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Goenka Business & Finance Ltd.

BSE: 538787 Sector: Financials
NSE: N.A. ISIN Code: INE997C01015
BSE LIVE 11:39 | 06 Nov 80.95 -1.65
(-2.00%)
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80.95

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80.95

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 80.95
PREVIOUS CLOSE 82.60
VOLUME 10
52-Week high 117.95
52-Week low 80.95
P/E 674.58
Mkt Cap.(Rs cr) 105
Buy Price 0.00
Buy Qty 0.00
Sell Price 80.95
Sell Qty 44301.00
OPEN 80.95
CLOSE 82.60
VOLUME 10
52-Week high 117.95
52-Week low 80.95
P/E 674.58
Mkt Cap.(Rs cr) 105
Buy Price 0.00
Buy Qty 0.00
Sell Price 80.95
Sell Qty 44301.00

Goenka Business & Finance Ltd. (GOENKABUSINESS) - Auditors Report

Company auditors report

TO

THE MEMBERS OF GOENKA BUSINESS & FINANCE LTD Report on the Financial Statements

We have audited the accompanying financial statements of GOENKA BUSINESS & FINANCELTD ("the Company") which comprise the Balance Sheet as at 31/03/2017 theStatement of Profit and Loss for the year then ended and a summary of the significantaccounting policies and other explanatory information.

Management’s Responsibility for the 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 financial statements that give a true and fair view of the financial position andfinancial performance 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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting 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 internal financial controls that wereoperating 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 andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

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

Opinion

Except as provided in the para Basis of Disclaimer. In our opinion and to the best ofour information and according to the explanations given to us the aforesaid financialstatements give the information required by the Act in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company as at 31/03/2017 and its Profit for theyear ended on that date.

Basis of Disclaimer

1. As informed by management the company has sold quoted and unquoted shares offmarket which has resulted in loss to the company. However we have not been provided withthe D-mat statement for the said transactions. Management has executed the saidtransactions only based on the invoices provided by the buyer and seller in physical mode.We have relied only on management representation and the said invoices for the same.

2. The company being in the business ofproviding secured and unsecured finance varioustypes of loans have been provided by the company to various parties on various terms andconditions. We have not been provided with the written agreement with the said parties forconfirmation of rates time of repayment or other terms and conditions. Management hasrepresented the terms of the agreement and we have not been able to confirm the same withany other means.

3. Company has provided for commission amounting to Rs.28 49430/- however we have notbeen provided with supporting documents or agreements clarifying the purpose of thecommissions.

4. The confirmation statements balances outstanding in the financial statements.

As a result of these matters we were unable to determine whether any adjustments mighthave been found necessary in respect of recorded or unrecorded transactions and accountsreceivable/payable in the Balance Sheet and the corresponding elements making up theStatement of Profit and Loss and Cash Flow statement.

Report on Other Legal and Regulatory Requirements

This report doesn't include a statement on the matters specified in paragraph 3 and 4of the Companies (Auditor’s Report) Order 2016 issued by the Central Government ofIndia in terms of sub section 11 of section 143 of the companies Act 2013 since in Ouropinion and according to the information and explanation given to us the said order isnot applicable to the company.

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 our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and dealt with by this Reportare 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 the written representations received from the directors as on31/03/2017 taken on record by the Board of Directors none of the directors isdisqualified as 31/03/2017 from being appointed as a director in terms of 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 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 financial statements.

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.

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

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management.

Date : 30/05/2017 For M A A K & Associates
Place : Ahmedabad (Chartered Accountants)
F.R.N:.135024W
Sd/-
CA Marmik G. Shah
(Partner)
M. No. : 133926

"ANNEXURE A" TO THE INDEPENDENT AUDITOR’S REPORT

Reports under The Companies (Auditor’s Report) Order 2016 (CARO 2016) for the

year ended on 31st March 2017

To

The Members of GOENKA BUSINESS & FINANCE LTD

(i) In Respect of Fixed Assets

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

(c) There are no immovable property in the name of company and therefore this issue isnot reportable.

(ii) In Respect of Inventories

The inventories are held in the nature of shares and securities and the same isverified by the management with the relevant records.

(iii) Compliance under section 189 of The Companies Act 2013

As per the information and explanation given to us and subject to observation given inmain reportthe company has not granted any loans secured or unsecured to companiesfirms or other parties covered in the register maintained u/s 189 of the companiesAct-2013.

(iv) Compliance under section 185 and 186 of The Companies Act 2013

According to information and explanations given to us the Company has no transactionfor loans investments guarantees and security for which special resolution is to bepassed and therefore provisions of section 185 and 186 of the Companies Act 2013 are notapplicable.

(v) Compliance under section 73 to 76 of The Companies Act 2013 and Rules framedthereunder while accepting Deposits

According to information and explanations given to us the Company has notacceptedpublic deposits hence the provision of section 73 to 76 or otherrelevant provisions of theCompanies Act 2013 and the Companies (Acceptance of Deposit) Rules 2015 with regard tothe deposits accepted from the public are not applicable.

(vi) Maintenance of cost records

According to information and explanations given to us the Company is not liable tomaintain cost records as prescribed under section 148(1) of the Companies Act 2013.

(vii) Deposit of Statutory Dues

(a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income taxsales-tax service tax duty of customs duty of excise value added tax cess and anyother statutory dues applicable to it.

(b) As informed to us by management there is no dispute with the revenue authoritiesregarding any duty or tax payable.

(viii) Repayment of Loans and Borrowings

The company has not defaulted in repayment of dues to financial institution bank ordebenture holders.

(ix) Utilization of Money Raised by Public Offers and Term Loan For which they Raised

According to information and explanation given to us the company has not raisedanymoney by way of initial public offer during the period covered by this report. Hencerequirement of sub- clause (ix) of the order are not applicable.

(x) Reporting of Fraud During the Year

Based on our audit procedures and the information and explanation made available to usno such fraud noticed or reported during the year.

(xi) Managerial Remuneration

Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

(xii) Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio

As per information and records available with us the company is not Nidhi Company.

(xiii) Related party compliance with Section 177 and 188 of companies Act - 2013

Yes All transactions with the related parties are in compliance with section 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

(xiv) Compliance under section 42 of Companies Act - 2013 regarding Private placementof Shares or Debentures

No the company has not made any preferential allotment or private placement of sharesor fully or partly convertible debenture during the year.

(xv) Compliance under section 192 of Companies Act - 2013

As per the information and explanation given to us the company has not entered intoany non-cash transactions with directors or persons connected with him.

(xvi) Requirement of Registration under 45-IA of Reserve Bank of India Act 1934

As per information given to us section 45-IA of Reserve Bank of India act1934 hasbeen complied with.

Date : 30/05/2017 For M A A K & Associates
Place : Ahmedabad (Chartered Accountants)
F.R.N:.135024W
Sd/-
CA Marmik G. Shah
(Partner)
M. No. : 133926

"Annexure B" to the Independent Auditor’s Report of even date on theStandalone Financial

Statements of GOENKA BUSINESS & FINANCE LTD Company limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of GOENKABUSINESS & FINANCE LTD Company Limited

("The Company") as of March 31 2017 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding 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 Companies Act 2013.

Auditors’ Responsibility

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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence amout the adequacy ofthe internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reportingassessing the risk that a material weakness exists and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend upon on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error.

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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) 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 authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

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 March 31 2017 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 issues by the Institute of CharteredAccountants of India.

Date : 30/05/2017 For M A A K & Associates
Place : Ahmedabad (Chartered Accountants)
F.R.N:.135024W
Sd/-
CA Marmik G. Shah
(Partner)
M. No. : 133926