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Confidence Finance & Trading Ltd.

BSE: 504340 Sector: Financials
NSE: N.A. ISIN Code: INE180M01033
BSE 00:00 | 13 Jun 2.74 0
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2.74

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NSE 05:30 | 01 Jan Confidence Finance & Trading Ltd
OPEN 2.74
PREVIOUS CLOSE 2.74
VOLUME 26
52-Week high 7.10
52-Week low 2.74
P/E 54.80
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.74
CLOSE 2.74
VOLUME 26
52-Week high 7.10
52-Week low 2.74
P/E 54.80
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Confidence Finance & Trading Ltd. (CONFIDENCEFINAN) - Auditors Report

Company auditors report

To

THE MEMBERS OF CONFIDENCE FINANCE AND TRADING LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of CONFIDENCEFINANCE AND TRADING LIMITED ("the Company") which comprise the BalanceSheet as at 31st March 2017 the Statement of Profit and Loss the cashflow statement for the year then ended and a summary of the significant accountingpolicies and other explanatory information.

Management's Responsibility for the Standalone 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 standalone 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 an opinion on these standalone financial statementsbased on our audit.

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 misstatement.

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 those 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 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 the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone 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 aforesaid standalone financial statements give the information requiredby the 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

Company as at 31st March 2017 and its Profit and it's cash flows for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order2016 ("the Order")as amended issued by the Central Government of India in terms of sub section (11) ofsection143 of the Act we give in the "Annexure A" a statements on thematters specified in paragraphs 3 and 4 of the order to the extent applicable.

2. As required by Section 143 (3) of the Act we report that:

(a) We have sought and obtained all the information and explanations except asmentioned in emphasis of matters paragraph which to the best of our knowledge and beliefwere necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany except as mentioned in emphasis of matters paragraph so far as it appears from ourexamination 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified at as 31st March 2017 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 does not have any pending litigations on its financial position in itsfinancial statements.

ii. The Company does not have long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

For Suresh Anchaliya & Co.
Date : 26th May 2017 Chartered Accountants
Place: Mumbai Firm Regn. No. :112492W
Suresh Anchaliya
Partner
M.No. : 044960

"Annexure A" to the Independent Auditors' Report

The annexure referred to Independent Auditor's Report to the members of the Company onthe standalone financial statements for the year ended 31st March 2017 wereport that:

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the year ina phased periodical manner designed to cover all the items over a period of three yearswhich in our opinion is reasonable having regard to the size of the company and nature ofits business. Pursuant to the program a portion of the fixed asset has been physicallyverified by the management during the year and no material discrepancies between the booksrecords and the physical fixed assets have been noticed.

(c) The company is not holding any immovable properties hence this clause of CARO isnot applicable to the company.

(ii) The physical verification of the inventories has been verified by the managementat regular intervals during the year and no material discrepancies were noticed.

(iii) During the year the company has not granted any loan to the party covered in theregister maintained under section 189 of the Companies Act 2013 (‘the Act')and hencethe clause (iii) of CARO 2016 not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act2013.

(v) The Company has not accepted any deposits from the public.

(vi) The central government has not prescribed the maintenance of cost records undersection 148(1) of the Act.

(vii) (a) According to the information and explanations given by the management andbased on our examination of the records of the company amounts deducted/accrued in thebooks of account in respect of undisputed statutory dues including provident fund. Incometax sales tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the company with theappropriate authorities. As explained to us the company did not have any dues on accountof employees state insurance and duty of excise. According to information and explanationsgiven to us no undisputed amounts payable in respect of provident funds income taxsales tax value added tax duty of customs service tax cess and other materialstatutory dues were in arrear as at 31st March 2017 for a period of more thansix months from the date they become payable.

(b) According to information and explanations given to us there are no material duesof income tax sales tax Service Tax or duty of customs which have not been depositedwith the appropriate authorities on account of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to financial institutionsgovernment and banks.

(ix) The company did not raise moneys by way of initial public offer or further publicoffer including debt instruments and term Loans during the year. Accordingly paragraph 3(ix) is not applicable.

(x) According to information and explanations given to us no material fraud by theCompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations given by the management and based onour examination of the records the company has paid/provided for managerial remunerationin accordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

(xii) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

(xiii) According to the information and explanations given by the management and basedon our examination of the records of the company transactions with the related partiesare in compliance with section 177 and 188 of Companies Act 2013 and the details havebeen disclosed in the Financial Statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations given by the management and basedon our examination of the records the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review.

(xv) According to the information and explanations given by the management and based onour examination of the records the company has not entered into any non-cash transactionswith directors or persons connected with him.

Accordingly the paragraph 3 (xv) of the Order is not applicable

(xvi) The company is not required to be registered under section 45 IA of the ReserveBank of India Act 1934 for the current year.

For Suresh Anchaliya & Co.
Date : 26th May 2017 Chartered Accountants
Place: Mumbai Firm Regn. No. :112492W
Suresh Anchaliya
Partner
M.No. : 044960

"Annexure B" to the Independent Auditor's Report of even date on theStandalone Financial Statements of Confidence Finance And Trading Limited.

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 ConfidenceFinance And Trading Limited ("the Company") as of March 31 2017 in conjunctionwith our audit of the standalone 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 internalcontrols over fianancial reporting criteria established by the company considering theessential components of internal control stated in the guidance note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountant on India (‘ICAI'). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies 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 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based oninternal controls 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 CharteredAccountant on India (‘ICAI').

For Suresh Anchaliya& Co.
Date : 26th May 2017 Chartered Accountants
Place: Mumbai Firm Regn. No. :112492W
Suresh Anchaliya
Partner
M.No. : 044960