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G D Trading & Agencies Ltd.

BSE: 504346 Sector: Financials
NSE: N.A. ISIN Code: INE713N01013
BSE 05:30 | 01 Jan G D Trading & Agencies Ltd
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G D Trading & Agencies Ltd. (GDTRADAGENCY) - Auditors Report

Company auditors report

To the Members of G D Trading And Agencies Limited Report on theStandalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS financial statementsof G D Trading And Agencies Limited ("the company") which comprise the BalanceSheet as at March 31 2018 and the Statement of Profit and Loss (including OtherComprehensive Income) the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Standalone lnd As FinancialStatements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these Standalone Ind AS financial statements that give a true and fair viewof the financial position financial performance including other comprehensive incomecash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)prescribed under section 133 of the Act read with relevant rules issued there under.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these Standalone Ind ASfinancial satatements based on our audit.

In conduting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules madethereunder.

We conducted our audit of the standalone 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 standalone Ind AS financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the standalone Ind AS financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the

Standalone Ind AS financial statements whether due to fraud or error.In making those risk assesments the auditor considers internal financial control relevantto the Company's

preparation of the standalone Ind AS financial statements that give atrue and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion on the standalone Ind AS financialstatements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2018 its loss including other comprehensive income its cashflows and the changes in equity for the year ended on that date.

We also draw your attention to that Company considered at cost its allfinancial assets and liability and this valuation not as per IND AS 32 and 109.

Other Matters

The comparative financial information of the Company for the year ended31st March 2017 and the transition date opening balance sheet as at 1st April 2016included in these Ind AS financial statements are based on the previously issuedstatutory financial statements prepared in accordance with the Companies (AccountingStandards) Rules 2006 audited by the predecessor auditor whose report for the yearended 31st March 2017 and 31st March 2016 dated 30 May 2017 and 30 May 2016respectively expressed an modified opinion on those financial statements as adjusted forthe differences in the accounting principles adopted by the Company on transition to theInd AS which have been audited by us.

We also draw our attention to that Company considered at cost its allfinancial assets and financial liability and not considered its valuation or also(impairment of assets-Long term equity investment) as per required under IND AS 32 and109.

Our opinion is not modified in respect of above said matter.

Report on other legal and regulatory requirements

1. 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 purpose of our audit;

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 Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the relevant books of account;

d) In our opinion the aforesaid standalone Ind AS financial statementscomply with the India Accounting Standards prescribed under section 133 of the Act.

e) On the basis of written representations received from the directorsas on March 31 2018 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2018 from being appointed as a director in terms ofsection 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the company and the operating effectiveness of such controls referto our separate report in " Annexure A".

g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. The Company does not have any pending litigations as at 31st March2018 which would impact its financial position.

ii. The Company does not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the standaloneInd AS financial statements. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management.

2. 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 Act we give in "Annexure B" hereto a statement onthe matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

For A Biyani & Co. Chartered Accountant Registration No.: 140489W

Ashutosh Biyani Proprietor

Membership No. 165017

Place: Mumbai Date - 29-05-2018

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATEON THE STANDALONE IND AS FINANCIAL STATEMENTS OF G D TRADING AND AGENCIES LIMITED

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of G D TRADING AND AGENCIES LIMITED ("the Company") as of March 312018 in conjunction with our audit of the standalone ind AS financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial 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 safeguarding ofits 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's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by theInstitute of Chartered Accountants of India and deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 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 andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is aprocess 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 control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect 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 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 FinancialReporting

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 31 2018 basedon the 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 A Biyani & Co. Chartered Accountant Registration No.: 140489W

Ashufosh Biyani Proprietor

Membership No. 165017 Place: Mumbai Date - 29-05-2018

"Annexure B" to the Independent Auditors' Report

(Referred to in our report of even date to the members of G D TRADINGAND

AGENCIES LIMITED as at and for the year ended 31st March 2018).

i) In respect of its Fixed Assets:

a) The Company does not have any fixed assets hence the provision ofthis

clause are not applicable to the company.

ii) The Company does not have any inventory hence the provision of this

clause are not applicable to the company.

iii) The company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in registermaintained under section 189 of the Act and hence sub-clause (a) (b) and (c) of clauseiii of Para 3 of the Order are not applicable.

iv) In respect of loans investment guarantees and security theCompany has complied with provision of section 185 and 186 of the Act.

v) The company has not accepted any deposit from public and henceclause (v) of Para 3 of the order is not applicable.

vi) According to the information and explanations given to us CentralGovernment has not prescribed maintenance of cost records under sub-Section (1) of Section148 of the Act in respect of activities carried on by the Company. Therefore theprovisions of clause (vi) of paragraph 3 of the Order are not applicable to the Company.

vii) a) The company is regular in depositing undisputed statutory dues

including Provident Fund Employees' State Insurance Income TaxSales- Tax Service Tax duty of customs duty of excise value added tax cess and anyother statutory dues with appropriate authorities where applicable. According to theinformation and explanations given to us there are no undisputed amounts payable inrespect of such statutory dues which have remained outstanding as at 31st March 2018 fora period of more than six months from the date they became payable.

b) According to the records of the company there are no duesoutstanding of income-tax sales-tax service tax duty of customs duty of excise andvalue added tax on account of any dispute.

viii) The company has not defaulted in repayment of any dues to afinancial institution bank and government. The company has not borrowed any amount byway of debentures.

ix) The company has not raised any money by way of public offer orfurther Public offer (Including debt instruments). Moneys raised by way of Term Loan wereapplied for the purpose for which the loan was obtained.

On the basis of our examination and according to the information andexplanations given to us no fraud by the company or any fraud on the

company by its officers/employees has been noticed or reported duringthe

year.

xi) According to the information and explanations given by themanagement the managerial remuneration has been paid / provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act 2013

xii The company is not a nidhi Company and accordingly the informationand explanations given to us provisions of Nidhi Rules 2014 are not applicable to thecompany.

xiii) On the basis of our examination and according to the informationand explanations given to us we report that all the transaction with the related partiesare in compliance with Section 177 and Section 188 of the Act and the details have beendisclosed in the Financial statements in Note no. 30(E)as required by the applicableaccounting standards.

xiv) The company has not made any preferential allotment/ privateplacement of share or fully or partly paid convertible debentures during the year andaccordingly provisions of clause (xiv) of Para 3 of the Order are not applicable.

xv) According to the information and explanations given to us thecompany has not entered into any non-cash transactions with directors or persons connectedwith him.

xvi) The company is required to be registered under section 45-IA ofthe Reserve Bank of India Act1934 and accordingly registration has been obtained thesame.

For A Biyani & Co.

Chartered Accountant Registration No.: 140489W

Ashutosh Biyani Proprietor

Membership No. 165017

Place: Mumbai

Date - 29-05-2018