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Ghushine Fintrrade Ocean Ltd.

BSE: 539864 Sector: Others
NSE: N.A. ISIN Code: INE009U01011
BSE 05:30 | 01 Jan Ghushine Fintrrade Ocean Ltd
NSE 05:30 | 01 Jan Ghushine Fintrrade Ocean Ltd

Ghushine Fintrrade Ocean Ltd. (GHUSHINEFINTRRA) - Auditors Report

Company auditors report

To

The Members Of

GHUSHINE FINTRRADE OCEAN LTD

I. REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of M/s. GHUSHINE FINTRRADE OCEAN LTD (the Company) which comprises the Balance Sheet as at March 31 2019 the Statement of Profit and Loss and statement of cash flows for the year then ended 31st March 2019 and notes to the financial statements.

II. RESPONSIBILITY OF MANAGEMENT FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

III. AUDITOR'S RESPONSIBILITY FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our responsibility is to express an opinion on these financial statements based on our audit.

In conducting our audit we have taken into account the provisions of the Act the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit of the standalone financial statements in accordance 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 the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the standalone financial statements whether due to fraud or error. In making those risk assessments the auditor considers internal financial control relevant to the Company's preparation of the standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the standalone financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

IV. MEANING OF INTERNAL FINANCIAL CONTROL OVER FINANCIAL REPORTING

A Company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability if financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation if financial statements in accordance with generally accepted accounting principles and that receipt and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition use or disposition of the company's assets that could have a material effect on the financial statements.

V. INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTRAOLS OVER FINANCIAL REPORTING

Because if this inherent limitations of internal financial controls over financial reporting including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

VI. OPINION

In our opinion and to the best of our information and according to the explanations given to us the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at March 31 2019 and its profit (including other comprehensive income) and its cash flows for the year ended on that date.

VII. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

(A) 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 a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

(B) 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 best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Accounting Standards 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 31st March 2019 taken on record by the Board of Directors none of the directors is disqualified as on 31st March 2018 from being appointed as a director in terms of Section 164 (2) of the Act.

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

i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements.

ii) The Company has made provision as required under the applicable law or accounting standards for material foreseeable losses if any on long-term contracts including derivative contracts.

iii) There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company.

For PAWAN SIDDARTH & Co.
Chartered Accountants
Place: SURATSIDDHARTH JAIN
Date:22.05.2019Partner
FRN.No: 119243W
M.No.149059

ANNEXURE TO THE AUDITORS REPORT

Referred to in Paragraph 7 of our report of even date an annexure on the matters specified in paragraphs 3& 4 of the CARO on the statements of Accounts of Ghushine Fintrrade Ocean Ltd. for the year ended March 31 2019.

1. In respect of its Fixed Assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets;

b) The fixed assets were physically verified during the year by the Management in accordance with a regular Performa of verification which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us the records examined by us and based on the examination of the registered sale deed /transfer deed /conveyance deed /confirmation from custodians /court orders approving schemes of arrangements /amalgamations provided to us we report that the title deeds comprising all the immovable properties of land and buildings which are freehold are held in the name of the Company as at the balance sheet date. In respect of immovable properties of land and buildings that have been taken on lease and disclosed as fixed asset in the financial statements the lease agreements are in the name of the Company where the Company is the lessee in the agreement.

2. In respect of its Inventories:

Physical Verification of inventory has been conducted at reasonable interval by the management and there is no material discrepancies were noticed. The company is valuing the closing stock at NRV as estimated by them as on the date of valuation.

3. Loans granted by the Company:

According to the information and explanations given to us the Company has not granted loans secured or unsecured to companies firms or other parties covered in the Register maintained under Section 189 of the Companies Act 2013 in respect of which:

a) The terms and conditions of the grant of such loans are in our opinion prima facie not prejudicial to the Company's interest.

b) The schedule of repayment of principal and payment of interest has been stipulated and repayments or receipts of principal amounts and interest have been regular as per stipulations.

c) There is no amount overdue for more than 90 days at the balance sheet date.

4. Loans investments guarantees and security:

All mandatory provisions of section 185 and 186 of the Companies Act 2013 have been complied with.

5. Deposits:

The Company has not accepted any deposit during the year.

6. Cost Records:

The maintenance of cost records has not been specified by the Central Government under Section 148(1) of the Companies Act 2013.

7. Statutory Dues:

a) The Company has been regular in depositing undisputed statutory dues including Provident Fund Employees' Insurance Income tax Sales Tax Service Tax Customs Duty Excise Duty Cess and other material statutory applicable to it with the appropriate authorities.

b) Dues of income tax sales tax duty of excise service tax and value added tax have been deposited by the there is no dispute pending on part of the Company.

8. Repayment of Financial Dues:

The Company does not have any loans or borrowings from any financial institution banks government or debenture holders during the year.

9. Application of money raised in respect of money raised through IPO(including debt instrument):

The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year.

10. Frauds:

According to the information and explanations given to us no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

11. Managerial Remuneration:

Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

12. Nidhi company:

Company is not a Nidhi Company hence nothing to be disclosed for any provisions applicable on Nidhi Company.

13. Related Party Transaction:

Transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the standalone Ind AS financial statements as required by the applicable accounting standards.

14. Preferential Allotment of shares or Convertible Debentures:

Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

15. Trade Receivables

The Balance in respect of certain trade receivables and payables are subject to confirmation reconciliation and consequent adjustments if any. Adjustments in this respect in this respect in the opinion of the management are not to be material and would be carried out as and when ascertained.

16. No Cash Transaction:

Company has not entered into non-cash transactions with directors or persons connected with him.

17. Registration u/s 45-IA of the RBI Act 1934:

The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For PAWAN SIDDARTH & Co.
Chartered Accountants
Place: SURATSIDDHARTH JAIN
Date: 22.05.2019Partner
FRN.No .119243W
M.No.149059

Auditor's Report On half yearly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

To Board of Directors of Ghushine Fintrrade Limited

1. We have audited the half yearly financial results of GhushineFintrrade Limited (The company) for the half year ended 31.3.2019 and the year to date from 01.04.2018 to 31.03.2019 attached herewith being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. These half yearly financial results as well as the year to date financial results have been prepared from interim financial statements which are the responsibility of the company's management. Our responsibility is to express an opinion on these financial results based on our audit of such interim financial statements which have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 mandated under Section 133 of the Companies Act 2013 read with relevant rules issued thereunder or by the Institute of Chartered Accountants of India and other accounting principles generally accepted in India.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining on a test basis evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

3. In our opinion and to the best of our information and according to the explanations given to us these quarterly financial results as well as the year to date results:

(i) have been presented in accordance with the requirements of Regulation read with the circular in this regard and

(ii) give a true and fair view of the net profit/loss for the quarter and year ended 31.3.2019

For PAWAN SIDDARTH & Co.
Chartered Accountants
Place: SURATSIDDHARTH JAIN
Date: 22.05.2019Partner
FRN.No:119243W
M.No.149059

   

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