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Shree Global Tradefin Ltd.

BSE: 512463 Sector: Others
NSE: N.A. ISIN Code: INE080I01025
BSE LIVE 15:16 | 17 Nov 3.10 0.10
(3.33%)
OPEN

3.15

HIGH

3.15

LOW

3.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.15
PREVIOUS CLOSE 3.00
VOLUME 21
52-Week high 3.80
52-Week low 2.08
P/E
Mkt Cap.(Rs cr) 353
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.10
Sell Qty 490.00
OPEN 3.15
CLOSE 3.00
VOLUME 21
52-Week high 3.80
52-Week low 2.08
P/E
Mkt Cap.(Rs cr) 353
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.10
Sell Qty 490.00

Shree Global Tradefin Ltd. (SHGLOBALTRAD) - Auditors Report

Company auditors report

TO THE MEMBERS OF SHREE GLOBAL TRADEFIN LIMITED

Report on the Standalone financial statements

We have audited the accompanying standalone financial statements of Shree GlobalTradefin Limited ("the Company") which comprise the Balance Sheet as at March31 2017 and the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant policies and other explanatory information.

Management's Responsibility for the Standalone 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence on a test basisabout the amounts and disclosures in the standalone financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone financial statements that give atrue and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the standalone financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone 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:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2017; (b) in the case of the Statement of Profitand Loss of the loss for theyear ended on that date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat 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 Companies Act 2013 we give in the Annexure A a statement on the matters specified inparagraphs 3 and4 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 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 Company has no branch office and hence the company is not required to conductaudit under section 143 (8) of the Act;

d) The Balance Sheet the Statement of Profit and Loss and the Cash flow statementdealt with by thisReport are in agreement with the books of account;

e) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014; f) In our opinion and based on the information given tous there are no financial transactions or matters which have any adverse effect on thefunctioning of the Company.

g) 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 31 st March 2017 from being appointed as a director in terms of Section164 (2) of the Act;

h) There is no qualification reservation or adverse remark relating to the maintenanceof accounts and other matters connected therewith.

i) 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"; and

j) 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. TheCompany has disclosed the impact of pending litigations on its financial position to theFinancial Statement. ii. The Company has not entered into any long-term contractsincluding derivative contracts hence this clause is not applicable. iii. During the yearno amounts were required to be transferred to the Investor Education and Protection Fundby the Company. The question of delay in transferring such sums does not arise. iv. TheCompany has provided requisite disclosures in the standalone 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.

For Todarwal & Todarwal
Chartered Accountants
ICAI Reg No : 111009W
Sunil L Todarwal
Partner
M. No. : 032512
Dated 26th May 2017
Place: Mumbai

Annexure - A to Independent Auditor's Report

The Annexure A referred to in Independent Auditor's Report to the Members of theCompany on the Standalone Financial

Statements for the year ended 31st March 2017 we report that: (i) (a)According to the information and explanation given to us and based on the records producedbefore us we are of the opinion that the Company is maintaining proper records showingfull particulars including quantitative details and situation of fixed assets.

(b) According to the information and explanation given to us fixed assets arephysically verified by the management according to a phased programme designed to coverall the locations which in our opinion is reasonable having regard to the size of thecompany and the nature of its assets.

(c) According to the information and explanation given to us and based on the recordsproduced before us the title deeds of immovable properties are held in the name of thecompany

(ii) According to the information and explanation given to us Inventory has beenphysically verified by the management during the year. No material discrepancies werenoticed that would have an impact over the standalone financial statements.

(iii) According to the information and explanation given to us the Company has notgranted any secured or unsecured loans to companies firms parties covered in theregister maintained under Section 189 of the Act.

(iv) According to the information and explanation given to us we are of the opinionthat in respect of loans investments guarantees and security provisions of section 185and 186 of the Companies Act 2013 have been complied with.

(v) According to the information and explanation given to us the company has notaccepted any deposits within the meaning of Section 73 to 76 of the Act and the rulesframed there under.

(vi) In the opinion of the Management the Central

Government has not prescribed the maintenance of cost records under section 148(1) ofthe Act in respect of trading activity and hence such records have not been maintained bythe Company.

(vii) (a) According to the books and records as produced and audited by us inaccordance with generally accepted auditing practices in India and also

Management representations undisputed statutory dues in respect of Provident fundEmployees' State Insurance Income Tax Sales Tax Service tax Custom duty Excise dutyValue Added Tax Cess and other statutory dues has been regularly deposited with theappropriate authorities.

(b) According to the information and explanation given to us and the record producedbefore us there are no material dues of Income Tax Sales Tax Wealth Tax Service TaxCustom Duty Excise Duty Value Added Tax which have not been deposited with theappropriate authorities on account of any dispute except as listed hereunder:

Name of the Statute Nature of Dues Amount Period to which the amount relates Forum where dispute is pending
(Rs.)
105326852 FY - 2006-07
720366459 FY - 2007-08 CIT Appeals
Income Tax Act 1961 Tax Penalty & Interest 1445069328 FY - 2008-09
1200494687 FY - 2009-10
2346219 FY - 2010-11 Income Tax
6128640 FY - 2008-09 Appellate Tribunal
10541757 FY - 2009-10 CIT Appeals

(viii) In our opinion and according to the information and explanation given to us andthe books of accounts verified by us the company does not have any loan taken from anyfinancial institution bank Government or dues to debenture holders.

(ix) According to the information and explanation given to us and the record producedbefore us the company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) or by way of any term loan during the year.

(x) During the course of our examination of the books of account carried in accordancewith the generally accepted auditing standards in India we have neither come across anyinstance of fraud on or by the Company by its officers or employees either noticed orreported during the year nor have we been informed of such case by the Management.

(xi) According to the information and explanation given to us and the record producedbefore us managerial remuneration has been paid during the year as per the provisions ofsection 197 read with Schedule V to theAct.31st Annual Report 2016-17

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company as specified in the Nidhi Rules 2014. Accordinglyparagraph 3(xii) of the order is not applicable.

(xiii) According to the information and explanation given to us and the record producedbefore us all transactions with the related parties are in compliance with sections

177 and 188 of Companies Act 2013 where applicable and the details have been disclosedin the standalone financial statements etc. as required by the applicable accountingstandards.

(xiv) According to the information and explanation given to us and the record producedbefore us the company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review. Hence theprovision of this clause is not applicable to the company.

(xv) As per the information and explanation given to us and the record produced beforeus the company has not entered into any non-cash transactions with directors or personsconnected with him.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Todarwal & Todarwal

Chartered Accountants

ICAI Reg No : 111009W

Sunil L Todarwal

Partner M. No. : 032512

Dated 26th May 2017

Place: Mumbai

Annexure B to the Independent Auditors' Report

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 ShreeGlobal Tradefin Limited ("the Company") as of 31st March 2017 inconjunction with our audit of the financial statements of the Company for the year endedon 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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 AccountantsofIndia. 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 on

Audit of Internal Financial Controls Over Financial Reporting issued by the Instituteof Chartered Accountants of India.

For Todarwal & Todarwal

Chartered Accountants

ICAI Reg No : 111009W

Sunil L Todarwal

Partner M. No. : 032512

Dated 26th May 2017

Place: Mumbai