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Fraser and Company Ltd.

BSE: 539032 Sector: Others
NSE: N.A. ISIN Code: INE184Q01010
BSE 00:00 | 22 Mar 10.00 0
(0.00%)
OPEN

9.92

HIGH

10.20

LOW

9.92

NSE 05:30 | 01 Jan Fraser and Company Ltd
OPEN 9.92
PREVIOUS CLOSE 10.00
VOLUME 1000
52-Week high 11.00
52-Week low 4.97
P/E 333.33
Mkt Cap.(Rs cr) 8
Buy Price 10.20
Buy Qty 28.00
Sell Price 9.90
Sell Qty 607.00
OPEN 9.92
CLOSE 10.00
VOLUME 1000
52-Week high 11.00
52-Week low 4.97
P/E 333.33
Mkt Cap.(Rs cr) 8
Buy Price 10.20
Buy Qty 28.00
Sell Price 9.90
Sell Qty 607.00

Fraser and Company Ltd. (FRASERCO) - Auditors Report

Company auditors report

To The Members of Fraser and Company Limited

Reports on the Financial Statements

st

We have audited the accompanying financial statements of Fraser and Company Limitedwhich comprise the Balance Sheet as at 31 March 2017 Statement of Pro t and Loss and CashFlow Statement for the year ended and a summary of signi cant accounting policies andother explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Companies Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position. Financial performance and cash ows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards speci ed under Section 133 of the Act read with rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities ;selection and application of appropriate accounting policies; making judgments andestimates that are responsible and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the nancials statements that give a true and fair view and are free frommaterial misstatement 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 conducted our audit in accordance with provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing speci ed 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 performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The Procedures selected depend on the auditor’s judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalcontrol relevant to the company’s preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances.An audit also involves evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimate made by management as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is suf cient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India: st

a) In the case of the Balance Sheet of the state of affairs of the company as at 31March 2017; b) In the case of the Pro t & Loss Account of the pro t for the yearended on that date; c) In the case of the Cash Flow Statement of the cash ows for theyear ended on that date.

Reports on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor’s Report) Order 2016 (" theorder") issued by the Central Government of India in terms of sub section (11) ofsection 143 of the Act we give in the annexure a statement on the matters speci ed inparagraphs 3 and 4 of the order.

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

a) We have obtained all the information and explanations which to the best of ourknowledge 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 appears from our examination of those books [and proper returns adequatefor the purposes of our audit have been received from branches not visited by us];

c) The Balance Sheet and Statement of Pro t & Loss dealt with by this report are inagreement with the books of account [ and with the returns received from branches notvisited by us];

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards referred to in section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) On the basis of written representation received from the directors as on March 312017 and taken on record by the Board of Directors none of the director is disquali edas on March 31 2017 from being appointed as a director in terms of section 164(2) of theAct ; and

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; and

g) With respect to the other matters to be included in the Auditors 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.

AMIT M. SHAH
Chartered Accountant
Sd/-
(Amit M. Shah)
Place: Mumbai Proprietor
Dated: May 30 2017 Mem. No: 101844

ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT

Referred to in paragraph 1 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 the fixed assets have been physically verified by themanagement during the year in a phased periodical manner which in our opinion isreasonable having regard to the size of the company and nature of its assets. No materialdiscrepancies were noticed on such physical verification.

c) In our opinion the company has not disposed of substantial part of fixed assetsduring the year and the going concern status of the company is not affected.

2. In respect of its inventories :

a) As explained to us inventories have been physically verified by the managementat regular intervals during the year.

b) In our opinion and according to the information and explanations given to usthe procedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c) In our opinion and according to the information and explanations given to usand on the basis of our examination of records of inventory the company has maintainedproper records of inventories. As explained to us there was no material discrepanciesnoticed on physical verification of inventory as compared to the book records.

2. In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the companyand the nature of its business for the purchase of fixed assets and also for providingservices relating to its activities. During the course of our audit we have not observedany continuing failure to correct major weaknesses in internal control system.

3. The company has not accepted any deposits from the public.

4. In our opinion the internal audit system of the company is commensurate withits size and nature of its business.

5. The central Government has not prescribed maintenance of cost Records underSection 148 (1) of the Companies Act 2013 for any of the products of the company for anyof the products of the company.

6. In respect of statutory dues :

a) According to the records of the company and information and explanations givento us undisputed statutory dues including P.F. & E.S.I. Income Tax VAT ServiceTax Wealth Tax Customs Duty Excise Duty Cess and other statutory dues have beengenerally deposited with the appropriate authorities.

b) According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at 31 March 2017 for aperiod of more than six months from the date of becoming payable.

7. The company has accumulated losses as at the year end. The company has notincurred any cash losses during the financial year covered by our audit.

8. Based on the audit procedures and according to the information and explanationgiven to us we are of the opinion that the company has not defaulted in repayment of duesto financial institutions or banks.

9. In our opinion and according to the information and explanation given to us noloans and advances have been granted by the company on the basis of security by way ofpledge of shares debenture and other securities.

10. In our opinion the company is not a chit fund or a nidhi/ mutual bene tfund/society. Therefore clauses 4(xiii) of the companies (Auditor’s Report) order2013 is not applicable to the company.

11. In our opinion according to the information & explanation given to us thecompany has not given any guarantee for loans taken by others from banks or financialinstitutions.

12. To the best of our knowledge and belief and according to the information andexplanations given to us the company has not availed any term loan during the year.

13. During the year the company has not made any preferential allotment of sharesto parties and companies covered in the

Register maintained under section 189 of the Companies Act 2013.

14. According to the information & explanation given to us and records examinedby us during the year the company has not issued any debentures hence question ofcreating security over the same does not arise.

15. The company has not raised any money by way of public issue during the year.

16. In our opinion and according to the information and explanations given to usno fraud on or by the company has been noticed or reported during the year that causes thefinancial statements to be materially misstated.

AMIT M. SHAH
Chartered Accountant
Sd/-
(Amit M. Shah)
Place: Mumbai Proprietor
Dated: May 30 2017 Mem. No: 101844

ANNEXURE B TO THE AUDITORS REPORT

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 Fraser andCompany Limited (‘the company’) as of 31 March 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and ef cientconduct of its business including adherence to the Company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable 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 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 were 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 judgment 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 suf cient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financials Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly re ect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorizations ofthe Management and directors of the Company; and (3) provide reasonable assuranceregarding prevention or timely detection of unauthorized acquisition use or dispositionof the Company’s assets that could have a material effect on the financialstatements.

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 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

AMIT M. SHAH
Chartered Accountant
Sd/-
(Amit M. Shah)
Place: Mumbai Proprietor
Dated: May 30 2017 Mem. No: 101844