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Alna Trading & Exports Ltd.

BSE: 506120 Sector: Others
NSE: N.A. ISIN Code: INE07I701011
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Alna Trading & Exports Ltd. (ALNATRADING) - Auditors Report

Company auditors report

To the Members of

ALNA TRADING AND EXPORTS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of ALNA TRADING AND EXPORTSLIMITED ("the Company") which comprise the Balance Sheet as at March 31 2017the Statement of Profit and 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 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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted In India Including the Accounting Standards prescribed underSection 133 of the Act.

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 financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 requited to be included in the audit report under theprovisions of the Act and the Rules made there under and the Order under section 143 (11)of the Act.

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making these risk assessments theauditor considers 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. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Board of Directors as well as evaluating the overallpresentation 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 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 Section 143(3) of the Act we report that:

a) We have sought and obtained ati 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 taw have been kept by theCompany so far as it appears from our examination of those books.

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

d) In our opinion the aforesaid financial statements comply with the AccountingStandards prescribed under Section 133 of the Act as applicable.

e) On the basis of the written representations received from the directors as on March31 2017 taken on record by the Board of Directors none of the directors Is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164(2) of theAct.

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 A".

g) 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) There are no pending litigations on the Company which would have material impact onthe financial position of the Company.

(ii) There are no foreseeable losses as required on long-term contracts includingderivative contracts.

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

2. The Company has provided requisites disclosures in its 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 procedure performed and therepresentations provided to us by the management we report that the disclosures are inaccordance with the books of accounts maintained by the Company.

3. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in the"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For Rajendra & Co.

Chartered Accountants

(Firm Registration Number 108355W)

K. K. Desai Partner

Membership No. 100805 Mumbai

Date: 30th May 2017

ANNEXURE "A" TO THE INDEPENDENT AUDITORS'S REPORT ON THE FINANCIAL STATEMENTSOF ALNA TRADING AND EXPORTS LIMITED.

(Referred to in paragraph 1 (f) under ' Report on Other Legal and RegulatoryRequirements' 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 act2013 (" the ACT").

We have audited the internal financial controls over financial reporting of ALNATRADING AND EXPORTS LIMITED ("the Company") as of March 31 2017 in conjunctionwith our 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 Reporting (the"Guidance Note'1) Issued by the Institute of Chartered Accountants ofIndia. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to the Company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's 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 and the Standards on Auditing prescribed under Section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. 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 ofcompany's assets that could have a material effect on the financial statements.

Inherent Limitation of Internal Financial Controls over Financial Reporting

Because of 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control states in the Guidance Note.

For Rajendra & Co.

Chartered Accountants

(Firm Registration Number 108355W)

K. K. Desai Partner Membership No. 100805 Mumbai

Date: 30th May 2017

Annexure B to Independent Auditors' Report

(Referred to in Paragraph 2 under the "Report on Other Legal and RegulatoryRequirements" section of our report of even date)

1. In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable having regardto the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.

c) Immovable properties are held in the name of the Company.

2. In respect of inventories:

The company has no opening and dosing inventory for the year clause (ii) of the saidorder is not applicable to the Company.

3. Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Companies Act2013 and hence clause iii (a)iii (b) and iii(c) of the Order not applicable to theCompany.

4. The Company has not given loans; guarantees and security to directors or to anyother person in whom the director is interested and provision of section 186 have beencomplied for investments made by the Company.

5. According to the information and explanations given to us the Company has notaccepted any deposit from the public. Therefore the provisions of Clause (v) of paragraph3 of the Order are not applicable to the Company

6. The Central Government has not prescribed the maintenance of cost records undersub-section

(1) of section 148 of the Companies Act 2013.

7. In respect of statutory dues:

a) According to the records of the Company undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Service Tax duty ofCustoms Duty of Excise Value Added Tax Cess and other material statutory dues havebeen generally regularly deposited with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect of theaforesaid dues were outstanding as at March 31 2017 for a period of more than six monthsfrom the date of becoming payable.

b) According to the information and explanations given to us there are no disputedstatutory dues pending as on 31st March 2017.

8. The Company does not have any borrowings or loans from Banks Financial institutionand Government and dues to debenture holders.

9. The Company has not raised any moneys by way of initial public offer further publicoffer ( including debt instruments) and term loans. Accordingly the provisions of clause(ix) of the paragraph 3 of the Order are not applicable to the Company.

10. In our opinion and according to the information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the year.

11. Company has not paid any managerial remuneration as per section 197 read withSchedule V to the Companies Act 2013 and hence clause (xi) of the Order is not applicableto the Company.

12. The Company is not Nidhi Company and hence reporting under clause (xii) ofparagraph 3 of the Order is not applicable.

13. In our opinion and according to the information and explanation given to us theCompany's transactions with its related party are in compliance with Section 177 and 188of the Companies Act 2013 where applicable and details of related party transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.

14. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year. Therefore provisions of clausexiv of paragraph 3 of the Order are not applicable to the Company.

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 reporting under clause (xv) of paragraph3 of the Order is not applicable to the Company.

16. In our opinion and according to the information and explanations given to us theCompany is not required to register under section 45-1A of the Reserve Bank of India Act1934.

For Rajendra & Co.

Chartered Accountants

(Firm Registration Number 108355W)

K. K. Desai Partner

Membership No. 100805 Mumbai

Date:30th May 2017

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