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Amani Trading & Exports Ltd.

BSE: 512008 Sector: Others
NSE: N.A. ISIN Code: INE886D01018
BSE 00:00 | 27 Jan 63.20 0
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63.20

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63.20

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63.20

NSE 05:30 | 01 Jan Amani Trading & Exports Ltd
OPEN 63.20
PREVIOUS CLOSE 63.20
VOLUME 1
52-Week high 63.20
52-Week low 63.20
P/E 39.25
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 63.20
Sell Qty 1.00
OPEN 63.20
CLOSE 63.20
VOLUME 1
52-Week high 63.20
52-Week low 63.20
P/E 39.25
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 63.20
Sell Qty 1.00

Amani Trading & Exports Ltd. (AMANITRADEXP) - Auditors Report

Company auditors report

TO THE MEMBERS OF AMANI TRADING AND EXPORTS UMITED

Report on the Financial Statements

We have audited the accompanying financial statements of AMANI TRADING AND EXPORTSLIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss {including other comprehensive income) theCash Flow Statement and the statement of changes in equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's management is responsible for the matters stated in section 134(5) of theCompanies Act 2013 ("the Act") with respect to the preparation and presentationof these financial statements that give a true and fair view of the financial positionfinancial performance (including other comprehensive income) cash flows and the changesin equity of the Company in accordance with the accounting principles generally acceptedin India including the Indian Accounting Standards (Ind AS) specified under Section 133 ofthe Act read with relevant rules issued thereunder.

This responsibility also includes the 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.

Auditor's 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 thereunder.

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 misstatement.

An audit involves performing procedures to obtain audit evidences 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. 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 including Ind AS of the financial position of theCompany as at 31st March 2018 and its financial performance (including othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate.

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 Act we give in the "Annexure A" statement on the matters specified inparagraphs 3 and 4 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 Balance Sheet the Statement of Profit and Loss (including Other Comprehensiveincome) the Cash Flow Statement and the statement of changes in equity dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with relevant rulesissued thereunder;

(e) On the basis of the written representations received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in termsof section 164(2) of the Act.

(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 B".

(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. The Company has disclosed the impact of pending litigations as at March 31 2018 onits financial position in its financial statements - Refer Note 15 of the financialstatements;

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.

jFor MUKESH M. SHAH & CO.
Chartered Accountants
Registration No.: 106625W
Suvrat S. Shah
Partner
Place: Ahmedabad Membership No.: 102651

"Annexure A" referred to in the Independent Auditors' Report of even date tothe members of AMANI TRADING AND EXPORTS LIMITED on the Financial Statements for the yearended 31st March 2018.

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

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

(b) Some of the fixed assets were physically verified during the year by the managementin accordance with programme of verification. According to the information andexplanations given to us no material discrepancies were noticed on such verification. Inour opinion the frequency of verification of the fixed assets is reasonable having regardto the size of the Company and the nature of its assets.

(c) As company does not have any immovable property this clause is not applicable.

2. (a) The inventories have been physically verified by the management during the year.In our opinion the procedures for the physical verification of inventory followed bymanagement are reasonable and adequate in relation to the size of the company and thenature of its business.

(b) In our opinion and according to the information and explanation given to us thecompany has maintained proper records of inventory. No material discrepancies were noticedon physical verification of inventory.

3. The 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. Accordingly clause (iii)(a) and (iii)(b) of paragraph of the Order are notapplicable to the company for the current year

4. In our opinion and according to the information and explanations given to us theCompany has not given any loans guarantees or security or made any investments to whichprovisions of section 185 and 186 of the Act is applicable and accordingly paragraph 3(iv) of the Order is not applicable to the Company.

5. The Company has not accepted any deposits from the Public within the meaning of theprovisions of section 73 to 76 or any other relevant provisions of the Act and the rulesframed thereunder. Further according to the information and explanations given to us noorder has been passed by the Company Law Board of National Company Law Tribunal or ReserveBank of India or any court or any other Tribunal in this regard.

6. As per the information and explanation given to us the Central Government has notprescribed for maintenance of cost records under sub section 1 of section 148 of theCompanies Act 2013 are not applicable to the Company during the year under audit.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the company has been generally regular indepositing undisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Sales-tax Goods and Services tax. Service tax Custom duty. Excise dutyValue added Tax Cess and any other material statutory dues during the year with theappropriate authorities. Moreover as at 31st March 2018 there are no suchundisputed dues payable for a period of more than six months from the date they becarjjg^payable.

(b) According to the information and explanations given to us there is no statutorydue which is disputed.

8. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not defaulted in repayment of loansor borrowings from any financial institution banks government or due to debentureholders during the year.

9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments). The term loan raised during the year has been utilisedby the Company for the purpose for which the same has been taken.

10. According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

11. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not paid managerial remuneration toDirectors during the year. Accordingly paragraph clause 3(xi) of the Order is notapplicable to the Company.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable to the Company.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable to the Company.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For MUKESH M. SHAH & CO.
Chartered Accountants
^Firm Registration No.: 106625W
Suvrat S. Shah
''Partner
Place: Ahmedabad Membership No.: 102651

"ANNEXURE B" TO THE AUDITORS' REPORT

Report on the Internal Financial Control clause (i) of sub-section 3 of section 143 ofthe Companies Act 2013 ("the act")

We have audited the internal financial controls over financial reporting of AMANITRADING AND EXPORTS LIMITED ("the company") as of March 31 2018 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management Responsibility for Internal Financial Controls

The company's management is responsible for establishing and maintaining internalfinancial control 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]. These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the act.

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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 control 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 materialmisstatement 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. Certain 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 detectedalso projections 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 MUKESH M. SHAH & CO.
Chartered Accountants
Firm Registration No.: 106625W
Suvrat S. Shah
Partner
Place: Ahmedabad Membership No.: 102651