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Shailja Commercial Trade Frenzy Ltd.

BSE: 539520 Sector: Others
NSE: N.A. ISIN Code: INE195R01014
BSE LIVE 12:20 | 25 Sep 12.62 -0.01
(-0.08%)
OPEN

12.65

HIGH

12.65

LOW

12.62

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.65
PREVIOUS CLOSE 12.63
VOLUME 19991
52-Week high 14.69
52-Week low 11.40
P/E 66.42
Mkt Cap.(Rs cr) 4
Buy Price 12.60
Buy Qty 1.00
Sell Price 12.62
Sell Qty 9.00
OPEN 12.65
CLOSE 12.63
VOLUME 19991
52-Week high 14.69
52-Week low 11.40
P/E 66.42
Mkt Cap.(Rs cr) 4
Buy Price 12.60
Buy Qty 1.00
Sell Price 12.62
Sell Qty 9.00

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

Company auditors report

INDEPENDENT AUDITOR’S REPORT To the Members of Shailja Commercial Trade FrenzyLimited

(Formerly Known as Stanley Schappell Trade & Finance Ltd)

Report on the Standalone Financial Statements for the F.Y. 2015-16

We have audited the accompanying financial statements of Shailja Commercial TradeFrenzy Limited which comprise the Balance Sheet as at March 31 2016 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 respectto the preparation andpresentation of these Financial Statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 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 control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well 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 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 Companies (Auditors Report) Order 2016 (’the order’) issuedby Central 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 those books

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 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 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.

For JSA & Associates
Firm Registration Number: - 324521E
Chartered Accountants
Place: Kolkata
Date: 23/05/2016
Sd/-
Soumitra Trivedi
Partner
Membership no.-062370

ANNEXURE TO AUDITORS REPORT

In terms of the information andexplanations 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 sincethe company had nofixed assets as on 31st March 2016 nor at any time during the financial year ended on31st March 2016.

b) According to the information and explanations received by us as the company owns noimmovable properties the requirement on reporting whether title deedsisheld in the nameof the companyor notis not applicable.

2) As the company has not purchased/sold goods during the year nor are there anyopening stocks requirement of reporting on Physical verification of inventory ormaintenance of inventory records in our opinion does not arise.

3) The Company has not granted loans secured or unsecured to any companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection189 of the Companies Act 2013. Hencethe 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 informationand explanations received by us from the management we are of the opinion thatin respectof loans and guarantees given investments made and securities purchased by the companythe provisions of section 185 and 186 of the Companies Act 2013 have been complied with.

5) In our opinion and according to information and explanationsgiven to us the Companyhas not accepted any deposits from the public and hencethe reporting requirementunderclause (v) of the said orderdoes 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 andno undisputed amounts payable in respect ofany statutory dues were outstandingas at 31st March2016 for a period of more than sixmonths from the date they became payable.

b) According to therecords of the company and theinformation and explanations receivedby us from the management there are no disputed statutory dues outstanding in the name ofthe company.

8) According to the records of the company the Companyhas neither borrowed any amountfrom anyfinancial institution bank or government nor issued any debentures till 31stMarch 2016. Hence in our opinion thereporting requirement underclause (viii) ofthesaidorderdoes not arise.

9) According to the records of the company thecompany has neitherraisedany moneys byway of Initial PublicOffer or Further Public Offer (including debt instrument)nor has thecompany raised anyterm loans.Hence in our opinion thereporting requirement underclause(ix) ofthe saidorderdoes not arise.

10) Based upon the audit procedures performed and information and explanations givenbythe managementneitheranyfraud on the company by its officers or employees norany fraud bythe companyhas been noticed or reported during the course of our audit.Hence in ouropinion thereporting requirement underclause (x) ofthe saidorderdoes not arise.

11)According to the records of the company no Managerial remuneration has been paid orprovided during the year under audit. Hence in our opinion thereporting requirement underclause (xi) ofthe saidorderdoes not arise.

12) In our opinion and to the best of our information and according to theexplanationsprovided by the management we areof the opinion thatthe company is not a NidhiCompany.Hence in our opinion thereporting requirement underclause (xii) ofthesaidorderdoes not 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 therewasno related party transaction during the year under review.Hencethereporting requirement underclause (xiii) ofthe saidorderdoes not arise.

14) Basedon 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 ofshares or fully or partly convertible debentures during the year under review.Hence thereporting requirement underclause (xiv) ofthe saidorderdoes not arise.

15) Based on our scrutiny of the Company’s Book of Account and other records andaccordingto the information and explanations received by us from the management we are ofthe opinion that the company has not entered into any non-cash transactions withitsdirectors or persons connected with him.Hence thereporting requirement underclause(xv) ofthe saidorderdoes not arise.

16) In our opinion and to the best of our information and according to theexplanationsprovided by the management we are of the opinion that the company is not required to beregistered under section 45-IA of theReserve Bank of India Act1934.Hence thereportingrequirement under clause (xvi) ofthe saidorderdoes not arise.

For JSA & Associates
Firm Registration Number: - 324521E
Chartered Accountants
Place: Kolkata
Date: 23/05/2016
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 membersof the Shailja Commercial Trade Frenzy Limited (Company) on the Standalone Financialstatements for the year ended 31st March 2016).

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 March2016 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 forestablishing 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 offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial informationas 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 auditof 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 planand 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 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 authorisationsofmanagement 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 internalfinancialcontrols system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31-Mar-2016.

For JSA & Associates
Firm Registration Number: - 324521E
Chartered Accountants
Place: Kolkata
Date: 23/05/2016
Sd/-
Soumitra Trivedi
Partner
Membership no.-062370