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H K Trade International Ltd.

BSE: 539337 Sector: Industrials
NSE: N.A. ISIN Code: INE725P01012
BSE LIVE 15:25 | 20 Nov 19.25 -0.05
(-0.26%)
OPEN

21.00

HIGH

23.15

LOW

19.25

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 21.00
PREVIOUS CLOSE 19.30
VOLUME 24000
52-Week high 23.15
52-Week low 14.50
P/E 46.95
Mkt Cap.(Rs cr) 5
Buy Price 19.00
Buy Qty 8000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.00
CLOSE 19.30
VOLUME 24000
52-Week high 23.15
52-Week low 14.50
P/E 46.95
Mkt Cap.(Rs cr) 5
Buy Price 19.00
Buy Qty 8000.00
Sell Price 0.00
Sell Qty 0.00

H K Trade International Ltd. (HKTRADEINTER) - Auditors Report

Company auditors report

To the Members of M/S H. K. TRADE INTERNATIONAL LTD

Report on the Financial Statements

We have audited the accompanying financial statements of H. K. Trade International Ltd(The Company) which comprise the Balance Sheet as at March 31 2016 and the Statement ofProfit and Loss and Cash Flow Statement for the year ended and a summary of significantaccounting 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)of the 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 there under.

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 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 true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial 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 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Companies Act 2013 we give in the "Annexure A" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extent

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 purpose of our audit;

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

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby 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 March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of sub-section (2) ofsection 164 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"

For Nirmal Nahata & Associates
(Chartered Accountants)
Firm Reg. No. : -116034W
Sd/-
(Nirmal Nahata)
Place: Mumbai Proprietor
Date: May 23 2016 M. No. 100489

ANNEXURE A

Referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our report on even date

(i) In Respect of Fixed Assets:

1. The company has maintained proper records showing full particulars includingquantitative details and Situation of the fixed assets.

2. As explained to us the fixed assets have been physically verified by the managementat reasonable intervals and no material discrepancies were noticed on such verification.

(ii) In Respect of Stock:

1. The Company has carried out physical verification at reasonable intervals.

2. The Procedure of physical verification of stock followed by management is reasonableand adequate in relation to its size and nature of business.

3. The Company is dealing in stock & securities. The company has maintained properrecord of its shares stock and investment.

(iii)In Respect of loans secured or unsecured granted or taken by the company toor from companies firms or other parties covered in the register maintained u/s 189 ofthe Act According to the information and explanation given to us the company has notgranted or taken any secured or unsecured loans from or to companies Firms and otherparties listed in the register. Consequently the requirement of clauses (iii) (a) to (iii)(b) of the order is not applicable.

(iv) In our opinion and explanation given to us there is generally adequateinternal control procedure commensurate with the size of the company and the nature of itsbusiness and for the purchase of stock securities and assets and for the sale ofgoods/services.

(v) In our opinion and according to the information and explanation given to usthe company has not accepted deposits from the public within the meaning of section 73 to76 of the Act & directives issued by the Reserve Bank of India.

(vi) Since the company is in service sector therefore the provision of clause (vi)of maintenance of cost record paragraph 4 of the order are not applicable to the company.

(vii) The company is regular in depositing of undisputed statutory dues. Asinformed to us there is no arrears of outstanding statutory dues as at the last day of thefinancial year concerned for the period of more than six months from the date they becomepayable. Further it is explained to us Provident Fund Investor Education and ProtectionFund Employee’s State Insurance Sales tax Wealth tax Custom Duty Excise Dutycess are not applicable to the company during the year.

There is no overdue balance of the amount which is required to be transferred toinvestor education and protection fund in accordance with the relevant provisions of theCompanies Act 1956 (1 of 1956) and rules made there under.

(viii)The company does not have accumulated losses of more than 50% of its NetWorth at the end of the financial year; The Company has not incurred cash losses in thecurrent as well as in the previous financial year.

(ix) Based on our audit and according to the information and explanations given tous we are of the opinion that the company has not defaulted in repayment of dues tofinancial institution Banks.

(x) According to information and explanations given to us the company has notgiven guarantee for loans taken by others from banks or financial institutions.

(xi) The Company did not have any term loans outstanding during the year.

(xii) During the course of our examination of the books of account and records ofthe company carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanation given to us we have neither comeacross any instance of material fraud on or by the company noticed or reported during theyear nor have we been informed of such case by the management.

For Nirmal Nahata & Associates
(Chartered Accountants)
Firm Reg. No. : -116034W
Sd/-
(Nirmal Nahata)
Place: Mumbai Proprietor
Date: May 23 2016 M. No. 100489

Annexure B: Referred to in paragraph 2 (f) of the Independent Auditors’ Report ofeven date to the members on the financial statements of HK Trade International Limited asof 31.03.2016.

Report on the Internal Financial Controls

Under Clause (i) of sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of HK TradeInternational Limited ("the Company") as of 31st March 2016 in conjunction withour audit of the 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 to the extent applicable toan audit of internal financial controls both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 judgement 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 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 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 maintained in all material respects adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as of 31st March 2016 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 issued by the Institute of CharteredAccountants of India.

For Nirmal Nahata & Associates
(Chartered Accountants)
Firm Reg. No. : -116034W
Sd/-
(Nirmal Nahata)
Place: Mumbai Proprietor
Date: May 23 2016 M. No. 100489