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Arihant Multi Commercial Ltd.

BSE: 506113 Sector: Others
NSE: N.A. ISIN Code: INE776N01028
BSE 00:00 | 04 Mar Arihant Multi Commercial Ltd
NSE 05:30 | 01 Jan Arihant Multi Commercial Ltd
OPEN 225.50
PREVIOUS CLOSE 224.30
VOLUME 39200
52-Week high 225.50
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 812
Buy Price 0.00
Buy Qty 0.00
Sell Price 225.10
Sell Qty 2000.00
OPEN 225.50
CLOSE 224.30
VOLUME 39200
52-Week high 225.50
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 812
Buy Price 0.00
Buy Qty 0.00
Sell Price 225.10
Sell Qty 2000.00

Arihant Multi Commercial Ltd. (ARIHANTMULTI) - Auditors Report

Company auditors report

To the Members of Arihant Multi Commercial Limited Report on the Ind AS FinancialStatements

We have audited the accompanying Ind AS financial statements of Arihant MultiCommercial Limited (CIN - L51909MH1982PLC028972) ("the Company")which comprise the Balance Sheet as at 31 March 2018 the Statement of Profit and Loss(including Other Comprehensive Income) Cash Flow Statement and the Statement of Changesin Equity for the year then ended and a summary of the significant accounting policiesand other explanatory information (herein after referred to as "Ind AS financialstatements").

Management's Responsibility for the Ind AS 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 Ind AS financial statements that give a true and fair view of the financialposition financial performance (including other comprehensive income) cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified underSection 133 of the Act read with relevant rules issued there under.

This responsibility also includes maintenance of adequate accounting records inaccordance 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 Ind AS 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 Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder and the Order issued under section143(11) of the Act. We conducted our audit of the Ind AS financial statements inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the Ind AS financial statements arefree from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the Ind AS financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Ind AS financial statements.

Emphasis of Matters

We invite attention to the Note No. 28 of financial statements regarding balanceconfirmation from the parties to whom loans & advances has been made by the companywhich are under process to receive and subsequent reconciliation and adjustment if anyrequired. Our opinion on the Ind AS financial statement is not modified in respect of theabove matters.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us subject to the possible effects of matters specified in the Emphasis ofMatters the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2018 and its profit total comprehensive income the changes in equityand 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 based on our audit report 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 purpose 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 Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act.

e) On the basis of written representations received from the directors as on 31 March2018 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2018 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company does not have any pending litigation which would impact its financialposition in its Ind-AS financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses under the applicable law or accountingstandards;

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

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

For Maheshwari & Co

Chartered Accountants

Firm Registration No - 105834W

S/d Pawan Gattani

Partner (Membership No. 144734)

Place: Mumbai

Date: May 29 2018

ANNEXURE ‘A' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1(f) under the heading ‘Report on Other Legal andRegulatory Requirements' of our report of even date)

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 ArihantMulti Commercial Limited ("the Company") as of 31 March 2018 in conjunctionwith our audit of the Ind AS financial statements of the Company for the year ended onthat 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") issued by the Institute of Chartered Accountants of India("ICAI"). 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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects. Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material 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 to the best of our information and according to explanation given tous the Company has maintained except the deficiencies observed in maintaining thedocuments related to balance confirmations from various parties in all materialrespects adequate internal financial controls over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at 31stMarch 2018 based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For Maheshwari & Co

Chartered Accountants

Firm Registration No - 105834W

S/d

Pawan Gattani

Partner

(Membership No. 144734)

Place: Mumbai

Date: May 29 2018

ANNEXURE ‘B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 2 under the heading ‘Report on Other Legal andRegulatory Requirements' of our report of even date)

1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) Fixed assets have been verified by the management in accordance with a phasedprogramme of verification which in our opinion is reasonable having regard to the sizeof the Company and the nature of its assets though all the assets were not verified bythe management during the year. No material discrepancies were noticed on suchverification however no such reports are produced before us for our verifications.

c) According to information and explanations given to us there are no immovableproperties held by the company. Accordingly the provisions of clause 3(i) (c) of theOrder is not applicable to the Company.

2. According to information and explanations given to us the inventory of the companyconsist quoted and unquoted equity shares quoted shares has been maintained with AnugrahStock and Broking Private Limited and these have been confirmed by Anugrah Stock andBroking Private Limited as at the year end and Inventory Certificate has been provided tous certifying the quantities and value of quoted and unquoted shares.

3. According to information and explanations given to us the Company has not grantedany loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under Section 189 of the Act.Accordingly the provisions of clause 3(iii) of the Order are not applicable to theCompany.

4. According to information and explanations given to us the Company has not grantedany secured or unsecured loan or provided any guarantee or security as per provisions ofSection 185 of the Act however the Company has not complied with the provisions ofSection 186 of the Act with regard to the investments made by the company to Corporatesand Non-Corporates.

5. According to the information and explanations given to us the Company has notaccepted any deposits within the meaning of Sections 73 to 76 or any other relevantprovisions of the Companies Act and the rules framed thereunder during the year.Accordingly the provisions of clause (v) of paragraph 3 of the Order are not applicableto the Company.

6. In our opinion and according to the information and explanations given to us therequirement for maintenance of cost records specified by the Central Government underSection 148(1) of the Companies Act are not applicable to the Company during the year.

7. (a) According to the information and explanation given to us the Company has beengenerally regular in depositing the undisputed statutory dues including provident fundemployees' state insurance income tax sales tax service tax Goods and Service Taxcustom duty excise duty value added tax cess and other material statutory dues asapplicable with the appropriate authorities.

(b) There was undisputed amounts payable in respect of Sales Tax including interestRs.15352 is outstanding as on the last day of the financial year for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax customs duty excise duty value added tax and cesswhich have not been deposited on account of any dispute with the relevant authorities.

8. The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable.

9. According to the information and explanations given to us the Company has notraised moneys by way of initial public offer or further public offer (including debtinstruments) and the term loans during the year.

10. According to the information and explanation given to us we have neither comeacross any instances of fraud by the Company or any fraud on the Company by its officersor employees have been noticed or reported during the year nor have we been informed ofany such cases by the management.

11. In our opinion and according to the information and explanations given to us theCompany has paid/ provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the CompaniesAct 2013.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provisions of clause 3(xii) of the Orderare not applicable to the Company.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Sections 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the Ind AS financial statements etc. as required bythe applicable accounting standards.

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.

15. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him duringthe year.

16. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company is not required to be registeredunder Section 45-IA of the Reserve Bank of India Act 1934.

For Maheshwari & Co

Chartered Accountants

Firm Registration No - 105834W

S/d

Pawan Gattani

Partner

(Membership No. 144734)

Place: Mumbai

Date: May 29 2018

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