To the Members of
G D TRADING AND AGENCIES LIMITED
We have audited the accompanying financial statements of G D TRADING AND AGENCIESLIMITED ("the Company") which comprise the Balance Sheet as at March 31 2017the Statement of Profit and Loss for the year then ended the statement of cash flow and asummary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance of the Company inaccordance with the Accounting Standards referred to in sub-section (3C) of section 211 ofthe Companies Act 1956 ("the Act") read with the General Circular 15/2013 dated13th September 2013 of the Ministry of Corporate Affairs in respect of Section133 of the Companies Act 2013. This responsibility also includes the maintenance ofadequate accounting records in accordance with the provision of the Act for safeguardingof the assets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
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 thereunder.
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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements 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 management aswell as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
Basis for Qualified opinion:
1. Non provision for the diminution in the value of investments as required byAccounting Standard AS-13 Accounting for Investments (Revised). the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India including
i. in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;
ii. in the case of the Statement of Profit and Loss of Loss for the year ended on thatdate.
iii. in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.
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 ofthe Act we give in the "Annexure A" a statement on the matters specified inthe paragraph 3 and 4 of the Order.
2. As required by section 143(3) of the Act we report that:
a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;
b) Except for the effects of matter described in the Basis for Qualified opinionparagraph 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;
c) Except for the effects of matter described in the Basis for Qualified opinionparagraph the Balance Sheet and Statement of Profit and Loss the statement of Cash Flowand the statement of changes in equity dealt with by this Report are in agreement with thebooks of account;
d) Except for the effects of matter described in the Basis for Qualified opinionparagraph 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) Except for the effects of matter described in the Basis for Qualified opinionparagraph on the basis of written representations received from the directors as on 31March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017
g) With respect to the other matters included in the Auditor's Report in accordancewith rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to ourbest 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 derivatives contractsfor which 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.
iv) the Company did not have any holdings or dealings in Specified Bank Notes duringthe period from 8th November 2016 to 30th December 2016.- ReferNote (14.14) of Financial Statements.
For S S PURANIK & ASSOCIATES
Membership No. 120968
Date: 30th May 2017