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7NR Retail Ltd.

BSE: 540615 Sector: Others
NSE: N.A. ISIN Code: INE413X01019
BSE 00:00 | 23 Aug 94.50 0
(0.00%)
OPEN

94.40

HIGH

94.50

LOW

94.40

NSE 05:30 | 01 Jan 7NR Retail Ltd
OPEN 94.40
PREVIOUS CLOSE 94.50
VOLUME 12000
52-Week high 105.00
52-Week low 10.80
P/E 472.50
Mkt Cap.(Rs cr) 99
Buy Price 89.80
Buy Qty 3000.00
Sell Price 94.60
Sell Qty 3000.00
OPEN 94.40
CLOSE 94.50
VOLUME 12000
52-Week high 105.00
52-Week low 10.80
P/E 472.50
Mkt Cap.(Rs cr) 99
Buy Price 89.80
Buy Qty 3000.00
Sell Price 94.60
Sell Qty 3000.00

7NR Retail Ltd. (7NRRETAILLTD) - Auditors Report

Company auditors report

To

The Members of 7NR Retail Limited Ahmedabad

Report on the Financial Statements:

We have audited the accompanying Financial Statements of 7NR RETAIL LIMITED("the Company") which comprise the Balance Sheet as at March 31 2018 theStatement of Profit & Loss and the Cash Flow Statement for the year then ended and aSummary of Significant Accounting Policies and other Explanatory Information.

Management's Responsibility for the Financial Statements:

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") withrespect to the preparation of these financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with rule 7 of Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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; design implementation and maintenance of adequate internalfinancial controls that are 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.

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 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 misstatements.

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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's management and Board of Directors 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 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 March31 2018 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements:

• We have sought and obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purpose of our audit.

• 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.

• The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

• In our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

• O n the basis of written representations received from the directors as on March31 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2018 from being appointed as a director in terms of Section164(2) of the Act.

• With respect to 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

• With respect to 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:

1. The Company does not have any pending litigations which would impact its financialposition.

2. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.

3. There has not been any occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

For Loonia& Associates.
Chartered Accountants
(F.R.No.130883W)
SD/-
Place: Ahmedabad Hitesh Loonia
Date: 30th May 2018 (Proprietor)
M.NO.-135424

Annexure A to Independent Auditors' Report

Referred to in Paragraph 1 under the heading of "Report on other legal andregulatory requirements" of our report of even date

1. In respect of the Company's fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. b) The fixed assets were physicallyverified by the management at reasonable intervals during the year in a phased periodicalmanner in accordance with a programmed of physical verification. No material discrepancieswere noticed on such physical verification. c) All the title deed of Immovable Propertiesare held in the name of the company except permission granted by the company.

2. In respect of the Company's inventories:

a) As explained to us the management has physically verified inventories during theyear. In our opinion the frequency of verification is reasonable and the Company hasmaintained proper records of inventories. As explained to us there was no materialdiscrepancies noticed on physical verification as compared to the book records.

3. In respect of the loans secured or unsecured granted or taken by theCompany to / from Companies firms or other parties covered in the register maintainedunder Section 189 of the Companies Act 2013:

According to the information& explanations given to us the Company has not grantedany loan to Companies firms or other parties covered in the register maintained u/s. 189of the Companies Act 2013.

4. In our opinion and according to the information and explanations given to usthe Company has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

5. According to the information and explanations given to us the Company has notaccepted any deposits covered under section 73 to 76 of the Companies Act 2013 during theyear.

6. According to the information and explanations provided by the Company theCentral Government has not prescribed to Maintenance of cost records under Section 148(1)of the Companies Act 2013 in respect of product of the Company.

7. According to the information and explanations given to us in respect ofstatutory dues:

(a) The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income-tax Sales Tax Service Tax CustomsDuty Excise Duty Goods and Service Tax Value Added Tax Cess and other materialstatutory dues applicable to it to the appropriate authorities. (b) There were noundisputed amounts payable inrespect of Provident Fund Employees' State InsuranceIncome-tax Sales Tax Service TaxCustoms Duty Excise Duty Value Added Tax Goods andService Tax Cess and other material statutory dues in arrears as at March 31 2018 for aperiod of more than six months from the date they became payable.

8. In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to financialinstitutions banks and government and dues to debenture holders.

9. In our opinion and according to the information and explanations given to usthe company has not applied for any term loan. The Company has raised moneys by way ofinitial public offer by 1896000 equity shares of face value of Rs. 10/- each at apremium of Rs 17/- each.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no fraud on the Company by its officers oremployees has been noticed or reported during the year.

11. In our opinion and according to the information and explanations given to usthe

Managerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by section 197 r/w schedule V to the Companies act 2013.

12. The Company is not a Nidhi Company and hence reporting under clause (xii) ofthe

CARO 2016Order is not applicable.

13. In our opinion and according to the information and explanations given to usthe

Company is in compliance with Section 188 and 177 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements etc. as required by theapplicable accounting standards.

14. According to information and explanations given to us and based on ourexamination of the records of the Company the Company had not made any preferentialallotment of equity shares neither issued any fully or partly convertible debentures interms of section 42 of the Act.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non cash transactions with itsdirectors or persons connected with him and hence provisions of Section 192 of theCompanies Act 2013 are not applicable.

16. As per information and explanation provided by the Company and on the basis ofsuch verification we are of the opinion that Company is not required to be registeredunder section 45-I of the Reserve Bank of India Act 1934.

For Loonia& Associates.
Chartered Accountants
(F.R.No.130883W)
SD/-
Place: Ahmedabad Hitesh Loonia
Date: 30th May 2018 (Proprietor)
M.NO.-135424

Annexure B to Independent Auditors' Report

(Referred to in paragraph 2 (f) under Report on Other Legal and Regulatory

Requirements section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

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.

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 auditors 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 March 31 2018 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 Loonia& Associates.
Chartered Accountants
(F.R.No.130883W)
SD/-
Place: Ahmedabad Hitesh Loonia
Date: 30th May 2018 (Proprietor)
M.NO.-135424