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Global Capital Markets Ltd.

BSE: 530263 Sector: Financials
NSE: N.A. ISIN Code: INE062C01034
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NSE 05:30 | 01 Jan Global Capital Markets Ltd
OPEN 0.40
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VOLUME 2702
52-Week high 2.43
52-Week low 0.40
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.38
Buy Qty 525.00
Sell Price 0.40
Sell Qty 1772.00
OPEN 0.40
CLOSE 0.40
VOLUME 2702
52-Week high 2.43
52-Week low 0.40
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.38
Buy Qty 525.00
Sell Price 0.40
Sell Qty 1772.00

Global Capital Markets Ltd. (GLOBALCAPMKT) - Auditors Report

Company auditors report

TO THE MEMBERS OF GLOBAL CAPITAL MARKETS LIMITED

Report on the Financial Statements

We have audited the accompanyingfinancial statements of Global Capital Markets Limited( the company )which comprise the Balance Sheet as at 31 March 2018 the Statement ofProfit and Loss the cash flow statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management s Responsibility for the 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 of thesefinancial statements to give a true and fair view of the financial position financialperformance and the cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provision of the Act for safeguarding of the assets of the Company and for preventingand detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor s Responsibility

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

We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Actand other applicable authoritative pronouncements issued by theinstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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 financial control relevant to the Company s preparation of thefinancial statements that give true and fair view in order to design audit proceduresthat are appropriate in the circumstances .An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company s Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

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 31stMarch 2018 and its Loss and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s Report) Order 2016 ( the Order ) issued bythe Central Government of India in terms of sub-section (11) of section 143 of theAct(hereinafter referred to as the Order )and on the basis of such checks of the booksand records of the company as we considered appropriate and according to the informationand explanations given to us we give in the Annexure Aa statement on the mattersSpecified in paragraphs 3 and 4 of the Order.

2. 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 ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss and thecash flow statement dealt with by this Report are in agreement with the books of account.d) In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. e) On the basis of written representations received from the directors as on31stMarch2018 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 ofSection 164(2) of the Act. f) With respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operatingeffectiveness of suchcontrols refer to our separate Report in Annexure B. g) With respect to the other mattersto be included in the Auditors Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinion and to the best of our knowledge and belief andaccording to the information and explanations given to us: i. The Company does not haveany pending litigations as at March 31 2018 which would impact its financial position inits financial statements. ii. The Company did not have any long-term contracts includingderivatives contracts for which there were any material foreseeable losses during the yearended March 31 2018. iii. There were no amounts which required to be transferred by theCompany to the Investor Education and Protection Fund during the year ended March 312018.

For A D S R & ASSOCIATES

Chartered Accountants

Firm Registration No. : 329843E
A.K.DAS
Place:Kolkata

Proprietor

Date: 28.05.2018 Membership No.:055737

ANNEXURE A TO INDEPENDENT AUDITORS REPORT

The auditor s report on the accounts of a company to which this Order applies shallinclude a statement on the following matters namely:-

(i) (a) The company is maintaining proper records showing full particulars includingquantitativedetails and situation of fixed assets;

(b) These fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

(c) There are no immovable properties held in the name of the company.

(ii) The Company is maintaining proper records of inventory and there is no anymaterial discrepancy noticed.

(iii) The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Accordingly theprovisions of Clause 3(iii) of theOrder are not applicable to the Company

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and since the company is a nonbanking finance company sec 186 of the Companies Act 2013 in respect of the loans andinvestments made and guarantees and security provided by it is not applicable on thecompany.

(v) The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act andthe Rules framed there under to the extentnotified. Accordingly the provisions of Clause 3(v) of the Order are not applicable tothe Company

(vi) Maintenance of cost records has not been specified by the Central Government undersubsection (1) of section 148 of the Companies Act 2013 and no such accounts and recordshave been so made and maintained. Accordingly theprovisions of Clause 3(vi) of the Orderare not applicable to the Company.

(vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingthe undisputed statutory duesincluding provident fund employees state insuranceincome-tax sales-tax service tax duty of customs duty of excise value added tax cessand any other statutory dues to the appropriate authorities;

(b) According to the information and explanations given to us and the records of theCompany examined by us there are nodues of income tax or sales tax or service tax or dutyof customs or duty of excise or value added tax -tax which have not been deposited onaccount of any dispute.

(viii) According to the records of the Company examined by us and the information andexplanation given to us the Companyhas not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government or dues to debentureholders as at thebalance sheet date

(ix) In our opinion and according to the information and explanations given to usthere was no money raised by way of Initial public offer or any term loan accordinglytheprovisions of Clause 3(ix) of the Order are not applicable to the Company

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither comeacross anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

(xi) During the course of our examination of the books and records of the Company andaccording to the information and explanations given to us the company has paid managerialremuneration within the limits specified under Schedule V of Companies Act 2013.

(xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provisions of Clause 3(xii) of theOrder are not applicable to theCompany.

(xiii) The Company has entered into transactions with related parties in compliancewith the provisions of Sections 177 and 188 of theAct. The details of such related partytransactions have been disclosed in the financial statements as required underAccountingStandard (AS) 18 Related Party Disclosures specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014;

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debenturesduring the year under review. Accordinglytheprovisions of Clause 3(xiv) of the Order are not applicable to the Company.

(xv) The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly theprovisions of Clause 3(xv) of the Order arenot applicable to the Company

(xvi) The Company is already registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

For A D S R & ASSOCIATES

Chartered Accountants

Firm Registration No. : 329843E
A.K.DAS
Place:Kolkata

Proprietor

Date: 28.05.2018 Membership No.:055737

ANNEXURE B TO INDEPENDENT AUDITORS REPORT

Referred to in paragraph 2(f) of the Independent Auditors Report of even date to themembers of Global Capital Markets Limited on the financial statements for the year endedMarch 31 2018.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

We have audited the internal financial controls over financial reporting of GlobalCapital Markets Limited ( the Company ) as of March 312018 in conjunction with our auditof the financial statements of the Company for the year ended 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 internalcontrol over financial reporting criteriaestablished by the Company considering the essential components of internal controlstatedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internalfinancial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherenceto company s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

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 FinancialReporting(the Guidance Note ) and the Standards on Auditing deemed to be prescribed under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of internal financial controls and both issued by the ICAI.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reportingwas established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reportingincludedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a materialweakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessedrisk. The proceduresselected depend on the auditor s judgement 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 withgenerallyaccepted accounting principles. A company s internal financial control over financialreporting includes those policies and procedures that

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company s assets that could have amaterial 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 orimproper 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 2018 based ontheinternal 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 InstituteofChartered Accountants of India.

For A D S R & ASSOCIATES

Chartered Accountants

Firm Registration No. : 329843E
A.K.DAS
Place:Kolkata

Proprietor

Date: 28.05.2018 Membership No.:055737