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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
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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 FINTRRADEOCEAN LTD ("the Company") which comprises the Balance Sheet as atMarch 31 2019 the Statement of Profit and Loss and statement of cash flows for the yearthen 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 section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the accounting Standardsspecified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate implementation and maintenance ofaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

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.

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

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

In conducting our audit we have taken into account the 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 conductedour audit of the standalone financial statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the standalone financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the standalone financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone 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 the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone financialstatements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide 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 designedto provide reasonable assurance regarding the reliability if 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 if financial statements inaccordance with generally accepted accounting principles and that receipt 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.

V. INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTRAOLS OVER FINANCIAL REPORTING

Because if this 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. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2019 and its profit (including other comprehensive income) and its cash flows forthe year ended on that date.

VII. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

(A) 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 Companies Act 2013 we give in the Annexure a statement on the mattersspecified 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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account.

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

e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (2) of the Act.

f) 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 has disclosed the impact of pending litigations on its financialposition in its financial statements.

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

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

For PAWAN SIDDARTH & Co.
Chartered Accountants
Place: SURAT SIDDHARTH JAIN
Date:22.05.2019 Partner
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 mattersspecified in paragraphs 3& 4 of the CARO on the statements of Accounts of GhushineFintrrade 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 includingquantitative details and situation of fixed assets;

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

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

2. In respect of its Inventories:

Physical Verification of inventory has been conducted at reasonable interval by themanagement and there is no material discrepancies were noticed. The company is valuing theclosing 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 grantedloans secured or unsecured to companies firms or other parties covered in the Registermaintained 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 primafacie not prejudicial to the Company's interest.

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

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 beencomplied 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 underSection 148(1) of the Companies Act 2013.

7. Statutory Dues:

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

b) Dues of income tax sales tax duty of excise service tax and value added tax havebeen 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 institutionbanks government or debenture holders during the year.

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

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

10. Frauds:

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

11. Managerial Remuneration:

Company has paid/provided for managerial remuneration in accordance with the requisiteapprovals 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 provisionsapplicable on Nidhi Company.

13. Related Party Transaction:

Transactions with the related parties are in compliance with sections 177 and 188 ofthe Act where applicable and details of such transactions have been disclosed in thestandalone 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 fullyor partly convertible debentures during the year.

15. Trade Receivables

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

16. No Cash Transaction:

Company has not entered into non-cash transactions with directors or persons connectedwith 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 ofIndia Act 1934.

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

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

To Board of Directors of Ghushine Fintrrade Limited

1. We have audited the half yearly financial results of GhushineFintrrade Limited (Thecompany) for the half year ended 31.3.2019 and the year to date from 01.04.2018 to31.03.2019 attached herewith being submitted by the company pursuant to the requirementof Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015. These half yearly financial results as well as the year to datefinancial results have been prepared from interim financial statements which are theresponsibility of the company's management. Our responsibility is to express an opinion onthese financial results based on our audit of such interim financial statements whichhave been prepared in accordance with the recognition and measurement principles laid downin Indian Accounting Standard 34 mandated under Section 133 of the Companies Act 2013read with relevant rules issued thereunder or by the Institute of Chartered Accountants ofIndia and other accounting principles generally accepted in India.

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

3. In our opinion and to the best of our information and according to the explanationsgiven 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 thecircular in this regard and

(ii) give a true and fair view of the net profit/loss for the quarter and year ended31.3.2019

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