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Decorous Investment And Trading Co Ltd.

BSE: 539405 Sector: Others
NSE: N.A. ISIN Code: INE183R01010
BSE 00:00 | 02 Dec 17.20 0
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NSE 05:30 | 01 Jan Decorous Investment And Trading Co Ltd
OPEN 17.20
PREVIOUS CLOSE 17.20
VOLUME 1
52-Week high 18.45
52-Week low 14.85
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17.20
CLOSE 17.20
VOLUME 1
52-Week high 18.45
52-Week low 14.85
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Decorous Investment And Trading Co Ltd. (DECOROUSINVESTM) - Auditors Report

Company auditors report

TO THE MEMBERS OF

DECOROUS INVESTMENT AND TRADING COMPANY LIMITED

Opinion

We have audited the accompanying Standalone financial statements of DECOROUSINVESTMENT AND TRADING COMPANY LIMITED [CIN: L67120DL1982PLC289090] (“thecompany”) which comprises the Balance Sheet as at March 312020 the Statement ofProfit and Loss Statement of Changes in Equity and Statement of Cash Flows for the yearthen ended and Notes to the Financial Statements including a summary of significantaccounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Ind AS financial statements give the informationrequired by the Companies Act 2013 in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet of the state of affairs of thecompany as at 31.03.2020;

b) In the case of the Statement of Profit and Loss of the Profit ofthe company for the year ended on that date.

c) In the case of the Cash Flow Statement of the cash flows of thecompany for the year ended on that date.

d) In the case of the Changes in Equity of the equity flows of thecompany for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

This section of our auditor's report is intended to describe thematters selected from those communicated with management that in our professionaljudgment were of most significance in our audit of the financial statements except forthe matter described in the Basis for Qualified (or Adverse) Opinion section and thematerial uncertainty described in the Going Concern section. We have determined that thereare no such matters to report on the basis of these financial statements.

Management's responsibilities for theFinancial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 (“the Act”) with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance (changes in equity) and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the accounting Standards specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateimplementation and maintenance of accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibility for the Audit of theFinancial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists. As part ofan audit in accordance with SAs professional judgment is exercised and professionalskepticism is maintained throughout the audit. Misstatements can arise from fraud or errorand are considered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thesefinancial statements.

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 of the Companies Act 2013 we give in the “Annexure -“I” a statement on the matters specified in paragraphs 3 and 4 of the Order tothe 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

b) In our opinion proper books of account as required by law have beenkept by the Company so far as appears from our examination of those books;

c) The company has no branch offices and consequently we have notreceived any report on accounts of branch of the company.

d) The Balance Sheet the Statement of Profit & Loss (Includingother comprehensive income)Cash Flow Statement and Change in Equity dealt with by thisReport are in agreement with the books of account;

e) In our opinion the aforesaid Ind AS financial statements complywith the Indian Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rule 2014;

f) On the basis of written representations received from the Directorsas on 31st March 2020 and taken on record by the Board of Directors none of theDirectors is disqualified as on 31st March 2020 from being appointed as a director interms of section 164(2) of the Act.

g) With respect to the adequacy of the internal financial controls withreference to financial statement of the Company and the operating effectiveness of suchcontrols refer to our separate report in “Annexure - “II”.

h) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit & Auditors)Rule 2014 in our opinion and to the best of our information and according to theexplanations given to us:

(i) Company does not have any pending litigation which would impact itsfinancial position;

(ii) Company did not have any long-term contracts including derivativescontracts for which there were any material foreseeable losses

(iii) No amounts were required to be transferred to the InvestorEducation and Protection Fund by the company as on 31.03.2020.

For G. K.Kedia & Co.
Chartered Accountants
F. R. No.: 013016N
Kanishka Aggarwal
Place: New Delhi Partner
Date: 26.06.2020 Membership No. 544129

ANNEXURE - I TO THE INDEPENDENT AUDITOR'SREPORT OF EVEN DATE ON THE IND AS FINANCIAL STATEMENTS OF DECOROUS INVESTMENT AND TRADINGCOMPANY LIMITED

(as referred in Paragraph 1 of Other Legal and Regulatory Matters inIndependent Auditor's Report)

We report on the matters contained in Paragraph 3 of the Companies(Auditor's Report) Order 2016 as follows:

i) a) The company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets;

b) According to the information and explanation given to us thosefixed assets were physically verified by the management at reasonable intervals & nomaterial discrepancies have been noticed.

c) According to the information and explanation given to us there isno immovable property held by the company.

ii) According to the information and explanation given to us there isno inventory held by the company. So this clause is not applicable to the Company.

iii) According to the information and explanations given to us and onthe basis of our examination of the books of accounts the Company has not granted loanssecured or unsecured to companies firms LLP or other parties covered in the registermaintained under section 189 of the Companies Act 2013. Hence sub clause (a) (b) and(c) of this clause are not applicable to this company;

iv) According to the information and explanations given to us and onthe basis of our examination of the books of accounts the Company has not granted loansmade investments provide guarantees or securities under section 185 & 186 of theCompanies Act 2013;

v) The Company has not accepted any deposits from the public inaccordance with the provisions of sections 73 to 76 of the Act and the rules framed thereunder.

vi) Company is not covered by the Companies (Cost Records and Auditors)Rules 2014; so this clause is not applicable to company.

vii) According to the information and explanations given to us inrespect of statutory dues:

a. The Company has been regular in depositing undisputed statutorydues including provident fund employees' state insurance Income Tax sales taxservice tax duty of customs duty of excise value added tax cess and other statutorydues applicable to it with the appropriate authorities and as on 31.03.2020 no amount wasoutstanding for a period of more than six months from the date they became payable;

b. No dues were required to be deposited on account of any dispute withincome tax or sales tax or service tax or duty of customs or duty of excise or value addedtax. Therefore this sub-clause is not applicable for this company;

viii) In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the books of accounts the Company doesnot have any loans or borrowing from a financial institution bank Government or dues todebenture holders therefore this clause of the Order is not applicable to this company;

ix) In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the books of accounts the Company didnot raise any moneys by way of IPO / FPO (including debt instruments) and term loansduring the year therefore this clause of the Order is not applicable to this company;

x) In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the books of accounts no fraud byCompany or any fraud on the company by its officers or employees has been noticed orreported during the year;

xi) In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the books of accounts ManagerialRemuneration has been paid during the year is in accordance with section 197 of CompaniesAct 2013.

xii) The Company is not Nidhi company therefore the provisions ofclause (3) (xii) of the Order are not applicable to the company;

xiii) In our opinion and according to the information and explanationsgiven to us all related party's transactions are in compliance with sections 177 and188 of Companies Act 2013 and the details of same have been disclosed in Ind AS financialstatements etc. as required by the applicable accounting standards;

xiv) In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the books of accounts the Company hasnot made any preferential issue / private placement of shares or debentures duringreporting period therefore this clause of the Order is not applicable to this company;

xv) According to the information and explanations given to us and onthe basis of our examination of the books of accounts the Company has not entered intoany non - cash transactions with directors or person connected with him during thereporting period therefore this clause of the Order is not applicable to this company;

xvi) According to the information and explanations given to us and onthe basis of our examination of the books of accounts the company is not required to beregistered u/s 45-IA of Reserve Bank of India Act 1934.

For G. K.Kedia & Co.
Chartered Accountants
F. R. No.: 013016N
Kanishka Aggarwal
Place: New Delhi Partner
Date: 26.06.2020 Membership No. 544129

ANNEXURE- “II”

TO THE INDEPENDENT AUDITOR'S REPORT OF EVENDATE ON THE IND AS FINANCIAL STATEMENTS

(As referred in Paragraph 2(g) of Other Legal and Regulatory Matters inIndependent Auditor's Report)

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDERCLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 (“THEACT”)*

We have audited the internal financial controls over financialreporting of DECOROUS INVESTMENT AND TRADING COMPANY LIMITED (“theCompany”) as of March 31 2020 in conjunction with our audit of the Ind AS financialstatements of the Company for the year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNALFINANCIAL CONTROLS

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the “Guidance Note”) and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. 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 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 ofthe risks of material misstatement of the Ind AS financial statements whether due tofraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVERFINANCIAL REPORTING

A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlover financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assetsthat could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIALCONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 312020 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For G. K. Kedia & Co.
Chartered Accountants
F. R. No.: 013016N
Kanishka Aggarwal
Partner
Place: New Delhi Membership No.: 544129
Date: 26.06.2020

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