You are here » Home » Companies » Company Overview » Shailja Commercial Trade Frenzy Ltd

Shailja Commercial Trade Frenzy Ltd.

BSE: 539520 Sector: Others
NSE: N.A. ISIN Code: INE195R01014
BSE LIVE 14:15 | 17 Nov 12.65 -0.07
(-0.55%)
OPEN

12.71

HIGH

12.74

LOW

12.65

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.71
PREVIOUS CLOSE 12.72
VOLUME 44912
52-Week high 14.69
52-Week low 10.79
P/E 66.58
Mkt Cap.(Rs cr) 4
Buy Price 12.64
Buy Qty 11.00
Sell Price 12.65
Sell Qty 40.00
OPEN 12.71
CLOSE 12.72
VOLUME 44912
52-Week high 14.69
52-Week low 10.79
P/E 66.58
Mkt Cap.(Rs cr) 4
Buy Price 12.64
Buy Qty 11.00
Sell Price 12.65
Sell Qty 40.00

Shailja Commercial Trade Frenzy Ltd. (SHAILJACOMMERC) - Auditors Report

Company auditors report

To the Members of

Shailja Commercial Trade Frenzy Limited

Report on the Standalone Financial Statements for the F.Y. 2016-17

We have audited the accompanying financial statements of Shailja Commercial TradeFrenzy Limited which comprise the Balance Sheet as at March 31 2017 the Statement ofProfit and Loss for the year ended the Cash Flow Statement 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these Financial Statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial 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 a reasonable opinion on these financial statementsbased on our audit.

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.

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.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements 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 financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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

1. As required by Companies (Auditors Report) Order 2016 ('the order') issued byCentral Government of India in terms of subsection (11) of section 143 of the Act weenclose in the annexure a statement on the matters specified in paragraphs 3 & 4 ofthe said order to extent applicable.

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

a) We have obtained all the information 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 appears from our examination of that book.

c) The Balance Sheet Statement of Profit and Loss and Statement of Cash Flow dealtwith 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) In our opinion there are no observations or comments on the financial which mayhave an adverse effect on the functioning of the company.

f) 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 terms of Section164 (2) of the Act.

g) With respect to the adequacy of the Internal Financial Controls over financialreporting of the Company and the operating effectiveness of such controls we give ourseparate Report in "Annexure 2"

h) 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 asregards its holding and dealings in Specified Bank Notes as defined in the NotificationsS.O 3407(E) dated the 8th November 2016 of the Ministry of Finance during the periodfrom 8th November 2016 to 30th December 2016. Based on audit procedures performed andthe representations provided to us by the Management we report that the disclosures are inaccordance with the books of accounts maintained by the Company and as produced to us bythe Management.

For JSA & Associates

Firm Registration Number: - 324521E

Chartered Accountants

Place: Kolkata

Date: 23/05/2017

Sd/-

Soumitra Trivedi

Partner

Membership no.-062370

ANNEXURE TO AUDITORS REPORT

In terms of the information and explanations sought by us and given by the company andthe books and records examined by us in the normal course of audit and to the best of ourknowledge and belief we state that: -

1 a) Based on our scrutiny of the Company's Book of Account and other records andaccording to the information and explanations received by us from the management we areof the opinion that the question of commenting on maintenance of proper records of fixedassets and physical verification of fixed assets does not arise since the company had nofixed assets as on 31st March 2017 nor at any time during the financial year ended on31st March 2017.

b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company

2) As explained to us the inventories purchase and sale of goods during the year hasbeen physically verified at reasonable intervals by the management. No materialdiscrepancies were noticed on such verification.

3) The Company has not granted loans secured or unsecured to any companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Hence the reporting requirement under clause (iii)of the said order does not arise.

4) Based on our scrutiny of the Company's records and according to the information andexplanations received by us from the management we are of the opinion that in respect ofloans and guarantees given investments made and securities purchased by the company theprovisions of section 185 and 186 of the Companies Act 2013 have been complied with.

5) In our opinion and according to information and explanations given to us theCompany has not accepted any deposits from the public and hence the reporting requirementunder clause (v) of the said order does not arise.

6) According to the information and explanations provided by the management thecompany is not engaged in production of any such goods or provision of any such servicesfor which maintenance of cost records has been prescribed by the Central Government undersection 148(1). Hence the reporting requirement under clause (iv) of the said order doesnot arise.

7) a) Based on our scrutiny of the Company's Book of Account and other records andaccording to the information and explanations received by us from the management we areof the opinion that the company is regular in depositing with appropriate authoritiesundisputed statutory dues applicable to it and no undisputed amounts payable in respect ofany statutory dues were outstanding as at 31st March 2017 for a period of more than sixmonths from the date they became payable.

b) According to the records of the company and the information and explanationsreceived by us from the management there are no disputed statutory dues outstanding inthe name of the company.

8) According to the records of the company the Company has neither borrowed any amountfrom any financial institution bank or government nor issued any debentures till 31stMarch 2017. Hence in our opinion the reporting requirement under clause (viii) of thesaid order does not arise.

9) According to the records of the company the company has neither raised any moneysby way of Initial Public Offer or Further Public Offer (including debt instrument) nor hasthe company raised any term loans. Hence in our opinion the reporting requirement underclause (ix) of the said order does not arise.

10) Based upon the audit procedures performed and information and explanations given bythe management neither any fraud on the company by its officers or employees nor anyfraud by the company has been noticed or reported during the course of our audit. Hencein our opinion the reporting requirement under clause (x) of the said order does notarise.

11) According to the records of the company no Managerial remuneration has been paidor provided during the year under audit. Hence in our opinion the reporting requirementunder clause (xi) of the said order does not arise.

12) In our opinion and to the best of our information and according to the explanationsprovided by the management we are of the opinion that the company is not a Nidhi Company.Hence in our opinion the reporting requirement under clause (xii) of the said order doesnot arise.

13) Based on our scrutiny of the Company's Book of Account and other records andaccording to the information and explanations received by us from the management we areof the opinion that there was no related party transaction during the year under review.Hence the reporting requirement under clause (xiii) of the said order does not arise.

14) Based on our scrutiny of the Company's Book of Account and other records andaccording to the information and explanations received by us from the management we areof the opinion that the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Hence the reporting requirement under clause (xiv) of the said order does notarise.

15) Based on our scrutiny of the Company's Book of Account and other records andaccording to the information and explanations received by us from the management we areof the opinion that the company has not entered into any non-cash transactions with itsdirectors or persons connected with him. Hence the reporting requirement under clause(xv) of the said order does not arise.

16) In our opinion and to the best of our information and according to the explanationsprovided by the management we are of the opinion that the company is not required to beregistered under section 45-IA of the Reserve Bank of India Act 1934. Hence thereporting requirement under clause (xvi) of the said order does not arise.

For JSA & Associates

Firm Registration Number: - 324521E

Chartered Accountants

Place: Kolkata

Date: 23/05/2017

Sd/-

Soumitra Trivedi

Partner

Membership no.-062370

ANNEXURE 2" TO THE INDEPENDENT AUDITOR'S REPORT

( Referred to in paragraph (2)g under ' Report on Other Legal and RegulatoryRequirements ' in our Independent Auditor's Report of even date to the members of theShailja Commercial Trade Frenzy Limited (Company) on the Standalone Financial statementsfor 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 the Companyas of 31st March 2017 in conjunction with our audit of the standalone financial statementof 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. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information 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 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 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 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 31-Mar-2017.

For JSA & Associates

Firm Registration Number: - 324521E

Chartered Accountants

Place: Kolkata

Date: 23/05/2017

Sd/-

Soumitra Trivedi

Partner

Membership no.-062370