyhas not accepted any deposits from the public within the meaning of the directives issuedby the Reserve Bank of India and the provisions of section 73 to 76 or any relevantprovisions of the Companies Act 2013 and the rules made there under.

(vi) In our opinion and according to the information and explanations given to us themaintenance of cost records has not been prescribed by the Central Government underSection 148(1) of the Companies Act 2013 for the period under review for any of theproducts/sendees of the Company.

(vii) In respect of statutory dues:

(a) The Company is generally regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Sendee Tax duty ofCustoms duty of excise Value Added Tax Cess and other statutory dues applicable to itwith the appropriate authorities except the TDS liability amounting to Rs. 429875/- werein arrears as at the end of the financial year for a period of more than six months fromthe date they became payable. However this liability has not been acknowledged as debt bythe

Company upto the end of reporting period.

(b) According to the information and explanations given to us there are no dues ofIncome Tax or Sales Tax or Service Tax or duty of customs or duty of excise or ValueAdded Tax which have not been deposited on account of any dispute.

(viii) our opinion and according to the information and explanation given tous the Company has not defaulted in repayment of loans or borrowing to a financialinstitutions banks Government or dues to debenture holders.

(ix) In our opinion and according to the information and explanations given to us theCompany has not raised moneys by way of initial public offer or further public offer(including debt instruments. In our opinion and according to information and explanationgiven to us the term loans have been applied for the purpose for which they were raised.

(x) According to the information and explanations given to us no fraud by the companyor any fraud on the Company by its officers or employees has been noticed or reportedduring the year.

(xi) According to the information and explanations given to us managerial remunerationhas been paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act.

(xii) According to the information and explanations given to us the Company is not aNidhi Company.

(xiii) According to the information and explanations given to us all transactions withthe related parties arc in compliance with section 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

(xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him.

(xvi) 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 Mansaka Ravi & Associates
.Chartered Accountants

FRN: 015iP23C

Place: Jaipur Partner
Date: 26.05.2016 M. No. 517180