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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

M/s. G D Trading and Agencies Limited

Report on the Audit of Annual Financial Results

Opinion

We have audited the accompanying financial statements of G D Trading And AgenciesLimited ("the Company") which comprise the Balance Sheet as at March 312022 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2022and total comprehensive income(comprising of profit and other comprehensive income) changes in equity and its cashflows for the year ended.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013 and other applicable authoritativepronouncements issued by the

Institute of Chartered Accountants of India ("the ICAI").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 Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Relating to Going Concern

We draw attention to in the financial statements which indicates that the Companyincurred a net loss of Rs. 6.57 /- lacs for the year ended 31st March 2022as of that datethe Company Total Liabilities exceeded its Total assets as on 31st March 2022. As perFinancial Statement these events or conditions indicate that a material uncertaintyexists that may cast significant doubt on the Company's ability to continue as a goingconcern. Our opinion is not modified in respect of this matter.

Emphasis of Matter a) Loan and advances given & taken are subject toconfirmation reconciliation adjustment & provisions if any which may arise out ofconfirmation and reconciliation. Absence of recoveries since several years' form loansgiven and advance given indicates the existence of uncertainty that may cause onrecoverability of loan and advances. However as per the management no provision isrequired as the balances are considered goods and recoverable.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.

The key Audit Matter How was the matters addressed in our Audit
RsAll financial and other Assets and Liabilities valued at cost by Company Our audit procedures with regard to valuation of assets and liability as per IND AS Accounting Standard we found that cost represents the best estimate of fair value of assets and liability.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Director's report but does notinclude the financial statements and our auditors' report thereon. Our opinion on thefinancial statements does not cover the other information and we do not express any formof assurance conclusion thereon. In connection with our audit of the financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information; we are required to report that fact. We have nothing to report in thisregard

Responsibilities of management and those charged with governance for the FinancialStatements

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 financial statements that give a true and fair view of the financial positionfinancial performance (changes in equity) and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the accountingStandards specified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate implementation andmaintenance of accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: ? Identify and assess therisks of material misstatement of the financial statements whetherdue to fraud or errordesign and perform audit procedures responsive to those risks and obtainaudit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk ofnotdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3) (i) oftheAct we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

- Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditors' report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditors'report. However future events or conditions may cause the Company to cease to continue asa going concern.

- Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships andother matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditors' report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central

Government of India in terms of sub-section (11) of section 143 of the Companies Act2013 we give in the

Annexure "B" a statement on the matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.

As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes 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 and proper returnsadequate for the purposes of our audit have been received from the branches not visited byus.

c) The Balance Sheet the Statement of Profit and Loss (including comprehensiveincome) Statement of changes in equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2022taken on record by the Board of Directors none of the directorsis disqualifiedas on 31st March 2022from being appointed as a director in terms of Section 164 (2) ofthe 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 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 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 which would impact its financialposition

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company or there were no amounts whichwere required to be transferred to the Investor Education and Protection Fund by theCompany}. iv. i. The management has represented that to the best of its knowledge andbelief no funds have been advanced or loaned or invested (either from borrowed funds orshare premium or any other sources or kind of funds) by the Company to or in any otherpersons or entities including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shall: ?directly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or

- provide any guarantee security or the like to or on behalf of the UltimateBeneficiaries.

ii. The management has represented that to the best of its knowledge and belief nofunds have been received by the Company from any persons or entities including foreignentities ("Funding Parties") with the understanding whether recorded inwriting or otherwise that the Company shall: ? directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever ("UltimateBeneficiaries") by or on behalf of the Funding Party or

- Provide any guarantee security or the like from or on behalf of the UltimateBeneficiaries.

iii. Based on such audit procedures as considered reasonable and appropriate in thecircumstances nothing has come to our notice that has caused us to believe that therepresentations under sub-clause (d) (i) and (d) (ii) contain any material mis-statement.

(v) The dividend declared or paid during the year by the Company is in compliance withSection 123 of the Act.

(vi) The Company has provided requisite disclosures in the IND AS financial statements.Based on audit procedures and relying on the management representation we report that thedisclosures are in accordance with books of account maintained by the Company and asproduced to us by the Management.

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 ofthe Act we give in "Annexure B" hereto a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

For NBT AND CO
Chartered Accountants
FRN No. : 140489W
Sd/-
Ashutosh Biyani
Partner
M. No. 165017
Place: Mumbai
Date: 30thMay 2022
UDIN No- 22165017ANUSIT2949

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE IND ASFINANCIAL STATEMENTS OF G D TRADING AND AGENCIES 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 G DTRADING AND AGENCIES LIMITED ("the Company") as of March 31 2022 inconjunction with our audit of the IND AS financial statements of the Company for the yearended on that 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 Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 the Institute of Chartered Accountants of Indiaand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 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 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 2022 based on theinternal control 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 CharteredAccountants of India.

For NBT AND CO
Chartered Accountants
FRN No. : 140489W
Sd/-
Ashutosh Biyani
Partner
M. No. 165017
Place: Mumbai
Date: 30th May 2022
UDIN No- 22165017ANUSIT2949

"Annexure B" to the Independent Auditors' Report

(Referred to in our report of even date to the members of G D TRADING AND AGENCIESLIMITED as at and for the year ended 31st March 2022).

(i) In respect of its Property Plant & Equipment:

a. There is no Property; Plant & Equipment is hold by the company. Thereforesub-clause (a)

(b) (c) (d) and (e) of the provision of clause (i) of paragraph 3 of the Order arenot applicable to the company.

(ii) a. There is no inventory held by company. Therefore sub-clause (a) and (b)of the provision of clause (ii) of paragraph 3 of the Order is not applicable to thecompany.

b. The company has not taken any working capital limits in excess of five crore rupeesin aggregate from banks or financial institutions at any point of time during the year onthe basis of security of current assets.

(iii) The company has not granted any loans or provided advances in the nature ofloans or provided any guarantee or security secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in register maintained undersection 189 of the Act and hence sub-clause (a) (b) (c) (d) (e) and (f) of clause(iii) of Para 3 of the Order are not applicable.

(iv) In respect of loans investment guarantees and security the Company hascomplied with provision of section 185 and 186 of the Companies Act.

(v) The company has not accepted any deposits from public within the meaning ofSection 73 74 75 and 76 and hence clause (v) of Para 3 of the order is not applicable.

(vi) According to the information and explanations given to us Central Governmenthas not prescribed maintenance of cost records under sub-Section (1) of Section 148 of theAct in respect of activities carried on by the Company. Therefore the provisions ofclause (vi) of paragraph 3 of the Order is not applicable to the Company.

(vii) a. There is no liability on company in respect of statutory dues Thereforethe provisions of clause (vii) of paragraph 3 of the Order are not applicable to theCompany

b. According to the records of the company there are no dues outstanding ofincome-tax sales-tax service tax duty of customs duty of excise and value added tax onaccount of any dispute.

(viii) According to the information and explanations given to us there exist nosuch transactions which were not recorded in the books of account have been surrendered ordisclosed as income during the year in the tax assessments under the Income Tax Act 1961(43 of 1961).

(ix) a. The company has not defaulted in repayment of any dues to a financialinstitution bank and government during the period. The company has not borrowed anyamount by way of debentures.

b. The company is not declared as a wilful defaulter by any bank or financialinstitution or other lender during the period.

c. According to the information and explanations given to us by the management theCompany has not obtained any term loans. Accordingly clause 3(ix) (c) of the Order is notapplicable.

d. Any funds raised by the company for short term purposes are not utilised for anylong term purpose.

e. According to the information and explanations given to us and examination of thefinancial statements of the Company we report that the Company has not taken any fundsfrom any entity or person on account of or to meet the obligations of its subsidiaries asdefined under the Companies Act 2013. Accordingly clause 3(ix)(e) of the Order is notapplicable.

f. According to the information and explanations given to us and procedures performedby us we report that the Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries as defined under the Companies Act 2013. Accordinglyclause 3(ix) (f) of th e Order is not applicable.

(x) a. (a) The Company has not raised any moneys by way of initial public offer orfurther public offer (including debt instruments). Accordingly clause 3(x) (a) of theOrder is not applicable.

b. The company has not made any preferential allotment/ private placement of share orfully or partly paid convertible debentures during the year and accordingly provisions ofclause (x) of Para 3 of the Order are not applicable.

(xi) a. 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 itsofficers/employees has been noticed or reported during the year.

b. No such report under sub-section (12) of section 143 of the Companies Act has beenfiled by the auditors during the year in Form ADT-4 as prescribed under rule 13 ofCompanies (Audit and Auditors) Rules 2014 with the Central Government.

c. Auditors has not received any whistle-blower complaints during the year by thecompany.

(xii) The company is not a Nidhi Company and accordingly the information andexplanations given to us provisions of Nidhi Rules 2014 are not applicable to thecompany.

(xiii) In our opinion and according to the information and explanations given tous the transactions with related parties are in compliance with Sections 177 and 188 ofthe Companies Act 2013 where applicable and the details of the related partytransactions have been disclosed in the financial statements as required by the applicableIndian Accounting Standards.

(xiv) a. Based on information and explanations provided to us and our auditprocedures in our opinion the Company has an internal audit system commensurate with thesize and nature of its business.

b. We have considered the reports of the Internal Auditor and there were no majordiscrepancies stated in the report.

(xv)The Company has not entered into any non-cash transactions with its directorsor persons connected with him. Accordingly the reporting on compliance with theprovisions of Section 192 of the Act under clause 3(xv) of the Order is not applicable tothe Company.

(xvi) (a) The Company is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934. Accordingly clause 3(xvi)(a) of the Order is notapplicable.

(b) The Company has not conducted non-banking financial/ housing finance activitiesduring the year. Accordingly the reporting under clause 3(xvi) (b) of the Order is notapplicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India. Accordingly clause 3(xvi) (c) of the Order is notapplicable.

(d) According to the information and explanations provided to us during the course ofaudit the Group does not have any CIC. Accordingly the requirements of clause 3(xvi) (d)are not applicable. a. The company incurred any cash losses in the current financial yearand in the preceding financial year.

(xvii) There is no resignation of Statutory Auditors during the year henceprovisions of clause (xviii) of Para 3 of the Order are not applicable.

(xviii) According to the information and explanations given to us and on the basisof the financial ratios ageing and expected dates of realisation of financial assets andpayment of financial liabilities other information accompanying the financial statementsour knowledge of the Board of Directors and management plans and based on our examinationof the evidence supporting the assumptions nothing has come to our attention whichcauses us to believe that any material uncertainty exists as on the date of the auditreport that the Company is not capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate. We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

(xix) In our opinion and according to the information and explanations given to usclause not applicable on under sub-section (5) of Section 135 of the Companies Act 2013pursuant to any project. Accordingly clauses 3(xx)(a) and 3(xx)(b) of the Order are notapplicable.

(xx) Reporting under clause xxi of the Order is not applicable at the standalonelevel of reporting.

For NBT AND CO
Chartered Accountants
FRN No. : 140489W
Sd/-
Ashutosh Biyani
Partner
M. No. 165017
Place: Mumbai
Date: 30th May 2022
UDIN No- 22165017ANUSIT2949

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