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Grandma Trading & Agencies Ltd.

BSE: 504369 Sector: Others
NSE: N.A. ISIN Code: INE927M01029
BSE LIVE 12:54 | 18 Dec 6.23 -0.12
(-1.89%)
OPEN

6.23

HIGH

6.23

LOW

6.23

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.23
PREVIOUS CLOSE 6.35
VOLUME 2
52-Week high 15.95
52-Week low 6.23
P/E
Mkt Cap.(Rs cr) 81
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.23
Sell Qty 305948.00
OPEN 6.23
CLOSE 6.35
VOLUME 2
52-Week high 15.95
52-Week low 6.23
P/E
Mkt Cap.(Rs cr) 81
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.23
Sell Qty 305948.00

Grandma Trading & Agencies Ltd. (GRANDMATRADING) - Auditors Report

Company auditors report

To the Members of Grandma Trading and Agencies Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Grandma Trading andAgencies Limited ("the Company") which comprises of Balance Sheet as at 31stMarch 2017 the statement of Profit and Loss Account and the Cash Flow Statement for theyear ended on that date annexed thereto 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 stated in Sub-Section(5) of Section 134 of the Companies Act 2013 ("the Act") withrespect to the preparation of these financial statements to give a true and fair view ofthe financial position financial performance and cash flow of the Company in accordancewith the accounting principles generally accepted in India including Accounting Standardsprescribed in Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rule 2014. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making a judgement and estimates that arereasonable and prudent; and the design implementation and maintenance of internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the accounting and auditing standards andmatters which are required to be included in the audit report under the provisions of theact and the Rules made there under.

We have conducted our audit in accordance with the Standards on Auditing specifiedunder Section 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by ‘the Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of sub-section (11) of Section 143 of the Act("the order") and on the basis of such checks of the books and records of theCompany as we consider appropriate and according to the information and explanation givento us we enclose in "Annexure - A" a statement on the matters specifiedin paragraphs 3 and 4 of the said order.

Further 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 the Cash Flow Statementdealt with 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 the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a Director in termsof 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 does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the financial statements as tothe holdings as well as dealing in Specified Bank Notes during the period from 8thNovember 2016 to 31st December 2016. Based on audit procedures and relying onthe management representation we report that the disclosures are in accordance with thebooks of account as maintained and produced to us by the Management.

For M/s Gupta Saharia & Co.
Chartered Accountants
Sd/-
(S.S. Rathi)
Partner
Place: Mumbai Membership No.: 73373
Date: 30th May 2017 Firm Reg. No. 103446W

ANNEXURE-‘A' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of the independent auditor's report of even date on the financialstatements of the Company for the year ended 31st March 2017)

i. In respect of Fixed Assets the company does not possess any fixed assets andhence the sub - clause (a) (b) and (c) of clause (i) para 3 of the Companies (Auditor'sReport) Order 2016 is not applicable.

ii. As explained to us inventories have been physically verified by the managementat regular intervals during the year. The discrepancies noticed on such physicalverification as compared to book records were not material and have been appropriatelydealt with in the books of accounts.

iii. The Company has not granted any loans secured or unsecured to companiesfirms Limited Liability partnerships or other parties covered in the Register maintainedunder section 189 of the Act. Accordingly the provisions of clause (iii) (a) to (c) ofParagraph 3 of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to usthe company has complied with the provisions of section 185 and 186 of the Companies Act2013 In respect of loans investments guarantees and security.

v. No deposits have been accepted by the Company within the meaning of directivesissued by RBI (Reserve Bank of India) and Sections 73 to 76 or any other relevantprovisions of the Act and rules framed there under.

vi. The maintenance of Cost Records has not been specified by the CentralGovernment under subsection (1) of Section 148 of the Act in respect of the activitiescarried on by the company.

vii. a) According to the information given to us and the records of the Companyexamined by us the Company is regular in depositing the undisputed statutory duesincluding provident fund employee's state insurance Income Tax Sales Tax Wealth TaxCustoms Duty Excise Duty Service Tax Investor Education and Protection Fund and anyother statutory dues as at 31st March 2017.

b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute.

viii. The Company has not taken any loan either from financial institutions Banksor from the government and has not issued any debentures therefore Clause (viii) of thesaid Order is not applicable to the Company.

ix. The Company has not raised any moneys by way of initial public offer furtherpublic offer (including debt instruments) and term loans. Accordingly the provision ofClause 3(ix) of the Order is not applicable to the Company.

x. Based upon the audit procedures performed and the information given by themanagement we report that no fraud by the Company or any fraud on the company by itsofficers or employees has been noticed or reported during the year.

xi. There being no managerial personnel in the Company and therefore no managerialremuneration was required to be paid as per the provision of section of the Companies Act2013. Therefore Clause (xi) of the Order is not applicable.

xii. In our opinion the Company is not a Nidhi Company. Therefore the provisionsof clause (xii) of the Order are not applicable to the Company.

xiii. Based upon the Examination and explanations given by the management therewere no related party transactions entered into by the Company.

xiv. The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures under section 42 of the Companies Act2013 during the year. Accordingly clause (xiv) of the Order is not applicable to theCompany.

xv. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause (xv) of theOrder are not applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934.

For M/s Gupta Saharia & Co.
Chartered Accountants
Sd/-
(S.S. Rathi)
Partner
Place: Mumbai Membership No.: 73373
Date: 30th May 2017 Firm Reg. No. 103446W

ANNEXURE-‘B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' section of the independent auditor's report of even date on the standalonefinancial statements of the Company for the year ended 31st March 2017)

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 GrandmaTrading and Agencies Limited ("the Company") as of 31st March 2017in conjunction with our audit of the standalone financial statements of the Company forthe 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 the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditor's 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 about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial 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 controls systemover 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material 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 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For M/s Gupta Saharia & Co.
Chartered Accountants
Sd/-
(S.S. Rathi)
Partner
Place: Mumbai Membership No.: 73373
Date: 30th May 2017 Firm Reg. No. 103446W